Holographic Theories of Inflation and Fluctuations
  The theory of holographic space-time (HST) generalizes both string theory and quantum field theory. It provides a geometric rationale for supersymmetry (SUSY) and a formalism in which super-Poincare invariance follows from Poincare invariance. HST unifies particles and black holes, realizing both as excitations of non-commutative geometrical variables on a holographic screen. Compact extra dimensions are interpreted as finite dimensional unitary representations of super- algebras, and have no moduli. Full field theoretic Fock spaces, and continuous moduli are both emergent phenomena of super-Poincare invariant limits in which the number of holographic degrees of freedom goes to infinity. Finite radius de Sitter (dS) spaces have no moduli, and break SUSY with a gravitino mass scaling like $\Lambda^{1/4}$. We present a holographic theory of inflation and fluctuations. The inflaton field is an emergent concept, describing the geometry of an underlying HST model, rather than "a field associated with a microscopic string theory". We argue that the phrase in quotes is meaningless in the HST formalism. 
Tom Banks and Willy Fischler
hep-th gr-qc