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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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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Zac Gross on the Past, Present, and Future of Australian Monetary Policy
08/21/2023
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Zac Gross is a senior lecturer at Monash University and was formerly an economist at the Reserve Bank of Australia. Zac joins Macro Musings to talk about the Australian central bank and the recent review of its framework. Specifically, David and Zac also break down Australian monetary policy over the past few decades, the RBA’s yield curve control experiment, the future of its operating system, and a lot more. Transcript for this week’s Zac’s Twitter: Zac’s Zac’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: By Isaac Gross and Andrew Leigh by Gordon de Brouwer, Renee Fry-McKibbin, and Carolyn Wilkins
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Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
08/14/2023
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
Larry White is a professor of economics at George Mason University and is the author of a new book titled, *Better Money: Gold, Fiat, or Bitcoin?* Larry is also a returning guest to Macro Musings, and he rejoins the podcast to discuss this book and the comparison among those monetary standards. David and Larry specifically discuss the bottom-up vs. top-down theories of money, the basics and functionality of a gold, bitcoin, and fiat standards, the future of money, and more. Transcript for this week’s Larry’s Twitter: Larry’s Mercatus Larry’s GMU David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Lawrence White by Macro Musings
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Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
08/07/2023
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
Ricardo Reis is a professor of economics at the London School of Economics and is the co-author of a new book titled, *A Crash Course on Crises: Macroeconomic Concepts for Run-ups, Collapses, and Recoveries.* Ricardo is also a previous guest of Macro Musings and he rejoins the podcast to talk about his new book as well as his overall assessment of the inflation surge of the past few years. David and Ricardo specifically discuss what constitutes a bubble, the Eurozone crisis as a story of capital inflows and misallocation, shadow banking and systemic risk during the 2008 financial crisis, Ricardo’s view of the Phillips curve, and a lot more. Transcript for this week’s Ricardo’s Twitter: Ricardo’s LSE Ricardo’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings by Ricardo Reis and Markus Brunnermeier by Macro Musings
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Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
07/31/2023
Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest on Macro Musings, and he rejoins the podcast to talk about some of the recent developments in the monetary and financial policy space. Specifically, David and George discuss the history and present developments surrounding FedNow, the future of real-time payments, how to revise the Fed’s operating system, whether the Fed is currently delivering on a soft landing, and a lot more. Transcript for this week’s George’s Twitter: George Cato Institute David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Macro Musings by Claudio Borio by Julie Hill by Julie Hill by Peder Beck-Friis and Richard Clarida
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Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
07/24/2023
Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
Bryan Cutsinger is an assistant professor of economics at Angelo State University and Louis Rouanet is an assistant professor of economics at the University of Texas, El Paso. Bryan and Louis join Macro Musings to talk about the French Revolution, France’s public finances, its bout with hyperinflation, and finally, the implications of this experience for macroeconomic theory today. Specifically, David, Bryan and Louis also discuss the creation and widespread dissemination of assignats, the emergence guillotine-backed currency in France, the state vs. market theories of money, and a lot more. Transcript for this week’s . Bryan’s Twitter: Bryan’s Bryan’s ASU Louis’s Twitter: Louis’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Bryan Cutsinger, Louis Rouanet, and Joshua Ingber by Thomas Sargent and Francois Velde
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Jesus Fernandez-Villaverde on Demographic Trends, Recent Macroeconomic Developments, and AI’s Implications for Economic Growth
07/17/2023
Jesus Fernandez-Villaverde on Demographic Trends, Recent Macroeconomic Developments, and AI’s Implications for Economic Growth
