Macro Musings with David Beckworth
449 episodes - English - Latest episode: 19 days ago - ★★★★★ - 334 ratingsHosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
Julia Coronado on Productivity, Commercial Real Estate, and the Fed’s Soft Landing
April 08, 2024 04:01 - 49 minutes - 40 MBJulia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed’s journey to a soft landing, the state of the commercial real estate...
Isabel Schnabel on the ECB and its New Operational Framework
April 01, 2024 04:01 - 56 minutes - 45.6 MBIsabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more. Transcript for this week's episode. Isabel’s Twitter: @Isabel_Schnabel Isabel’s ECB profile Dav...
Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed’s Accountability to Congress*
March 25, 2024 04:01 - 54 minutes - 43.8 MBAndy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s p...
Anat Admati on the US Banking System and the Basel III Endgame
March 18, 2024 04:01 - 56 minutes - 45 MBAnat 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...
Steven Kamin and Mark Sobel on the Current State of Dollar Dominance
March 11, 2024 04:01 - 56 minutes - 45.4 MBSteven 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 201...
Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations
March 04, 2024 05:01 - 57 minutes - 46 MBPeter 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 episode. Peter's Twitt...
Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed’s Balance Sheet
February 26, 2024 05:01 - 51 minutes - 41.7 MBBill 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 abou...
Eric Leeper on *A Fiscal Accounting of COVID Inflation*
February 19, 2024 05:01 - 1 hour - 49 MBEric 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 b...
Eric Leeper on *A Fiscal Account of COVID Inflation*
February 19, 2024 05:01 - 1 hour - 49 MBEric 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 b...
Jeffrey Lacker on Governance at the Federal Reserve
February 12, 2024 05:01 - 56 minutes - 45.5 MBJeffrey 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. ...
Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth*
February 05, 2024 05:01 - 55 minutes - 44.7 MBMark 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-r...
Gauti Eggertsson on the Post-Pandemic Inflation Surge and its Implications for Monetary Policy
January 29, 2024 05:01 - 59 minutes - 47.8 MBGauti 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 ...
Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star
January 22, 2024 05:01 - 1 hour - 56.2 MBJonathon 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 episode. Jonathon’s Twitter: @JADHazell Jonathon’s website ...
Skanda Amarnath and Preston Mui on the Tribal Transitory Debate and the Future of the Fed’s Framework
January 15, 2024 05:01 - 1 hour - 52.8 MBSkanda 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 episode. Skanda’s T...
Claudio Borio on the Future of Central Bank Operating Systems
January 08, 2024 05:01 - 50 minutes - 40.8 MBClaudio 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...
Colby Smith, Steven Kelly, and Gerard DiPippo on the Highlights of 2023 and Looking Ahead to the Future
January 01, 2024 05:01 - 54 minutes - 43.8 MBColby 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 econ...
Tyler Cowen on the Greatest Economist of All Time and Other Macro Awards
December 25, 2023 05:01 - 56 minutes - 45.4 MBTyler 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 ...
Nicolas Cachanosky on Dollarization in Argentina
December 18, 2023 05:01 - 1 hour - 50.3 MBNicolas 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 dif...
Charlie Evans on the Past, Present, and Future of U.S. Monetary Policy
December 11, 2023 05:01 - 1 hour - 50.5 MBCharles 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. ...
Matteo Maggiori and Jesse Schreger on Geoeconomics and its Policy Implications
December 04, 2023 05:01 - 1 hour - 50 MBMatteo 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 o...
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
November 27, 2023 05:01 - 51 minutes - 41.3 MBMatthew 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...
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
November 20, 2023 05:01 - 54 minutes - 49.9 MBDavid 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 episode. David’s Twitter: @DavidPapell David’s University of Houston portal David Beckworth’s Twitter: @DavidBeck...
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
November 13, 2023 05:01 - 58 minutes - 46.5 MBRachel 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 episode. Rach...
