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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

May 29, 2017

Jay Shambaugh is a professor of economics and international affairs at The George Washington University and a former member on the Council of Economic Advisers (CEA). Today, he joins the show to discuss his work on the “Macroeconomic Trilemma” (or “Impossible Trinity”): the problem that a country cannot maintain a fixed exchange rate, free movement of capital, and an independent monetary policy all at once. He also shares stories from his time at the CEA as well as thoughts on current monetary policy both for the U.S. and the Eurozone. David’s blog: Jay Shambaugh’s GW profile: David’s Twitter: @DavidBeckworth Jay Shambaugh’s Twitter: @JayCShambaugh Related links: “The Euro’s Three Crises” by Jay C. Shambaugh “Financial Stability, the Trilemma, and International Reserves” by Maurice Obstfeld, Jay C. Shambaugh, & Alan M. Taylor