John Cochrane

fiscal theory of the price level (FTPL)

Senior Fellow at the Hoover Institution, Stanford, and former finance professor at the University of Chicago Booth School of Business. Author of the 2023 monograph 'The Fiscal Theory of the Price Level', which synthesises decades of work arguing that the price level adjusts to equate the real value of government debt with expected future surpluses. Also widely cited for research on asset pricing and critiques of Keynesian stimulus.