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b'Adam Millsap is an assistant director at the L. Charles Hilton Center at Florida State University and a senior affiliated scholar at the Mercatus Center. Today, he joins the show to discuss how different regional economies can lead to business cycles at the regional and state levels, rather than the federal level. This creates difficulty for monetary policy at the federal level as looser monetary policy may be appropriate for states like West Virginia, but may not be appropriate for states like California. He and David also discuss the decline of inter-state labor mobility and how bad regulation deters people from moving to areas with better job prospects. Description: David\\u2019s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com/ David\\u2019s Twitter: @DavidBeckworth Adam Millsap\\u2019s website: http://adammillsap9.wixsite.com/personal Adam Millsap\\u2019s Mercatus profile: https://www.mercatus.org/adam-millsap Adam Millsap\\u2019s Twitter: @AA_Millsap Related links: \\u201cRecessions Don\\u2019t Have the Same Impact on Every City\\u201d https://www.forbes.com/sites/adammillsap/2016/07/19/recessions-dont-have-the-same-impact-on-every-city/#58f3a28478d2 \\u201cState Fiscal Rankings https://www.mercatus.org/statefiscalrankings'