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← Higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt.
17 connected korrents · 14 moments from 5 Sept 2010 to 19 Oct 2026. Nearly all of them are about interest rates .
Everything filed under inflation
inflation
Everything filed under public debt
public debt
Everything filed under quantitative easing
quantitative easing
Everything filed under tariffs
tariffs Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: Higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt. Higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt. Last stated today
19 Oct 2026
JC
John H. Cochrane — holds since 2026-10-19 — tap for who they are
Same subject: Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. — tap to centre the map on it Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Central banks should hold inflation-protected bonds as primary assets — tap to centre the map on it Central banks should hold inflation-protected bonds as primary assets Last stated 3 weeks ago
1 Oct 2026
JC
John H. Cochrane — holds since 2026-10-01 — tap for who they are
Same subject: Holding real assets should help central banks control inflation. — tap to centre the map on it Holding real assets should help central banks control inflation. Last stated 3 weeks ago
1 Oct 2026
JC
John H. Cochrane — holds since 2026-10-01 — tap for who they are
Same subject: Inflation could stay elevated for a while even as the Fed keeps raising rates, because of war-driven costs and AI capital spending. — tap to centre the map on it Inflation could stay elevated for a while even as the Fed keeps raising rates, because of war-driven costs and AI capital spending. Last stated 3 weeks ago
27 Sept 2026
BC
Ben Carlson — holds since 2026-09-27 — tap for who they are
Same subject: Judging by output kept near potential despite weak private demand, Japan's decades of high debt and low inflation reflect a qualified policy success, not failure. — tap to centre the map on it Judging by output kept near potential despite weak private demand, Japan's decades of high debt and low inflation reflect a qualified policy success, not failure. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Raising interest rates cannot meaningfully cool inflation when structural fiscal deficits, not private-sector lending, are its main driver. — tap to centre the map on it Raising interest rates cannot meaningfully cool inflation when structural fiscal deficits, not private-sector lending, are its main driver. Last stated 2 years ago
8 Jan 2025
LA
Lyn Alden — holds since 2025-01-08 — tap for who they are
Same subject: Rising diesel prices are even more likely than rising gasoline prices to drive up interest rates. — tap to centre the map on it Rising diesel prices are even more likely than rising gasoline prices to drive up interest rates. Last stated 4 weeks ago
21 Sept 2026
PK
Paul Krugman — holds since 2026-09-21 — tap for who they are
Same subject: The Fed's odds of threading the needle and getting inflation back down to target while avoiding a recession get much lower — tap to centre the map on it The Fed's odds of threading the needle and getting inflation back down to target while avoiding a recession get much lower Last stated 4 days ago
15 Oct 2026
BD
Brad DeLong — holds since 2026-10-15 — tap for who they are
Same subject: A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. — tap to centre the map on it A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. Last stated 2 months ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: Assessing whether government debt is sustainable is as much an art as a science. — tap to centre the map on it Assessing whether government debt is sustainable is as much an art as a science. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity. — tap to centre the map on it During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. — tap to centre the map on it Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. Last stated 2 years ago
24 Sept 2024
LA
Lyn Alden — holds since 2024-09-24 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens. — tap to centre the map on it A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens. Last stated 2 years ago
20 Jan 2025
DT
Donald Trump — holds since 2025-01-20 — tap for who they are
Same subject: A trade dispute escalated by aggressive tariffs can still end in a negotiated outcome that leaves all sides better off. — tap to centre the map on it A trade dispute escalated by aggressive tariffs can still end in a negotiated outcome that leaves all sides better off. Last stated a year ago
30 May 2025
GS
Guy Spier — holds since 2025-05-30 — tap for who they are
Same subject: America's large trade deficit in manufactured goods means fewer US manufacturing jobs than balanced trade would. — tap to centre the map on it America's large trade deficit in manufactured goods means fewer US manufacturing jobs than balanced trade would. Last stated a month ago
7 Sept 2026
PK
Paul Krugman — holds since 2026-09-07 — tap for who they are
At the centre
Higher interest rates cannot durably lower inflation without a fiscal tightening to pay interest costs on the debt.
Holds Read this korrent →
Central bank purchases of government bonds are not bailouts and do not automatically cause inflation, since they only change the composition of the consolidated government's liabilities, not their total.
Holds
Central banks should hold inflation-protected bonds as primary assets
Holds
Holding real assets should help central banks control inflation.
Holds
Inflation could stay elevated for a while even as the Fed keeps raising rates, because of war-driven costs and AI capital spending.
Holds
Judging by output kept near potential despite weak private demand, Japan's decades of high debt and low inflation reflect a qualified policy success, not failure.
Holds
Raising interest rates cannot meaningfully cool inflation when structural fiscal deficits, not private-sector lending, are its main driver.
Holds
Rising diesel prices are even more likely than rising gasoline prices to drive up interest rates.
Holds
The Fed's odds of threading the needle and getting inflation back down to target while avoiding a recession get much lower
Holds
A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement.
Holds
Assessing whether government debt is sustainable is as much an art as a science.
Holds
During post-2008 fiscal consolidation, the costs of high public debt were overestimated and fiscal multipliers were underestimated, understating the output costs of austerity.
Holds
Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals.
Holds
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds
A country should raise revenue by tariffing foreign countries rather than by taxing its own citizens.
Holds
A trade dispute escalated by aggressive tariffs can still end in a negotiated outcome that leaves all sides better off.
Holds
America's large trade deficit in manufactured goods means fewer US manufacturing jobs than balanced trade would.
Holds