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. 2023 Apr 4;139(3):261–262. doi: 10.1007/s00712-023-00825-y

Cochrane, John H., The Fiscal Theory of the Price Level, Princeton University Press, Princeton, 2023

584 pp., $ 99.95 (Hardcover)

PMCID: PMC10071455

CONTENTS
Preface xi
Part I: The Fiscal Theory
Introduction 3
1. A Two-Period Model 5
2. An Intertemporal Model 21
3. A Bit of Generality 52
4. Debt, Deficits, Discount Rates, and Inflation 81
5. Fiscal Theory in Sticky Price Models 116
6. Fiscal Constraints 187
7. Long-Term Debt Dynamics 211
Part II: Assets, Rules, and Institutions
8. Assets and Choices 237
9. Better Rules 257
10. Balance Sheets and Pots of Assets 284
Part III: Monetary Doctrines, Institutions, and some Histories
11. Monetary Policies 311
12. Interest Rate Targets 320
13. Monetary Institutions 325
14. Stories and Histories 336
15. Esthetics and Philosophy 351
Part IV: Money, Interest Rates, and Regimes
16. The New-Keynesian Model 357
17. Keynesian Models with Sticky Prices 391
18. History and Implications 415
19. Monetarism 427
20. The Zero Bound 458
21. The COVID-19 Inflation 478
22. Observational Equivalence 487
Part V: Past, Present, and Future
23. Past and Present 505
24. Tests, Models, and Applications 512
25. The Future 523
26. Bibliography 527
27. Index 541

Footnotes

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