The Fiscal Theory of the Price Level
Updated August 2020. This is draft of of a book on fiscal theory. The fiscal theory needs a book, where everything is in one place, and with the clarity of hindsight. I also want to stress how to use the fiscal theory, over theoretical controversies. I'm posting it as it comes along for anyone who is interested, and in the hope of getting feedback. August 2020 everything posted is completely revised or rewritten relative to the first draft July 2019, including a much better sticky price model, empirical work from “the roots of inflation,” and a soliloquy on the importance of a surplus process with an s-shaped moving average.[url=]fiscal_theory_posted_8_20.pdf[/url]