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Jay Shambaugh is a professor of economics and international affairs at The George Washington University and a former member on the Council of Economic Advisers (CEA). Today, he joins the show to discuss his work on the \u201cMacroeconomic Trilemma\u201d (or \u201cImpossible Trinity\u201d): the problem that a country cannot maintain a fixed exchange rate, free movement of capital, and an independent monetary policy all at once. He also shares stories from his time at the CEA as well as thoughts on current monetary policy both for the U.S. and the Eurozone. David\u2019s blog: http://macromarketmusings.blogspot.com/ Jay Shambaugh\u2019s GW profile: https://www2.gwu.edu/~iiep/about/faculty/jshambaugh/ David\u2019s Twitter: @DavidBeckworth Jay Shambaugh\u2019s Twitter: @JayCShambaugh Related links: \u201cThe Euro\u2019s Three Crises\u201d by Jay C. Shambaugh https://www.brookings.edu/bpea-articles/the-euros-three-crises/ \u201cFinancial Stability, the Trilemma, and International Reserves\u201d by Maurice Obstfeld, Jay C. Shambaugh, & Alan M. Taylor http://www.nber.org/papers/w14217