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

Release Date: 06/29/2020

David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

Macro Musings with David Beckworth

David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis. Transcript for...

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...

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...

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...

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: ...

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. ...

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...

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:...

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...

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...

More Episodes

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

Stephen’s Twitter: @insteconomics

Stephen’s US Studies Center profile: https://www.ussc.edu.au/people/stephen-kirchner

Stephen’s Substack page: https://stephenkirchner.substack.com/

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