Monetary-Fiscal Interactions by John H. Cochrane published by NBER (9/2025). Inflation surged in 2021-2023 from a classic fiscal shock: money and debt that financed huge spending, without a plan for repayment. Neither money nor supply shocks offer a coherent…
Fiscal stimulus, fiscal inflation, or fiscal fallacies? by John H. Cochrane published by University of Chicago Booth School of Business (2/2009). “‘Fiscal stimulus’ is the proposition that by borrowing money and spending it, the government can raise the overrall…
Michelson-Morley, Occam and Fisher: The radical implications of stable inflation at near-zero interest rates by John H. Cochrane (12/2016) indicated by Pedro Jucá Maciel. “The long period of quiet inflation at near-zero interest rates, with large quantitative easing, suggests…
