Inflation and Debt

Aug 21 2026 update. This is a short (80 page) booklet, resulting from the Karl Brunner lecture. It leans heavily on historical episodes, and pushes all the equations to footnotes. It summarizes fiscal theory, interpreting many episodes, and my subsequent efforts to find a theory in which higher interest rates lower inflation. (August 21, new title, was “Inflation.” MIT Press already had a book with that better title.) Read the book>