This paper investigates conditions for the inflationary bias of monetary policy to go away. It is shown that fiscal policy alone - as argued by Dixit and
Lambertini (2003) - does not suffice. Ironically, it is only when fiscal policymakers are modelled to "cheat" the public (by expropriating wealth) that monetary policymakers do no longer try to "cheat" the public (by reneging on a promise to the public). The political economy model presented also nests the standard monetary-fiscal interaction logic without expropriation as well as the argument by Dixit and Lambertini.