Joseph Gagnon on Central Banks’ Ability to Fight the Next Recession Macro Musings with David Beckworth

Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics and formerly, a senior staffer at the Federal Reserve Board of Governors. Joseph is also a returning guest to Macro Musings, and he joins the show today to discuss his recent policy brief titled, “Are Central Banks Out of Ammunition to Fight a Recession? Not quite.” Specifically, David and Joseph discuss the variety of monetary policy tools available to central banks to combat the next recession (with special emphasis on the Federal Reserve, European Central Bank, and Bank of Japan). Joseph also makes the case that the ECB should adopt a formal review of its monetary policy framework.
 
Transcript for the episode: https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession
 
Joseph’s Twitter: @GagnonMacro
Joseph’s PIIE profile: https://www.piie.com/experts/senior-research-staff/joseph-e-gagnon
 
Related Links:
 
*Are Central Banks Out of Ammunition to Fight a Recession? Not Quite.* by Joseph Gagnon & Christopher Collins
https://www.piie.com/publications/policy-briefs/are-central-banks-out-ammunition-fight-recession-not-quite
 
*Priorities for Review of the ECB’s Monetary Policy Strategy* by Jeremie Cohen-Setton, Christopher Collins, and Joseph Gagnon
https://www.piie.com/commentary/speeches-papers/priorities-review-ecbs-monetary-policy-strategy
 
*How Did Quantitative Easing Really Work? A New Methodology for Measuring the Fed's Impact on Financial Markets* by Ramin Toloui
https://siepr.stanford.edu/sites/default/files/publications/19-032.pdf
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth