The Supply Side Matters More Than the Fiscal Side

Dean Cochrane believes that the pandemic era inflation owes not to supply shocks we've heard so much about, but to the extraordinary fiscal stimulus injected into the economy. Conventional wisdom is these are pandemic-related supply shocks. We can see real tangible evidence that that was inflationary and that's now subsiding. So why don't you give more weight to the supply side than the fiscal side, especially in this very unusual pandemic situation? Especially since just about everything else, I'm screaming how important the supply side is.