Our readingWhat is a korrent?
The price level behaves as the aggregate of mostly backward-looking decisions rather than as an asset price, except during hyperinflation, so expected future primary balances barely affect it today.
Drawn from what Olivier Blanchard said
What this subject means
fiscal policy The spending-and-taxing half of macro, as against the central-bank half: multipliers, stabilisers, stimulus.
On the topicDo tariffs do what they are imposed to do?under our view: Prices move through a supply chain slowly, which is why nobody has felt it yet