Libsyn Directory

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

Release Date: 08/26/2019

Rich Clarida on Navigating Monetary Policy in Choppy Waters

Macro Musings with David Beckworth

Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed’s balance sheet, why a synthetic FOMC could help the real FOMC, and much more. Watch on our new YouTube Channel! Check out the for this...

Kris Mitchener on What Actually Anchors the Price Level

Macro Musings with David Beckworth

Kris Mitchener is a professor of economics at Santa Clara University and is an economic and monetary historian. In Kris’s first appearance on the show, he discusses how he fell in love with building data sets out of old dusty archives, the origins and fall of bimetallism, the pros and cons of the gold standard, the problem of operating losses on the Fed’s balance sheet, what truly anchors the price level, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 4th, 2026 Subscribe to David's...

Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

Macro Musings with David Beckworth

Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we...

Ruth Judson on Chasing Dollars Around the World

Macro Musings with David Beckworth

Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth’s first appearance on the show she discusses her career at the Fed, field trips tracking counterfeit dollars around the global, how we know how much currency is held overseas, why money doesn’t matter anymore, the problem with cashless societies, how to understand TIC data, the promise of dollar backed stablecoins, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 4th, 2026 Subscribe...

Bill Nelson on the Future of the Fed’s Balance Sheet

Macro Musings with David Beckworth

Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill’s 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his congressional testimony, the BPI’s Bank Treasurers Survey, how he thinks the Fed should shrink the balance sheet, whether the Fed is profitable, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 3rd, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on...

Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era

Macro Musings with David Beckworth

Subscribe to the new ! Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications...

Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline

Macro Musings with David Beckworth

Subscribe to the new ! Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how to frame global demographic decline, the three accelerants of demographic decline, the role of housing in family size, how AI will play a role in global demographics, what we know about AGI, the question of dollar dominance, and much more. Check out the for this week’s episode, now with links. Recorded on February 20th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow...

Chris Meissner on the History of Globalization

Macro Musings with David Beckworth

Subscribe to the new ! Chris Meissner is a professor of economics at University of California at Davis and is the author of the recent book One from the Many: The Global Economy Since 1850. In Chris’s first appearance on the podcast he discusses the historical bend towards greater globalization, how we should really define the global economy, the impact of the Great Financial Crisis on globalization and populism, the scope of globalization from the 1820’s to today, the validity of the China Shock, the United States’ current move away from globalization, and much more. Check out...

Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed’s QE Program

Macro Musings with David Beckworth

Subscribe to the new ! Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram’s first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India’s emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed’s balance sheet, and much more. Check out the for this week’s episode, now with...

Andrew Martinez on the Art of Forecasting

Macro Musings with David Beckworth

Andrew Martinez is a former Treasure economist and currently is an assistant professor of economics at American University. In Andrew’s first appearance on the show, he discusses his career as a forecaster, the current state of forecasting, the intersection of AI and forecasting, the role of the SEP and monetary policy surprises, his work with David on the NGDP Gap measure, and much more. Check out the for this week’s episode, now with links. Recorded on January 13th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show...

More Episodes

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 disadvantages of opening up the Fed’s balance sheet to the public, and the debate between establishing an orderly liquidation authority vs a bankruptcy code.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08262019/thomas-hoenig-federal-reserve-and-state-banking-us

Thomas’ Twitter: @tom_hoenig

Thomas’ Mercatus profile: https://www.mercatus.org/people/thomas-hoenig

TOPICS