Book description
A comprehensive account of how government deficits and debt drive inflation Where do inflation and deflation ultimately come from? The fiscal theory of the price level offers a simple answer: Prices adjust so that the real value of government debt equals the present value of taxes less spending. Inflation breaks out when people don't expect the government to fully repay its debts. The fiscal theory is well suited to today's economy: Financial innovation undermines money demand, and central banks don't control the money supply or aggressively change interest rates, invalidating classic theories, while large debts and deficits threaten inflation and constrain monetary policy. This book presents a comprehensive account of this important theory from one of its leading developers and advocates. John Cochrane aims to make fiscal theory useful as a conceptual framework and modeling tool, and for analyzing history and policy. He merges fiscal theory with standard models in which central banks set interest rates, giving a novel account of monetary policy. He generalizes the theory to explain data and make realistic predictions. For example, inflation decreases in recessions despite deficits because discount rates fall, raising the value of debt; specifying that governments promise to partially repay debt avoids classic puzzles and allows the theory to apply at all times, not just during periods of high inflation. Cochrane offers an extensive rethinking of monetary doctrines and institutions through the eyes of fiscal theory, and analyzes the era of zero interest rates and post-pandemic inflation. Filled with research by Cochrane and others, The Fiscal Theory of the Price Level offers important new insights about fiscal and monetary policy.
MindfulMingle
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RedFeet
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Mad Irishman
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The Final Judgement
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RDTN
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Blood Taker
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Ladybird
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SunnySnap
I can't get enough of this app's intuitive design – it's like a personal library right at my fingertips. ListenBook’s support for CarPlay and Apple Watch is fantastic. I can listen anywhere.
JigKraken
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CoB@lt
This app's compatibility with different formats ensures that I never miss out on a great audiobook. ListenBook Pro's noise reduction feature has significantly enhanced my audio quality.
Beetle King
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Starshine
I'm amazed by ListenBook's smooth drag-and-drop downloads in my web browser – a time-saver! I can't get enough of this app's convenience and the endless possibilities it offers. I love the auto-rewind feature. ListenBook always picks up right where I left off.
Murder Matter
ListenBook's support for CarPlay and Apple Watch integration has made my life so much easier. Finally, an app that lets me organize my audiobooks effortlessly. The library organization and book groups feature make navigation a breeze. ListenBook Pro is totally worth it. Unlimited audiobook length – I'm in! Chapters make navigation a breeze. I can easily pick up where I left off.
Dallas Burn
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Sir Squire
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ThickSKN
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Mad Jack
I appreciate how ListenBook offers various methods for downloading audio – it caters to different preferences. I'm amazed by the app's versatility in downloading audio. It accommodates various sources seamlessly. What a delightful listening experience! The narrator's timing was impeccable, knowing exactly when to pause for effect or let the words flow. Their character voices were distinct yet natural - no over-the-top accents or distracting vocal tics. The audio quality was consistently excellent.
Playing a wide variety of audio formats
Works on all devices with iOS 13 and newer
Huge amount of features for a small price
Frequent updates to add new features and improve existing ones
Advanced playback controls
Live sound processing
Changing the timbre of the reader's voice and noise reduction
Translated into more than 20 languages
If you love listening to fiction audiobooks, ListenBook has features to make the process easier.
Edit book data: title, author, cover
Use equalizer to make the sound comfortable for you
Adjust the playback speed
Enjoy dark and light app themes
Supported formats: MP3, M4B, AWB, FLAC, OGG audio files and many more (must be DRM free)
Auto-Bookmarks make it easy to find your place
AirPlay support allows redirection of audio output.
VoiceOver support
Dark mode for night owls
Convenient bookmarking system helps you mark the most important places.
Unlimited bookmarks for each audiobook
Put your own cover on the wager
Share your audiobook with friends
Lock-screen control
Customise app with extensive options
Sleep timer with shake to reset, set custom notification sounds, and a few unique options
Auto rewind depending on paused time, customize rewind times to your liking
Removing background noise from recordings made in classrooms and meetings
Changing the timbre of the reader's voice for a better listening experience