Libsyn Directory

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

Release Date: 06/08/2020

Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*

Macro Musings with David Beckworth

Lev Menand is an associate professor of law at Columbia University and Josh Younger is a senior policy advisor at the Federal Reserve Bank of New York and a lecturer at Columbia Law School. Lev and Josh also recently co-authored a paper titled, *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon.* They are also returning guests to Macro Musings, and rejoin the podcast to talk about this paper and its implications for the Treasury market. Lev, Josh, and David also discuss the transition from bank to market financing, whether an increasing level of debt is leading to more...

Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System

Macro Musings with David Beckworth

Thomas Hoenig is a distinguished senior fellow with the Mercatus Center at George Mason University, where he focuses on the long-term impacts of the politicization of financial services as well as the effects of government-granted privileges and market performance. He was formerly the vice chair of the FDIC from 2012 to 2018 and the 20 years prior to that, he was president of the Kansas City Federal Reserve Bank. Tom is also a returning guest to Macro Musings, and he rejoins to talk about the Treasury market, public debt sustainability issues, and the state of banking in the United States....

Robert McCauley on Bond Market Crises and the International Lender of Last Resort

Macro Musings with David Beckworth

Robert McCauley is a senior fellow at the Global Development Policy Center at Boston University, an Associate Member of the Faculty of History at the University of Oxford, and was formerly at the Bank of International Settlements for 25 years and the New York Federal Reserve Bank for 14 years. Robert is also a returning guest to the show, and he rejoins Macro Musings to talk about his recent article titled, *Bond Market Crisis and the International Lender of Last Resort* David and Robert also discuss the basics of a bond market run, the policy reaction and implications of the 2020 “Dash for...

Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech

Macro Musings with David Beckworth

Joe Gagnon is a senior fellow at the Peterson Institute for International Economics and was formerly a senior staffer at the Federal Reserve Board of Governors. Joe is also a returning guest to Macro Musings, and he rejoins the podcast to talk about Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. Specifically, Joe and David talk about the future direction of r star, what current inflationary trends mean for the Phillips curve, the Fed’s commitment to a two percent inflation target, and a lot more. Transcript for this week’s Register now for the...

Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC

Macro Musings with David Beckworth

Nicholas Anthony is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives and works on issues relating to financial privacy, cryptocurrencies, and the use of money in society. Nicholas joins Macro Musings to talk about central bank digital currencies (CBDCs) and the recent developments surrounding CBDCs at the Fed and in Congress. Specifically, David and Nicholas discuss the arguments for and against CBDCs, the preemptive, behavioral, and punitive applications of these currencies, who would benefit from the development of CBDCs, and a lot more. ...

John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*

Macro Musings with David Beckworth

John Coates is a professor of law and economics and the deputy dean of the Harvard Law School. John is also the author of a new book titled, *The Problem of Twelve: When a Few Financial Institutions Control Everything,* and he joins Macro Musings to talk about it. David and John also discuss the basics and beginnings of index funds, how they may undermine capitalism, the issues with private equity, and a lot more. Transcript for this week’s John’s Harvard Law School John’s publications David Beckworth’s Twitter: Follow us on Twitter: Join the...

Zac Gross on the Past, Present, and Future of Australian Monetary Policy

Macro Musings with David Beckworth

Zac Gross is a senior lecturer at Monash University and was formerly an economist at the Reserve Bank of Australia. Zac joins Macro Musings to talk about the Australian central bank and the recent review of its framework. Specifically, David and Zac also break down Australian monetary policy over the past few decades, the RBA’s yield curve control experiment, the future of its operating system, and a lot more. Transcript for this week’s Zac’s Twitter: Zac’s Zac’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings ...

Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard

Macro Musings with David Beckworth

Larry White is a professor of economics at George Mason University and is the author of a new book titled, *Better Money: Gold, Fiat, or Bitcoin?* Larry is also a returning guest to Macro Musings, and he rejoins the podcast to discuss this book and the comparison among those monetary standards. David and Larry specifically discuss the bottom-up vs. top-down theories of money, the basics and functionality of a gold, bitcoin, and fiat standards, the future of money, and more. Transcript for this week’s Larry’s Twitter: Larry’s Mercatus Larry’s GMU David...

Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge

Macro Musings with David Beckworth

Ricardo Reis is a professor of economics at the London School of Economics and is the co-author of a new book titled, *A Crash Course on Crises: Macroeconomic Concepts for Run-ups, Collapses, and Recoveries.* Ricardo is also a previous guest of Macro Musings and he rejoins the podcast to talk about his new book as well as his overall assessment of the inflation surge of the past few years. David and Ricardo specifically discuss what constitutes a bubble, the Eurozone crisis as a story of capital inflows and misallocation, shadow banking and systemic risk during the 2008 financial crisis,...

Macro Lit Review 4: Highlights from Mid-2023 with George Selgin

Macro Musings with David Beckworth

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest on Macro Musings, and he rejoins the podcast to talk about some of the recent developments in the monetary and financial policy space. Specifically, David and George discuss the history and present developments surrounding FedNow, the future of real-time payments, how to revise the Fed’s operating system, whether the Fed is currently delivering on a soft landing, and a lot more. Transcript for this week’s ...

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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