"Wall Street wisdom is that QE is immensely powerful and is stoking financial bubbles. Academics say, 'I take your $100 bills, I give you back 10 $10 bills. Who cares?'"
"The economic problem now is to control inflation and get to work on the supply side of the economy."
John H. Cochrane and Thomas S. Coleman discuss how the fiscal theory of the price level explains inflation.
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