Macro Musings with David Beckworth
Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.
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BONUS: Richard Clarida on His Musical Interests and *Time No Changes*
05/01/2024
BONUS: Richard Clarida on His Musical Interests and *Time No Changes*
Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.* Richard’s Federal Reserve Richard’s PIMCO David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the Macro Musings Check out our Macro Musings Related Links: by Richard Clarida by Macro Musings
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Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework
04/29/2024
Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework
Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more. Transcript for this week’s Richard’s Federal Reserve Richard’s PIMCO David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the Macro Musings Check out our Macro Musings Related Links: by Richard Clarida and Mark Gertler by Richard Clarida, Jordi Gali, and Mark Gertler by Richard Clarida, Jordi Gali, and Mark Gertler by Richard Clarida, Jordi Gali, and Mark Gertler Timestamps: (00:00:00) – Intro (00:03:04) – Richard Clarida’s Background (00:11:37) – Bridging the Gap Between Academic Economics and Real-World Markets (00:21:50) – Richard’s Journey Through the Policy World (00:36:29) – Constructing the Fed’s FAIT Framework (00:40:53) – Evaluating the Results of the FAIT Framework (00:54:17) – The Future of the Fed’s Framework (00:57:08) – The Future of R-Star (01:00:50) – Outro
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Saleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*
04/22/2024
Saleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*
Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled, *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more. Transcript for this week’s Saleha’s Twitter: Saleha’s Bloomberg David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the Macro Musings Check out our Macro Musings Related Links: by Saleha Mohsin hosted by Saleha Mohsin Timestamps: (00:00:00) – Intro (00:03:43) – The Weaponization of the Dollar on the Global Stage (00:08:55) – The Intelligence and Enforcement Tools of the US Treasury Department (00:13:10) – Breaking Down SWIFT and Its Importance (00:18:27) – Sanctioning Russian Oligarchs (00:22:42) – The Importance and Significance of Robert Rubin (00:25:29) – The George W. Bush of the Treasury Department (00:37:42) – Breaking Down the Joint Comprehensive Plan of Action (00:41:06) – The Trump Administration, China, and the Rise of Populism (00:45:30) – Evaluating the Effectiveness of the Russia Sanctions (00:51:18) – Threats to the US in the Future (00:52:48) – Outro
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Josh Hendrickson on the Treasury Standard and Global Dollar Dominance
04/15/2024
Josh Hendrickson on the Treasury Standard and Global Dollar Dominance
Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to talk about this paper and the Treasury Standard concept. David and Josh also discuss the state’s monopoly over money, the path to global dollar dominance, the path dependency of the dollar system, and a lot more. Transcript for this week’s Josh’s Twitter: Josh’s Ole Miss Josh’s joint David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Joshua Hendrickson by Josh Hendrickson by Marijn Bolhuis, Judd Cramer, Karl Schulz, and Lawrence Summers by Armen Alchian and Benjamin Klein
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Julia Coronado on Productivity, Commercial Real Estate, and the Fed’s Soft Landing
04/08/2024
Julia Coronado on Productivity, Commercial Real Estate, and the Fed’s Soft Landing
Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed’s journey to a soft landing, the state of the commercial real estate market, and more. Transcript for this week’s Julia’s Twitter: Julia’s MacroPolicy Perspectives David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings
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Isabel Schnabel on the ECB and its New Operational Framework
04/01/2024
Isabel Schnabel on the ECB and its New Operational Framework
Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more. Transcript for this week's Isabel’s Twitter: Isabel’s ECB David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: - Speech by Isabel Schnabel at the Money Market Contact Group meeting by Isabel Schnabel - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors by Isabel Schnabel
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Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed’s Accountability to Congress*
03/25/2024
Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed’s Accountability to Congress*
Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s power under a constitutional authority, the three sources of Fed undersight, proposals for reform, and more. Transcript for this week’s Andrew’s Twitter: Andrew’s Dartmouth Christina’s Twitter: Christina’s UPenn David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: * by Andrew Levin and Christina Parajon Skinner by Macro Musings
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Anat Admati on the US Banking System and the Basel III Endgame
03/18/2024
Anat Admati on the US Banking System and the Basel III Endgame
Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more. Transcript for this week’s Anat’s Twitter: Anat’s Stanford David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Anat Admati and Martin Hellwig by Anat Admati and Martin Hellwig by Macro Musings by Macro Musings by Jed Rakoff
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Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
03/11/2024
Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more. Transcript for this week’s Steven’s Twitter: Steven’s AEI Mark’s Twitter: Mark’s CSIS David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Steven Kamin and Mark Sobel by Macro Musings by Michael Dooley, David Folkerts-Landau, and Peter Garber
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Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations
03/04/2024
Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations
Peter Williams is a managing director of macroeconomic research at 22V Research and was formerly at the IMF and the World Bank. Peter joins David on Macro Musings to provide a market perspective on interest rates, Treasury markets, and monetary policy. Specifically, David and Peter discuss the dos and don’ts of estimating term premiums, the importance and future of R-star, the usefulness of inflation expectations, and a lot more. Transcript for this week’s Peter's Twitter: Peter’s LinkedIn Peter’s 22V David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Emanuel Kopp and Peter Williams by Peter Williams, Yasser Abdih, and Emanuel Kopp by Peter Williams
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Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet
02/26/2024
Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet
Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed’s lender of last resort role via the discount window, as well as recent developments related to the Fed’s balance sheet. Transcript for this week’s Bill’s BPI BPI’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Bill Nelson by the Group of Thirty
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Eric Leeper on *A Fiscal Accounting of COVID Inflation*
02/19/2024
Eric Leeper on *A Fiscal Accounting of COVID Inflation*
Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more. Transcript for this week’s . Eric’s Twitter: Eric’s UVA Eric’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Eric Leeper and Joe Anderson by Eric Leeper by George Hall and Thomas Sargent by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov by Macro Musings
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Jeffrey Lacker on Governance at the Federal Reserve
02/12/2024
Jeffrey Lacker on Governance at the Federal Reserve
Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017. Jeffrey is now a senior affiliated scholar at the Mercatus Center and is also a returning guest to the podcast. He rejoins David on Macro Musings to talk about a wide range of Fed governance issues, including the evolving nature of governance at the Fed, the increasing politicization of the central bank, its continuing relationship with Congress, and a lot more. Transcript for this week’s Jeffrey’s Mercatus Jeffrey’s Jeffrey’s Richmond Fed David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Jeffrey Lacker by Jeffrey Lacker an event hosted by the Mercatus Center by Macro Musings by Greg Ip
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Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth*
02/05/2024
Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth*
Mark Koyama is an associate professor of economics at George Mason University and is a senior fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. Mark is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his recent book that he co-authored with Jared Rubin titled, *How the World Became Rich: The Historical Origins of Economic Growth.* Specifically, David and Mark discuss the key drivers of long-run economic growth throughout history and what we might be able to expect in the future. Transcript for this week’s Mark’s Twitter: Mark’s GMU Mark’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Mark Koyama and Jared Rubin
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Gauti Eggertsson on the Post-Pandemic Inflation Surge and its Implications for Monetary Policy
01/29/2024
Gauti Eggertsson on the Post-Pandemic Inflation Surge and its Implications for Monetary Policy
Gauti Eggertsson is a professor of economics at Brown University and is the author of several recent papers on the causes of the 2021-22 inflation surge and the lessons to be drawn from it for monetary policy going forward. Gauti is also a returning guest to Macro Musings, and he rejoins the show to talk about these papers and their findings. Specifically, David and Gauti discuss the role of the Fed’s FAIT framework in the post-pandemic inflation surge, the return of the non-linear Phillips curve, the merits of nominal GDP targeting and average nominal output targeting, Gauti’s policy suggestions for the Fed, and a lot more. Transcript for this week’s Gauti’s Twitter: Gauti’s Gauti’s Brown University David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Gauti Eggertsson and Donald Kohn by Pierpaolo Benigno and Gauti Eggertsson by Pierpaolo Benigno and Gauti Eggertsson by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva by Scott Sumner by Ben Bernanke
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Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
01/22/2024
Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
Jonathon Hazell is an assistant professor of economics at the London School of Economics. Jonathon joins Macro Musings to talk about Phillips curves, R-stars, and nominal wage rigidity. Specifically, Jonathon and David also discuss the how to view the recent inflation experience, how to measure the natural rate using natural experiments, the downward nature of wage rigidity, and a lot more. Transcript for this week’s Jonathon’s Twitter: Jonathon’s Jonathon’s LSE David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Jonathon Hazell, Veronica Backer-Peral, and Atif Mian by Jonathon Hazell, Juan Herreno, Emi Nakamura, and Jon Steinsson by Veronica Backer-Peral, Jonathon Hazell, and Atif Mian by Jonathon Hazell and Bledi Taska by Jonathon Hazell, Christina Patterson, Heather Sarsons, and Bledi Taska by Christopher Pissarides
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Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
01/15/2024
Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
