Puzzles of Inflation, Money, and Debt: Applying the Fiscal Theory of the Price Level

We live in tumultuous times—memories of an extraordinary financial crisis are still with us while we experience a once-in-a-century pandemic. Governments around the world are spending money at fabulous rates.

These circumstances cause us to ask, What is money and where does it come from? What determines its value, in terms of real economic resources (goods and services)? What determines the price level; what determines inflation? To answer these questions, we need a theory of money and inflation.

You can now download the full research report at the link below