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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Peter Conti-Brown and David Beckworth on All Things Financial Regulation
05/04/2026
Peter Conti-Brown and David Beckworth on All Things Financial Regulation
Recorded live in front of the Wharton Financial Regulation Conference, former guest Peter Conti-Brown joins David Beckworth as a Macro Musings co-host on this week’s episode. Peter and David discuss the inflection point of 2008 in FinReg scholarship, how Macro Musings has become just as much a show about financial regulation as about macro, what to make of the Trump administrations changes to bank supervision, whether we should be enthusiastic about the GENIUS Act and digital assets, the true identity of Satoshi Nakamoto, the crisis that could become Claude Mythos, why networks and Substacks are becoming more important, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on April 10th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:29 - History of Financial Regulation 00:04:23 - Monetary Policy vs. Financial Regulation 00:07:48 - Bank Supervision 00:11:59 - Digital Assets 00:22:48 - Claude Mythos and Banking 00:30:35 - The Market Argument for the Discount Window 00:35:44 - Academia vs. Real-World Impact 00:40:28 - Audience Q&A 00:54:16 - Outro
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Basil Halperin on Macroeconomic Policy in an Age of Transformative AI
04/27/2026
Basil Halperin on Macroeconomic Policy in an Age of Transformative AI
Basil Halperin is an assistant professor of economics at the University of Virginia. In Basil’s first appearance on the show he discusses the famous but flawed Citrini essay, why Silicon Valley’s growth expectations aren’t showing up yet in interest rates, the impact of Less Than Zero by George Selgin, what the true frictions in the economy are, the differences between Calvo and menu-cost pricing, the impact of transformational AI on emerging economies and the housing market, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 27th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow Basil Halperin on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:02:20 - Global Intelligence Crisis 00:07:04 - Transformative AI and Interest Rates 00:21:05 - Optimal Monetary Policy Under Menu Costs 00:48:13 - Transformative AI and its Macro Implications 00:55:41 - Outro
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Rich Clarida on Navigating Monetary Policy in Choppy Waters
04/20/2026
Rich Clarida on Navigating Monetary Policy in Choppy Waters
Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed’s balance sheet, why a synthetic FOMC could help the real FOMC, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 31st, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:03:59 - Persistent Inflation 00:11:14 - Inflation Expectations 00:18:34 - Responding to Negative Supply Shocks 00:29:38 - Nominal GDP 00:34:59 - Fed’s Balance Sheet 00:45:20 - Synthetic FOMCs 00:51:36 - Outro
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Kris Mitchener on What Actually Anchors the Price Level
04/13/2026
Kris Mitchener on What Actually Anchors the Price Level
Kris Mitchener is a professor of economics at Santa Clara University and is an economic and monetary historian. In Kris’s first appearance on the show, he discusses how he fell in love with building data sets out of old dusty archives, the origins and fall of bimetallism, the pros and cons of the gold standard, the problem of operating losses on the Fed’s balance sheet, what truly anchors the price level, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 4th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:33 - Kris’ Career Path 00:06:32 - What Is Bimetallism? 00:14:41 - The Gold Standard 00:28:55 - Disinflation Policies and Central Bank Finances 00:49:25 - What Anchors the Price Level 00:55:22 - Outro
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Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance
04/06/2026
Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance
Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 5th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow Steve Kamin on X: Follow Mark Sobel on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:02:26 - Termites Eating Away at Dollar Dominance 00:16:52 - Future Threats to Dollar Dominance 00:19:47 - Stablecoins and Dollar Dominance 00:33:40 - Treasury Foreign Exchange Report 00:44:28 - Tariff Policy 00:53:25 - Second China Shock? 01:00:38 - Outro
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Ruth Judson on Chasing Dollars Around the World
03/30/2026
Ruth Judson on Chasing Dollars Around the World
Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth’s first appearance on the show she discusses her career at the Fed, field trips tracking counterfeit dollars around the global, how we know how much currency is held overseas, why money doesn’t matter anymore, the problem with cashless societies, how to understand TIC data, the promise of dollar backed stablecoins, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 4th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:13 - Ruth at the Fed 00:08:09 - Currency 00:31:29 - Counterfeits 00:39:00 - TIC Data and Safe Assets 00:44:18 - Dollar-Based Stablecoins 00:49:55 - Outro
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Bill Nelson on the Future of the Fed’s Balance Sheet
03/23/2026
