John Cochrane is a renowned economist and senior fellow at the Hoover Institution at Stanford University. He writes a popular blog called The Grumpy Economist. He is also a former professor of economics and finance at the University of Chicago. He is the author of a recent book called The Fiscal Theory of the Price Level. Today we talk about the monetary and fiscal theories of the price level, or inflation, discussing what inflation is, how it’s caused, and how to fix it.