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Stephen Williamson is a professor of economics at the University of Western Ontario and formerly served as a vice president at the Federal Reserve Bank of St. Louis. Today, Steve joins the show to discuss his work on \u201cNew Monetarism,\u201d a research agenda emerging out of the monetarist tradition associated with Milton Friedman. David and Steve also discuss \u201cNeo-Fisherism,\u201d a counterintuitive view that higher interest rates may actually lead to higher inflation. David\u2019s blog: macromarketmusings.blogspot.com Macro Musings podcast site: macromusings.com David\u2019s Twitter: @DavidBeckworth Stephen Williamson\u2019s University of Western Ontario profile: http://economics.uwo.ca/people/faculty/williamson.html Stephen Williamson\u2019s blog \u201cNew Monetarism\u201d: http://newmonetarism.blogspot.com/ Stephen Williamson\u2019s Twitter: @1954swilliamson Related links: \u201cNew Monetarist Economics: Models* by Stephen D. Williamson and Randall Wright https://www.minneapolisfed.org/research/sr/sr443.pdf \u201cNeo-Fisherism: A Radical Idea, or the Most Obvious Solution to the Low-Inflation Problem?\u201d by Stephen D. Williamson https://www.stlouisfed.org/publications/regional-economist/july-2016/neo-fisherism-a-radical-idea-or-the-most-obvious-solution-to-the-low-inflation-problem *Macroeconomics* by Stephen D. Williamson https://www.amazon.com/Macroeconomics-5th-Stephen-D-Williamson/dp/0132991330