Skanda Amarnath is the executive director of Employ America, a think tank that promotes full employment in the American economy, and Preston Mui is also a senior economist at Employ America. Skanda and Preston join Macro Musings to talk about U.S. disinflation and the debates surrounding it, as well as what we can expect from Fed policy in 2024 and beyond, and finally, the Fed’s framework review that is set to begin later this year. Transcript for this week’s Skanda’s Twitter: Skanda’s Medium Preston’s Twitter: Preston’s Github Skanda and Preston’s Employ America David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Skanda Amarnath by Preston Mui and Skanda Amarnath Jerome Powell’s at Monetary Policy Challenges in a Global Economy, a policy panel at the 24th Jacques Polak Annual Research Conferences, hosted by the IMF
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Claudio Borio on the Future of Central Bank Operating Systems
01/08/2024
Claudio Borio on the Future of Central Bank Operating Systems
Claudio Borio is the head of the Monetary and Economic Department at the Bank for International Settlements, or BIS. Claudio is also a returning guest to the podcast, and he rejoins Macro Musings to talk about central bank operating systems and the challenge of large balance sheets at central banks. David and Claudio also discuss the basics and uniqueness of the scarce reserve system, the arguments in favor of an abundant reserve system, the politics of large central bank balance sheets, the possibility of a tiered reserve system, and a lot more. Transcript for this week’s Claudio’s BIS David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Claudio Borio by Jon Sindreu by Daniel Hinge
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Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
01/01/2024
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
Colby Smith is the US economics editor for the Financial Times, Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability, and Gerard DiPippo is the Senior Geoeconomics Analyst at Bloomberg. For this special year-end episode of Macro Musings, Colby, Steven, and Gerard join David to talk about the major surprises, themes, and underreported as well as overreported stories of the past year. They also discuss their prediction outcomes throughout 2023, the economic and political landscape ahead for 2024, and a lot more. Transcript for this week’s Colby’s FT Colby’s Twitter: Steven’s Substack: Steven’s Twitter: Gerard’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Gerard DiPippo and Jude Blanchette by Claudio Borio
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Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
12/25/2023
Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
Tyler Cowen is a professor of economics at George Mason University, and is the co-author of the popular economics blog, Marginal Revolution. Tyler has also published widely in the field of economics, and he is the author of numerous books, including his most recent one titled, *GOAT: Who is the Greatest Economist of All Time, and Why Does it Matter?* As a returning guest to show, Tyler rejoins Macro Musings for this special holiday episode to break down who should be considered the greatest economist of all time. David and Tyler also assign awards to the best performing macroeconomic theories of the past decade, in addition to discussing Tyler’s view on recent deflationary trends, the Fed’s framework, and more. Transcript for this week’s Tyler’s Mercatus Tyler’s blog: Tyler’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Tyler Cowen by Macro Musings
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Nicolas Cachanosky on Dollarization in Argentina
12/18/2023
Nicolas Cachanosky on Dollarization in Argentina
Nicolas Cachanosky is an associate professor of economics at the University of Texas at El Paso, and he, along with Emilio Ocampo, are the authors of a recent book titled, *Dollarization: A Solution for Argentina.* Nicolas joins Macro Musings to talk about the potential dollarization of Argentina, including what it would require and mean for the country. Specifically, David and Nicolas also discuss Argentina’s hyperinflationary experience, the three necessary steps for dollarization, the differences between dollarization and currency boards, and a lot more. Transcript for this week’s . Nicolas’s Substack: Nicolas’s Twitter: Nicolas’s Nicolas’s UTEP David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Nicolas Cachanosky and Emilio Ocampo by Nicolas Cachanosky by John Cochrane by Ignacio Olivera Doll
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Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
12/11/2023
Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
Charles Evans was a 31-year veteran of the Federal Reserve System, serving as a researcher, vice president, and, ultimately, president and CEO of the Chicago Fed from 2007 to 2023. Charles joins Macro Musings to talk about his past and ongoing work on US monetary policy. Specifically, Charles and David discuss his work as a regional bank president and a member of the FOMC, the creation and adoption of the Evans rule, the current path of R-Star, the future of the Fed’s framework, and more. Transcript for this week’s Charles’s Chicago Fed David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Charles Evans
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Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
12/04/2023
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
Matteo Maggiori is a professor of finance at Stanford University and a returning guest to the podcast, and Jesse Schreger is an associate professor of economics at Columbia University. Matteo and Jesse, along with Christopher Clayton, have recently authored a paper titled, *A Framework for Geoeconomics,* and they join David on Macro Musings to discuss it. Specifically, Matteo, Jesse, and David also discuss the basics, core concepts, and real world examples of geoeconomics, the key elements of a global hegemon, the future of the discipline, and a lot more. Transcript for this week’s Matteo’s Twitter: Matteo’s Stanford Matteo’s Jesse’s Twitter: Jesse’s Columbia Jesse’s David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Christopher Clayton, Matteo Maggiori, and Jesse Schreger by Daniel Drezner by Emmanuel Farhi and Matteo Maggiori by Albert Hirschman by Daniel McDowell
