[Apologies for the title. It's a Canadian joke, about our fixations, that can be told various ways, but always ends with the punchline: "Elephants: a federal or provincial issue?"]
Does fiscal policy affect the price level? If so, are we talking about federal fiscal policy only, or are we talking about provincial fiscal policy too? What about municipal fiscal policy? And why stop at governments? Lots of corporations issue bonds. And individuals borrow too.