Bill Nelson on the Future of Central Bank Operating Systems
Macro Musings with David Beckworth
Release Date: 04/07/2025
Christina Skinner on the Financial Stability Oversight Council and Central Bank Independence
Macro Musings with David Beckworth
Christina Skinner is a legal and financial scholar at the University of Pennsylvania, a former Bank of England official, and recently stepped down from her role as deputy assistant secretary in the FSOC office at the Treasury. Christina returns to the program to discuss her work with FSOC, the relationship between economic growth and financial stability, AI and financial regulation, central bank independence, the importance of democratic accountability, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links....
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John Rolle on The Bahamas’ Fixed Exchange Rate and the First Nationwide Central Bank Digital Currency
Macro Musings with David Beckworth
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George Selgin on the New Deal and the History of Banking Crises
Macro Musings with David Beckworth
was a senior fellow and director emeritus at the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia. George returns to the show to discuss the New Deal’s record on economic recovery, the Fed’s balance sheet and operating system, the Main Street Lending Program, and the history of banking crises, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on July 28th, 2026 Subscribe to David's Substack: Follow David...
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Erik Thedéen on QE, Central Bank Independence, and Digital Payments
Macro Musings with David Beckworth
is governor of Sweden's Riksbank, the world’s oldest central bank, Chairman of the Executive Board, and the first sitting central bank governor to appear on Macro Musings. In his first appearance on the show, Erik joins to discuss the history and operation of the Riksbank, the lessons learned from QE, the future of digital payments, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on September 4th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on...
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Ellen Correia Golay on All-to-All Trading and Treasury Market Liquidity
Macro Musings with David Beckworth
Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 “dash for cash,” how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed’s standing repo operations, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on August 19th, 2026 Subscribe to David's...
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Nellie Liang on Stablecoins After GENIUS, Private Money, and the Global Dollar
Macro Musings with David Beckworth
Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on August 18th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: ...
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Stephen Miran on Regulatory Dominance, Shrinking the Fed’s Balance Sheet, and the Return of Monetarism
Macro Musings with David Beckworth
Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve’s third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed’s balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode,...
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Donald Kohn on the Fed’s Past, Present, and Future
Macro Musings with David Beckworth
Donald Kohn is a 40-year veteran of the Federal Reserve System and a senior fellow in the Economic Studies program at the Brookings Institution. Don returns to the program to discuss the lessons of the Greenspan Fed, how Kevin Warsh should think about communication and forward guidance, why inflation remains a concern, the Fed’s new task forces, the future of its monetary policy tools, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on July 22nd, 2026 Subscribe to David's Substack: Follow...
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Ben Harris on AI, Fiscal Sustainability, and the Resilience of the U.S. Economy
Macro Musings with David Beckworth
Ben Harris is vice president and director of economic studies at the Brookings Institution and previously served in senior economic policy roles at the Treasury Department and Council of Economic Advisers. Ben returns to the program to discuss why recent economic shocks have been less damaging than expected, the outlook for inflation and energy markets, whether AI can improve the U.S. fiscal outlook, why we should temper our AI optimism, how longer lifespans and higher interest rates could complicate the fiscal picture, and much more. Watch the on our new YouTube Channel! Check...
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Bill Nelson on Shrinking the Fed’s Balance Sheet and Reviving Interbank Markets
Macro Musings with David Beckworth
Bill Nelson is chief research officer and chief economist at the Bank Policy Institute and a former deputy director of the Division of Monetary Affairs at the Federal Reserve Board. In Bill’s 11th appearance on the show, he discusses how central banks are rethinking their operating systems, the case for a smaller Fed balance sheet and more routine discount window borrowing, the revival of interbank markets, lessons from Silicon Valley Bank, and much more. Watch the on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on July...
info_outlineBill Nelson is a Chief economist and an executive vice president at the Bank Policy Institute. Bill returns to the show to discuss the changes at many central banks around the world from a supply-driven floor system to a demand-driven floor system and how the Fed has been resistant to this change.
Check out the transcript for this week’s episode, now with links.
Recorded on March 6th, 2025
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Timestamps:
(00:00:00) – Intro
(00:01:35) – Trend Toward a Demand-Driven Ceiling System
(00:07:32) – Will the Fed Follow Suit?
(00:13:11) – Bank of England’s New Policy Implementation Framework
(00:21:33) – Bill’s Suggestions for the Fed’s Implementation Framework
(00:39:18) – Responding to Lorie’s Case for the Floor System
(00:59:11) – Outro