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Ethan Ilzetzki on the International Implications of Fed Policy, Business Cycle Theory, and the UK Crisis

Macro Musings with David Beckworth

Release Date: 11/14/2022

Roberto Perli on the Past, Present, and Future of the Fed’s Balance Sheet show art Roberto Perli on the Past, Present, and Future of the Fed’s Balance Sheet

Macro Musings with David Beckworth

Roberto Perli is the manager of the System Open Market Account (SOMA) and a senior leader in the New York Fed’s Market Group. In his role, Roberto is responsible for implementing monetary policy at the direction of the Federal Open Market Committee (FOMC). Roberto is also a returning guest to the podcast, and he rejoins Macro Musings to talk about a recent speech he made titled, *Balance Sheet Reduction: Progress to Date and a Look Ahead.* Specifically, David and Roberto discuss the Fed’s recent balance sheet activities, the basics and functionality of the overnight reverse repo facility,...

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Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more.   Transcript for this week’s   Mary’s Twitter: Mary’s San Francisco Fed   David Beckworth’s Twitter: ...

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Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more....

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Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more.   Transcript for this week’s   Richard’s Federal Reserve Richard’s PIMCO   David Beckworth’s Twitter:  Follow us on Twitter:    Check...

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Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled, *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more.   Transcript for this week’s   Saleha’s Twitter: Saleha’s Bloomberg ...

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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...

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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...

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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  ...

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Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research fellow with the Center for Economic Policy Research. Ethan is also a returning guest to the show, and he rejoins David on Macro Musings to talk about the international implications of Fed Policy and the strong dollars as well as Ethan’s thoughts on business cycle theory in light of the recent inflation surge. David and Ethan also discuss Ethan’s takeaways from the UK crisis, how to evaluate and contextualize monetary policy shocks, the contemporary applications of the fiscal theory of the price level, and more.

 

Transcript for the episode can be found here.

 

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Ethan’s Twitter: @ilzetzki

Ethan’s website

Ethan’s LSE profile

 

David’s Twitter: @DavidBeckworth

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Related Links:

 

*UK Financial Crisis of 2022: Retrospective Diagnosis and Policy Recommendations* by Ethan Ilzetzki

 

*Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff

 

*Inflation as a Fiscal Limit* by Francesco Bianchi and Leonardo Melosi

 

*The Global Financial Cycle* by Helene Rey and Silvia Miranda-Agrippino