Episode description

Alan Cole is a senior economist at the Joint Economic Committee of Congress. Alan joins David on Macro Musings to discuss his work with the JEC and his thoughts on the economy. Specifically, Alan and David discuss the high savings rate during the COVID-19 crisis, the track record of US monetary policy from the 2008 financial crisis to the 2020 COVID-19 crisis, why the Fed’s commitment to average inflation targeting is an incremental step toward level targeting, and suggestions for the Fed moving forward.

Transcript for the episode can be found here.

Alan’s Twitter: @AlanMCole

Related Links:

The JEC’s Social Capital Project: https://www.jec.senate.gov/public/index.cfm/republicans/socialcapitalproject

*Saving and COVID-19* by Alan Cole

https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=754B52C6-04CD-458B-8755-98D1219398F1

*Stable Monetary Policy to Connect More Americans to Work* by Alan Cole

https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=051267FC-0147-4E31-BE80-946E0543AF82

 *Bullard May Be More Right Than Wrong* by Tim Duy

https://blogs.uoregon.edu/timduyfedwatch/2020/09/28/bullard-may-be-more-right-than-wrong/

*The Fed’s Mistake* by Adam Ozimek and Michael Ferlez

https://www.economy.com/home/products/samples/2018-11-20-Feds-Mistake.pdf

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/