Peter Stella on the Fiscal Theory of the Price Level
Macro Musings with David Beckworth
00:00
The IMF Working Paper on Hyperinflation
I was accumulating observational facts that just weren't quite well explained by the theory and there was a kind of a joke in the IMF at that time I was in the fiscal affairs department. It took me 20 years to get around to doing this but we did it and I was convinced that the numbers would not come out the way that they had come out in the earlier period and true enough they didn't.
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