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Srinivas Thiruvadanthai on the Sectoral Financial Balance Approach to Macroeconomics

Release Date: 10/14/2019

Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle

Macro Musings with David Beckworth

Gianluca Benigno is a professor of economics at the University of Lausanne and was formerly a senior staffer and economist at the Federal Reserve Bank of New York, an economist at the Bank of England, and worked at the London School of Economics. Gianluca joins Macro Musings to talk about financial conditions in r**, his work on *The Dollar’s Imperial Circle,* and more. David and Gianluca also discuss the importance of liquidity in a New Keynesian framework, the origins and purpose of the Global Supply Chain Pressure Index, the “Global Financial Resource Curse,” and a lot more. ...

Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*

Macro Musings with David Beckworth

Dan McDowell is an associate professor of political science at Syracuse University, and he is the author of a new book titled, *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar.* Dan joins Macro Musings to talk about this new book and the prospects for de-dollarization around the world. David and Dan also discuss the mechanics and effectiveness of financial sanctions, the renminbi as a rival to the dollar, Russia and Turkey as case studies, and more. Transcript for this week’s Dan’s Twitter: Dan’s Dan’s Syracuse University ...

Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*

Macro Musings with David Beckworth

Jeanna Smialek is a reporter who covers the Federal Reserve and the economy for the New York Times, and is the author of a new book titled, *Limitless: The Federal Reserve Takes On a New Age of Crisis.* Jeanna is also a returning guest to Macro Musings and rejoins the podcast to talk about her book and its implications for the future of the Federal Reserve system. David and Jeanna also discuss the credit allocation vs. liquidity support debate, the Fed’s definition of price stability, the Bank Term Funding Program, and a lot more. Transcript for this week’s Jeanna’s...

Nathan Tankus on the Future of MMT and How to Avoid U.S. Debt Default

Macro Musings with David Beckworth

Nathan Tankus is a popular writer for a newsletter titled, *Notes on the Crises* and is the research director of the Modern Money Network. Nathan is also a returning guest to Macro Musings, and he rejoins the podcast to talk about modern monetary theory and the debt ceiling. Specifically, David and Nathan discuss the future of MMT, the case for minting the trillion dollar coin, the prospects of issuing Federal Reserve securities, the history of the Fed’s operating procedures, and a lot more. Transcript for this week’s Nathan’s Twitter: Nathan’s Substack, Nathan’s...

Brian Sack on the Fed’s Balance Sheet and How to Improve the Floor Operating System

Macro Musings with David Beckworth

Brian Sack was recently the Director of Global Economics at the D.E. Shaw Group, and prior to that, he was the manager of the System Open Market Account or SOMA and the head of the Markets Group at the New York Federal Reserve bank, where he managed the Fed’s balance sheet. Brian joins Macro Musings to talk about the central bank’s balance sheet, its operating system, and his work at the Treasury Borrowing Advisory Committee. Specifically, David and Brian discuss the current state of the Fed’s balance sheet, Brian’s theory of QE, how to improve the effectiveness of the floor system,...

Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*

Macro Musings with David Beckworth

Mark Calabria was the Director of the Federal Housing Finance Agency and prior to that, he was formerly a chief economist for Vice President Mike Pence. Mark is also a previous guest of Macro Musings, and he rejoins the podcast to talk about his new book titled, Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted. Specifically, David and Mark discuss Mark’s time as the director of the Federal Housing Finance Agency, the relief programs his agency ushered through during the peak of the COVID crisis, the history and handling of Fannie and Freddie, and a lot more. ...

BONUS: George Hall on Financing World War II and Managing Post-War Debt

Macro Musings with David Beckworth

George Hall is a professor of economics at Brandeis University, and was formerly an economist at the Chicago Federal Reserve Bank. In this bonus segment from the previous conversation, George rejoins the podcast to talk about how the US handled the surge in debt resulting from World War II, how COVID changed government financing, his thoughts on the debt ceiling crisis, and more. Transcript for the episode can be found George’s Twitter: George’s Brandeis David Beckworth’s Twitter: Follow us on Twitter: Click for the latest Macro Musings...

George Hall on the History of the U.S. National Debt and Government Financing

Macro Musings with David Beckworth

George Hall is a professor of economics at Brandeis University, and was formerly an economist at the Chicago Federal Reserve Bank. George has written widely on the history of U.S. public finance, and he joins Macro Musings to talk about the history of the U.S. national debt, including the most recent surge resulting from the pandemic. David and George also discuss how a government goes about funding itself, two different models of expenditure financing, the Revolutionary War and Civil War as case studies, and more. Transcript for the episode can be found George’s Twitter: ...

Bill Nelson on the Fed’s Discount Window Lending, the Overnight Reverse Repo Facility, and the Shifting Size of the Fed’s Balance Sheet

Macro Musings with David Beckworth

Bill Nelson is a chief economist and executive vice president of 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. He also worked closely with the BIS working groups on the design of liquidity regulations and is a previous guest of the podcast. Bill rejoins Macro Musings to talk about the Fed’s balance sheet, and in particular, the impact that the Fed’s response to the recent...

Kate Judge and Peter Conti-Brown on the Lessons Learned from the 2023 Banking Panic

Macro Musings with David Beckworth

Kate Judge is a professor of law at Columbia Law School and the editor of the Journal of Financial Regulation, and Peter Conti-Brown is an associate professor of financial regulation and the co-director of the Wharton Initiative on Financial Policy and Regulation at the University of Pennsylvania. Both are also returning guests to the podcast, and they rejoin Macro Musings to talk about the banking panic of 2023 and the lessons learned so far. Specifically, Kate, Peter, and David discuss how the scene was set for this recent banking crisis, the quality of the policy response, how to reform the...

More Episodes

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: https://www.mercatus.org/bridge/podcasts/10172019/srinivas-thiruvadanthai-sectoral-financial-balance-approach-macroeconomics

Sri’s Twitter: @teasri

Sri’s JLFC profile: https://www.levyforecast.com/about-us/srinivas-thiruvadanthai/

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