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Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
11/27/2023
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Matthew Raskin is the US head of rates research at Deutsche Bank and was formerly a senior staff member of the Federal Reserve System. Matthew joins David on Macro Musings to talk about interest rates, QE, QT, and the Federal Reserve’s balance sheet. David and Matthew also discuss the inside story behind the Fed’s shift in operating system, Matthew’s framework for long-term interest rates, how to improve the liquidity and stability of the Treasury market, and a lot more. Transcript for this week’s Matthew’s LinkedIn David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack
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David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
11/20/2023
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
David Papell is a professor of economics at the University of Houston and has published widely on monetary policy rules. David joins Macro Musings to talk about his recent paper, *Policy Rules and Forward Guidance Following the COVID-19 Recession,* as well as the origins, past uses, and current applications of monetary policy rules. Transcript for this week’s David’s Twitter: David’s University of Houston David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by David Papell and Ruxandra Prodan by David Papell and Ruxandra Prodan by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan
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Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
11/13/2023
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
Rachel Siegel is a reporter for the Washington Post, where she covers the Federal Reserve and also reports on the domestic economy more broadly. Rachel joins Macro Musings to talk about the current Fed beat as well as her work on other economic issues, including how the Fed deals with physical cash, the precarious state of the commercial real estate market, the potential issues facing voters heading into the 2024 election, and a lot more. Transcript for this week’s Rachel’s Twitter: Rachels Washington Post David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Rachel Siegel by Rachel Siegel, Joy Sharon Yi, Hannah Yoon, and Emily Wright by Rachel Siegel by Rachel Siegel by Geoff Colvin
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Will Bateman on the History and Evolving Nature of the Fiscal Fed
11/06/2023
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Will Bateman is an associate professor and associate dean of research at the Australian National University College of Law. Will has recently authored a paper titled, *The Fiscal Fed,* which takes a close look at the Fed’s fiscal functions during the two World Wars, the Great Depression, the Cold War, the global financial crisis, and the COVID-19 pandemic. Will joins Macro Musings to talk about this paper, the origins and evolution of the Fed, the implications for policymakers, and a lot more. Transcript for this week’s Will’s ANU David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Will Bateman by Will Bateman
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PJ Glandon on the State of Macroeconomics: Research and Pedagogy
10/30/2023
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
PJ Glandon is an associate professor of economics at Kenyon College, where he also serves as chair of the economics department. PJ joins David on Macro Musings to talk about his recent co-authored article, *Macroeconomics Research: Present and Past.* David and PJ also more broadly discuss the state of macroeconomics as a discipline, both in terms of research and pedagogy. Transcript for this week’s PJ’s Twitter: PJ’s Kenyon David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by PJ Glandon, Ken Kuttner, Sandeep Mazumder, and Caleb Stroup by Jane Ihrig and Scott Wolla
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Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
10/23/2023
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
Ed Nelson is a senior advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor of economics at the University of Sydney and has worked at the St. Louis Federal Reserve Bank as well as the Bank of England. Most importantly, however, Ed was also a former student of, and co-author with, the late Bennett McCallum, and he rejoins David for this special live episode of Macro Musings to talk about Bennett McCallum’s life, his work, and his legacy within the field of monetary economics. Check out the entirety of the ! Transcript for this week’s Ed’s Ed’s Federal Reserve David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings
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Sam Hammond on AI, Techno-Feudalism, and the Future of the State
10/16/2023
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
Sam Hammond is a senior economist at the Foundation for American Innovation and is non-resident fellow at the Niskanen Institute. Sam is also a previous guest of the show, and he rejoins Macro Musings to talk about artificial intelligence and the future of the state. Specifically, David and Sam discuss the current AI environment, how private AI may replace functions of the state, key moments in the techno-feudalistic future of AI, and more. Transcript for this week’s Sam’s Twitter: Sam’s FAI Sam’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Sam Hammond by Sam Hammond by Sam Hammond by Ashish Vaswani et al.
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