Andrew Levin is a professor of economics at Dartmouth College and a former long-time Fed official. Andy is also a previous guest of Macro Musings and rejoins the podcast to talk about the costs and benefits of the Fed’s QE4 program. David and Andy also discuss the Fed’s recent record on inflation, QE4’s impact on market functioning, the present and future of the Fed’s balance sheet, and more.   Transcript for the episode can be found here.   Andrew’s Dartmouth profile Andrew’s NBER archive   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox!   Related Links: *Quantifying the Costs and Benefits of Quantitative Easing* by Andrew Levin, Brian Lu, and William Nelson   *Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications* by Michael Bordo, Andrew Levin, and Mickey Levy   *What if the Federal Reserve Books Losses Because of its Quantitative Easing?* by William English and Donald Kohn