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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Nov 8, 2021

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:

Peter’s Voxeu profile:

Peter’s Research Gate archive:


Related Links:


 *Some Incredible Monetarist Arithmetic* by Peter Stella


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


David’s blog:
David’s Twitter: @DavidBeckworth