Exploring Fiscal Dominance and Monetary Policy Measures

Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more.

Transcript for this week’s episode.

Eric’s Twitter: @EricMLeeper

Eric’s UVA profile

Eric’s Mercatus profile

David Beckworth’s Twitter: @DavidBeckworth

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Related Links:

*A Fiscal Accounting of COVID Inflation* by Eric Leeper and Joe Anderson

*Fiscal Dominance—What It Is and How It Threatens Inflation Control* by Eric Leeper

*Three World Wars: Fiscal-Monetary Consequences* by George Hall and Thomas Sargent

*The Fiscal Theory of the Price Level With a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov

*George Hall on the History of the U.S. National Debt and Government Financing* by Macro Musings