Jon Hartley on the Shadow Open Market Committee and Macroeconomic Policy
Macro Musings with David Beckworth
Release Date: 11/04/2024
Steven Kelly on the Challenges of Treasury Equity Funding for 13(3) Facilities
Macro Musings with David Beckworth
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Senator Pat Toomey on Fed Governance, Monetary Policy, and the future of Digital Assets
Macro Musings with David Beckworth
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Brian Albrecht on Business Dynamism, Greedflation, and Antitrust
Macro Musings with David Beckworth
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The Fed Framework Review: Macro Musings’ Greatest NGDP Targeting Hits
Macro Musings with David Beckworth
On this special greatest hits compilation episode our host David Beckworth primes listeners for the Fed Framework Review by highlighting the best snippets from past shows discussing nominal GDP targeting. This episode includes Mary Daly’s thoughts on NGDP targeting, Evan Koenig on the basics of NGDP targeting, George Selgin on Powell’s hesitations with NGDP targeting and how it responds to supply shocks, Jim Bullard on the financial stability of NGDP targeting, Eric Sims on the New Keynesian argument for NGDP targeting, Carola Binder on the benefits of NGDP targeting, Charlie Evans on the...
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Macro Musings with David Beckworth
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Macro Musings with David Beckworth
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Marijn Bolhuis on Fiscal R-star and its Implications for Macroeconomic Policy
Macro Musings with David Beckworth
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Macro Musings 2024 Retrospective
Macro Musings with David Beckworth
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Macro Musings with David Beckworth
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Macro Musings with David Beckworth
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info_outlineJon 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 level and Fed policy, the significance of government debt management, and more.
DISCLAIMER: The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management.
Transcript for this week’s episode.
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Related Links:
*A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* - An event hosted by the Hoover Institution
*The International Public Debt Valuation Puzzle: Testing the Fiscal Theory of the Price Level Across Countries and Time* by Jon Hartley, Matyas Farkas, and J.R. Scott
*Does Government Debt Management Matter? High Frequency Identification from U.S. Treasury Quarterly Refunding Announcements* by Jon Hartley and Lorenzo Rigon
*The U.S. Public Debt Valuation Puzzle* by Hanno Lustig, Zhengyang Jiang, Stijn Van Nieuwerburgh, and Mindy Xiaolan
*The Real Effects of Monetary Expansions: Evidence from a Large-scale Historical Experiment* by Nuno Palma
*Chronicle of a Deflation Unforetold* by Francois Velde
Timestamps:
(00:00:00) – Bumper
(00:00:41) – Intro
(00:04:50) – The Origins, Purpose, and Influence of the Shadow Open Market Committee
(00:13:18) – Why Has Money Fallen Out of Favor?
(00:22:31) – How Well Does the Fiscal Theory of the Price Level Hold Up?
(00:34:58) – The Tension Between the Fiscal Theory of the Price Level and Fed Policy
(00:40:58) – Does Government Debt Management Matter?
(00:51:10) – The Floor System, Quantitative Easing, and the Keys to Economic Growth
(00:59:41) – Outro