Guy Adams in the Daily Mail has an intriguing story of what's going on in UK bond markets.  It's intriguing because it's so utterly familiar. And it reveals that all the masses of regulation and armies of regulators a…

Whew. The penultimate draft of The Fiscal Theory of the Price Level  is now done, and in the hands of the copy-editors at Princeton. There is still time to send me typos, thinkos, wrong equations, excessive repetition and more!

Fiscal Histories  is a new paper, a second try at an essay on fiscal theory for the Journal of Economic Perspectives.  The basic concept is to explain the fiscal theory of the price level with no equations by applying it, by see…

The current situation, and puzzling inertia Inflation has been with us for a year; it is 7.9% and trending up. March 15, the Fed finally budged the Federal Funds rate from 0 to 0.33%, (look hard) with slow rate rises to come.   A…

(Note: this post uses Mathjax equations. If you see garbage, come back to the original .) Introduction Will inflation persist? One line of thought says no: This inflation came from a one-time fiscal blowout. That "stimulus&…