Scott Sumner, research associate on monetary policy at the Mercatus Center, joins Erik on this episode.

They discuss:

- What the US has done well and what it has not done well when it comes to fiscal and monetary policy.

- Why there has been a reversal of thinking on inflation between now and decades ago, and his thinking about dealing with inflation.

- Other tools that are available to influence the economy beyond interest rates.

- His thinking on modern monetary theory.

- The future of the economy with social distancing and high unemployment.

- The current debates within the Fed on monetary policy.

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