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Adam Posen is the President of the Peterson Institute for International Economics. Previously, Adam was on the monetary policy committee of the Bank of England. He has also worked at the New York Fed and has advised many central banks and governments. Adam is also a returning guest to the podcast and re-joins Macro Musings to discuss his new article, \u201cThe Price of Nostalgia: America's Self-Defeating Economic Retreat.\u201d Specifically, David and Adam discuss the Fed\u2019s new framework, secular stagnation, the economic impact of demographic changes, the China shock, and how the new political consensus on trade, growth, and the American middle class is short-sighted and self-defeating.

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Transcript for the episode can be found here.

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Adam\u2019s Twitter: @AdamPosen

Adam\u2019s PIIE profile: https://www.piie.com/experts/senior-research-staff/adam-s-posen

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Related Links:

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*The Price of Nostalgia: America's Self-Defeating Economic Retreat* by Adam Posen

https://www.foreignaffairs.com/articles/united-states/2021-04-20/america-price-nostalgia

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*Hysteresis and the Business Cycle* by Valerie Cerra, Antonio Fat\xe1s, and Sweta Saxena

https://faculty.insead.edu/fatas/hysteresis.pdf

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*The China Syndrome: Local Labor Market Effects of Import Competition in the United States* by David H. Autor, David Dorn, and Gordon H. Hanson

https://www.aeaweb.org/articles?id=10.1257/aer.103.6.2121

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David\u2019s blog: macromarketmusings.blogspot.com

David\u2019s Twitter: @DavidBeckworth