The Inflationary Impulse

Andreas Steno Larson: We may have another wave ahead if this analogy to the 1970s works. As soon as inflation disappears over the next few quarters, which I find very likely, we may get that exact political response from the pandemic again. Fiscal stimulus direct transfers checks to each and every household if the recession hits. And then we're back to expanding the money base at a pace that is basically out of control.