In this special episode of Macro Musings, David Beckworth and Patrick Horan join guest host Carola Binder to discuss their newest paper, *The Fate of FAIT: Salvaging the Fed’s Framework.* Patrick Horan is a research fellow in the Mercatus Center’s Monetary Policy Program and Carola Binder is an associate professor of economics at Haverford College as well as a visiting scholar at the Mercatus Center. In addition to their paper, Pat and David also talk about the basics of flexible average inflation targeting, how it compares to temporary price level targeting, the differences between the Fed’s old and new frameworks, and a lot more.   Transcript for the episode can be found here.   Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!   Patrick’s Twitter: @Pat_Horan92 Patrick’s Mercatus profile   Carola’s Twitter: @cconces Carola’s Haverford site Carola’s Mercatus 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:   *The Fate of FAIT: Salvaging the Fed’s Framework* by David Beckworth and Patrick Horan   *2020 Statement on Longer-Run Goals and Monetary Policy Strategy* by the Federal Reserve Board of Governors   *Fed Framework Holds Central Bank Hostage* by Mohamed El-Erian   *Nominal GDP Targeting and the Taylor Rule on an Even Playing Field* by David Beckworth and Josh Hendrickson