Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework Review
Macro Musings with David Beckworth
Release Date: 10/28/2024
Joey Politano on the AI Investment Boom and Trends in Economic Growth
Macro Musings with David Beckworth
Joey Politano is an economist and a commentator who writes a popular Substack newsletter on economics. Joey is also a returning guest to Macro Musings, and he rejoins David to talk about the AI investment boom and broader economic growth trends. Specifically, David and Joey also discuss generational differences in economic perspectives, the increased demand for nuclear energy, the importance of AI in driving scientific research, and much more. Transcript for this week’s Joey’s X: Joey’s Bluesky: Joey’s David Beckworth’s Twitter: Follow us on...
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Jeffrey Lacker on the History of Fed Credit Policy and the Four Doctrines of Fed Lending
Macro Musings with David Beckworth
Jeffrey Lacker is a senior affiliated scholar at the Mercatus Center, and he previously worked at the Federal Reserve Bank of Richmond, where he served as its president from 2004 to 2017. Jeff is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about the history of the Federal Reserve’s credit policy, as well as a recent Shadow Open Market Committee conference. Transcript for this week’s Jeffrey’s Jeffrey’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Check out our new AI chatbot: the !...
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Zachary Mazlish on the Political Implications of Inflation and the Impact of Transformative AI
Macro Musings with David Beckworth
Zachary Mazlish is an economist at the University of Oxford, and he joins David on Macro Musings to explain some recent and important macroeconomic developments, specifically the inflation linkages to the 2024 presidential election and the macroeconomic implications of transformative AI. David and Zach also discuss transformative AI’s impact on asset pricing, optimal monetary policy in world of high growth, the causes of the slowdown in trend productivity, and more. Transcript for this week’s Zach’s Twitter: Zach’s Zach’s David Beckworth’s Twitter: ...
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Ellen Correia Golay on the Keys to Improving Treasury Market Resiliency
Macro Musings with David Beckworth
Ellen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more. DISCLAIMER: Ellen Correia Golay’s views are her own, and they do not represent those...
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Emil Verner on Banking Crises, Credit Booms, and the Rise of Populism
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 ...
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Loretta Mester on How to Improve the Fed’s Operating Framework
Macro 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 ...
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Jon Hartley on the Shadow Open Market Committee and Macroeconomic Policy
Macro 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...
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Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework Review
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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Joseph Gagnon on the Trinity of COVID-era Inflation and the Upcoming Fed Framework Review
Macro 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...
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Emilio Ocampo on Dollarization and the State of the Argentine Economy
Macro 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_outlineTara 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 episode.
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Related Links:
*Real Time Economics: Tales from the Trenches* - Remarks by Tara Sinclair at the 2024 RTE Conference
*Labor Shortages and Job Mismatch* - Remarks by Tara Sinclair at the 66th NABE Annual Meeting
*The Fed’s Strategic Approach to Monetary Policy Needs a Reboot* by Mickey Levy and Charles Plosser
*The Inflation Surge of the 2020s: The Role of Monetary Policy* by Gauti Eggertsson and Don Kohn
*Monetary Policy Strategies to Foster Price Stability and a Strong Labor Market* by Michael Kiley
*Did the Federal Reserve’s 2020 Policy Framework Limit Its Response to Inflation? Evidence and Implications for the Framework Review* by Christina Romer and David Romer
Timestamps:
(00:00:00) – Intro
(00:01:25) – Working as a Deputy Assistant Secretary at the Treasury Department
(00:06:31) – Building a Better Economic Database
(00:10:15) – Breaking Down Real-time Economics and Real-time Data
(00:16:06) – *Real Time Economics: Tales from the Trenches*
(00:21:37) – Solving Our Current Data Challenges
(00:24:36) – *Labor Shortages and Job Mismatch*
(00:32:08) – Breaking Down the Upcoming Fed Framework Review
(00:37:56) – Addressing the Concerns and Issues Surrounding the Fed’s Framework
(00:42:50) – Unpacking the Dual Mandate and the Fed’s Broad and Inclusive Goal
(00:53:45) – Could AI Define Maximum Employment in the Future?
(00:56:13) – Outro