Episode description

Brian Sack was recently the Director of Global Economics at the D.E. Shaw Group, and prior to that, he was the manager of the System Open Market Account or SOMA and the head of the Markets Group at the New York Federal Reserve bank, where he managed the Fed’s balance sheet. Brian joins Macro Musings to talk about the central bank’s balance sheet, its operating system, and his work at the Treasury Borrowing Advisory Committee. Specifically, David and Brian discuss the current state of the Fed’s balance sheet, Brian’s theory of QE, how to improve the effectiveness of the floor system, and a lot more.

Transcript for the episode can be found here.

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Related Links:

*Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve* by Joseph Gagnon and Brian Sack

*Monetary Policy Alternatives at the Zero Lower Bound: An Empirical Assessment* by Ben Bernanke, Vincent Reinhart, and Brian Sack