Dan Griswold is a research fellow and co-director for the Program on the American Economy and Globalization at the Mercatus Center. He is a nationally recognized expert on trade and immigration and is a previous guest on Macro Musings. He joins the show today to discuss his recent policy brief, *The Benefits of Immigration: Addressing the Key Myths* in addition to some of his other work on the issue. Some of the topics Dan and David explore include immigration's positive effects on economic growth, the importance of immigrants in maintaining demographic stability, and other false narratives surrounding their perceived fiscal impact. Dan's Twitter: @DanielGriswold Dan's Mercatus profile: https://www.mercatus.org/daniel-griswold Related Links: *The Benefits of Immigration: Addressing the Key Myths* by Dan Griswold https://www.mercatus.org/publications/benefits-of-immigration-key-myths *The Economic and Fiscal Consequences of Immigration* by the National Academies of Sciences https://www.nap.edu/catalog/23550/the-economic-and-fiscal-consequences-of-immigration *The Integration of Immigrants into American Society* by the National Academies of Sciences https://www.nap.edu/catalog/21746/the-integration-of-immigrants-into-american-society *Reforming the U.S. Immigration System to Promote Growth* by Dan Griswold https://www.mercatus.org/publications/reforming-us-immigration-system-economic-growth *Immigrants and Conservatives are Cut from the Same Cloth* by Dan Griswold https://townhall.com/columnists/danielgriswold/2018/04/25/immigrants-and-conservatives-are-cut-from-the-same-cloth-n2474499 *What the June Rate Hikes Mean for the Future of the Fed* by David Beckworth https://www.mercatus.org/bridge/podcasts/06262018/what-june-rate-hikes-mean-future-fed?utm_source=soundcloud&utm_medium=referral&utm_campaign=macromusings David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Larry Ball is a professor and department chair of economics at Johns Hopkins University. He is published widely in the field of macroeconomics and joins the show today to discuss his new book, *The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster* and its implications for potential future crises. David and Larry also dive deep into the events leading up to the Lehman collapse, the effects it had on the broader economy, and the lessons that can be learned from the fallout ten years later. Larry's Johns Hopkins profile: http://econ.jhu.edu/directory/laurence-m-ball/ Larry's NBER archive: http://www.nber.org/people/laurence_ball Related Links: *The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster* by Laurence Ball https://www.cambridge.org/core/books/fed-and-lehman-brothers/14BE6C2AD579DC4782EC27F2A6AF2FA6 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Nick Timiraos is a national economics correspondent for the Wall Street Journal and covers topics relating to the Federal Reserve. He also covered the housing bust and the government's response to the mortgage crisis during the Great Recession as well as the government-sponsored enterprises, Fannie Mae and Freddie Mac. Nick joins the show today to discuss the long and controversial history surrounding the two GSEs on the 10 year anniversary of their conservatorship. David and Nick also discuss the evolution of the U.S. housing market as well as the advent and characteristics of securitization. Nick's Twitter: @NickTimiraos Nick's Wall Street Journal profile: https://www.wsj.com/news/author/5585 Related Links: *The U.S. Mortgage Market: Chart Edition* by David Beckworth (includes the market share chart referenced at 25:20 during the episode.) http://macromarketmusings.blogspot.com/2018/05/the-us-mortgage-market-chart-edition.html David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Brian Blackstone is a Switzerland bureau chief for the Wall Street Journal and previously covered the European Central Bank from the Wall Street Journal's Frankfurt office as well as the Federal Reserve during the financial crisis. He joins the show today to talk about the Swiss referendum on sovereign money in addition to his insights on the European Central Bank. David and Brian also discuss the effects of an enlarged balance sheet at the Swiss National Bank, whether they should be the only national entity in control of money creation, and how the Swiss economy has fared since the Great Recession. Brian's Twitter: @Blackstonebrian Brian's WSJ profile: https://www.wsj.com/news/author/7515 Related Links: *How Switzerland Lost a Currency Battle, but Won the War* by Brian Blackstone and Pat Minczeski https://www.wsj.com/articles/how-switzerland-lost-a-currency-battle-but-won-the-war-1524216601 *Why Italy is Flirting with Euro Exit and Spain Isn't* by Greg Ip https://www.wsj.com/articles/why-italy-is-flirting-with-euro-exit-and-spain-isnt-1528040526 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Christine McDaniel is a senior research fellow at the Mercatus Center with the Program on the American Economy and Globalization. Christine previously held several positions within the U.S. government including deputy assistant secretary at the Treasury Department and senior trade economist in the White House Council of Economic Advisors. She joins the show today to talk about the issues of intellectual property and trade. David and Christine also discuss the importance of reviving the Trans-Pacific Partnership, problems with patent systems across the globe, and the history and current scale of intellectual property theft. Christine's Twitter: @christinemcdan Christine's Mercatus profile: https://www.mercatus.org/christine-mcdaniel David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Sam Hammond is a poverty and welfare policy analyst for the Niskanen Center and has recently published a new paper titled, *The Free-Market Welfare State: Preserving Dynamism in a Volatile World*. He joins the show today to discuss the paper along with some of his other research. Sam and David also discuss the repercussions of the China shock, how to reform America's welfare system, and the design characteristics that would define an ideal social insurance state. Sam's Twitter: @hamandcheese Sam's Medium profile: https://medium.com/@hamandcheese Related Links: *The Free-Market Welfare State: Preserving Dynamism in a Volatile World* by Sam Hammond https://niskanencenter.org/blog/the-free-market-welfare-state-preserving-dynamism-in-a-volatile-world/ *From Tiananmen to Outsourcing: the Effect of rising Import Competition on Congressional Voting Towards China* by John Seungmin Kuk, Deborah Seligsohn, & Jiakun Jack Zhang https://www.tandfonline.com/doi/abs/10.1080/10670564.2017.1363024?journalCode=cjcc20 *Populism and the Economics of Globalization* by Dani Rodrik https://drodrik.scholar.harvard.edu/files/dani-rodrik/files/populism_and_the_economics_of_globalization.pdf *Food Stamp Entrepreneurs* by Gareth Olds https://www.hbs.edu/faculty/Publication%20Files/16-143_2cf7ba14-5bfa-4c34-85d9-0edc0ddc7ce6.pdf *If You Want to Rebuild Civil Society, Don't Abolish Welfare – Decentralize it* by Sam Hammond https://niskanencenter.org/blog/rebuild-american-community/ *Diversity and Crowd-Out: A Theory of Cold-glow Giving* by Daniel M. Hungerman http://www.nber.org/papers/w13348.pdf *It Takes a Nation* by Rebecca Blank https://www.amazon.com/Takes-Nation-Rebecca-M-Blank/dp/0691004013 *Filthy Lucre: Economics for People Who Hate Capitalism* by Joseph Heath https://www.amazon.com/Filthy-Lucre-Economics-People-Capitalism-ebook/dp/B0058DTHNU David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Michael Darda is a chief economist and market strategist at MKM Partners. Michael is also a frequent guest on financial television and radio and is routinely quoted in "The Wall Street Journal", "The New York Times", "Barron's", and other financial publications. He joins the show today to talk about his work conducting macroeconomic market research as well as his views on the market itself. David and Michael also discuss his shift from supply-side economics to market monetarism, the Fed's performance during and after the Great Recession, and the potential effects of a flattening Treasury yield curve. David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth Michael's MKM Partners profile: http://www.mkmpartners.com/research/ Michael's Bloomberg profile: https://www.bloomberg.com/research/stocks/private/person.asp?personId=48822180&privcapId=40334090

Razeen Sally is an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and formerly taught at the London School of Economics. He is also the Chairman of the Institute of Policy Studies, the main economic policy think tank in Sri Lanka and a senior advisor to Sri Lanka's Minister of Finance. Today, he joins the show to discuss the state of international economic affairs and how it specifically relates to Asia. Razeen explains why he believes the U.S. should stay engaged within Asia and also shares his thoughts on China's demographic problem as well as the effects of the Trump administration's increased protectionism. David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth Razeen's Lee Kuan Yew profile: http://lkyspp.nus.edu.sg/our-people/our-faculty/faculty-profile/razeen-sally Razeen's Twitter: @razeensally Related Links: *Why Global Order Still Needs America in Asia* by Razeen Sally http://ecipe.org/app/uploads/2017/07/Razeen-Sally-Quadrant-July-2017.pdf

David is the Vice President of the St. Louis Federal Reserve Bank, and has published widely in the field of monetary economics. He also writes for his blog, MacroMania, where he covers a multitude of economic topics. David joins the show today to discuss the economics behind the Phillips Curve, and to help provide a greater understanding of the debate surrounding it. They also discuss the mystery of low inflation in the United States, the excess money demand problem, and the important role debt plays within international monetary policy. David Beckworth's blog: macromarketmusings.blogspot.com David Beckworth's Twitter: @DavidBeckworth David Andolfatto's Twitter: @dandolfa David Andolfatto's blog: andolfatto.blogspot.com

Jim Hamilton is a professor of economics at the University of California-San Diego and the author of *Time Series Analysis,* a popular graduate-level econometrics textbook. Today, Jim joins the show to discuss his work in econometrics as well as his research on the role oil plays in the U.S. economy. He also shares his thoughts on how oil will continue to shape the economy in light of the rise of clean energy. David and Jim also discuss recent U.S. monetary policy and why interest rates have been so very low. David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth Jim Hamilton's UC San Diego profile: http://econweb.ucsd.edu/~jhamilton/ Jim Hamilton's Twitter: @JHamilton _UCSD Jim Hamilton's blog: http://econbrowser.com/ *Time Series Analysis* by James Hamilton https://www.amazon.com/Time-Analysis-James-Douglas-Hamilton/dp/0691042896