In this quarter's lead article, "Fiscal Dominance and the Return of Zero-Interest Bank Reserve Requirements," Charles Calomiris defines fiscal dominance as accumulating government debt and deficits producing increases in inflation that "dominate" central bank intentions to keep inflation low and explains how various policies might change (especially those related to the banking system) if fiscal dominance became a reality.
Other articles in the Review cover research on how the US fiscal response to the COVID pandemic was like the fiscal response to major wars, how demographics made a difference for COVID disruptions, and zero-knowledge proofs in blockchains and economics.
follow @stlouisfed