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b'As a Federal Reserve official, Joseph Gagnon played a critical role in providing the intellectual justification for the Fed\\u2019s 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\\u2019s 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\\u2019s wider implications. David\\u2019s blog: http://macromarketmusings.blogspot.com/ Joseph Gagnon\\u2019s biography: https://piie.com/experts/senior-research-staff/joseph-e-gagnon David\\u2019s Twitter: @DavidBeckworth Joseph Gagnon\\u2019s Twitter: @GagnonMacro Note: this recording was taped before the Brexit vote on June 23. Related Links \\u201cLarge-Scale Asset Purchases by the Federal Reserve: Did They Work?\\u201d https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr441.pdf \\u201cQuantitative Easing: An Underappreciated Success\\u201d https://piie.com/system/files/documents/pb16-4.pdf'