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Diego Zuluaga on Libra, Real-time Payments, and the Legacy of the Community Reinvestment Act

Macro Musings with David Beckworth

Release Date: 10/28/2019

Jim Bianco on Policy Responses to the Coronavirus: Details, Implications, and Concerns Moving Forward show art Jim Bianco on Policy Responses to the Coronavirus: Details, Implications, and Concerns Moving Forward

Macro Musings with David Beckworth

Jim Bianco, of Bianco Research, joins Macro Musings to discuss the latest on the economic impact from the coronavirus. David and Jim discuss the details and implications of the $2 Trillion Relief bill, the possibility of higher inflation, renewed threats to Fed independence, and implications for the Eurozone.   Transcript for the episode can be found here:   Jim’s Twitter: @biancoresearch Jim’s Bloomberg archive:   Related Links: *The Fed's Cure Risks Being Worse Than the Disease* by Jim Bianco   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @

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Macro Musings with David Beckworth

Robin Brooks is a chief economist at the Institute of International Finance and has previously worked for Goldman Sachs and the IMF. Robin joins Macro Musings to talk about the global economic implications of the novel coronavirus. David and Robin also discuss what is happening to output gap measures, where the global dollar cycle stands today, and the importance of dollar swap lines for emerging markets.   Transcript for the episode can be found here:   Robin’s Twitter: @RobinBrooksIIF Robin’s IIF profile:   Related Links:   *Federal Reserve Announces Extensive New...

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Macro Musings with David Beckworth

Stan Veuger is a resident scholar at the American Enterprise Institute where he specializes in political economy and public finance. Stan joins us today to discuss his co-authored proposal to save American businesses and American jobs as well as his thoughts on how Europe is handling the crisis. Specifically, David and Stan discuss the Federal Reserve’s ability to support targeted business loans, how the crisis has been panning out in Europe, and the timeline to global recovery.   Transcript for the episode can be found here:   Stan’s Twitter: @stanveuger Stan’s AEI profile: ...

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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 formerly was a section chief at the Board of Governors of the Federal Reserve System. Claudia specializes in macroeconomics and household finance, and joins the show today to talk about what the Fed has recently done and what fiscal policy can do in response to the economic meltdown caused by COVID-19. Specifically, David and Claudia discuss sending out direct payments to individuals, what the Fed’s remaining toolkit may look like, and how the freshly minted Sahm Rule may be of paramount...

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Macro Musings with David Beckworth

James Sweeney is the chief economist at Credit Suisse and joins us today as a part of our ongoing special coverage to talk about the coronavirus or COVID-19 and its implications for the economy. Specifically, David and James discuss what this pandemic means for the plumbing of the financial system, interest rates, and the type of recession we might experience.   Transcript for the episode can be found here:   James’s Credit Suisse profile:   Related Links:   *Global Money Notes #27: Covid-19 and Global Dollar Funding* by Zoltan Pozsar and James Sweeney   David’s...

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Macro Musings with David Beckworth

Megan Greene is a senior fellow at Harvard University’s Kennedy School and a senior fellow in international economics at Chatham House. Formerly, Megan was a chief economist on Wall Street and she currently has a bi-weekly column in the Financial Times on global macroeconomics. She joins the show today to talk about the coronavirus and the appropriate policy response to it as well as the future countercyclical macro policy in the United States. David and Megan also discuss the Fed’s future framework, arguments against the recent 50 basis point rate cut, and why the Fed should consider...

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Macro Musings with David Beckworth

Ben Moll is a professor of economics at the London School of Economics, and is well known for his work on income and wealth distribution in macroeconomics and its implications for policy. Ben joins the show today to talk about this work and provide a look into the growing field of heterogeneous agent models. David and Ben also discuss the history of macro thought, the implications of different transmission mechanisms of monetary policy, and what HANK models mean for forward guidance and other more general makeup policies.   The transcript for the episode can be found here:   Ben’s...

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Macro Musings with David Beckworth

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, and a returning guest to Macro Musings. Scott joins the show today to talk about the recent market turmoil caused by the COVID-19 coronavirus and its implications for monetary policy.  David and Scott also discuss how the Fed should respond to a possible pandemic, why monetary policy is preferable to fiscal policy during a crisis, and how to approach the central bank credibility problem.   Transcript for the episode can be found here:   Scott’s blog: Scott’s...

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Macro Musings with David Beckworth

Paul Schmelzing is an economic historian, a visiting scholar at the Bank of England and a postdoc at the Yale University School of Management. Paul has written an influential new paper on the long history of interest rates titled, "Eight centuries of global real interest rates, R-G, and the ‘suprasecular’ decline, 1311–2018." Specifically, Paul and David discuss the implications of this paper’s findings for secular stagnation theory, Thomas Piketty’s inegalitarian wealth spiral, and for macroeconomic policy more generally.   Transcript for the episode can be found here:  ...

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Macro Musings with David Beckworth

Ernie Tedeschi is a policy economist and the head of fiscal analysis at Evercore ISI, a macro advisory firm. He is also an occasional contributor to The Upshot section at The New York Times. Previously, Ernie was a senior advisor and an economist at the US Department of Treasury. His research interests include the federal budget, monetary policy, and labor markets. Ernie joins the show to talk about output gaps, full employment, labor markets, and the state of the economy. Specifically, Ernie and David discuss Ernie’s recent articles titled *Participation in the Hot Labor Market* and *Pay is...

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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: https://www.mercatus.org/bridge/podcasts/10282019/diego-zuluaga-libra-real-time-payments-and-legacy-community-reinvestment

 

Diego’s Twitter: @DiegoZuluagaL

Diego’s Cato Institute profile: https://www.cato.org/people/diego-zuluaga

 

Related Links:

 

*New York’s Bank: The National Monetary Commission and the Founding of the Fed* by George Selgin

https://www.cato.org/publications/policy-analysis/new-yorks-bank-national-monetary-commission-founding-fed

 

*Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks* by Greg Buchak, Gregor Matvos, Tomasz Piskorski, and Amit Seru

https://www.nber.org/papers/w23288

 

*Of Libras and Zebras, Part One: What Are the True Financial Risks of the Facebook-Led Digital Currency? (Systemic Risk)* by Diego Zuluaga

https://www.alt-m.org/2019/07/11/of-libras-and-zebras-part-one/

 

*Of Libras and Zebras, Part Two: What Are the True Financial Risks of the Facebook-Led Digital Currency? (Monopoly Risk)* by Diego Zuluaga

https://www.alt-m.org/2019/07/16/of-libras-and-zebras-part-two/

 

*Of Libras and Zebras: What Are the True Financial Risks of the Facebook-Led Digital Curency? (Part III: National Security Risk)* by Diego Zuluaga

https://www.cato.org/blog/libras-zebras-what-are-true-financial-risks-facebook-led-digital-currency-part-iii-national

 

*The Community Reinvestment Act in the Age of Fintech and Bank Competition* by Diego Zuluaga

https://www.cato.org/publications/policy-analysis/community-reinvestment-act-age-fintech-bank-competition

 

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