Ernie Tedeschi is a policy economist and the head of fiscal analysis at Evercore ISI, a macro advisory firm. He is also an occasional contributor to The Upshot section at The New York Times. Previously, Ernie was a senior advisor and an economist at the US Department of Treasury. His research interests include the federal budget, monetary policy, and labor markets. Ernie joins the show to talk about output gaps, full employment, labor markets, and the state of the economy. Specifically, Ernie and David discuss Ernie's recent articles titled *Participation in the Hot Labor Market* and *Pay is Rising Fastest for Low Earners, One Reason? Minimum Wages.*

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/monetary-policy

Ernie's Twitter: @ernietedeschi

Ernie's blog: https://medium.com/bonothesauro

Related Links:

*Participation and the Hot Labor Market* by Ernie Tedeschi

https://medium.com/@employamerica/participation-and-the-hot-labor-market-a84ef77a3bb1

*Pay is Rising Fastest for Low Earners. One Reason? Minimum Wages.* by Ernie Tedeschi

https://www.nytimes.com/2020/01/03/upshot/minimum-wage-boost-bottom-earners.html

*Labor Force Participation: Recent Developments and Future Prospects* by Stephanie Aaronson, Tomaz Cajner, Bruce Fallick, Felix Galbis-Reig, Christopher L. Smith, and William Wascher

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495029

David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth