Macro Musings with David Beckworth
Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.
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Anat Admati on the US Banking System and the Basel III Endgame
03/18/2024
Anat Admati on the US Banking System and the Basel III Endgame
Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more. Transcript for this week’s Anat’s Twitter: Anat’s Stanford David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Anat Admati and Martin Hellwig by Anat Admati and Martin Hellwig by Macro Musings by Macro Musings by Jed Rakoff
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Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
03/11/2024
Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more. Transcript for this week’s Steven’s Twitter: Steven’s AEI Mark’s Twitter: Mark’s CSIS David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Steven Kamin and Mark Sobel by Macro Musings by Michael Dooley, David Folkerts-Landau, and Peter Garber
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Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations
03/04/2024
Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations
Peter Williams is a managing director of macroeconomic research at 22V Research and was formerly at the IMF and the World Bank. Peter joins David on Macro Musings to provide a market perspective on interest rates, Treasury markets, and monetary policy. Specifically, David and Peter discuss the dos and don’ts of estimating term premiums, the importance and future of R-star, the usefulness of inflation expectations, and a lot more. Transcript for this week’s Peter's Twitter: Peter’s LinkedIn Peter’s 22V David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Emanuel Kopp and Peter Williams by Peter Williams, Yasser Abdih, and Emanuel Kopp by Peter Williams
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Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet
02/26/2024
Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet
Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed’s lender of last resort role via the discount window, as well as recent developments related to the Fed’s balance sheet. Transcript for this week’s Bill’s BPI BPI’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Bill Nelson by the Group of Thirty
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Eric Leeper on *A Fiscal Accounting of COVID Inflation*
02/19/2024
Eric Leeper on *A Fiscal Accounting of COVID Inflation*
Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more. Transcript for this week’s . Eric’s Twitter: Eric’s UVA Eric’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Eric Leeper and Joe Anderson by Eric Leeper by George Hall and Thomas Sargent by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov by Macro Musings
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Jeffrey Lacker on Governance at the Federal Reserve
02/12/2024
Jeffrey Lacker on Governance at the Federal Reserve
Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017. Jeffrey is now a senior affiliated scholar at the Mercatus Center and is also a returning guest to the podcast. He rejoins David on Macro Musings to talk about a wide range of Fed governance issues, including the evolving nature of governance at the Fed, the increasing politicization of the central bank, its continuing relationship with Congress, and a lot more. Transcript for this week’s Jeffrey’s Mercatus Jeffrey’s Jeffrey’s Richmond Fed David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our Macro Musings Related Links: by Jeffrey Lacker by Jeffrey Lacker an event hosted by the Mercatus Center by Macro Musings by Greg Ip
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Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth*
02/05/2024
Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth*
Mark Koyama is an associate professor of economics at George Mason University and is a senior fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. Mark is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his recent book that he co-authored with Jared Rubin titled, *How the World Became Rich: The Historical Origins of Economic Growth.* Specifically, David and Mark discuss the key drivers of long-run economic growth throughout history and what we might be able to expect in the future. Transcript for this week’s Mark’s Twitter: Mark’s GMU Mark’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Mark Koyama and Jared Rubin
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Gauti Eggertsson on the Post-Pandemic Inflation Surge and its Implications for Monetary Policy
01/29/2024
Gauti Eggertsson on the Post-Pandemic Inflation Surge and its Implications for Monetary Policy
Gauti Eggertsson is a professor of economics at Brown University and is the author of several recent papers on the causes of the 2021-22 inflation surge and the lessons to be drawn from it for monetary policy going forward. Gauti is also a returning guest to Macro Musings, and he rejoins the show to talk about these papers and their findings. Specifically, David and Gauti discuss the role of the Fed’s FAIT framework in the post-pandemic inflation surge, the return of the non-linear Phillips curve, the merits of nominal GDP targeting and average nominal output targeting, Gauti’s policy suggestions for the Fed, and a lot more. Transcript for this week’s Gauti’s Twitter: Gauti’s Gauti’s Brown University David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Gauti Eggertsson and Donald Kohn by Pierpaolo Benigno and Gauti Eggertsson by Pierpaolo Benigno and Gauti Eggertsson by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva by Scott Sumner by Ben Bernanke
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Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
01/22/2024
Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
Jonathon Hazell is an assistant professor of economics at the London School of Economics. Jonathon joins Macro Musings to talk about Phillips curves, R-stars, and nominal wage rigidity. Specifically, Jonathon and David also discuss the how to view the recent inflation experience, how to measure the natural rate using natural experiments, the downward nature of wage rigidity, and a lot more. Transcript for this week’s Jonathon’s Twitter: Jonathon’s Jonathon’s LSE David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Jonathon Hazell, Veronica Backer-Peral, and Atif Mian by Jonathon Hazell, Juan Herreno, Emi Nakamura, and Jon Steinsson by Veronica Backer-Peral, Jonathon Hazell, and Atif Mian by Jonathon Hazell and Bledi Taska by Jonathon Hazell, Christina Patterson, Heather Sarsons, and Bledi Taska by Christopher Pissarides
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Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
01/15/2024
Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
Skanda Amarnath is the executive director of Employ America, a think tank that promotes full employment in the American economy, and Preston Mui is also a senior economist at Employ America. Skanda and Preston join Macro Musings to talk about U.S. disinflation and the debates surrounding it, as well as what we can expect from Fed policy in 2024 and beyond, and finally, the Fed’s framework review that is set to begin later this year. Transcript for this week’s Skanda’s Twitter: Skanda’s Medium Preston’s Twitter: Preston’s Github Skanda and Preston’s Employ America David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Skanda Amarnath by Preston Mui and Skanda Amarnath Jerome Powell’s at Monetary Policy Challenges in a Global Economy, a policy panel at the 24th Jacques Polak Annual Research Conferences, hosted by the IMF
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Claudio Borio on the Future of Central Bank Operating Systems
01/08/2024
Claudio Borio on the Future of Central Bank Operating Systems
Claudio Borio is the head of the Monetary and Economic Department at the Bank for International Settlements, or BIS. Claudio is also a returning guest to the podcast, and he rejoins Macro Musings to talk about central bank operating systems and the challenge of large balance sheets at central banks. David and Claudio also discuss the basics and uniqueness of the scarce reserve system, the arguments in favor of an abundant reserve system, the politics of large central bank balance sheets, the possibility of a tiered reserve system, and a lot more. Transcript for this week’s Claudio’s BIS David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Claudio Borio by Jon Sindreu by Daniel Hinge
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Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
01/01/2024
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
Colby Smith is the US economics editor for the Financial Times, Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability, and Gerard DiPippo is the Senior Geoeconomics Analyst at Bloomberg. For this special year-end episode of Macro Musings, Colby, Steven, and Gerard join David to talk about the major surprises, themes, and underreported as well as overreported stories of the past year. They also discuss their prediction outcomes throughout 2023, the economic and political landscape ahead for 2024, and a lot more. Transcript for this week’s Colby’s FT Colby’s Twitter: Steven’s Substack: Steven’s Twitter: Gerard’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Gerard DiPippo and Jude Blanchette by Claudio Borio
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Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
12/25/2023
Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
Tyler Cowen is a professor of economics at George Mason University, and is the co-author of the popular economics blog, Marginal Revolution. Tyler has also published widely in the field of economics, and he is the author of numerous books, including his most recent one titled, *GOAT: Who is the Greatest Economist of All Time, and Why Does it Matter?* As a returning guest to show, Tyler rejoins Macro Musings for this special holiday episode to break down who should be considered the greatest economist of all time. David and Tyler also assign awards to the best performing macroeconomic theories of the past decade, in addition to discussing Tyler’s view on recent deflationary trends, the Fed’s framework, and more. Transcript for this week’s Tyler’s Mercatus Tyler’s blog: Tyler’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Tyler Cowen by Macro Musings
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Nicolas Cachanosky on Dollarization in Argentina
12/18/2023
Nicolas Cachanosky on Dollarization in Argentina
Nicolas Cachanosky is an associate professor of economics at the University of Texas at El Paso, and he, along with Emilio Ocampo, are the authors of a recent book titled, *Dollarization: A Solution for Argentina.* Nicolas joins Macro Musings to talk about the potential dollarization of Argentina, including what it would require and mean for the country. Specifically, David and Nicolas also discuss Argentina’s hyperinflationary experience, the three necessary steps for dollarization, the differences between dollarization and currency boards, and a lot more. Transcript for this week’s . Nicolas’s Substack: Nicolas’s Twitter: Nicolas’s Nicolas’s UTEP David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Nicolas Cachanosky and Emilio Ocampo by Nicolas Cachanosky by John Cochrane by Ignacio Olivera Doll
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Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
12/11/2023
Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
Charles Evans was a 31-year veteran of the Federal Reserve System, serving as a researcher, vice president, and, ultimately, president and CEO of the Chicago Fed from 2007 to 2023. Charles joins Macro Musings to talk about his past and ongoing work on US monetary policy. Specifically, Charles and David discuss his work as a regional bank president and a member of the FOMC, the creation and adoption of the Evans rule, the current path of R-Star, the future of the Fed’s framework, and more. Transcript for this week’s Charles’s Chicago Fed David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Charles Evans
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Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
12/04/2023
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
Matteo Maggiori is a professor of finance at Stanford University and a returning guest to the podcast, and Jesse Schreger is an associate professor of economics at Columbia University. Matteo and Jesse, along with Christopher Clayton, have recently authored a paper titled, *A Framework for Geoeconomics,* and they join David on Macro Musings to discuss it. Specifically, Matteo, Jesse, and David also discuss the basics, core concepts, and real world examples of geoeconomics, the key elements of a global hegemon, the future of the discipline, and a lot more. Transcript for this week’s Matteo’s Twitter: Matteo’s Stanford Matteo’s Jesse’s Twitter: Jesse’s Columbia Jesse’s David Beckworth’s Twitter: Follow us on Twitter: to Macro Musings! Join the Macro Musings Check out our new Macro Musings Related Links: by Christopher Clayton, Matteo Maggiori, and Jesse Schreger by Daniel Drezner by Emmanuel Farhi and Matteo Maggiori by Albert Hirschman by Daniel McDowell
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Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
11/27/2023
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Matthew Raskin is the US head of rates research at Deutsche Bank and was formerly a senior staff member of the Federal Reserve System. Matthew joins David on Macro Musings to talk about interest rates, QE, QT, and the Federal Reserve’s balance sheet. David and Matthew also discuss the inside story behind the Fed’s shift in operating system, Matthew’s framework for long-term interest rates, how to improve the liquidity and stability of the Treasury market, and a lot more. Transcript for this week’s Matthew’s LinkedIn David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack
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David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
11/20/2023
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
David Papell is a professor of economics at the University of Houston and has published widely on monetary policy rules. David joins Macro Musings to talk about his recent paper, *Policy Rules and Forward Guidance Following the COVID-19 Recession,* as well as the origins, past uses, and current applications of monetary policy rules. Transcript for this week’s David’s Twitter: David’s University of Houston David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by David Papell and Ruxandra Prodan by David Papell and Ruxandra Prodan by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan
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Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
11/13/2023
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
Rachel Siegel is a reporter for the Washington Post, where she covers the Federal Reserve and also reports on the domestic economy more broadly. Rachel joins Macro Musings to talk about the current Fed beat as well as her work on other economic issues, including how the Fed deals with physical cash, the precarious state of the commercial real estate market, the potential issues facing voters heading into the 2024 election, and a lot more. Transcript for this week’s Rachel’s Twitter: Rachels Washington Post David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Rachel Siegel by Rachel Siegel, Joy Sharon Yi, Hannah Yoon, and Emily Wright by Rachel Siegel by Rachel Siegel by Geoff Colvin
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Will Bateman on the History and Evolving Nature of the Fiscal Fed
