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Mickey Levy is Chief Economist for the Americas and Asia for Berenberg Capital Markets, a Wall Street veteran, and a longstanding member of the Shadow Open Market Committee. He and his co-author, Charles Plosser, also have a new paper out titled, *The Fed\u2019s Strategic Approach to Monetary Policy Needs a Reboot.* Mickey joins David on Macro Musings to discuss this paper and its implications for the upcoming Federal Reserve framework review. David and Mickey also discuss the impact and importance of a flat Phillips curve, the Fed\u2019s policy mistakes in the wake of its new flexible average inflation targeting (FAIT) framework, recommendations for how the central bank should approach the next framework review, and much more.

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Transcript for this week\u2019s episode.

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Mickey\u2019s Twitter: @mickeylevy

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*The Fed\u2019s Strategic Approach to Monetary Policy Needs a Reboot* by Mickey Levy and Charles Plosser

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Timestamps:

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(00:00:00) \u2013 Intro

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(00:01:50) \u2013 Mickey Levy\u2019s Career Path and Takeaways from the Most Recent Hoover Monetary Policy Conference

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(00:07:24) \u2013 What Shaped the First Framework Review?

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(00:11:56) \u2013 The Fed\u2019s Addition of \u201cSymmetric\u201d Inflation

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(00:16:32) \u2013 Price Level Drift, Deflationary Fears, and Inflation Expectations at the Fed

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(00:23:33) \u2013 The Impact and Importance of a Flat Phillips Curve

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(00:27:34) \u2013 Breaking Down the Elements of FAIT and the Fed\u2019s Policy Mistakes

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(00:42:11) \u2013 Recommendations for the Fed\u2019s Upcoming Framework Review

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(00:57:54) \u2013 Outro