If you do not have access behind the paywall to read @greg_ip's good write up about the Fiscal Theory of the Price Level (https://www.wsj.com/articles/to-solve-inflation-first-solve-deficits-this-theory-advises-11667391310) read @JohnHCochrane's summary instead. Otherwise, read the article and *then* John's response.
RT @JohnHCochrane: The Grumpy Economist: Ip on FTPL https://johnhcochrane.blogspot.com/2022/11/ip-on-ftpl.html?spref=…

🐦🔗: https://nitter.eu/lugaricano/status/1588020297243967492