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Skanda Amarnath, Yakov Feygin, and Elizabeth Pancotti on Municipal Bond Market Intervention and the CARES Act as Responses to COVID-19

Macro Musings with David Beckworth

Release Date: 04/01/2020

Jon Sindreu on Global Financial Flows and the Balance of Trade show art Jon Sindreu on Global Financial Flows and the Balance of Trade

Macro Musings with David Beckworth

Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy.   Transcript for the episode can be found here:   Jon’s Twitter: @jonsindreu Jon’s Wall Street Journal profile:   Related Links:   *Trade...

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David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis show art David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

Macro Musings with David Beckworth

In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies.   Special thank you to Claudia...

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Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy show art Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Macro Musings with David Beckworth

Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest...

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Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality show art Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

Macro Musings with David Beckworth

Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases.* He joins Macro Musings to talk about this article and some of his other work on central bank purchases and what it may mean for the Fed’s purchase of corporate bonds.   Transcript for the episode can be found here: ...

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Matthew Klein on Global Trade, Inequality, and International Conflict show art Matthew Klein on Global Trade, Inequality, and International Conflict

Macro Musings with David Beckworth

Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and the domestic roots of international trade conflicts – in the past as well as today. Specifically, David and Matthew also discuss the history of how industrialized strategies, in countries such as China, have set the stage for trade conflicts in the present day.  ...

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Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession show art Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

Macro Musings with David Beckworth

Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades. Specifically, David and Stephen discuss the structure of the Reserve Bank of the Australia, the history of its inflation target, how Australia was able to avoid the worst of the Great Recession, and the actions they have taken to in response to the COVID...

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Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework show art Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

Macro Musings with David Beckworth

Daniela Gabor is a professor of economics and macrofinance at the University of West England at Bristol, where she works on shadow banking, capital markets, and transnational banking. Daniela is also a returning guest to the podcast, and she has a new paper out on the burgeoning field of critical macrofinance and how it sheds light on the past great financial crisis (2007-2009) and the present COVID-19 crisis. She re-joins Macro Musings to discuss this paper and how it can offer important insight into the current global economic environment.   Transcript for the episode can be found here:...

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Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability show art Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

Macro Musings with David Beckworth

Darrell Duffie is a professor of finance at Stanford University, and he joins Macro Musings to discuss the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future. Specifically, Darrell and David lay out the current state of financial markets, the ability of treasury markets, as currently designed, to handle demand shocks, and how central banking reforms can better ensure financial stability in the future.   Register here for the Cato Institute/Mercatus Center Webinar Series - *A Fed for Next Time: Ideas for a Crisis‐​Ready...

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Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis show art Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

Macro Musings with David Beckworth

Peter Stella is a former IMF official, where he led the Central Banking and Monetary and Foreign Exchange divisions, and he now hosts a webpage titled *Central Bank Archeology*. Peter is also a former guest of Macro Musings, and rejoins to talk about the COVID-19 crisis, central bank balance sheets, and more. David and Peter also discuss the dangers and challenges of the Fed’s off-balance sheet transactions, how the government should approach crisis financing, and who should be managing the country’s public debt.   The transcript for the episode can be found here:   Peter’s...

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Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance show art Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

Macro Musings with David Beckworth

Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone.   Transcript for the episode can be found...

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Skanda Amarnath is the Director of Research and Analysis at Employ America, Yakov Feygin is the Associate Director of the Future of Capitalism program at the Berggruen Institute, and Elizabeth Pancotti is a research assistant at the National Bureau of Economic Research and at Tufts University. Together, they have put together proposals on how to better address the challenges of the COVID-19 crisis at the state and local level. They join Macro Musings today to discuss these proposals, a municipal bond market and expanded unemployment insurance, as well as what it all means for making the US economy more of an optimal currency area.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

 

Skanda’s Twitter: @IrvingSwisher

Skanda’s Medium profile: https://medium.com/@skanda_97974

 

Yakov’s Twitter: @BuddyYakov

Yakov’s Berggruen Institute profile: https://www.berggruen.org/people/yakov-feygin/

 

Elizabeth’s Twitter: @ENPancotti

Elizabeth’s website: https://sites.google.com/view/elizabethpancotti/home

 

Related Links:

 

*The Fed Can and Should Support State Government Efforts to Respond to COVID-19 Right Now* by Skanda Amarnath and Yakov Feygin

https://medium.com/@skanda_97974/the-fed-can-and-should-support-state-government-efforts-to-respond-to-covid-19-right-now-5e5ecf7b7ed8

 

*Unemployment Benefit Expansions: A Guide for Policy Responses in the Wake of COVID-19* by Elizabether Pancotti

https://medium.com/@employamerica/unemployment-benefit-expansions-a-guide-for-policy-responses-in-the-wake-of-covid-19-ec3da6e8701

 

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