Revisiting Speculative Hyperinflations in Monetary Models. Kenneth Rogoff, May 4, 2017, Paper, “In an interesting and provocative paper in the Journal of Political Economy, John Cochrane (2011) examines a host of New Keynesian and micro-founded models of money demand, and finds them all guilty of arbitrarily assuming uniqueness when, in fact, the whole class of models is generically riddled with multiple-equilibrium problems. He concludes that only the “fiscal theory of the price level”–which posits that the price level simply follows from the government budget constraint–offers a coherent and rigorous theory of the value of money.Link