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Will Diamond on Safe Assets, Risk-Free Rates, and Convenience Yields and their Implications for Policy

Release Date: 02/21/2022

Josh Hendrickson on the Treasury Standard and Global Dollar Dominance

Macro Musings with David Beckworth

Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to talk about this paper and the Treasury Standard concept. David and Josh also discuss the state’s monopoly over money, the path to global dollar dominance, the path dependency of the dollar system, and a lot more. Transcript for this week’s Josh’s...

Julia Coronado on Productivity, Commercial Real Estate, and the Fed’s Soft Landing

Macro Musings with David Beckworth

Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed’s journey to a soft landing, the state of the commercial real estate market, and more. Transcript for this week’s Julia’s Twitter: Julia’s...

Isabel Schnabel on the ECB and its New Operational Framework

Macro Musings with David Beckworth

Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more. Transcript for this week's Isabel’s Twitter: Isabel’s ECB David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings ...

Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed’s Accountability to Congress*

Macro Musings with David Beckworth

Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s power under a constitutional authority, the three sources of Fed undersight, proposals for reform,...

Anat Admati on the US Banking System and the Basel III Endgame

Macro Musings with David Beckworth

Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more. ...

Steven Kamin and Mark Sobel on the Current State of Dollar Dominance

Macro Musings with David Beckworth

Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join...

Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations

Macro Musings with David Beckworth

Peter Williams is a managing director of macroeconomic research at 22V Research and was formerly at the IMF and the World Bank. Peter joins David on Macro Musings to provide a market perspective on interest rates, Treasury markets, and monetary policy. Specifically, David and Peter discuss the dos and don’ts of estimating term premiums, the importance and future of R-star, the usefulness of inflation expectations, and a lot more. Transcript for this week’s Peter's Twitter: Peter’s LinkedIn Peter’s 22V David Beckworth’s Twitter: Follow us on...

Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet

Macro Musings with David Beckworth

Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed’s lender of last resort role via the discount window, as...

Eric Leeper on *A Fiscal Accounting of COVID Inflation*

Macro Musings with David Beckworth

Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more. Transcript for this week’s ....

Jeffrey Lacker on Governance at the Federal Reserve

Macro Musings with David Beckworth

Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017. Jeffrey is now a senior affiliated scholar at the Mercatus Center and is also a returning guest to the podcast. He rejoins David on Macro Musings to talk about a wide range of Fed governance issues, including the evolving nature of governance at the Fed, the increasing politicization of the central bank, its continuing relationship with Congress, and a lot more. Transcript for this week’s Jeffrey’s Mercatus Jeffrey’s Jeffrey’s Richmond Fed ...

More Episodes

William Diamond is an Assistant Professor of Finance at the Wharton School of Business at the University of Pennsylvania. Will joins David on Macro Musings to discuss safe assets, convenience yields, bubbles and public debt and the implications for policy. Specifically, David and Will get into competing theories of interest rates and the rise of New Keynesian thinking, the role of the dollar in the global financial system, the drivers behind the growth in US debt, how the construction of risk-free interest rates unaffected by convenience yields on safe assets can improve our understanding of the financial system in times of stress, and much more.

Check out Ideas of India: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/, and subscribe to Ideas of India on your favorite podcast app.

Transcript for the episode can be found here.

Will’s Twitter: @wdiamond_econ

Will’s Wharton profile: https://fnce.wharton.upenn.edu/profile/diamondw/#research

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