Jesus Fernandez-Villaverde is a professor of economics at the University of Pennsylvania and is the co-director of the Business, Economic, and Financial History Project at the Wharton School of Business. Jesus is also a returning guest to the podcast, and he rejoins Macro Musings to talk about recent macroeconomic developments, the demographic issues facing the world, and AI’s implications for economic growth. Specifically, David and Jesus also discuss whether we needed the fiscal and monetary stimulus of 2021, the European inflation story, South Korea as a case study for global demographic trends, how quantum computing will may impact macroeconomics in the future, and more. Transcript for this week’s . Jesus’s UPenn Jesus’s NBER David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Jesus Fernandez-Villaverde by Jesus Fernandez-Villaverde by Jesus Fernandez-Villaverde by Jesus Fernandez-Villaverde and Isaiah Hull
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Chris Conlon on the Post-COVID Inflation Surge and the Greedflation Narrative
07/10/2023
Chris Conlon on the Post-COVID Inflation Surge and the Greedflation Narrative
Chris Conlon is an associate professor of economics at the NYU Stern School of Business where he focuses on industrial organization economics and econometrics. Chris joins David on Macro Musings to help shed light on the 2021-2023 inflation surge from the perspective of an IO economist. Specifically, David and Chris discuss the great markup debate within IO economics, the shaky foundation of greedflation, the cost anticipation story of higher prices, and more. Transcript for this week’s Chris’s Twitter: Chris’s Chris’s NYU David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Chris Conlon, Nathan Miller, Tsolmon Otgon, and Yi Yao by Jan De Loecker, Jan Eeckhout, and Gabriel Unger by Andrew Glover, Jose Mustre-del-Rio, Alice von Ende-Becker
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Tim Lee on the Present and Future of AI and its Implications for Policy
07/03/2023
Tim Lee on the Present and Future of AI and its Implications for Policy
Tim Lee is an independent journalist who formerly worked for the Washington Post, Vox, and Ars Technica, where he covered tech policy, blockchain issues, the future of transportation, and the economy. Tim currently produces the newsletter, Understanding AI, and is also a returning guest to Macro Musings. He rejoins the podcast to talk about AI, automation, and its implications for the macroeconomy and policy. Specifically, David and Tim also discuss the singularism vs physicalism debate, the possible threats posed by AI, how the regulatory landscape will be affected by AI, and a lot more. Transcript for this week’s Tim’s Twitter: Tim’s newsletter: David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Tim Lee by Tim Lee by Tim Lee by Tim Lee by Tim Lee by Tom Vanden Brook and Kim Hjelmgaard by Daron Acemoglu and Simon Johnson
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Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar
06/26/2023
Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar
Steven Kamin is a senior fellow at the American Enterprise Institute and previously was the director of the Division of International Finance at the Federal Reserve Board. Steve joins David on Macro Musings to talk about the US dollar and its implications for policy and the economy. Specifically, David and Steven discuss the effects of Fed policy on emerging markets, the factors that are driving a higher global equilibrium real interest rate, how to reconcile the domestic and international impacts of Fed policy, and more. Transcript for this week’s . Steven’s Twitter: Steven’s AEI David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Steven Kamin by Steven Kamin, Carlos Arteta, and Franz Ulrich by Steven Kamin, Jasper Hoek, and Emre Yoldas
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Chris Hughes on the Legacy of Arthur Burns and its Implications for Macro Policy Today
06/19/2023
Chris Hughes on the Legacy of Arthur Burns and its Implications for Macro Policy Today
Chris Hughes is a senior fellow at the Institute on Race, Power, and Political Economy at The New School, and he is also the co-founder of the Economic Security Project and a senior advisor at the Roosevelt Institute. Previously, he was also the publisher of The New Republic and is a co-founder of Facebook. Chris joins Macro Musings to talk about his work on Arthur Burns’ tenure as Fed Chair and the lessons we can learn from it as applied to today’s inflation experience. Specifically, David and Chris also discuss Arthur Burns’ view of the economy and inflation, how his perspective on business psychology impacted these views, Burns’ view of fiscal and industrial policy as a tool for combating inflation, and a lot more. Transcript for this week’s . Chris’s Twitter: Chris’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Chris Hughes by Chris Hughes
