Bill English on the Effectiveness of QE and the Consequences of Fed Losses
Macro Musings with David Beckworth
Release Date: 10/03/2022
Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins
Macro Musings with David Beckworth
Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University’s Stern School of Business. In Austin’s first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller’s proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more. Check out the for this week’s episode, now with links. Recorded on...
info_outline
Mike Bird on the Land Trap and How the History of Housing Impacts the Global Economy
Macro Musings with David Beckworth
Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World’s Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan’s lost decade, the modern history of land in China, and much more. Check out the for this week’s episode, now with links. Recorded on November 4th, 2025 Subscribe to David's Substack: Follow David Beckworth...
info_outline
Lukasz Rachel on Non-Ricardian Macroeconomic Policy and Its Implications for Inflation
Macro Musings with David Beckworth
Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz’s first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more. Check out the for this week’s episode, now with links. Recorded on October 29th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Lukasz on...
info_outline
Tara Sinclair on Building a Synthetic FOMC Through AI
Macro Musings with David Beckworth
Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens with LLM models, the process of building sim FOMC members, the importance of publicly funding economic data, the future of AI and macroeconomics, and much more. Check out the for this week’s episode, now with links. Recorded on October 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Tara on X: Follow the show on X: Check out our Macro...
info_outline
Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom
Macro Musings with David Beckworth
Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of growth driven deflation, the connection between the postbellum period and today, the potential of rapid productivity growth from AI, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Bryan on X: Follow the show on X: Check out our Macro Musings ...
info_outline
Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam
Macro Musings with David Beckworth
Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve’s first appearance on the show they discuss the historical significance of the Bank of Amsterdam, The use of ledger at the Bank of Amsterdam, It’s use of repo and open market operations, it’s connection to central banking today, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David...
info_outline
Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World
Macro Musings with David Beckworth
Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim’s first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz’s calls to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the...
info_outline
Manmohan Singh on the Meaning of Money after the GENIUS Act
Macro Musings with David Beckworth
Manmohan Singh is the editor-in-chief of the Journal of Financial Markets Infrastructure. Manmohan returns to the show to discuss whether money still matters, the impacts of the GENIUS ACT, the lobbying show down over stablecoins in the US, stablecoins impact on the Eurodollar market, and much more. Check out the for this week’s episode, now with links. Recorded on September 10th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 -...
info_outline
Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review
Macro Musings with David Beckworth
Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic’s first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of Atlanta, switching for FIT to FAIT back to FIT, what to do about inflation, the importance of globalization, rising fiscal pressures, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on...
info_outline
Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star
Macro Musings with David Beckworth
Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central banks should be using his new measure of r-star, the status of debt management at the US Treasury, and much more. Check out the for this week’s episode, now with links. Recorded on August 26th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jon Hartley on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube...
info_outlineBill English is a professor at Yale University, a former senior Fed staffer, and a veteran of the Bank for International Settlements. Bill joins Macro Musings to talk about his time at the Federal Reserve, recent Fed developments, and a paper he co-authored titled, “What If the Federal Reserve Books Losses Because of Its Quantitative Easing?” David and Bill also discuss the Fed’s recent low-inflation mandate, the QE effectiveness debate, and why we should and shouldn’t be concerned about Fed balance sheet losses.
Transcript for the episode can be found here.
Bill’s Yale profile
Bill’s Federal Reserve profile
David’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
Click here for the latest Macro Musings episodes sent straight to your inbox!
Related Links:
*What if the Federal Reserve Books Losses Because of its Quantitative Easing?* by William English and Donald Kohn
Macro Musings: *Donald Kohn on Fed Policy from the 1970s to Today*
*Think of Powell as Volcker’s Wannabe Second Coming* by John Authers