11/06/2023
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Will Bateman is an associate professor and associate dean of research at the Australian National University College of Law. Will has recently authored a paper titled, *The Fiscal Fed,* which takes a close look at the Fed’s fiscal functions during the two World Wars, the Great Depression, the Cold War, the global financial crisis, and the COVID-19 pandemic. Will joins Macro Musings to talk about this paper, the origins and evolution of the Fed, the implications for policymakers, and a lot more. Transcript for this week’s Will’s ANU David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Will Bateman by Will Bateman
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PJ Glandon on the State of Macroeconomics: Research and Pedagogy
10/30/2023
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
PJ Glandon is an associate professor of economics at Kenyon College, where he also serves as chair of the economics department. PJ joins David on Macro Musings to talk about his recent co-authored article, *Macroeconomics Research: Present and Past.* David and PJ also more broadly discuss the state of macroeconomics as a discipline, both in terms of research and pedagogy. Transcript for this week’s PJ’s Twitter: PJ’s Kenyon David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by PJ Glandon, Ken Kuttner, Sandeep Mazumder, and Caleb Stroup by Jane Ihrig and Scott Wolla
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Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
10/23/2023
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
Ed Nelson is a senior advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor of economics at the University of Sydney and has worked at the St. Louis Federal Reserve Bank as well as the Bank of England. Most importantly, however, Ed was also a former student of, and co-author with, the late Bennett McCallum, and he rejoins David for this special live episode of Macro Musings to talk about Bennett McCallum’s life, his work, and his legacy within the field of monetary economics. Check out the entirety of the ! Transcript for this week’s Ed’s Ed’s Federal Reserve David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings
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Sam Hammond on AI, Techno-Feudalism, and the Future of the State
10/16/2023
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
Sam Hammond is a senior economist at the Foundation for American Innovation and is non-resident fellow at the Niskanen Institute. Sam is also a previous guest of the show, and he rejoins Macro Musings to talk about artificial intelligence and the future of the state. Specifically, David and Sam discuss the current AI environment, how private AI may replace functions of the state, key moments in the techno-feudalistic future of AI, and more. Transcript for this week’s Sam’s Twitter: Sam’s FAI Sam’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Sam Hammond by Sam Hammond by Sam Hammond by Ashish Vaswani et al.
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Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
10/09/2023
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
Marc Goldwein is the Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget (CRFB), where he guides and conducts research on a wide array of topics related to fiscal policy and the federal budget. Marc joins Macro Musings to talk about the US government budget, its structure, its challenges, and its long-term trajectories. David and Marc also discuss the basics of government shutdowns and the budgetary process, how the most recent inflationary episode unfolded, how to fix the US budget over the long run, and a lot more. Transcript for this week’s Last chance to register for the Bennett McCallum Monetary Policy Marc’s CRFB Marc’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by the Committee for a Responsible Federal Budget by the Committee for a Responsible Federal Budget by Jeff Stein
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Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
10/02/2023
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
Lev Menand is an associate professor of law at Columbia University and Josh Younger is a senior policy advisor at the Federal Reserve Bank of New York and a lecturer at Columbia Law School. Lev and Josh also recently co-authored a paper titled, *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon.* They are also returning guests to Macro Musings, and rejoin the podcast to talk about this paper and its implications for the Treasury market. Lev, Josh, and David also discuss the transition from bank to market financing, whether an increasing level of debt is leading to more instability, the impact of recent regulations on the primary dealer system, how to restore the balance between public debt and money creation, and a lot more. Transcript for this week’s Register now for the Bennett McCallum Monetary Policy Josh’s Columbia Law Lev’s Columbia Law Lev’s Twitter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Lev Menand and Josh Younger by Lev Menand
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Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