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Peter Stella on the Quasi-Fiscal Implications of Central Bank Crisis Intervention
06/12/2023
Peter Stella on the Quasi-Fiscal Implications of Central Bank Crisis Intervention
Peter Stella is the former head of the IMF’s Central Banking Division and has researched and written extensively on safe assets, collateral, and central bank operations. He now hosts the website, Central Banking Archaeology and continues to consult with the IMF on central bank balance sheet issues. Peter is also a returning guest to the podcast, and he rejoins Macro Musings to talk about the quasi-fiscal implications of central bank crisis intervention over the past few years. David and Peter also discuss the losses on the Fed’s balance sheet, using market value versus the par value of debt, the Fed’s debt management issues with mortgage backed securities, and more. Transcript for this week’s . Peter’s Twitter: Peter’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: * by Peter Stella, John Hooley, and Claney Lattie by Peter Stella by Peter Stella
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Christina Skinner on Central Bank Digital Currency as New Public Money
06/05/2023
Christina Skinner on Central Bank Digital Currency as New Public Money
Christina Skinner is a legal scholar at the Wharton Business School at the University of Pennsylvania and was formerly legal counsel to the Bank of England. Christina is also a returning guest to the podcast, and she rejoins Macro Musings to talk about central bank digital currency and its legal implications for the state, individuals, and the Fed itself. David and Christina also discuss recent developments in CBDC policy rhetoric, the privacy issues surrounding CBDC, the potential interest bearing nature of CBDC, and a lot more. Transcript for this week’s Christina’s Twitter: Christina’s Wharton David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Christina Parajon Skinner by Christina Parajon Skinner
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Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
05/29/2023
Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
Gianluca Benigno is a professor of economics at the University of Lausanne and was formerly a senior staffer and economist at the Federal Reserve Bank of New York, an economist at the Bank of England, and worked at the London School of Economics. Gianluca joins Macro Musings to talk about financial conditions in r**, his work on *The Dollar’s Imperial Circle,* and more. David and Gianluca also discuss the importance of liquidity in a New Keynesian framework, the origins and purpose of the Global Supply Chain Pressure Index, the “Global Financial Resource Curse,” and a lot more. Transcript for this week’s Gianluca’s Twitter: Gianluca’s David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Gianluca Benigno, Ozge Akinci, Serra Pelin, and Jon Turek by Gianluca Benigno, Ozge Akinci, Marco Del Negro, and Albert Queralto by Gianluca Benigno and Pierpaolo Benigno by Gianluca Benigno and Luca Fornaro by Gianluca Benigno, Luca Fornaro and Martin Wolf
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Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
05/22/2023
Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Dan McDowell is an associate professor of political science at Syracuse University, and he is the author of a new book titled, *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar.* Dan joins Macro Musings to talk about this new book and the prospects for de-dollarization around the world. David and Dan also discuss the mechanics and effectiveness of financial sanctions, the renminbi as a rival to the dollar, Russia and Turkey as case studies, and more. Transcript for this week’s Dan’s Twitter: Dan’s Dan’s Syracuse University David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Dan McDowell by Paul Krugman by Hudson Lockett and Cheng Leng
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Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
05/15/2023
Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
Jeanna Smialek is a reporter who covers the Federal Reserve and the economy for the New York Times, and is the author of a new book titled, *Limitless: The Federal Reserve Takes On a New Age of Crisis.* Jeanna is also a returning guest to Macro Musings and rejoins the podcast to talk about her book and its implications for the future of the Federal Reserve system. David and Jeanna also discuss the credit allocation vs. liquidity support debate, the Fed’s definition of price stability, the Bank Term Funding Program, and a lot more. Transcript for this week’s Jeanna’s Twitter: Jeanna’s New York Times David Beckworth’s Twitter: Follow us on Twitter: Join the Macro Musings Check out our new Macro Musings Related Links: by Jeanna Smialek
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