Joseph Gagnon's guest appearances

Joseph Gagnon

Macro Musings with David Beckworth

Tyler Cowen

Ramesh Ponnuru

Fannie Mae

Sebastian Edwards

Alex Nowrasteh

Diego Zuluaga

Steve Horwitz

Felix Salmon

Alan Greenspan

Binyamin Appelbaum

Anat Admati

Noah Smith

Robert Hall

George Selgin

Scott Sumner

OwlTail

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 &amp; 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

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: <a href="https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession" rel="nofollow" target="_blank"> https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession</a> Joseph’s Twitter: @GagnonMacro Joseph’s PIIE profile: <a href="https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.piie.com%2Fexperts%2Fsenior-research-staff%2Fjoseph-e-gagnon&amp;data=02%7C01%7CMdupont%40mercatus.gmu.edu%7C92a3c1af25d142591cf208d7a11b6b09%7C3935d3b92ba64346b5fc782c3b401577%7C0%7C0%7C637155011444571310&amp;sdata=Fo8NAaSV6Fu6hlBDssEB0cidbHCkf1FakI2EHjioAAE%3D&amp;reserved=0" rel="nofollow" target="_blank"> https://www.piie.com/experts/senior-research-staff/joseph-e-gagnon</a> Related Links: *Are Central Banks Out of Ammunition to Fight a Recession? Not Quite.* by Joseph Gagnon &amp; Christopher Collins <a href="https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.piie.com%2Fpublications%2Fpolicy-briefs%2Fare-central-banks-out-ammunition-fight-recession-not-quite&amp;data=02%7C01%7CMdupont%40mercatus.gmu.edu%7C92a3c1af25d142591cf208d7a11b6b09%7C3935d3b92ba64346b5fc782c3b401577%7C0%7C0%7C637155011444571310&amp;sdata=PyWjI9jM%2BGuD0tx2SljCcXqUNXPBGPN2LTet4wRn9yM%3D&amp;reserved=0" rel="nofollow" target="_blank"> https://www.piie.com/publications/policy-briefs/are-central-banks-out-ammunition-fight-recession-not-quite</a> *Priorities for Review of the ECB’s Monetary Policy Strategy* by Jeremie Cohen-Setton, Christopher Collins, and Joseph Gagnon <a href="https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.piie.com%2Fcommentary%2Fspeeches-papers%2Fpriorities-review-ecbs-monetary-policy-strategy&amp;data=02%7C01%7CMdupont%40mercatus.gmu.edu%7C92a3c1af25d142591cf208d7a11b6b09%7C3935d3b92ba64346b5fc782c3b401577%7C0%7C0%7C637155011444581299&amp;sdata=HpQvghJlrW4SZcv1J6KjkDcg24ND9SG84seiJgLfdRQ%3D&amp;reserved=0" rel="nofollow" target="_blank"> https://www.piie.com/commentary/speeches-papers/priorities-review-ecbs-monetary-policy-strategy</a> *How Did Quantitative Easing Really Work? A New Methodology for Measuring the Fed's Impact on Financial Markets* by Ramin Toloui <a href="https://siepr.stanford.edu/sites/default/files/publications/19-032.pdf" rel="nofollow" target="_blank"> https://siepr.stanford.edu/sites/default/files/publications/19-032.pdf</a> David’s blog: <a href="http://macromarketmusings.blogspot.com" rel="nofollow" target="_blank">macromarketmusings.blogspot.com</a> David’s Twitter: @<a href="https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsoundcloud.com%2FDavidBeckworth&amp;data=02%7C01%7CMdupont%40mercatus.gmu.edu%7C92a3c1af25d142591cf208d7a11b6b09%7C3935d3b92ba64346b5fc782c3b401577%7C0%7C0%7C637155011444581299&amp;sdata=MfhR7FjWzXtvMSCakUAE6waRYLLPXf%2F9jw0CFT1bwO4%3D&amp;reserved=0" rel="nofollow" target="_blank">DavidBeckworth</a>

Joseph Gagnon on Central Banks’ Ability to Fight the Next Recession

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

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: <a href="http://macromarketmusings.blogspot.com/" rel="nofollow" target="_blank">http://macromarketmusings.blogspot.com/</a> Joseph Gagnon’s biography: <a href="https://piie.com/experts/senior-research-staff/joseph-e-gagnon" rel="nofollow" target="_blank">https://piie.com/experts/senior-research-staff/joseph-e-gagnon</a> 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?” <a href="https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr441.pdf" rel="nofollow" target="_blank">https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr441.pdf</a> “Quantitative Easing: An Underappreciated Success” <a href="https://piie.com/system/files/documents/pb16-4.pdf" rel="nofollow" target="_blank">https://piie.com/system/files/documents/pb16-4.pdf</a>

13 - Joseph Gagnon on Quantitative Easing in the United States and Abroad