Eric Leeper on *A Fiscal Accounting of COVID Inflation*
Macro Musings with David Beckworth
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Fiscal Costs of Interest Rate Risks
The chapter explores the fiscal costs related to interest rate risks, discussing the impact on entities like the Fed, the treasury, and taxpayers. It highlights disparities among bondholders, taxpayers, and the general population, along with political economy tensions between the Fed and Congress. The chapter also delves into the implications of the Fed's large footprint in the financial system and the fiscal theory of the price level.
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