For this episode, we talk with Skanda Amarnath, executive director of Employ America. We discuss some of the myths about inflation in the 1970s, the forgotten inflation of early 1950s, how monetary policy really works, and Paul Volcker's stolen valor.Follow Skanda on twitter @IrvingSwisher and Employ America @employamericaRead more about Skanda and EA's work here: https://www.employamerica.org/For more on what we talk about in the show specifically, see:https://www.employamerica.org/researchreports/how-the-fed-affects-inflation/https://www.employamerica.org/researchreports/expecting-inflation-the-case-of-the-1950s/https://www.employamerica.org/researchreports/beyond-the-phillips-curve-a-dynamic-approach-to-communicating-assessments-of-maximum-employment/*** OTHER LINKS ***Jeremy Rudd (2021) - "Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)," Finance and Economics Discussion Series 2021-062. Board of Governors of the Federal Reserve System (U.S.). https://www.federalreserve.gov/econres/feds/files/2021062pap.pdfCambridge Capital Controvercy - https://en.wikipedia.org/wiki/Cambridge_capital_controversyJay Powell - "Monetary Policy in a Changing Economy" - https://www.federalreserve.gov/newsevents/speech/powell20180824a.htmIsabella Weber - "Could strategic price controls help fight inflation?" - https://www.theguardian.com/business/commentisfree/2021/dec/29/inflation-price-controls-time-we-use-itGreat Grain Robbery - https://en.wikipedia.org/wiki/1973_United_States%E2%80%93Soviet_Union_wheat_dealMedicare and inflation:Employ America - https://www.employamerica.org/researchreports/inflation-and-healthcare/San Francisco Fed - https://www.frbsf.org/economic-research/publications/economic-letter/2016/may/medicare-payment-cuts-affect-core-inflation/Chicago Fed - https://www.chicagofed.org/publications/chicago-fed-letter/2018/407