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

Release Date: 06/08/2020

Loretta Mester on How to Improve the Fed’s Operating Framework

Macro Musings with David Beckworth

Loretta Mester was president and CEO of the Federal Reserve Bank of Cleveland from 2014 through June of 2024, and she is a 39-year veteran of the Federal Reserve System. Loretta is also currently an adjunct professor of finance at the Wharton School at the University of Pennsylvania. She joins David on Macro Musings to talk about her time as Fed president and a recent paper she delivered on the Fed’s operating system. David and Loretta also discuss the ongoing battle against inflation, what to expect from the upcoming Fed framework review, and much more. Transcript for this week’s ...

Jon Hartley on the Shadow Open Market Committee and Macroeconomic Policy

Macro Musings with David Beckworth

Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center, and he is also the host of a Hoover Institution podcast titled, *Capitalism and Freedom in the 21st Century.* Jon joins David on Macro Musings to talk about the Hoover Institution’s recent monetary policy conference, *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* as well as some of his own related work. Specifically, Jon and David also discuss the origins, purpose, and influence of the Shadow Open Market Committee, the tension between the fiscal theory of the price...

Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework Review

Macro Musings with David Beckworth

Tara Sinclair is a professor of economics and international affairs at George Washington University, where she also directs the George Washington Center for Economic Research. From 2022 to 2024, Tara also served as the Deputy Assistant Secretary for Macroeconomics in the Office of Economic Policy at the US Department of Treasury. Tara joins David on Macro Musings to talk about her time at Treasury, real-time economic analysis, the Fed framework review, and much more. Transcript for this week’s Tara’s Twitter: Tara’s Tara’s GWU David Beckworth’s Twitter: ...

Joseph Gagnon on the Trinity of COVID-era Inflation and the Upcoming Fed Framework Review

Macro Musings with David Beckworth

Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics, a former senior Fed staffer, and a returning guest to the podcast. Joe rejoins David on Macro Musings to talk about the unholy trinity behind the COVID inflation surge and what history can teach us about the unusual inflation experience of that period. David and Joe also discuss the inflationary lessons from the Korean War, the Fed’s upcoming framework review, and much more. Transcript for this week’s Joseph’s Twitter: Joseph’s PIIE David Beckworth’s Twitter: Follow...

Emilio Ocampo on Dollarization and the State of the Argentine Economy

Macro Musings with David Beckworth

Emilio Ocampo is a professor of finance and economic history at UCEMA. He has written widely on the Argentine economy and has advised President Javier Milei on economic policy. Emilio joins David on Macro Musings to talk about the current state of the Argentine economy, the present and ongoing reforms of President Milei, and the prospects for dollarization in Argentina. Transcript for this week’s Emilio’s Twitter: Emilio’s Emilio’s UCEMA David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new...

Jonathon Hazell on the Costs and Causes of Inflation and the Phillips Curve Debate

Macro Musings with David Beckworth

Jonathon Hazell is an assistant professor of economics at the London School of Economics and is a returning guest to the podcast. He rejoins David on Macro Musings to talk about the costs of inflation, the Phillips curve Debate, and the lessons learned from the post-pandemic inflation surge. Transcript for this week’s Jonathon’s Twitter: Jonathon’s Jonathon’s LSE David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the Macro Musings Check out our Macro...

Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy Shocks

Macro Musings with David Beckworth

Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more. Transcript for this week’s Thomas’s Thomas’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new...

Matthew Pines on the Geopolitical and National Security Implications of Cryptocurrency Adoption

Macro Musings with David Beckworth

Matthew Pines is the director of intelligence for SentinelOne Strategic Advisory Group and is a veteran of the national security world. Matthew is also the author of several papers on cryptocurrencies and their implications for national security, including a recent one titled, *Great Power Network Competition & Bitcoin,* and he joins David on Macro Musings to talk about these linkages. Specifically, David and Matthew also discuss the Strategic Bitcoin Reserve proposal, the problems with our current network approach to national security, how digital currency can enhance dollar dominance...

Travis Hill on the Discount Window, Receivership Funding, and Financial Tokenization

Macro Musings with David Beckworth

Travis Hill is the Vice Chairman of the FDIC Board of Directors, and he joins David on Macro Musings to talk about discount window and bank liquidity, receivership funding, and the tokenization of financial assets. Specifically, David and Travis also discuss the push for pre-positioning at the discount window, how the FDIC funds receiverships, the impact of tokenization on the future of banking, and much more. Transcript for this week’s Travis’s FDIC David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join...

Catherine Pakaluk on *Hannah’s Children: The Women Quietly Defying the Birth Dearth*

Macro Musings with David Beckworth

Catherine Pakaluk is an Associate Professor of Social Research and Economic Thought at the Bush School of Business at the Catholic University of America. Catherine is also the author of a new book titled, *Hannah’s Children: The Women Quietly Defying the Birth Dearth,* and she joins David on Macro Musings to talk about it. Catherine and David also specifically discuss the facts of demographic decline, the women who are pushing back against this trend, its broader implications for the economy and society, and more. Transcript for this week’s Catherine’s Twitter: ...

More Episodes

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 Twitter: @Stellar_Consult

Peter’s Voxeu profile: https://voxeu.org/users/peterstella0

Peter’s Research Gate archive: https://www.researchgate.net/profile/Peter_Stella

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