09/25/2023
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
Thomas Hoenig is a distinguished senior fellow with the Mercatus Center at George Mason University, where he focuses on the long-term impacts of the politicization of financial services as well as the effects of government-granted privileges and market performance. He was formerly the vice chair of the FDIC from 2012 to 2018 and the 20 years prior to that, he was president of the Kansas City Federal Reserve Bank. Tom is also a returning guest to Macro Musings, and he rejoins to talk about the Treasury market, public debt sustainability issues, and the state of banking in the United States. David and Tom also discuss the history of Tom’s influence on the Jackson Hole Conference, the growing size of the US current account deficit, the Fed’s role as the primary Treasury market backstop, the dangers of risk-weighted capital regulation, and more. Transcript for this week’s Register now for the Bennett McCallum Monetary Policy Thomas’s Twitter: Thomas’s Mercatus David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Edward Leamer by Alan Blinder and Ricardo Reis by Serkan Arslanalp and Barry Eichengreen by Raghuram Rajan by Darrell Duffie by Jeanna Smialek and Emily Flitter
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Robert McCauley on Bond Market Crises and the International Lender of Last Resort
09/18/2023
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
Robert McCauley is a senior fellow at the Global Development Policy Center at Boston University, an Associate Member of the Faculty of History at the University of Oxford, and was formerly at the Bank of International Settlements for 25 years and the New York Federal Reserve Bank for 14 years. Robert is also a returning guest to the show, and he rejoins Macro Musings to talk about his recent article titled, *Bond Market Crisis and the International Lender of Last Resort* David and Robert also discuss the basics of a bond market run, the policy reaction and implications of the 2020 “Dash for Cash”, the possible concerns with corporate bond facilities, and a lot more. Transcript for this week’s Register now for the Bennett McCallum Monetary Policy Robert’s Boston University Robert’s BIS David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Robert McCauley by Robert Aliber, Charles Kindleberger and Robert McCauley by the Macro Musings Podcast
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Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
09/11/2023
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Joe Gagnon is a senior fellow at the Peterson Institute for International Economics and was formerly a senior staffer at the Federal Reserve Board of Governors. Joe is also a returning guest to Macro Musings, and he rejoins the podcast to talk about Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. Specifically, Joe and David talk about the future direction of r star, what current inflationary trends mean for the Phillips curve, the Fed’s commitment to a two percent inflation target, and a lot more. Transcript for this week’s Register now for the Bennett McCallum Monetary Policy Joe’s Twitter: Joe’s PIIE David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Joe Gagnon, Kristin Forbes, and Christopher Collins by David Wilcox by Nick Timiraos
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Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
09/04/2023
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
Nicholas Anthony is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives and works on issues relating to financial privacy, cryptocurrencies, and the use of money in society. Nicholas joins Macro Musings to talk about central bank digital currencies (CBDCs) and the recent developments surrounding CBDCs at the Fed and in Congress. Specifically, David and Nicholas discuss the arguments for and against CBDCs, the preemptive, behavioral, and punitive applications of these currencies, who would benefit from the development of CBDCs, and a lot more. Transcript for this week’s Nicholas’s Twitter Nicholas’s Cato Institute David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Nicholas Anthony and Norbert Michel by Nicholas Anthony by Nicholas Anthony by Nicholas Anthony by Nicholas Anthony and Norbert Michel by Nicholas Anthony by Nicholas Anthony by Nicholas Anthony by Norbert Michel and Nicholas Anthony by Martin Arnold and Sam Fleming
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John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
08/28/2023
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
John Coates is a professor of law and economics and the deputy dean of the Harvard Law School. John is also the author of a new book titled, *The Problem of Twelve: When a Few Financial Institutions Control Everything,* and he joins Macro Musings to talk about it. David and John also discuss the basics and beginnings of index funds, how they may undermine capitalism, the issues with private equity, and a lot more. Transcript for this week’s John’s Harvard Law School John’s publications David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by John Coates by Steven Dennis by Brooke Masters
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