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Scott Sumner on How Central Banks Should Respond to the Coronavirus Threat

Macro Musings with David Beckworth

Release Date: 03/02/2020

Jeffrey Lacker on the Past, Present, and Future of Federal Reserve Policy show art Jeffrey Lacker on the Past, Present, and Future of Federal Reserve Policy

Macro Musings with David Beckworth

Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017, and more recently served as a distinguished professor of economics at the Virginia Commonwealth University School of Business through 2022. Currently, Jeff serves on the Shadow Open Market Committee. He joins David on Macro Musings to discuss the traditions of the Richmond Fed, the history of the Federal Reserve’s implicit inflation target prior to 2012, the two percent inflation target the Fed formalized in 2012, the more recent transition to an average inflation...

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BONUS: Gerard DiPippo on China’s Attempts to Infiltrate the Fed show art BONUS: Gerard DiPippo on China’s Attempts to Infiltrate the Fed

Macro Musings with David Beckworth

Gerard DiPippo is a senior fellow with the economics program at the Center for Strategic and International Studies. Previously, he spent 11 years in the US intelligence community as a deputy national intelligence officer for economic issues at the National Intelligence Council and as a senior economic analyst at the Central Intelligence Agency. In this bonus segment from the previous conversation, David and Gerard discuss the recent Senate report which details the Chinese Government’s decade-long campaign to infiltrate the US Federal Reserve System. Gerard brings his expertise in both...

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Gerard DiPippo on the Russia Sanctions, Demographic Decline, and the Future of the Global Monetary System show art Gerard DiPippo on the Russia Sanctions, Demographic Decline, and the Future of the Global Monetary System

Macro Musings with David Beckworth

Gerard DiPippo is a senior fellow with the economics program at the Center for Strategic and International Studies. Previously, he spent 11 years in the US intelligence community as a deputy national intelligence officer for economic issues at the National Intelligence Council and as a senior economic analyst at the Central Intelligence Agency. Gerard joins Macro Musings to talk about the Russia Sanctions, the global monetary system, demographics, and other economic issues viewed through the lens of national security. He and David also discuss the lessons from the Russia sanctions, dollar...

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Macro Musings with David Beckworth

Tom Graff is the head of investments for Facet Wealth and has several decades leading fixed income departments. Tom joins David on Macro Musings to provide his thoughts on the recent FOMC meeting, the Q2 2022 GDP numbers and their implications for the economy, and the future path of Fed policy. Specifically, David and Tom discuss the recent GDP numbers from Q2 2022, the merits of public concerns over a recession, takeaways from the July FOMC meeting, interest rate theory and implicit forecasts of inflation, the fiscal theory of the price level, the continued importance of the Fed’s...

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Ellen Meade on Transparency, Independence, and Lessons for the Fed’s Next Framework Review show art Ellen Meade on Transparency, Independence, and Lessons for the Fed’s Next Framework Review

Macro Musings with David Beckworth

Ellen Meade is a research professor of economics at Duke University and a veteran of the Federal Reserve System. Most recently, Ellen served as a special advisor to the board and Vice Chair, Richard Clarida. Ellen joins David on Macro Musings to discuss her research on monetary policy and her work at the Federal Reserve. Specifically, Ellen and David discuss the prospect of central bank independence at the Fed and the specter of fiscal dominance, the recent history of secrecy and transparency at the Fed and how that impacts the incentives to dissent, the effect of the Fed’s forward guidance...

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Macro Musings with David Beckworth

Randal Quarles is the executive chairman of the Cynosure Group and the former Vice Chair of Supervision for the Federal Reserve Board of Governors. Randy also served as an official in the US Department of Treasury, and he joins Macro Musings to talk about his time at the Federal Reserve and his thoughts on current issues facing the institution. David and Randy also discuss how the Fed fell behind the curve on inflation, how he sees the balance sheet reduction process playing out, the central bank’s shifting focus toward climate change, and more.   Transcript for the episode can be found...

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Kathy Jones on the Current Economic Slowdown, Quantitative Tightening, and the Fed’s New Framework show art Kathy Jones on the Current Economic Slowdown, Quantitative Tightening, and the Fed’s New Framework

Macro Musings with David Beckworth

Kathy Jones is managing director and chief fixed income strategist for the Schwab Center for Financial Research, and she has spent many years on Wall Street, covering bond markets and foreign exchange. Kathy joins Macro Musings to talk about the present outlook for the economy, the state of markets, and Fed policy. Specifically, David and Kathy discuss the story behind the recent economic slowdown, why equity markets are behind the recessionary curve, Kathy’s sense on QT moving forward, and more.   Transcript for the episode can be found .   Kathy’s Twitter: Kathy’s Charles...

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Macro Musings with David Beckworth

Michael Dooley is a chief economist for Figure Technologies and a 20-year veteran of the Federal Reserve System and the IMF. Michael is also a professor emeritus in the department of economics at the University of California, Santa Cruz, and he joins Macro Musings to talk about the international monetary system and the future of the dollar. Specifically, David and Michael also discuss the original and revised Bretton Woods systems, the Fed’s role as a monetary superpower, and what this means for the US as a provider of safe and unsafe assets.   Transcript for the episode can be found ....

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Brian Knight on the Politicization of Finance show art Brian Knight on the Politicization of Finance

Macro Musings with David Beckworth

Brian Knight is the Director of Innovation and Governance at the Mercatus Center at George Mason University. Brian’s research focuses on numerous aspects of financial regulation, including the creation of pro-innovation regulatory environments, the role of federalism in fintech regulation, the use of digital assets for financial transactions, the role of regulation for credit markets and consumer protection, and the provision of capital to businesses. Brian joins David on Macro Musings to discuss the politicization of finance and its implications for policy. Specifically, Brian and David...

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Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis* show art Lev Menand on *The Fed Unbound: Central Banking in a Time of Crisis*

Macro Musings with David Beckworth

Lev Menand is an associate professor of law at Columbia University Law School and writes widely on legal issues surrounding the Federal Reserve. Lev rejoins Macro Musings to talk about his new book titled, *The Fed Unbound: Central Banking in a Time of Crisis.* Specifically, David and Lev discuss why the Fed can be considered unbound, the history of the Fed’s engagement with the shadow banking system, and Lev’s solutions for reform.   Transcript for the episode can be found .   Lev’s Twitter: Lev’s Columbia Law   David’s Twitter: Follow us on Twitter: Click for...

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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: https://www.mercatus.org/bridge/tags/macro-musings

 

Scott’s blog: https://www.themoneyillusion.com/

Scott’s Mercatus profile: https://www.mercatus.org/scholars/scott-sumner

 

Related Links:

 

*It’s Time for the Fed to Take On the Coronavirus Threat* by David Beckworth

https://www.nationalreview.com/2020/02/its-time-for-the-fed-to-take-on-the-coronavirus-threat/

 

*The Era of Fed Power is Over. Prepare for a More Perilous Road Ahead.* by Greg Ip

https://www.wsj.com/articles/shrinking-influence-of-central-banks-ends-decades-of-business-as-usual-11579103829?mod=rsswn

 

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