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Bonus Episode – Watch Party for the Fed’s Historic Interest Rate Cut

Macro Musings with David Beckworth

Release Date: 08/07/2019

Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy show art Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

Macro Musings with David Beckworth

Robin Harding is the Tokyo Bureau chief for the Financial Times. Until 2015, he was based in Washington D.C., covering the U.S. Federal Reserve, the Treasury, and the IMF for the Financial Times. Robin Macro Musings to talk about the Japanese economy, Abenomics, and the evolution of monetary policy in advanced economies over the past decade. Specifically, Robin and David discuss what the Bank of Japan’s point inflation target has in common with the Fed’s average inflation target, how the Bank of Japan found itself on the frontlines of innovation in monetary policy, and what the legacy of...

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George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE* show art George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

Macro Musings with David Beckworth

George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. He joins again to talk about his views on the Fed’s new framework and his recent book titled, *The Menace of Fiscal QE.* Specifically, David and George discuss the Fed’s quantitative easing evolution, and how the move to a floor system helped pave the way for fiscal QE to become a more popular policy in the present.   Transcript for the episode can be found here:   George’s Twitter: @GeorgeSelgin George’s Cato Institute profile: ...

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BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy show art BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

Macro Musings with David Beckworth

Macro Musings is back with another bonus episode, as Sam Bell and Skanda Amarnath (Employ America) are joined by Julia Coronado (Macro Policy Perspectives) and David Beckworth (Macro Musings) to talk through the announcement of the Fed’s framework transition towards average inflation targeting. Specifically, this panel of guests discuss the implications of moving to an average inflation targeting regime, whether the shift may cause credibility problems for the central bank, how to continue to improve the Fed’s toolkit, and more.   Special thanks to the Employ America team for allowing...

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Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets show art Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

Macro Musings with David Beckworth

Scott Lincicome is a senior fellow in Economic Studies at Cato Institute where he writes on international and domestic economic issues, including international trade, industrial policy and manufacturing and global supply chains. Scott joins David on Macro Musings to discuss what we've learned so far about the so-called China shock and where we are today in the trade war. Specifically, David and Scott discuss the historical rise of Chinese exports, its impact on US labor markets, how certain policies make it harder for US workers to adjust, and whether the Trump administration marks a genuine...

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Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth show art Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

Macro Musings with David Beckworth

Jim Tankersley is a tax and economics reporter for the New York Times and has written a new book on the middle class titled, *The Riches of This Land: The Untold, True Story of the American Middle Class.* Jim joins Macro Musings to talk about this book, and the state of the middle class in the US. David and Jim also discuss the history and golden era of the middle class as well as the steps policymakers can take to ensure we return to a path of robust economic growth.   Transcript for the episode can be found here:   Jim’s Twitter: @jimtankersley Jim’s New York Times archive: ...

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Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy show art Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

Macro Musings with David Beckworth

Vincent Grossmann-Wirth is the Deputy Head of Monetary Policy Implementation Division at the Banque de France. Vincent joins Macro Musings to discuss the European Central Bank’s response to the COVID-19 crisis and what may lie ahead for the central bank. Specifically, Vincent and David discuss how the ECB’s structure and operating system compares to the US Federal Reserve System, the various dimensions of the ECB’s response to COVID-19, and what the ECB’s review of its operating framework portends for the future of monetary policy.   Transcript for the episode can be found here: ...

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David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis  show art David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

Macro Musings with David Beckworth

David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis.   Transcript for...

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Jon Sindreu on Global Financial Flows and the Balance of Trade show art Jon Sindreu on Global Financial Flows and the Balance of Trade

Macro Musings with David Beckworth

Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy.   Transcript for the episode can be found here:   Jon’s Twitter: @jonsindreu Jon’s Wall Street Journal profile:   Related Links:   *Trade...

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David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis show art David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

Macro Musings with David Beckworth

In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies.   Special thank you to Claudia...

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Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy show art Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Macro Musings with David Beckworth

Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest...

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More Episodes

In this special bonus episode of Macro Musings, David Beckworth joins Employ America and several other monetary policy enthusiasts on the day of the July FOMC meeting to discuss what would be an historic event –  the first interest rate cut executed by the Fed since December 2008, and the market reactions to this event.  In addition to their discussion of this eventual rate cut, David and the other Fed watchers also get a chance to talk about Judy Shelton’s nomination to the Fed Board of Governors, the significance and aftermath of the recent Humphrey Hawkins hearing, how the Fed’s decision to cut parallels the European Central Bank, and more.

 

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08072019/bonus-episode-watch-party-fed%E2%80%99s-historic-interest-rate-cut

 

Related Links:

 

Employ America’s home page: https://employamerica.org/

 

Sam Bell’s Twitter: @sam_a_bell

Skanda Amarnath’s Twitter: @IrvingSwisher

Sam & Skanda’s bios: https://employamerica.org/about/

 

Soumaya Keynes’ Twitter: @SoumayaKeynes

Soumaya’s website: https://soumayakeynes.com/

Soumaya’s Economist profile: http://mediadirectory.economist.com/people/soumaya-keynes/

 

Ryan Avent’s Twitter: @ryanavent

Ryan’s Economist profile: https://mediadirectory.economist.com/people/ryan-avent/

 

Nick Bunker’s Twitter: @nick_bunker

Nick’s Indeed profile: https://www.hiringlab.org/author/nbunker/

 

David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth