Nov 7 2022. Journal of Economic Perspectives 36 (4) p. 125–146. I use fiscal theory to interpret historical episodes, including the long quiet zero bound, the gold standard and its end, foreign exchange pegs, the 1970s and 1980s, currency crashes, and the present inflation. That approach lets us see how fiscal theory works, and how it can be useful. Lots of low-hanging thesis topic fruit here! Data and Programs. Last Manuscript (local link).