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Bill Nelson is the Chief Economist and an Executive Vice President at the Bank Policy Institute. Bill previously was a deputy director at the Division of Monetary Affairs at the Federal Reserve Board where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. He also worked closely with the BIS on the design of liquidity regulation. Bill joins David on Macro Musings to discuss the Fed\'s balance sheet, its reduction plans and how the Fed fell behind the curve. Specifically, David and Bill get into whether the Fed regretted its premature tightening period from 2015 to 2018, how the Fed\\u2019s focus on the baseline outlook left it not resilient to alternative developments, how concerns over another taper tantrum impacted the Fed\\u2019s decision-making, the Fed\\u2019s handling of its FAIT framework, and much more.

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Transcript for the episode can be found here.

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Bill\\u2019s Bank Policy Institute profile:\\xa0https://bpi.com/people/bill-nelson/

Bill\\u2019s American Banker archive:\\xa0https://www.americanbanker.com/author/william-nelson-ab3618

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Related Links:

\\u201cPlane Crashes and Falling Behind the Curve\\u201d by Bill Nelson

https://www.linkedin.com/pulse/plane-crashes-falling-behind-curve-bill-nelson/?trk=articles_directory

\\u201cGuest post: A former Fed insider explains the internal debate over QE3\\u201d by Bill Nelson

https://www.ft.com/content/254befb7-10f8-3f2c-a9a8-bc6226a6f1db

"The Potential Ineffectiveness of Policy at the Zero Bound" (Memo to the Federal Reserve Board of Governors) by Bill Nelson and Brian Sack

https://www.dropbox.com/s/fv21og7vpx1izml/BillNelsonMemo.pdf?dl=0\\xa0

\\u201cInterpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules\\u201d by William B. English, William R. Nelson, and Brian P. Sack

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=314425

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David\\u2019s Twitter: @DavidBeckworth

David\\u2019s blog:\\xa0http://macromarketmusings.blogspot.com/