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Josh Galper on the Current State of Repo Markets, Key Bottlenecks, and a Balanced Proposal to Restore Stability

Macro Musings with David Beckworth

Release Date: 12/23/2019

Robin Brooks on COVID-19’s Impact on Emerging Markets and the Domestic Policy Response to the Crisis show art Robin Brooks on COVID-19’s Impact on Emerging Markets and the Domestic Policy Response to the Crisis

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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Megan Greene on How to Use Monetary and Fiscal Policy to Fight the Coronavirus Crisis show art Megan Greene on How to Use Monetary and Fiscal Policy to Fight the Coronavirus Crisis

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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Paul Schmelzing on the ‘Suprasecular’ Decline of Global Real Interest Rates show art Paul Schmelzing on the ‘Suprasecular’ Decline of Global Real Interest Rates

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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Ernie Tedeschi on Output Gaps, Labor Markets, and the State of the Economy show art Ernie Tedeschi on Output Gaps, Labor Markets, and the State of the Economy

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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Macro Musings with David Beckworth

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More Episodes

Josh Galper is the managing principal of Finadium, an independent consultancy in capital markets based out of New York City. He joins the show today as part of a two week special on the Fed and repo markets, as he helps us take a look at recent repo market stress from the private sector. Specifically, David and Josh discuss the current state of US repo markets, key bottlenecks that have arisen in 2019, and a balanced proposal to restoring stability in capital markets.

 

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/12232019/josh-galper-current-state-repo-markets-key-bottlenecks-and-balanced

 

Josh’s Twitter: @Finadium

Josh’s Finadium profile: https://finadium.com/josh-galper-mba/

 

Related Links:

 

Finadium’s homepage: http://finadium.com

Finadium’s magazine: http://securitiesfinancemonitor.com

 

*US Repo at Year-End 2019: The Hard Choices Ahead* by Josh Galper

https://finadium.com/finadium-us-repo-at-year-end-2019-the-hard-choices-ahead/

 

*Are New Repo Participants Gaining Ground?* by Adam Copeland, Ira Selig, & Anya Tarascina

https://libertystreeteconomics.newyorkfed.org/2019/04/are-new-repo-participants-gaining-ground.html

 

Repo week episode one: *George Selgin on Repo Market Stress, Fed Balance Sheet Volatility, and a Standing Repo Facility*

https://macromusings.libsyn.com/george-selgin-on-repo-market-stress-fed-balance-sheet-volatility-and-a-standing-repo-facility

 

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