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

Macro Musings with David Beckworth

Release Date: 06/22/2020

Judge Glock on The Origins of the US Mortgage Market and Its Evolution to the Present Day show art Judge Glock on The Origins of the US Mortgage Market and Its Evolution to the Present Day

Macro Musings with David Beckworth

Judge Glock is an economic historian, a scholar at the Cicero Institute, and a returning guest to the podcast. Judge rejoins Macro Musings to talk about the origins of the US mortgage market as detailed in his new book, *The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939*. David and Judge also discuss the emergence and evolution of the national US mortgage market, the price parity movement, the history of federal land banks, and more.   Transcript for the episode can be found here:   Judge’s Twitter: @judgeglock Judge’s blog:  ...

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Macro Musings with David Beckworth

Christina Parajon Skinner is a legal scholar at the University of Pennsylvania, and formerly was a legal counsel to the Bank of England. Christina joins David on Macro Musings to discuss her work on central bank activism. Specifically, David and Christina discuss comparisons between the Fed and the Bank of England, tensions between central bank independence and executive override, contemporary examples of central bank activism, and much more.   Transcript for the episode can be found here:   Christina’s Twitter: @CParaSkinner Christina’s Wharton profile:   Related Links:...

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Macro Musings with David Beckworth

Robert McCauley is a Senior Fellow at the Global Policy Center at Boston University and a Senior Research Associate of the Global History of Capitalism project at the Oxford Center for Global History. Robert also worked at the Bank for International Settlements for 25 years and the New York Federal Reserve Bank for 14 years, and he joins Macro Musings to discuss questions surrounding the global domain of the dollar. Specifically, Robert and David talk about how the US currency rose to prominence internationally in the 1950s, the size and influence of the global dollar zone, dilemmas imposed by...

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Macro Musings with David Beckworth

Antonio Fatás is a professor of economics at INSEAD, an international business school with campuses in Singapore, France, and Abu Dhabi. Antonio joins David on Macro Musings to talk about hysteresis and the business cycle. Specifically, David and Antonio discuss the history of the academic literature on business cycle and trend, the impact of the Kydland and Prescott model, and how endogenous growth models play into hysteresis.   Support Macro Musings and get a free NGDP targeting mug:   Transcript for the episode can be found here:   Antonio’s INSEAD profile: Antonio’s...

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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: ...

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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...

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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...

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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...

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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...

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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...

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

 

Daniela’s Twitter: @DanielaGabor

Daniela’s UWE Bristol profile: https://people.uwe.ac.uk/Person/DanielaGabor

 

Related Links:

 

*Critical Macro-Finance: A Theoretical Lens* by Daniela Gabor

http://financeandsociety.ed.ac.uk/article/view/4408

 

*The Role of Time-Critical Liquidity in Financial Markets* by David Marshall and Robert Steigerwald

https://www.chicagofed.org/publications/economic-perspectives/2013/2q-marshall-steigerwald

 

*The Growth of Financial Banking* by Anna Youngman

https://www.journals.uchicago.edu/doi/abs/10.1086/251239?mobileUi=0&

 

*Daniela Gabor on Safe Assets and Shadow Banking*

https://macromusings.libsyn.com/103-daniela-gabor-on-safe-assets-and-shadow-banking

 

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