Pat Parkinson on the 2020 Treasury Market Meltdown and How to Avoid a Potential Sequel
Macro Musings with David Beckworth
Release Date: 03/01/2021
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: ...
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Carola Binder is an associate professor of civic leadership and economics at the University of Texas at Austin, and she is the author of a new book titled, *Shock Values: Prices and Inflation in American Democracy.* Carola is also a returning guest to the podcast, and she rejoins David on Macro Musings to talk about this book and some recent work she has done on the Fed’s framework review. David and Carola specifically discuss the history of inflation in the US, the advantages of adopting a nominal GDP targeting regime, what to expect from the Fed’s upcoming framework review, and more....
info_outlinePat 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 facility, changes to the supplemental leverage ratio, expanded central clearing, and increased data collection as possible solutions to this problem.
Transcript for the episode can be found here.
Pat’s BPI profile: https://bpi.com/people/pat-parkinson/
Related Links:
*Enhancing Liquidity of the U.S. Treasury Market Under Stress* by Nellie Liang and Pat Parkinson
https://www.brookings.edu/research/enhancing-liquidity-of-the-u-s-treasury-market-under-stress/
*US Treasuries: The Lessons from March’s Market Meltdown* by Colby Smith and Robin Wigglesworth
https://www.ft.com/content/ea6f3104-eeec-466a-a082-76ae78d430fd
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth