Bill English is a professor at Yale University, a former senior Fed staffer, and a veteran of the Bank for International Settlements. Bill joins Macro Musings to talk about his time at the Federal Reserve, recent Fed developments, and a paper he co-authored titled, “What If the Federal Reserve Books Losses Because of Its Quantitative Easing?” David and Bill also discuss the Fed’s recent low-inflation mandate, the QE effectiveness debate, and why we should and shouldn’t be concerned about Fed balance sheet losses.   Transcript for the episode can be found here.   Bill’s Yale profile Bill’s Federal Reserve profile   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:   *What if the Federal Reserve Books Losses Because of its Quantitative Easing?* by William English and Donald Kohn   Macro Musings: *Donald Kohn on Fed Policy from the 1970s to Today*   *Think of Powell as Volcker’s Wannabe Second Coming* by John Authers