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b'Gauti Eggertsson is a professor of economics at Brown University. Previously, he worked at the research departments at the International Monetary Fund and the Federal Reserve Bank of New York. He joins the show to discuss his work on the history of liquidity traps and extremely low and even negative interest rates. He and David discuss examples from the Great Depression to Japan in the 1990s to today. Gauti also shares his thoughts on the Fed\\u2019s quantitative easing (QE) program and why it failed to return the economy back to normal. David\\u2019s blog: http://macromarketmusings.blogspot.com/ Gauti\\u2019s Brown University homepage: https://sites.google.com/site/gautieggertsson/home David\\u2019s Twitter: @davidbeckworth Related links: \\u201cThe Zero Bound on Interest Rates and Optimal Monetary Policy\\u201d by Gauti Eggertsson and Michael Woodford https://www.brookings.edu/bpea-articles/the-zero-bound-on-interest-rates-and-optimal-monetary-policy/ \\u201cGreat Expectations and the End of the Depression\\u201d by Gauti Eggertsson https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr234.pdf \\u201cThe Fed\\u2019s Dirty Little Secret\\u201d by David Beckworth http://people.wku.edu/david.beckworth/fed_dirty.pdf \\u201cJapan\\u2019s Trap\\u201d by Paul Krugman https://www.princeton.edu/~pkrugman/japans_trap.pdf'