Bill Nelson on the Future of the Fed’s Balance Sheet
Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill’s 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his congressional testimony, the BPI’s Bank Treasurers Survey, how he thinks the Fed should shrink the balance sheet, whether the Fed is profitable, and much more. Watch on our new YouTube Channel! Check out the for this week’s episode, now with links. Recorded on March 3rd, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:02:00 - Quantitative Easing Ratchet Effect 00:16:31 - Bill’s Congressional Testimony 00:31:12 - BPI’s Bank Treasurers Survey 00:37:37 - How To Shrink the Balance Sheet 00:48:44 - The Fed’s Profits 00:54:50 - Outro
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Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era
03/16/2026
Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era
Subscribe to the new ! Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications for the treasury market, interoperability between blockchains, and much more. Check out the for this week’s episode, now with links. Recorded on February 27th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow Neha Narula on X: Follow Anders Brownworth on X: Follow Daniel Aronoff on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:41 - Background of the Group 00:03:11 - Digital Currency Initiative 00:05:36 - State of Stablecoins 00:10:42 - Hidden Plumbing of Stablecoins 00:15:42 - Basic Mechanics of Stablecoins 00:26:07 - Technical and Operational Risks of Stablecoins 00:39:09 - Implications for the Treasury Market 00:48:18 - Business Model of Stablecoins 00:49:24 - Interoperability Between Blockchains 00:52:53 - What’s the Deal with Tether? 00:56:23 - Outro
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Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline
03/09/2026
Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline
Subscribe to the new ! Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how to frame global demographic decline, the three accelerants of demographic decline, the role of housing in family size, how AI will play a role in global demographics, what we know about AGI, the question of dollar dominance, and much more. Check out the for this week’s episode, now with links. Recorded on February 20th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow Jesús Fernández-Villaverde on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:07:22 - Demographics 00:39:28 - Artificial Intelligence 00:54:07 - Currency Dominance 01:03:20 - Outro
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Chris Meissner on the History of Globalization
03/02/2026
Chris Meissner on the History of Globalization
Subscribe to the new ! Chris Meissner is a professor of economics at University of California at Davis and is the author of the recent book One from the Many: The Global Economy Since 1850. In Chris’s first appearance on the podcast he discusses the historical bend towards greater globalization, how we should really define the global economy, the impact of the Great Financial Crisis on globalization and populism, the scope of globalization from the 1820’s to today, the validity of the China Shock, the United States’ current move away from globalization, and much more. Check out the for this week’s episode, now with links. Recorded on February 19th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow Chris Meissner on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:50 - History Tends Toward Globalization 00:05:55 - What Is the Global Economy? 00:19:08 - Great Financial Crisis 00:22:15 - First Wave of Globalization: 1820–1914 00:29:42 - Interwar Period: 1918–1938 00:40:51 - Post-War Bretton Woods Arrangement 00:49:36 - The China Shock 00:55:40 - Detour from Globalization 00:59:44 - Outro
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Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed’s QE Program
02/23/2026
Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed’s QE Program
Subscribe to the new ! Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram’s first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India’s emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed’s balance sheet, and much more. Check out the for this week’s episode, now with links. Recorded on January 20th, 2026 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings Timestamps 00:00:00 - Intro 00:01:58 - Raghu’s Career 00:22:20 - Policymaker Versus Academic 00:29:00 - Ratcheting Effect of Quantitative Easing 01:01:06 - Outro
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Andrew Martinez on the Art of Forecasting
02/16/2026
Andrew Martinez on the Art of Forecasting
Andrew Martinez is a former Treasure economist and currently is an assistant professor of economics at American University. In Andrew’s first appearance on the show, he discusses his career as a forecaster, the current state of forecasting, the intersection of AI and forecasting, the role of the SEP and monetary policy surprises, his work with David on the NGDP Gap measure, and much more. Check out the for this week’s episode, now with links. Recorded on January 13th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:20 - Andrew’s Career 00:08:36 - State of Forecasting 00:20:19 - AI and Forecasting 00:29:34 - The SEP and Monetary Policy Surprises 00:41:07 - Nominal GDP/Expectations Gap 00:54:56 - Outro
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Dan Awrey on the Future of the U.S. Payments System in a Digital World
