Dropping Money From Helicopters: Economist John Cochrane On Inflation | Peter Robinson | Hoover Institution
Uncommon Knowledge
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The Conventional Story of the Economy
The conventional story of this episode focuses on monetary policy. In 1981, inflation was running at about 12%. By 1985, inflation has fallen to under 4% and it would remain low for many, many years. The fiscal theory of the price level is a different matter.
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