Steven Kamin is a senior fellow at the American Enterprise Institute and previously was the director of the Division of International Finance at the Federal Reserve Board. Steve joins David on Macro Musings to talk about the US dollar and its implications for policy and the economy. Specifically, David and Steven discuss the effects of Fed policy on emerging markets, the factors that are driving a higher global equilibrium real interest rate, how to reconcile the domestic and international impacts of Fed policy, and more. Transcript for this week's episode. Steven's Twitter: @steven_kamin Steven's AEI profile David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Macro Musings mailing list! Check out our new Macro Musings merch! Related Links: *Will the Strong Dollar Trigger a Global Recession?* by Steven Kamin *How Do Rising US Interest Rates Affect Emerging and Developing Economies? It Depends* by Steven Kamin, Carlos Arteta, and Franz Ulrich *Are Higher US Interest Rates Always Bad News for Emerging Markets?* by Steven Kamin, Jasper Hoek, and Emre Yoldas

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