[ad_1] “The current inflation episode is just the kind of event that the fiscal theory of the price level can easily describe. It’s simple. The US government printed up about $3…
[ad_1] “If exchanging money [interest-paying reserves] for short-term debt has no effect, it follows inescapably that giving banks more money is exactly the same as giving them short-term debt. All…
[ad_1] “[The fiscal theory of the price level] says that prices and inflation depend not on money alone . . . but on the overall liabilities of the government —…