Fiscal Theory of the Price Level
by John H. Cochrane · first published 2023
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re: financial market books, this one is new and highly regarded "The Fiscal Theory of the Price Level" by John H. Cochrane https://press.princeton.edu/books/hardcover/9780691242248/th...
on “Ask HN: Wantrepreneur who's run out of energy/ideas. What now?” ↗I encourage people interested in this topic to read up on the Fiscal Theory of the Price Level. I flippantly refer to it as "MMT without the magic". But it really did a good job of explaining our current situation. When you have a long-term fixed rate mortgage, only some of the value is paid off…
on “U.S. on Track to Add $19T in New Debt over 10 Years” ↗> “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 trillion of money and sent people checks. It borrowed an additional $2 trillion of money and sent people more checks.” — John H.…
on “The Fiscal Theory of the Price Level and Inflation Episodes” ↗