Lubos Pastor and Elisabeth Kempf on *Fifty Shades of QE* and the Implications of QE Research
Macro Musings with David Beckworth
Release Date: 01/31/2022
Macro Musings with David Beckworth
Emil Verner is an associate professor of finance at MIT Sloan and is a research fellow at the National Bureau of Economic Research. Emil has written widely on financial stability, banking panics, and credit booms, and he joins David on Macro Musings to talk about these issues. Specifically, David and Emil also discuss the causes and policy implications of bank failures, the shortcomings of the Diamond-Dybvig model of bank runs, how financial crises spur the rise of populism, and much more. Transcript for this week’s Register now for . Emil’s Twitter: Emil’s ...
info_outline Loretta Mester on How to Improve the Fed’s Operating FrameworkMacro Musings with David Beckworth
Loretta Mester was president and CEO of the Federal Reserve Bank of Cleveland from 2014 through June of 2024, and she is a 39-year veteran of the Federal Reserve System. Loretta is also currently an adjunct professor of finance at the Wharton School at the University of Pennsylvania. She joins David on Macro Musings to talk about her time as Fed president and a recent paper she delivered on the Fed’s operating system. David and Loretta also discuss the ongoing battle against inflation, what to expect from the upcoming Fed framework review, and much more. Transcript for this week’s ...
info_outline Jon Hartley on the Shadow Open Market Committee and Macroeconomic PolicyMacro Musings with David Beckworth
Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center, and he is also the host of a Hoover Institution podcast titled, *Capitalism and Freedom in the 21st Century.* Jon joins David on Macro Musings to talk about the Hoover Institution’s recent monetary policy conference, *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* as well as some of his own related work. Specifically, Jon and David also discuss the origins, purpose, and influence of the Shadow Open Market Committee, the tension between the fiscal theory of the price...
info_outline Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework ReviewMacro 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: ...
info_outline Joseph Gagnon on the Trinity of COVID-era Inflation and the Upcoming Fed Framework ReviewMacro Musings with David Beckworth
Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics, a former senior Fed staffer, and a returning guest to the podcast. Joe rejoins David on Macro Musings to talk about the unholy trinity behind the COVID inflation surge and what history can teach us about the unusual inflation experience of that period. David and Joe also discuss the inflationary lessons from the Korean War, the Fed’s upcoming framework review, and much more. Transcript for this week’s Joseph’s Twitter: Joseph’s PIIE David Beckworth’s Twitter: Follow...
info_outline Emilio Ocampo on Dollarization and the State of the Argentine EconomyMacro Musings with David Beckworth
Emilio Ocampo is a professor of finance and economic history at UCEMA. He has written widely on the Argentine economy and has advised President Javier Milei on economic policy. Emilio joins David on Macro Musings to talk about the current state of the Argentine economy, the present and ongoing reforms of President Milei, and the prospects for dollarization in Argentina. Transcript for this week’s Emilio’s Twitter: Emilio’s Emilio’s UCEMA David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new...
info_outline Jonathon Hazell on the Costs and Causes of Inflation and the Phillips Curve DebateMacro Musings with David Beckworth
Jonathon Hazell is an assistant professor of economics at the London School of Economics and is a returning guest to the podcast. He rejoins David on Macro Musings to talk about the costs of inflation, the Phillips curve Debate, and the lessons learned from the post-pandemic inflation surge. Transcript for this week’s Jonathon’s Twitter: Jonathon’s Jonathon’s LSE David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new Macro Musings ! Join the Macro Musings Check out our Macro...
info_outline Thomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy ShocksMacro Musings with David Beckworth
Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more. Transcript for this week’s Thomas’s Thomas’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join the new...
info_outline Matthew Pines on the Geopolitical and National Security Implications of Cryptocurrency AdoptionMacro Musings with David Beckworth
Matthew Pines is the director of intelligence for SentinelOne Strategic Advisory Group and is a veteran of the national security world. Matthew is also the author of several papers on cryptocurrencies and their implications for national security, including a recent one titled, *Great Power Network Competition & Bitcoin,* and he joins David on Macro Musings to talk about these linkages. Specifically, David and Matthew also discuss the Strategic Bitcoin Reserve proposal, the problems with our current network approach to national security, how digital currency can enhance dollar dominance...
info_outline Travis Hill on the Discount Window, Receivership Funding, and Financial TokenizationMacro Musings with David Beckworth
Travis Hill is the Vice Chairman of the FDIC Board of Directors, and he joins David on Macro Musings to talk about discount window and bank liquidity, receivership funding, and the tokenization of financial assets. Specifically, David and Travis also discuss the push for pre-positioning at the discount window, how the FDIC funds receiverships, the impact of tokenization on the future of banking, and much more. Transcript for this week’s Travis’s FDIC David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the ! Join...
info_outlineLubos Pastor is a professor of finance, and Elisabeth Kempf is an associate professor of finance, both at the University of Chicago’s Booth School of Business. They join David on Macro Musings to talk about their recent paper, *Fifty Shades of QE: Comparing Findings of Central Bankers and Academics*. Lubos, Elisabeth, and David specifically discuss the scope, design, and findings of their study, the theory behind QE’s impact on output and inflation, the career implications of QE research, and more.
Check out Conversations with Tyler: https://conversationswithtyler.com, and subscribe to Conversations with Tyler on your favorite podcast app.
Transcript for the episode can be found here.
Lubos’s University of Chicago profile: https://www.chicagobooth.edu/faculty/directory/p/lubos-pastor
Lubos’s NBER archive: https://www.nber.org/people/lubos_pastor?page=1&perPage=50
Elisabeth’s University of Chicago Profile: https://www.chicagobooth.edu/faculty/directory/k/elisabeth-kempf
Elisabeth’s website: https://sites.google.com/site/elikempf/
Related Links:
*Fifty Shades of QE: Comparing Findings of Central Bankers and Academics* by Lubos Pastor, Elisabeth Kempf, Brian Fabo, and Martina Jancokova
https://www.nber.org/system/files/working_papers/w27849/w27849.pdf
*The Federal Reserve System’s Influence on Research in Monetary Economics* by Lawrence H. White
https://econjwatch.org/File+download/90/2005-08-white-invest_apparatus.pdf?mimetype=pdf
David’s Twitter: @DavidBeckworth
David’s blog: http://macromarketmusings.blogspot.com/