Dropping Money From Helicopters: Economist John Cochrane On Inflation | Peter Robinson | Hoover Institution
Uncommon Knowledge
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Is Inflation Always in Everywhere a Monetary Phenomenon?
Inflation is always in everywhere a phenomenon of government obligations. It's the fiscal theory of the price level, a fiscal phenomenon. If you think a stock isn't going to pay dividends 20 years from now, you dump it, the price goes down. So as opposed to too much money chasing too few goods, it's too much debt, choosing too few goods.
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