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In this week\u2019s special episode recorded in front of a live audience, David interviews the renowned monetary economist, Allan Meltzer. Meltzer, a professor of political economy at Carnegie Mellon University and one of the founders of the monetarist school of thought discusses his long career in academia and policy. David and Allan also discuss current central bank policy, both in the United States and abroad, and how monetary policy can become more rules-based. Finally, Allan also argues many of our current economic problems are real, not nominal, and he hopes a Trump Administration can address some of these woes. Note: this episode took place before the December 2016 interest rate hike by the Federal Reserve. David\u2019s blog: http://macromarketmusings.blogspot.com/ Allan Meltzer\u2019s bio: http://tepper.cmu.edu/our-faculty-and-research/about-our-faculty/faculty-profiles/am05/meltzer-allan David\u2019s Twitter: @DavidBeckworth Related links: \u201cA History of the Federal Reserve (Volumes I and II)\u201d by Allan Meltzer (University of Chicago Press) http://www.press.uchicago.edu/ucp/books/book/chicago/H/bo3634061.html http://www.press.uchicago.edu/ucp/books/book/chicago/H/bo6887672.html \u201cKeynes\u2019s Monetary Theory: A Different Interpretation\u201d by Allan Meltzer (Cambridge University Press) https://www.amazon.com/Keyness-Monetary-Theory-Different-Interpretation/dp/0521022754