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Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics and formerly, a senior staffer at the Federal Reserve Board of Governors. Joseph is also a returning guest to Macro Musings, and he joins the show today to discuss his recent policy brief titled, \\u201cAre Central Banks Out of Ammunition to Fight a Recession? Not quite.\\u201d Specifically, David and Joseph discuss the variety of monetary policy tools available to central banks to combat the next recession (with special emphasis on the Federal Reserve, European Central Bank, and Bank of Japan). Joseph also makes the case that the ECB should adopt a formal review of its monetary policy framework.

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Transcript for the episode: https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession

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Joseph\\u2019s Twitter: @GagnonMacro

Joseph\\u2019s PIIE profile: https://www.piie.com/experts/senior-research-staff/joseph-e-gagnon

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Related Links:

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*Are Central Banks Out of Ammunition to Fight a Recession? Not Quite.* by Joseph Gagnon & Christopher Collins

https://www.piie.com/publications/policy-briefs/are-central-banks-out-ammunition-fight-recession-not-quite

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*Priorities for Review of the ECB\\u2019s Monetary Policy Strategy* by Jeremie Cohen-Setton, Christopher Collins, and Joseph Gagnon

https://www.piie.com/commentary/speeches-papers/priorities-review-ecbs-monetary-policy-strategy

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*How Did Quantitative Easing Really Work? A New Methodology for Measuring the Fed\'s Impact on Financial Markets* by Ramin Toloui

https://siepr.stanford.edu/sites/default/files/publications/19-032.pdf

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David\\u2019s blog: macromarketmusings.blogspot.com
David\\u2019s Twitter: @DavidBeckworth