He added that the distinction between fiscal and monetary policy was 'blurred territory' that required a clear mandate from elected officials, describing rate rises as an 'inflation tax'.

There he published research on the inflation tax and the impact of fiscal policy on optimal inflation.

This meant that the government levied an inflation tax to pay for the fiscal deficits, which in turn contributed to stalling growth.

Theories of hyperinflation generally look for a relationship between seigniorage and the inflation tax.

But let's not forget the inflation tax.