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Ed Nelson is a senior advisor at the Federal Reserve Board of Governors and formerly worked at the St. Louis Federal Reserve Bank and the Bank of England. Today, he joins the show to discuss his research on the role of money in business cycles. David and Ed also discuss nominal income targeting, Milton\u2019s Friedman\u2019s influence on monetary economics, and Australia\u2019s successful monetary policy performance. [To sign-up for Mercatus\u2019 NGDP prediction market, go to get.mercatus.org/ngdppredictions/. Just answer a few simple questions, and you\u2019ll receive an email invitation to start forecasting!] David\u2019s blog: macromarketmusings.blogspot.com David\u2019s Twitter: @DavidBeckworth Ed\u2019s Federal Reserve profile: https://www.federalreserve.gov/econres/edward-nelson.htm Related Links: *Tobin\u2019s Imperfect Asset Substitution in Optimizing General Equilibrium* by Javier Andr\xe9s, J. David L\xf3pez-Salido, and Edward Nelson https://pdfs.semanticscholar.org/46d3/a4a1f1b5a6b08158f06edd6c7122fbc23c7f.pdf *Nominal GDP Targeting and the Taylor Rule on an Even Playing Field* by David Beckworth and Josh Hendrickson https://www.mercatus.org/publications/nominal-GDP-targeting-taylor-rule