Tyler Muir on How to Understand the Fed's Quantitative Easing

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  Welcome to Macro Musings,

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  where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,

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  present, and future.

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  I am your host, David Beckworth,

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  a senior research fellow with the Mercatus Center at George Mason University,

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  and I'm glad you decided to join us.

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  Our guest today is Tyler Muir.

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  Tyler is a professor of finance at UCLA and is a leading scholar on the Fed's large-skill asset purchase programs,

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  better known as Quantitative Easing RQE.

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  He joins us today to discuss what we now know about QE.

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  Tyler, thanks for joining the program.

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  Thanks so much.

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  I'm really happy to be here.

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  Well, it's great to have you on.

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  Now, you truly are a leading scholar of QE.

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  In fact,

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  I had the Privilege of listening to present a paper this past year at the Atlanta feds financial markets conference and I was really blown away by some of the counterfactual paths that you drew for yields relative to where they would have been had there not been QE over the past decade or so so I was excited to get you on and also listeners will get to later in the show the possibility of something called.

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  a Tyler Rule, which is similar to a Taylor Rule, but for the balance sheet.

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  If you've ever wondered, why isn't there a Taylor Rule for the Fed's balance sheet?

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  Well, this is your lucky day because we'll talk about something along those lines.

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