David Andolfatto is a vice president of the St. Louis Federal Reserve Bank and a professor of economics at Simon Fraser University. He joins the show to discuss life at the St. Louis Fed, equity-based finance as a means of averting financial crises, and challenges in using monetary policy to drive nominal growth. Finally, David also clarifies some of the misconceptions surrounding Blockchain technology and explains what this technology may mean for Federal Reserve policy. David Beckworth's Twitter: @davidbeckworth David Beckworth's Blog: http://macromarketmusings.blogspot.com/ David Andolfatto's Twitter: @dandolfa David Andolfatto's Blog: http://andolfatto.blogspot.com/ Related links The Diamond-Dybvig Model on bank runs: https://www.macroeconomics.tu-berlin.de/fileadmin/fg124/financial_crises/literature/Diamon_Dybvig_Bank_Runs__Deposit_Insurance__and_Liquidity.pdf David Andolfatto on "A Dirty Little Secret" about monetary policy: http://andolfatto.blogspot.com/2014/11/a-dirty-little-secret.html

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