02/09/2026
Dan Awrey on the Future of the U.S. Payments System in a Digital World
Dan Awrey is a professor of Law at Cornell University and the author of the new book Beyond Banks: Technology, Regulation, and the Future of Money. Dan returns to the show to discuss his new book, the shadow monetary system, the case for markets to correct this problem, Gresham’s new law, his proposals for fixing the payments system, and much more. Check out the for this week’s episode, now with links. Recorded on January 13th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Dan Awrey on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:16 - Beyond Banks 00:16:04 - Shadow Monetary System 00:26:07 - Can’t Markets Solve Payment Problems? 00:28:16 - Gresham’s New Law 00:40:27 - Dan’s Proposal for Money and Payments 00:55:51 - Outro
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Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates
02/02/2026
Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates
Scott Sumner is the Ralph G. Hawtrey Chair Emeritus of Monetary Policy and the founder of the Monetary Policy Program at Mercatus. Scott returns to the show, to discuss his life post Mercatus, nominal GDP counterfactuals of the pandemic and the Great Financial Crisis, the role of QE in inflation, the fears about Fed independence, and much more. Check out the for this week’s episode, now with links. Recorded on January 15th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:34 - Scott’s Life Post Mercatus 00:05:28 - Nominal GDP Targeting 00:19:53 - Quantitative Easing 00:38:28 - Fed Framework Review 00:42:36 - Fed Independence 01:04:33 - Outro
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Tyler Muir on How to Understand the Fed’s Quantitative Easing
01/26/2026
Tyler Muir on How to Understand the Fed’s Quantitative Easing
Tyler Muir is a professor of finance at UCLA. In Tyler’s first appearance on the show, he discusses how he became a leading scholar on quantitative easing, what things the Fed can learn in responding to crises, why QE matters, how QE transformed the bond market, the new “Tyler Rule”, QE’s role in the COVID Pandemic, and much more. Check out the for this week’s episode, now with links. Recorded on January 8th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Tyler Muir on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:33 - Tyler’s Background 00:08:36 - Financial Crisis and Risk Premium 00:14:40 - Intermediaries and Asset Prices 00:22:18 - QE and Why It Matters 00:28:40 - QE and the Bond Market 00:32:38 - The Tyler Rule 00:37:51 - When Selling Goes Viral 00:41:01 - QE During COVID 00:49:26 - Shrinking the Fed’s Balance Sheet 00:55:03 - Outro
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Richard Berner on Growth of the Private Credit and the Role of Fiscal Dominance on Treasury Markets
01/19/2026
Richard Berner on Growth of the Private Credit and the Role of Fiscal Dominance on Treasury Markets
Richard Berner is the former director of the Office of Financial Research and was a counselor of the Treasury Secretary. In Richard’s first appearance on the show, he discusses a career that included public service and Wall Street, the fragility of global liquidity, the implications of fiscal dominance, the expansion of private credit, the 2023 SVB banking turmoil, and much more. Check out the for this week’s episode, now with links. Recorded on January 7th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:57- Dick’s Career 00:07:46 - Fragility of Global Liquidity 00:17:29 - Post-GFC Regulations 00:25:29 - Fiscal Dominance 00:36:23 - Private Credit 00:48:09 - Banking Turmoil of 2023 01:01:149 - Outro
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Aaron Klein on the US’s Real-Time Payments Problem and the Impact of Covid Era Quantitative Easing
01/12/2026
Aaron Klein on the US’s Real-Time Payments Problem and the Impact of Covid Era Quantitative Easing
Aaron Klein is a senior fellow in economic studies at the Brookings Institution. Aaron returns to the show to discuss his paper with George Selgin calling for real time payments, the inequality caused by the Fed’s current payment processes, the results of Covid time QE, recommendations for dealing with future crises, and much more. Check out the for this week’s episode, now with links. Recorded on December 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Aaron Klein on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:06- Faster Payments 00:29:09 - Fed Governance 00:30:35 - Quantitative Easing and Housing Inflation Post-COVID 00:52:16 - Fed Assets 01:01:149 - Outro
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Per Åsberg Sommar on the State of the Riksbank and Operating Systems Around the World
01/05/2026
Per Åsberg Sommar on the State of the Riksbank and Operating Systems Around the World
Per Åsberg Sommar is a senior advisor in the markets department at the Swedish central bank. In Per’s first appearance on the show, he discusses his career as a central banker, the history of the Riksbank, evolutions in inflation targeting at the Riksbank, changes in the Sweden’s central banks operating system, its new tool called the Deposit Requirement Facility, and much more. Check out the for this week’s episode, now with links. Recorded on December 12th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:02:08 - Per’s Career 00:04:02 - Riksbank 00:09:07 - Inflation Targeting at Riksbank 00:11:56 - Riksbank’s Operating System 00:15:39 - Certificate of Deposits 00:33:42 - Quantitative Tightening 00:36:42 - The Deposit Requirement Facility 00:45:38 - Other Central Banks and Demand-Driven Systems 00:58:16 - Outro
