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Aaron Klein on Real-time Payments and Financial Regulation

Release Date: 08/12/2019

Frances Coppola on the Macroeconomics of Helicopter Drops

Macro Musings with David Beckworth

Frances Coppola is a former banker, financial writer, and an author of a recent book titled, *The Case for People’s Quantitative Easing*, and she joins the show today to talk about it. David and Frances also discuss the overall potential effectiveness of helicopter drops, how they would be deployed during future recessions, and the criticisms and concerns that have been levied against them. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10212019/frances-coppola-macroeconomics-helicopter-drops Frances’s Twitter: @Frances_Coppola Frances’s...

David Beckworth on the Facts, Fears, and Functionality of NGDP Level Targeting

Macro Musings with David Beckworth

In this special episode of Macro Musings, the roles are reversed, and David Beckworth joins guest host Cardiff Garcia, host of NPR’s “The Indicator from Planet Money”, to talk about his newest paper, *Facts, Fears, and Functionality of NGDP Level Targeting: A Guide to a Popular Framework for Monetary Policy*. David and Cardiff conduct a deep dive into the plumbing of this potential monetary regime, as they discuss some of the most the important questions surrounding it. Some of these questions include: what is nominal GDP level targeting, and how does it differ from the Fed's current...

Srinivas Thiruvadanthai on the Sectoral Financial Balance Approach to Macroeconomics

Macro Musings with David Beckworth

Srinivas Thiruvadanthai is a managing director and the director of research at the Jerome Levy Forecasting Center. Sri joins the show today to talk about the sectoral financial balance approach to macroeconomics as well as the safe asset supply challenge. David and Sri also discuss the fallacy of composition in macroeconomics, post-Keynesianism and how it differs from mainstream economic thought, and potential solutions to help ease the cost of being the banker to the world. Transcript for the episode: ...

Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

Macro Musings with David Beckworth

Bill Nelson is a chief economist at the Bank Policy Institute and was previously 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 has written widely on the Fed’s operating system, and he joins the show today to talk about it, as well as the recent turmoil in money markets. David and Bill also discuss the possibility of the Fed moving back to a corridor system, the stigma surrounding banks using the discount window, and...

Jim Dorn on the History of Monetary Policy in Washington D.C. and its Future

Macro Musings with David Beckworth

Jim Dorn is the Vice President for Monetary Studies at the Cato Institute and is the director of Cato’s annual Monetary Policy Conference. Jim has written widely on Federal Reserve policy and monetary reform, and has also edited more than 10 books including *The Search for Stable Money* and *The Future of Money in the Information Age*. He joins the show today to talk about the history of monetary policy in Washington D.C. over the past four decades as well as some of his own recent work. David and Jim also discuss the issues covered at the most recent Cato Institute monetary policy...

Gregg Gelzinis on Reforming FSOC and How to Limit Future Financial Crises

Macro Musings with David Beckworth

Gregg Gelzinis is a policy analyst at the Center for American Progress where he focuses his work on financial institutions, financial markets, consumer finance policy, and financial regulation more broadly, and he joins the show today to talk about these issues. David and Gregg also discuss the Financial Stability Oversight Council’s (FSOC) inception, the tradeoffs between financial regulation and capital requirements, how the Fed could improve its stress testing. Transcript for the episode: ...

Soumaya Keynes on Trade, Dollar Dominance, and the Highlights of Jackson Hole

Macro Musings with David Beckworth

Soumaya Keynes is the US economics editor for The Economist magazine, and she is also the co-host of *Trade Talks*, a podcast on all things trade, including trade policy, trade wars, and the future of trade. Soumaya joins the show today to talk about the general topic of trade, but also some other recent economic developments. David and Soumaya also discuss dollar dominance, the effects of trade policy on economic uncertainty, and the highlights, and major themes of the Kansas City Fed’s Jackson Hole Economic Policy Symposium. Transcript for the episode: ...

Alex Tabarrok on the Elements of Economic Growth and the Decline of Dynamism

Macro Musings with David Beckworth

Alex Tabarrok is a professor of economics at George Mason University and holds the Bartley J. Madden Chair in Economics at the Mercatus Center. Alex has written widely on long run economic growth and joins the show today to talk about it. David and Alex also discuss how capital relates to economic growth, the impact of regulation on dynamism, and the important distinction between “catch-up” and “cutting edge” growth. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09092019/alex-tabarrok-elements-economic-growth-and-decline-dynamism Alex’s Twitter:...

Judge Glock on the Riefler-Keynes Doctrine and Monetary Policy During the Great Depression

Macro Musings with David Beckworth

Judge Glock is an economic historian and a scholar at the Cicero Institute in San Francisco. Judge’s research is focused on the Great Depression, and he has recently published a paper on an important idea shaping Federal Reserve policy during this time; the Riefler-Keynes Doctrine. He joins the show today to talk about this paper and the Great Depression. David and Judge also discuss the key ideas behind the Riefler-Keynes Doctrine, how it differs from the Real Bills Doctrine, and how this relates to the Fed’s response to the Great Depression. Transcript for the episode:...

Thomas Hoenig on the Federal Reserve and the State of Banking in the US

Macro Musings with David Beckworth

Thomas Hoenig was vice-chair of the FDIC from 2012-2018 and in the 20 years prior to that he was also president of the Kansas City Federal Reserve Bank. Thomas is currently a distinguished senior fellow at the Mercatus Center at George Mason University where he focuses on the long-term impact of the politicization of financial services, as well as the effects of government granted privileges and market performance. He joins the show today to talk about his career and some of the current issues in banking. David and Thomas also assess the effectiveness of quantitative easing, the advantages and...

More Episodes

Aaron Klein is the director of the Center on Markets and Regulations at the Brookings Institution where, among other things, he focuses on financial regulations and real time payments. Aaron has written widely on real time payments and he joins the show today to talk about this issue, as they discuss the definition of real-time payments, how they could have a positive impact on limiting income inequality, and why the Fed is now interested in setting up its own real-time payments system. David and Aaron also discuss banking reform after the recession, the shadow banking system, and why a lack of bank failures may be a worrying signal.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08122019/aaron-klein-real-time-payments-and-financial-regulation

Aaron’s Twitter: @Aarondklein

Aaron’s Brookings profile: https://www.brookings.edu/experts/aaron-klein/

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