According to “Recent Monetary Policy and the Fiscal Theory of the Price Level” written by Bennett T. McCallum on March 12, 2014 for Camegie Mellon University, McCallum agrees with the idea that monetary policy can curb or end inflation on its own, without needing fiscal policy support. McCallum uses many resources to support his claim, including some he had written in the past. Talk about how the learning relates to the topic covered in the paper and the economy. McCallum then delves into what other economists must think and how monetary solutions are consistent with the solution based on rational expectation. Various economic models are cited, including the New Keynesian one, and various "solutions" including determination. With terms like SOMC, learnability and Taylor principle, there are also economists like Milton Friedman, McCallum himself and Karl Brunner just to name a few. Monetary policy is the change in the amount of money in circulation designed to alter interest rates and affect the level of overall spending. Fiscal policy is t...