The Fed Cannot Cure Inflation by Itself , Wall Street Journal June 28 2022 This is the original version, before WSJ edits. They made it shorter, but I think this version is better.  The Fed cannot cure this inflation alone. Relyi…

This is an essay, prepared for the CATO 39th annual monetary policy conference.  It will appear in a CATO book edited by Jim Dorn. This is a longer and more academic piece underlying " The ghost of Christmas inflation. "…

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!

Having just plugged " portfolios for long-term investors " again, I really should opine on its message about the recent stock market decline. If you didn't see this coming and get out ahead of time, or if it was p…

An email correspondent sent the above graph. The title is [Federal Reserve] Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury. The Treasury pays the Fed interest on the Fed's asset holdings.…