As a Federal Reserve official, Joseph Gagnon played a critical role in providing the intellectual justification for the Fed's quantitative easing (QE) programs. Now a senior fellow at the Peterson Institute for International Economics, Joe joins the show to discuss the events leading up to the decision to implement QE and its consequences. He and David also discuss how the Fed's QE compares and contrasts with the QE implemented by the Bank of Japan and the European Central Bank. Finally, Joe shares some of his thoughts on Brexit's wider implications. David's blog: http://macromarketmusings.blogspot.com/ Joseph Gagnon's biography: https://piie.com/experts/senior-research-staff/joseph-e-gagnon David's Twitter: @DavidBeckworth Joseph Gagnon's Twitter: @GagnonMacro Note: this recording was taped before the Brexit vote on June 23. Related Links "Large-Scale Asset Purchases by the Federal Reserve: Did They Work?" https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr441.pdf "Quantitative Easing: An Underappreciated Success" https://piie.com/system/files/documents/pb16-4.pdf

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“What did the council decide on item 42?” — answered with the speaker and the moment.