Will Bateman on the History and Evolving Nature of the Fiscal Fed
November 06, 2023 04:01 - 1 hour - 48.2 MBWill 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 mor...
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
October 30, 2023 04:30 - 52 minutes - 42.3 MBPJ 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 episode. PJ’s Twitter: @pjglandon PJ’s Kenyon profile David Beckworth’s T...
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
October 23, 2023 04:00 - 41 minutes - 33.5 MBEd 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 li...
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
October 16, 2023 04:30 - 55 minutes - 44.6 MBSam 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 episode. Sa...
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
October 09, 2023 04:30 - 53 minutes - 42.9 MBMarc 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 epi...
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
October 02, 2023 04:30 - 1 hour - 49.4 MBLev 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 disc...
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
September 25, 2023 04:30 - 59 minutes - 47.5 MBThomas 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 th...
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
September 18, 2023 04:30 - 1 hour - 57.4 MBRobert 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 als...
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
September 11, 2023 04:30 - 58 minutes - 47 MBJoe 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 in...
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
September 04, 2023 04:30 - 58 minutes - 46.8 MBNicholas 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 applicatio...
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
August 28, 2023 04:30 - 1 hour - 49.6 MBJohn 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 episode. John’s Harvard Law School pro...
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
August 21, 2023 04:30 - 57 minutes - 45.8 MBZac 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 episode. Zac’s Twitter: @ZacGross Zac’s...
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
August 14, 2023 04:30 - 1 hour - 52.3 MBLarry 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 ...
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
August 07, 2023 04:30 - 1 hour - 49.4 MBRicardo 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 cap...
Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
July 31, 2023 04:30 - 58 minutes - 46.5 MBGeorge 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 curren...
Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
July 24, 2023 04:30 - 54 minutes - 43.9 MBBryan 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 e...
Jesus Fernandez-Villaverde on Demographic Trends, Recent Macroeconomic Developments, and AI’s Implications for Economic Growth
July 17, 2023 04:30 - 57 minutes - 45.8 MBJesus 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 moneta...
Chris Conlon on the Post-COVID Inflation Surge and the Greedflation Narrative
July 10, 2023 04:30 - 59 minutes - 47.8 MBChris 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’...
Tim Lee on the Present and Future of AI and its Implications for Policy
July 03, 2023 04:30 - 55 minutes - 44.3 MBTim 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...
Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar
June 26, 2023 04:30 - 56 minutes - 45.3 MBSteven 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 i...
Chris Hughes on the Legacy of Arthur Burns and its Implications for Macro Policy Today
June 19, 2023 04:30 - 54 minutes - 43.6 MBChris 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 ...
Peter Stella on the Quasi-Fiscal Implications of Central Bank Crisis Intervention
June 12, 2023 04:30 - 50 minutes - 40.3 MBPeter 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 Pete...
Christina Skinner on Central Bank Digital Currency as New Public Money
June 05, 2023 04:30 - 1 hour - 48.2 MBChristina 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 ...
Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
May 29, 2023 04:30 - 49 minutes - 39.2 MBGianluca 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 Gl...
Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
May 22, 2023 04:30 - 55 minutes - 44.2 MBDan 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....
Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
May 15, 2023 04:30 - 51 minutes - 41.1 MBJeanna 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 Ba...
Nathan Tankus on the Future of MMT and How to Avoid U.S. Debt Default
May 08, 2023 04:30 - 1 hour - 54.8 MBNathan Tankus is a popular writer for a newsletter titled, *Notes on the Crises* and is the research director of the Modern Money Network. Nathan is also a returning guest to Macro Musings, and he rejoins the podcast to talk about modern monetary theory and the debt ceiling. Specifically, David and Nathan discuss the future of MMT, the case for minting the trillion dollar coin, the prospects of issuing Federal Reserve securities, the history of the Fed’s operating procedures, and a lot more....