Scott Sumner On Monetary Policy

Episode link:

Youtube link:

Why did I do this show? I’m been a fan of Scott’s work for a very long time and when I found out he was putting out a book I asked him to come onto the show. Two massive lessons from Scott are: never reason from a price change and, more generally, the power of markets as forecasting tools.

What did I learn? I finally got my head around the basics of what monetary policy is! Here’s a clip!

What was my favorite part? Researching this show got me to thinking about how monetary policy experts really don’t participate much in the debates on cryptocurrency. I found one paper that touched on the topic and some random forum posts, and I asked Scott about how he might design a cryptocurrency right out of the gate. I was excited to use that as a device for exploring some of how monetary policy works and I think this was extremely useful for me to learn.

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