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!

The   Speech  by the ECB's Isabel Schnabel, advertised on the official ECB twitter stream  caused a characteristically grumpy outburst from me . Savor the ECB's tweet in all of its glory:  We will not tolerate changes in…

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&…