loader from loading.io

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

Macro Musings with David Beckworth

Release Date: 06/08/2020

Matteo Maggiori on the Global Capital Allocation Project, Exorbitant Privilege, and Dollar Runs  show art Matteo Maggiori on the Global Capital Allocation Project, Exorbitant Privilege, and Dollar Runs

Macro Musings with David Beckworth

Matteo Maggiori is an associate professor of economics at Stanford University and joins David on Macro Musings to talk about global capital flows, reserve currencies, and the international monetary system. Specifically, David and Matteo also discuss the details of the Global Capital Allocation Project, the US and its status as banker to the world, the possibility we could see a major run on the dollar in the near future, and more.   Support Macro Musings and get a free mug:   Transcript for the episode can be found here:   Matteo’s Twitter: @m_maggiori Matteo’s website: ...

info_outline
Scott Skyrm on the Dynamics of the Repo Market in 2021 show art Scott Skyrm on the Dynamics of the Repo Market in 2021

Macro Musings with David Beckworth

Scott Skyrm is the Executive Vice President in Fixed Income and Repo at Curvature Securities. Scott joins David on Macro Musings to discuss REPO markets, where they have been and where they are going. Specifically, Scott and David discuss the role of broker-dealers like Curvature Securities in the repo market, how repo markets are tied to treasury markets and government deficit financing, why repo rates have recently entered negative territory, potential reforms to the repo market, and much more.   Support Macro Musings and get a free mug:   Transcript for the episode can be found...

info_outline
Ed Nelson on Milton Friedman’s Legacy, the Quantity Theory of Money, and His Vision for a Money Supply Growth Rule show art Ed Nelson on Milton Friedman’s Legacy, the Quantity Theory of Money, and His Vision for a Money Supply Growth Rule

Macro Musings with David Beckworth

Ed Nelson is a Senior Advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor and has worked at the St. Louis Federal Reserve Bank, as well as the Bank of England. Returning to the podcast, Ed re-joins Macro Musings to talk about his new book, *Milton Friedman and the Economic Debate in the United States: 1932-1972*. Ed and David specifically discuss the life and work of Milton Friedman, as they explore his journey into monetarism, his contributions to the quantity theory of money, how he envisioned a money...

info_outline
Dan Awrey on *Unbundling Banking, Payments and Money* show art Dan Awrey on *Unbundling Banking, Payments and Money*

Macro Musings with David Beckworth

Dan Awrey is a professor of law at Cornell Law School, a financial markets regulation scholar, and the editor of the Journal of Financial Regulation. Dan joins David on Macro Musings to discuss how to promote greater financial innovation, financial inclusion, and alleviate the “too big to fail” problem by safely unbundling banking, money, and payments in our financial system. Dan and David also go on to discuss tensions in the global shadow banking system, the history of how banks evolved to play such a central role in our financial system, how the law has reinforced this bundling of the...

info_outline
Chris Russo on Existing Fed-Treasury Tensions and Potential Solutions for Fixing Them show art Chris Russo on Existing Fed-Treasury Tensions and Potential Solutions for Fixing Them

Macro Musings with David Beckworth

Chris Russo is a Monetary Policy Program Research Fellow at the Mercatus Center at George Mason University and has previously worked at the New York Federal Reserve Bank. He joins Macro Musings to talk about the work he is doing on tensions between the Fed and the Treasury’s management of their respective balance sheets. Specifically, David and Chris discuss what these tensions are and what fixes can be implemented to ameliorate the existing plumbing issues.   Transcript for the episode can be found here:   Chris’s Mercatus profile: Chris’s Github site:   David’s...

info_outline
Saule Omarova on Emergency Fiscal Facilities and the Missing Architecture of Government Finance show art Saule Omarova on Emergency Fiscal Facilities and the Missing Architecture of Government Finance

Macro Musings with David Beckworth

Saule Omarova is a professor of law and the director of the Jack Clarke Program on the Law and Regulation of Financial Institutions and Markets at Cornell University. Saule joins Macro Musings to talk about the prospects of an emergency fiscal facility, as well as a broader vision for a National Investment Authority. Specifically, Saule and David discuss the need for a third public finance agency, what the mandate of such an authority would be, and how the agency would be structured and held accountable. Saule also answers common objections to her vision such as the potential institutional...

info_outline
Pat Parkinson on the 2020 Treasury Market Meltdown and How to Avoid a Potential Sequel show art Pat Parkinson on the 2020 Treasury Market Meltdown and How to Avoid a Potential Sequel

Macro Musings with David Beckworth

Pat Parkinson is a senior fellow at the Bank Policy Institute and a 30-year veteran of the Federal Reserve system, where he served as director of the Division of Banking Supervision and Regulation. During that time, he was also a member of the Basel Committee on Banking and advised Alan Greenspan, Ben Bernanke, and Tim Geithner on financial market issues. Pat joins Macro Musings to discuss the treasury market meltdown in March 2020, as well as what we can do moving forward to avoid this issue from happening again. Specifically, David and Pat outline the implementation of a standing repo...

info_outline
Kathy Bostjancic on Priorities for the Fed in 2021 and Beyond show art Kathy Bostjancic on Priorities for the Fed in 2021 and Beyond

Macro Musings with David Beckworth

Kathy Bostjancic is the chief US financial economist at Oxford Economics and joins Macro Musings to discuss the outlook for monetary and fiscal policy in 2021 as well as in financial markets. Specifically, David and Kathy discuss the prospects for Fed policy and personnel under the Biden Administration, immediate concerns facing the Fed as the COVID pandemic continues into 2021, what steps the Fed can take to make their new AIT framework credible, how large scale asset purchases have impacted asset prices and the real economy, and much more.   Transcript for the episode can be found here:...

info_outline
Ricardo Reis on Central Bank Swap Lines, Fiscal Sustainability, and Outlooks for Inflation show art Ricardo Reis on Central Bank Swap Lines, Fiscal Sustainability, and Outlooks for Inflation

Macro Musings with David Beckworth

Ricardo Reis is a professor of economics at the London School of Economics and a returning guest to the podcast. Ricardo rejoins Macro Musings to talk about central bank swap lines, the importance of fiscal sustainability, and the outlook for inflation in advanced economies. David and Ricardo also discuss safe asset alternatives, and how to think about inflation, debt, and deficits in a more nuanced way.   Transcript for the episode can be found here:   Ricardo’s Twitter: @R2Rsquared Ricardo’s LSE profile:   Related Links:   *Central Bank Swap Lines* by Saleem Bahaj...

info_outline
Robert Kaplan on the Fed’s New Framework, Inflation, and the Post-COVID Economy show art Robert Kaplan on the Fed’s New Framework, Inflation, and the Post-COVID Economy

Macro Musings with David Beckworth

Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas. Previously, he was a professor and Associate Dean at Harvard Business School, and prior to that was a Vice Chairman of Goldman Sachs. Robert is a returning guest to the podcast, and he rejoins Macro Musings to discuss the Fed's new framework, inflation, interest rates and more. Specifically, David and Robert talk about COVID’s impact on FOMC operations, how demographic trends are impacting productivity, the Fed’s expanding balance sheet, its average inflation targeting framework, and more.   Transcript for...

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

 

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

 

Related Links:

 

Peter's *Central Bank Archaeology* website: https://www.centralbankarchaeology.com/

 

*Macro Musings: Peter Stella on Debt, Safe Assets, and Central Bank Operations*

https://macromusings.libsyn.com/144-peter-stella-on-debt-safe-assets-and-central-bank-operations

 

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