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Joseph Gagnon on Central Banks’ Ability to Fight the Next Recession

Release Date: 01/27/2020

Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins

Macro Musings with David Beckworth

Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University’s Stern School of Business. In Austin’s first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller’s proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more. Check out the for this week’s episode, now with links. Recorded on...

Mike Bird on the Land Trap and How the History of Housing Impacts the Global Economy

Macro Musings with David Beckworth

Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World’s Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan’s lost decade, the modern history of land in China, and much more. Check out the for this week’s episode, now with links. Recorded on November 4th, 2025 Subscribe to David's Substack: Follow David Beckworth...

Lukasz Rachel on Non-Ricardian Macroeconomic Policy and Its Implications for Inflation

Macro Musings with David Beckworth

Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz’s first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more. Check out the for this week’s episode, now with links. Recorded on October 29th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Lukasz on...

Tara Sinclair on Building a Synthetic FOMC Through AI

Macro Musings with David Beckworth

Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens with LLM models, the process of building sim FOMC members, the importance of publicly funding economic data, the future of AI and macroeconomics, and much more. Check out the for this week’s episode, now with links. Recorded on October 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Tara on X: Follow the show on X: Check out our Macro...

Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom

Macro Musings with David Beckworth

Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of growth driven deflation, the connection between the postbellum period and today, the potential of rapid productivity growth from AI, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Bryan on X: Follow the show on X: Check out our Macro Musings ...

Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam

Macro Musings with David Beckworth

Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve’s first appearance on the show they discuss the historical significance of the Bank of Amsterdam, The use of ledger at the Bank of Amsterdam, It’s use of repo and open market operations, it’s connection to central banking today, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David...

Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World

Macro Musings with David Beckworth

Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim’s first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz’s calls to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the...

Manmohan Singh on the Meaning of Money after the GENIUS Act

Macro Musings with David Beckworth

Manmohan Singh is the editor-in-chief of the Journal of Financial Markets Infrastructure. Manmohan returns to the show to discuss whether money still matters, the impacts of the GENIUS ACT, the lobbying show down over stablecoins in the US, stablecoins impact on the Eurodollar market, and much more. Check out the for this week’s episode, now with links. Recorded on September 10th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 -...

Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review

Macro Musings with David Beckworth

Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic’s first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of Atlanta, switching for FIT to FAIT back to FIT, what to do about inflation, the importance of globalization, rising fiscal pressures, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on...

Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star

Macro Musings with David Beckworth

Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central banks should be using his new measure of r-star, the status of debt management at the US Treasury, and much more. Check out the for this week’s episode, now with links. Recorded on August 26th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jon Hartley on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube...

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Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics and formerly, a senior staffer at the Federal Reserve Board of Governors. Joseph is also a returning guest to Macro Musings, and he joins the show today to discuss his recent policy brief titled, “Are Central Banks Out of Ammunition to Fight a Recession? Not quite.” Specifically, David and Joseph discuss the variety of monetary policy tools available to central banks to combat the next recession (with special emphasis on the Federal Reserve, European Central Bank, and Bank of Japan). Joseph also makes the case that the ECB should adopt a formal review of its monetary policy framework.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession

Joseph’s Twitter: @GagnonMacro

Joseph’s PIIE profile: https://www.piie.com/experts/senior-research-staff/joseph-e-gagnon

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