Cochrane, John H. <br/><br/>
Understanding Policy in the Great Recession:  Some Unpleasant Fiscal Arithmetic / 
John H. Cochrane. 
 - Cambridge, Mass.  National Bureau of Economic Research  2010. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w16087 .
 - Working Paper Series (National Bureau of Economic Research)  no. w16087. .
<br/><br/> June 2010. 
<br/><br/> I use the valuation equation of government debt to understand fiscal and monetary policy in and following the great recession of 2008-2009, to think about fiscal pressures on US inflation, and what sequence of events might surround such an inflation. I emphasize that a fiscal inflation can come well before large deficits or monetization are realized, and is likely to come with stagnation rather than a boom. 
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