This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level. Because the assumption of imperfect knowledge breaks...

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.

Remarks at the Economic Club of New York, New York City.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

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Remarks before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York.

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Remarks at New York University's Stern School of Business, New York City.

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.