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George Selgin is the Director of the Cato Institute Center for Monetary and Financial Alternatives and Professor Emeritus of Economics at the University of Georgia. Today, George joins the show to discuss the shrinking of the Fed\u2019s balance sheet, the difference between corridor and floor systems in monetary policy, and the Fed\u2019s practice of paying interest on excess reserves. David and George also discuss the issues of legality surrounding interest on reserves as well as why the Fed prefers a floor system to a corridor system and why George doesn\u2019t! David\u2019s blog: macromarketmusings.blogspot.com David\u2019s Twitter: @DavidBeckworth George\u2019s Twitter: @GeorgeSelgin George\u2019s Alt-M Archive: https://www.alt-m.org/author/selgin/