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: https://www.mercatus.org/bridge/tags/macro-musings

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/