Are restrictions on fiscal policy necessary for monetary policy to be able to deliver price stability? When households are Ricardian, the net present value of future fiscal surpluses needs to equate the real value of government debt absent inflation. We show that when households are not...

This essay examines the contemporary discourse on inflation through the lens of Wittgenstein's late work on language games. Using his concept of hinge propositions - beliefs upon which language games depend - I offer a novel perspective on the public good that is price stability. In particular,...