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

Macro Musings with David Beckworth

Release Date: 08/26/2019

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Macro Musings with David Beckworth

Claudia Sahm is the director of macroeconomic policy at the Washington Center for Equitable Growth, and was formerly at the Board of Governors as a section chief in the Consumer Community Affairs Division as well as serving on the staff macro forecast. Claudia specializes in macroeconomics and household finance, and she joins the show today to talk about some of her work. David and Claudia also discuss her experience working at the Federal Reserve Board of Governors, the conception of the Sahm Rule, and the importance of big data for economic research and policymaking.   Transcript for...

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George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to the Macro Musings podcast. Today, George joins the show to talk about recent developments in the payment system. Specifically, George and David discuss the history of attempted payment system solutions, the challenges and costs facing the implementation of a real-time payment system, and why we should care about this issue today.      Transcript for the episode: ...

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Diego Zuluaga is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives where he covers financial technology and consumer credit, and before joining Cato, Diego was head of financial services and tech policy at the Institute of Economic Affairs in London. He joins the show today to talk about his work within this policy area. David and Diego also discuss the future of cryptocurrencies, the fragmented nature of the US banking system, and the growing importance of fintech in our daily lives.   Transcript for the episode: ...

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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...

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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...

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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: ...

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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

 

Related Links:

 

*"Enormous" Pressure in Next Recession for Wider QE Purchases, Former FOMC Voter Predicts* by Frank Fuhrig 

https://www.mercatus.org/bridge/commentary/%E2%80%9Cenormous%E2%80%9D-pressure-next-recession-wider-qe-purchases-former-fomc-voter-predicts

 

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