Adam Posen is the President of the Peterson Institute for International Economics. Previously, Adam was on the monetary policy committee of the Bank of England. He has also worked at the New York Fed and has advised many central banks and governments. Adam is also a returning guest to the podcast and re-joins Macro Musings to discuss his new article, “The Price of Nostalgia: America's Self-Defeating Economic Retreat.” Specifically, David and Adam discuss the Fed’s new framework, secular stagnation, the economic impact of demographic changes, the China shock, and how the new political consensus on trade, growth, and the American middle class is short-sighted and self-defeating.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Adam’s Twitter: @AdamPosen Adam’s PIIE profile: https://www.piie.com/experts/senior-research-staff/adam-s-posen   Related Links:   *The Price of Nostalgia: America's Self-Defeating Economic Retreat* by Adam Posen https://www.foreignaffairs.com/articles/united-states/2021-04-20/america-price-nostalgia   *Hysteresis and the Business Cycle* by Valerie Cerra, Antonio Fatás, and Sweta Saxena https://faculty.insead.edu/fatas/hysteresis.pdf   *The China Syndrome: Local Labor Market Effects of Import Competition in the United States* by David H. Autor, David Dorn, and Gordon H. Hanson https://www.aeaweb.org/articles?id=10.1257/aer.103.6.2121   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth