Is It Time for Some Unpleasant Monetarist Arithmetic?

Sargent and Wallace published “Some Unpleasant Monetarist Arithmetic” 40 years ago. Their
central message was that a central bank may not have the power to determine the long-run rate of
inflation without fiscal support. David Andolfatto discusses a new structural model to address the issue of monetary-fiscal policy coordination.

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Image courtesy of interviewee

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