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John Cochrane: Price level target improves inflation expectations after deflation
John Cochrane emphasizes the importance of a price level target in shaping inflation expectations following a period of deflation.
He also discusses how the fiscal theory of the price level (FTPL) provides a nominal anchor by not coordinating expectations around multiple equilibria.
Cochrane has previously argued that inflation stemmed from a one-time unfunded fiscal expansion rather than central bank actions. In his analysis, he cited Switzerland as an example of a country where less fiscal blowout led to lower inflation. Further details are available in his article on fiscal policy and inflation.
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