Ben Moll on the Basics of HANK Models and How They Can Be Applied to Policymaking
Macro Musings with David Beckworth
Release Date: 03/09/2020
Macro Musings with David Beckworth
Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center and a returning guest to Macro Musings. He joins the podcast today to talk about his ongoing work on the Princeton School of Macroeconomics as well as his thoughts on monetary policy in 2021. Specifically, David and Scott discuss the economic contributions of various different Princeton economists as well as how the central bank can overcome inflationary fears and establish further institutional credibility. Transcript for the episode can be found here: Scott’s automated Twitter:...
info_outlineMacro Musings with David Beckworth
Josh Galper is the managing principal at Finadium, an independent consultancy in capital markets, and is deep in the trenches of the money markets, as well as the financial regulatory space. As a returning guest to the podcast, Josh rejoins Macro Musings to talk about some of the big changes we might see in financial regulation, especially as it relates to climate issues under the new Biden administration. David and Josh also discuss the prospects of negative interest rates in the US, the influence of the Financial Stability Board, and how to deal with Treasury and repo market stress in the...
info_outlineMacro Musings with David Beckworth
As a tumultuous, virus-stricken 2020 comes to an end, David is joined by Macro Musings producer Marc Dupont to discuss the highlights of the show throughout the past year. Specifically, they talk about the big macroeconomic themes and takeaways from the last 12 months, which guests and topics were most popular among listeners, what 2020 may have in store for monetary policy, and more. A special thank you to all of the Macro Musings listeners around the globe who continue to tune in to the show week in and week out, especially during these tough and uncertain times. Stay tuned for more...
info_outlineMacro Musings with David Beckworth
Jeanna Smialek covers the Federal Reserve and the economy for The New York Times, and joins Macro Musings to recap and summarize the highs and lows of US monetary policy during 2020. Specifically, David and Jeanna discuss the recent histories of Federal Reserve rate hikes and the persistence of low inflation, the nascent optimism about the economy at the start of 2020, the Fed’s policy response to COVID, and what lessons the Fed will be taking into the future. Transcript for the episode can be found here: Jeanna’s Twitter: @jeannasmialek Jeanna’s New York Times archive: ...
info_outlineMacro Musings with David Beckworth
Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research affiliate with the Centre for Economic Policy Research. Ethan is also a returning guest to the show, and he re-joins Macro Musings to talk about the European Central Bank’s big strategy review, the future of the Euro, and whether change is afoot in our international monetary system. Transcript for the episode can be found here: Ethan’s Twitter: @ilzetzki Ethan’s website: Related Links: *Why Is the Euro Punching Below Its Weight?* by Ethan Ilzetzki, Carmen...
info_outlineMacro Musings with David Beckworth
Governor Benjamin Diokno is the current head of the Bangko Sentral ng Pilipinas, or BSP, which is the central bank of the Republic of the Philippines. The Governor joins David on Macro Musings to shed light on the art and science of central banking from an emerging market perspective, as seen through the experience in the Philippines. Specifically, Governor Diokno and David discuss the structure, mandate, and operating system of the BSP, how the BSP has managed to avoid the zero lower bound, the prospects of a Philippine central bank digital currency, and how a flexible exchange rate has...
info_outlineMacro Musings with David Beckworth
Sam Hammond is the director of poverty and welfare policy at the Niskanen Center and Brink Lindsey is vice president and director of the Open Society Project at the Niskanen Center. Both are returning guests to the podcast, and they join David again on Macro Musings to talk about their new pro-growth report titled, *Faster Growth, Fairer Growth: Policies for a High Road, High Performance Economy.* Specifically, they detail a number of different policies the US government could adopt to achieve faster and fairer economic growth, including social insurance modernization, child allowances, and...
info_outlineMacro Musings with David Beckworth
Bilal Hafeez is the CEO and Founder of Macro Hive and previously worked at JP Morgan, Deutsche Bank and Nomura. Bilal joins Macro Musings to discuss recent economic developments and the outlook for inflation after the COVID-19 crisis. Specifically, Bilal and David discuss the prospects for a K-shaped US recovery, COVID-19’s impact on the Eurozone and the UK, how the launch of the EU’s recovery fund has fared, and how the pandemic has impacted the outlook for the services sector, inflation, and the US dollar. Transcript for the episode can be found here: Bilal’s Macro Hive...
info_outlineMacro Musings with David Beckworth
Adam Ozimek is the chief economist for Upwork, a global remote freelancing platform, and a returning guest to the podcast. Adam rejoins Macro Musings to talk about some of the lasting impacts of the pandemic on businesses; specifically its influence on remote work. David and Adam also discuss the results of the payment protection program, why the prime age employment to population ratio should become the most important employment measure, the economic geography of remote work, and more. Transcript for the episode can be found here: Adam’s Twitter: @ModeledBehavior Adam’s...
info_outlineMacro Musings with David Beckworth
Alan Cole is a senior economist at the Joint Economic Committee of Congress. Alan joins David on Macro Musings to discuss his work with the JEC and his thoughts on the economy. Specifically, Alan and David discuss the high savings rate during the COVID-19 crisis, the track record of US monetary policy from the 2008 financial crisis to the 2020 COVID-19 crisis, why the Fed’s commitment to average inflation targeting is an incremental step toward level targeting, and suggestions for the Fed moving forward. Transcript for the episode can be found here: Alan’s Twitter:...
info_outlineBen 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: https://www.mercatus.org/bridge/tags/macro-musings
Ben’s Twitter: @ben_moll
Ben’s LSE website: https://benjaminmoll.com/
Related Links:
*Monetary Policy According to HANK* by Greg Kaplan, Ben Moll, and Giovanni Violante
https://www.princeton.edu/~moll/HANK.pdf
*Household Balance Sheet Channels of Monetary Policy: A Back of the Envelope Calculation for the Euro Area* by Jiri Slacalek, Oreste Tristani, and Giovanni Violante
https://cepr.org/active/publications/discussion_papers/dp.php?dpno=14245
*Heterogeneous Agents Macroeconomics Has a Long History, and it Raises Many Questions* by Beatrice Cherrier
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth