Peter Stella is the former Head of the IMF Central Banking division and has researched and written extensively on safe assets, collateral and central bank operations. Peter now hosts a website Central Banking Archeology. Peter joins David on Macro Musings to discuss the role of money and its relationship to inflation as well as its relationship to the payment system. Specifically, David and Peter discuss the fiscal theory of the price level, how rising indebtedness can signal higher inflation in the future, the implications of the fiscal theory for contemporary fiscal and monetary policy going forward, and much more.

Transcript for the episode can be found here.

Peter's Twitter: @Stellar_Consult

Peter's website: https://www.centralbankarchaeology.com/

Peter's Voxeu profile: https://voxeu.org/users/peterstella0

Peter's Research Gate archive: https://www.researchgate.net/profile/Peter_Stella

Related Links:

*Some Incredible Monetarist Arithmetic* by Peter Stella

https://www.centralbankarchaeology.com/post/some-incredible-monetarist-arithmetic

*Some Alternative Monetary Facts* by Peter Stella, Manmohan Singh, and Apoorv Bhargava

https://www.imf.org/en/Publications/WP/Issues/2021/01/08/Some-Alternative-Monetary-Facts-49975

David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth