Joe Gagnon is a senior fellow at the Peterson Institute for International Economics and was formerly a senior staffer at the Federal Reserve Board of Governors. Joe is also a returning guest to Macro Musings, and he rejoins the podcast to talk about Fed Chair Jerome Powell's speech at the Jackson Hole Economic Symposium. Specifically, Joe and David talk about the future direction of r star, what current inflationary trends mean for the Phillips curve, the Fed's commitment to a two percent inflation target, and a lot more.

Transcript for this week's episode.

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Related Links:

*Low Inflation Bends the Phillips Curve Around the World* by Joe Gagnon, Kristin Forbes, and Christopher Collins

*Fed Chair Powell's Message in Jackson Hole: Two Means Two* by David Wilcox

*Why the Era of Historically Low Interest Rates Could Be Over* by Nick Timiraos