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2025 Macro Musings Retrospective
12/29/2025
2025 Macro Musings Retrospective
David Beckworth and producer Sam Alburger dive into the last year of Macro Musings. They discuss David’s foray into Substack, their favorite episodes of the year, the most popular episodes of 2025, David’s push for NGDP targeting, this year’s most hotly contested episode, how the year 2025 will be remembered in macro history, and much more. Check out the for this week’s episode, now with links. Recorded on December 10th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:16 - Macroeconomic Policy Nexus 00:12:24 - David’s All-Star AI FOMC 00:14:46 - Most Entertaining Economist Debate 00:16:46 - Underrated or Favorite Episodes 00:24:30 - Most Popular Episodes 00:26:15 - The Push for Nominal GDP Targeting 00:32:10 - Accountability at the Fed 00:36:23 - Bitcoin Policy Summit 00:40:28 - Macro Musings at the Atlanta Federal Reserve 00:44:32 - Review of 2024 in Macro 00:47:17 - Macro in 2025 00:51:40 - Thank You 00:55:48 - Outro
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Veronique de Rugy on the Impending American Fiscal Crisis
12/22/2025
Veronique de Rugy on the Impending American Fiscal Crisis
Veronique de Rugy is the George Gibbs Chair in Political Economy and a Senior Research Fellow at the Mercatus Center at George Mason University. In Veronique’s first appearance on Macro Musings she discusses her career as a think tanker’s think tanker, what the difference is between classical liberals and libertarians, how America’s mindset has shifted on trade and immigration, the fiscal health of the United States, the US’s impending debt crises, solutions for fixing the fiscal health of the United States, and much more. Check out the for this week’s episode, now with links. Recorded on November 18th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Veronique on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:18 - Vero’s Career 00:17:35 - Vero’s Career 00:24:32 - Fiscal Policy at Mercatus 00:40:59 - Steps Toward a Sustainable Fiscal Path 00:48:34 - Flattening the Debt Curve 00:59:13- Outro
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Martha Gimbel on the Impact of AI and the Trade War on Labor Markets
12/15/2025
Martha Gimbel on the Impact of AI and the Trade War on Labor Markets
Martha Gimbel is the executive director and co-founder of the Budget Lab at Yale. In Martha’s first appearance on the show, she discusses the missing BLS job market data, the consequences of losing two months of labor market data, the impact of AI on the labor market in the short and long term, why it is hard to determine which job sectors AI will impact first, why people will keep learning foreign languages, the future impact tariffs will have on the economy, why US treasuries might get left for the hometown guy in a Hallmark Christmas movie, and much more. Check out the for this week’s episode, now with links. Recorded on November 19th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Martha on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:48 - The Budget Lab at Yale 00:05:34 - Missing Government Data 00:14:21 - Artificial Intelligence 00:44:49 - Trade Wars 00:54:51 - Outro
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Laurence Bristow on What the Fed can Learn from the Reserve Bank of Australia
12/08/2025
Laurence Bristow on What the Fed can Learn from the Reserve Bank of Australia
Laurence Bristow is a former staffer at the Reserve Bank of Australia and currently is a Vice President and Research Associate at the Bank Policy Institute. In Laurence’s first appearance on the show, he discusses the differences between the Reserve Bank of Australia and the Fed, The RBA’s change in operating systems, what a demand driven system actually looks like, the motivation for the RBA to make this change, calls for changes to the operating system within the Fed, and much more. Check out the for this week’s episode, now with links. Recorded on November 20th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:22 - Laurie’s Career 00:05:15 - Reserve Bank of Australia 00:11:33 - RBA’s New Monetary Policy Implementation System 00:17:28 - What Is a Demand-Driven System? 00:26:02 - Interbank Market 00:31:33 - Motivations for a Demand-Driven System 00:40:10 - Bank Policy Institute Money Market Symposium 00:52:36 - Outro
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Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins
12/01/2025
Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins
Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University’s Stern School of Business. In Austin’s first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller’s proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more. Check out the for this week’s episode, now with links. Recorded on November 14th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Austin on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:38 - Austin’s Career 00:04:10 - What Comes After GENIUS? 00:7:26 - Interest and Stablecoins 00:12:30 - Tokenized Deposits 00:17:01 - Future of Tether 00:29:27 - Skinny Master Account 00:35:23 - Stablecoin Regulation 00:48:46 - Macro Implications 00:54:58 - Future of the Financial System 00:57:58 - Outro
