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Dropping Money From Helicopters: Economist John Cochrane On Inflation | Peter Robinson | Hoover Institution

Uncommon Knowledge

CHAPTER

Money Is a Special Case of Some, Okay, All Right, I'm Actually Following You

Money is a very short term non-interest paying government debt. If we dump money, people will spend it and you'll get inflation. But the central monetist idea is that if I give you money, but I take back the same amount of government bonds, are you going to go around and spend it? John: "I was prepared in this conversation to let a certain amount just go over my head, John"

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