Michael Bordo, Distinguished Visiting Fellow at the Hoover Institution, Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University, and Mickey Levy, Chief Economist, Americas and Asia at Berenberg Capital Markets, discussed their paper “Do Enlarged Fiscal Deficits Cause Inflation: The Historical Record.” John Taylor, the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow at the Hoover Institution, was the moderator.