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Mike Bird on the Land Trap and How the History of Housing Impacts the Global Economy
11/24/2025
Mike Bird on the Land Trap and How the History of Housing Impacts the Global Economy
Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World’s Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan’s lost decade, the modern history of land in China, and much more. Check out the for this week’s episode, now with links. Recorded on November 4th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Mike on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:27 - Abenomics 00:04:32 - Motivations for The Land Trap 00:7:58 - Land as a Different Kind of Asset 00:14:55 - COVID-19 Housing Prices 00:20:42 - Land as an Enduringly Important Asset 00:24:34 - Wolf Ladejinsky 00:37:14 - Japan from 1980s Onward 00:47:28 - Land in China 00:56:36 - Henry George 01:00:42 - Outro
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Lukasz Rachel on Non-Ricardian Macroeconomic Policy and Its Implications for Inflation
11/17/2025
Lukasz Rachel on Non-Ricardian Macroeconomic Policy and Its Implications for Inflation
Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz’s first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more. Check out the for this week’s episode, now with links. Recorded on October 29th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Lukasz on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:42 - Lukasz’s Career 00:07:30 - Secular Stagnation in the Industrialized World 00:21:08 - What Next for R-Star? 00:36:11 - Brothers in Arms: Monetary-Fiscal Interactions 00:49:53 - Policy Recommendations 00:51:03 - Outro
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Tara Sinclair on Building a Synthetic FOMC Through AI
11/10/2025
Tara Sinclair on Building a Synthetic FOMC Through AI
Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens with LLM models, the process of building sim FOMC members, the importance of publicly funding economic data, the future of AI and macroeconomics, and much more. Check out the for this week’s episode, now with links. Recorded on October 27th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Tara on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:44 - Data and Policymaking 00:05:28 - Federal Forecasters Conference 00:08:01 - FOMC in Silico 00:32:56 - Future Applications 00:38:29 - Broader Implications 00:42:57 - Central Bank Governance and AI 00:51:40 - Outro
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Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom
11/03/2025
Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom
Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of growth driven deflation, the connection between the postbellum period and today, the potential of rapid productivity growth from AI, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow Bryan on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:04:41 - Rethinking Deflation 00:35:48 - Rapid Productivity Growth from AI 00:46:35 - Tolerating Deflation 00:55:28 - Outro
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Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam
10/27/2025
Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam
Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve’s first appearance on the show they discuss the historical significance of the Bank of Amsterdam, The use of ledger at the Bank of Amsterdam, It’s use of repo and open market operations, it’s connection to central banking today, and much more. Check out the for this week’s episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:00:53 - Bank of Amsterdam 00:10:31 - Bank of Amsterdam’s Ledger 00:32:09 - Motivations 00:36:49 - Seven Years’ War 00:40:53 - The Repo Versus the Open Market 00:56:30 - Outro
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Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World
10/20/2025
Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World
Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim’s first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz’s calls to end interest on reserves, and much more. Check out the for this week’s episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:03:16 - Jim’s Career 00:05:38 - Monetary Rules at the Fed 00:09:12 - Increasing Transparency at the Fed 00:17:25 - Y2K and the Fed 00:26:19 - Discount Window 00:32:21 - Global Financial Crisis 00:39:10 - Covid Pandemic 00:46:10 - Jim’s Current Research 01:00:31 - Outro
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Manmohan Singh on the Meaning of Money after the GENIUS Act
10/13/2025
Manmohan Singh on the Meaning of Money after the GENIUS Act
Manmohan Singh is the editor-in-chief of the Journal of Financial Markets Infrastructure. Manmohan returns to the show to discuss whether money still matters, the impacts of the GENIUS ACT, the lobbying show down over stablecoins in the US, stablecoins impact on the Eurodollar market, and much more. Check out the for this week’s episode, now with links. Recorded on September 10th, 2025 Subscribe to David's Substack: Follow David Beckworth on X: Follow the show on X: Check out our Macro Musings to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:02:12 - Does Money Still Matter? 00:10:33 - Stablecoins 00:37:53 - Stablecoins and the Eurodollar Market 00:53:15 - Outro
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