David Beckworth: Our guest today is Joe Gagnon. Joe is a senior fellow at the Peterson Institute for International Economics, where he's been since September, 2009. Previously, Joe worked for the Federal Reserve Board of Governors as a senior economist, and the director of both the Division of International Finance, and the Division of Monetary Affairs. Joe has also served at the US Treasury Department.
Beckworth: Finally, Joe is a returning guest to Macro Musings, and a friend of the show. Joe, welcome back.