Shows
Macro Musings with David BeckworthSkanda Amarnath on the Future of the Federal Reserve and it’s Framework Skanda Amarnath is the executive director of Employ America. Skanda returns to the show to discuss the standing of Humphrey’s Executor, the prospects for the Fed’s Framework Review, the case for NGDP Targeting, and much more. Check out the transcript for this week’s episode, now with links. Recorded on April 16th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Skanda on X: @IrvingSwisher Check out our new AI chatbot: the Macr...2025-05-0559 min
Macro Musings with David BeckworthAndy Levin on Holding the Fed Accountable Andy Levin is a professor of economics at Dartmouth College and longtime advisor to many central banks. Andy returns to the show to discuss his policy brief on holding the Fed accountable for its spending practices. Check out the transcript for this week’s episode, now with links. Recorded on April 9th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musi...2025-04-2859 min
Macro Musings with David BeckworthKathryn Judge on the Importance of Emergency Lending Facilities at the Federal Reserve Kathryn Judge is a law professor at Columbia University and a legal scholar of the Federal Reserve and financial policy. Kathryn returns to the show to discuss the Fed’s Emergency Lending Facilities, or 13(3) and current happenings at the Federal Reserve. Check out the transcript for this week’s episode, now with links. Recorded on March 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Kathryn Judge on X: @ProfKateJudge Follow the show on X: @Macro_Musings Check out our ne...2025-04-2156 min
Macro Musings with David BeckworthPaul Blustein on the Rise, Dominance, and Current Challenges to King Dollar Paul Blustein is a former Washington Post and Wall Street Journal journalist who has authored several acclaimed books on global economic institutions. In Paul’s first appearance on the show, he discusses the historical rise of the dollar, it’s present-day power, how it compares to other global currencies, current challenges to its power, the rise of crypto, and much more. Check out the transcript for this week’s episode, now with links. Recorded on March 26th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Foll...2025-04-1457 min
Macro Musings with David BeckworthBill Nelson on the Future of Central Bank Operating Systems Bill Nelson is a Chief economist and an executive vice president at the Bank Policy Institute. Bill returns to the show to discuss the changes at many central banks around the world from a supply-driven floor system to a demand-driven floor system and how the Fed has been resistant to this change. Check out the transcript for this week’s episode, now with links. Recorded on March 6th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings C...2025-04-0759 min
Macro Musings with David BeckworthScott Lincicome on the Trump Trade War Subscribe to David's Substack: Macroeconomic Policy Nexus Scott Lincicome is the vice president of general economics and trade at Cato. Scott returns to the program to discuss the past, present, and future of Trump’s trade war, the impact of tariffs on the US consumer, myths about globalization, the state of globalization worldwide, and much more. Check out the transcript for this week’s episode, now with links. Recorded on March 19th, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Scott Lincicome on X: @ScottLincicome Follow the show on X...2025-03-311h 02
Macro Musings with David BeckworthLyman Stone on Demographic and Marriage Decline Sign up for David's Substack: Macroeconomic Policy Nexus Lyman Stone is a demographer and the director of the Pronatalism Initiative at the Institute for Family Studies. In Lyman’s first appearance on the show, he discusses demographic and marriage decline, the fallacy in the thinking of degrowthers, the benefits of pronatalist policy, and much more. Check out the transcript for this week’s episode, now with links. Recorded on February 13th, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Lyman Stone on X: @LymanStoneKY Follow the show on X: @M...2025-03-2455 min
Macro Musings with David BeckworthAthanasios Orphanides on Real-Time Monetary Rules and their Impact on the Fed’s Framework Review Sign up for David's Substack: Macroeconomic Policy Nexus Athanasios Orphanides is a professor at MIT, formerly served at the Federal Reverse for 15 years, and was the Governor of the Central Bank of Cyprus. In Athanasios’s first appearance of show he discussed real-time monetary policy rules, their implication on the Fed’s framework review, his natural growth target, and much more. Check out the transcript for this week’s episode, now with links. Recorded on February 18th, 2025 Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings2025-03-1757 min
Macro Musings with David BeckworthThe Fed Framework Review: Macro Musings’ Greatest NGDP Targeting HitsOn this special greatest hits compilation episode our host David Beckworth primes listeners for the Fed Framework Review by highlighting the best snippets from past shows discussing nominal GDP targeting. This episode includes Mary Daly’s thoughts on NGDP targeting, Evan Koenig on the basics of NGDP targeting, George Selgin on Powell’s hesitations with NGDP targeting and how it responds to supply shocks, Jim Bullard on the financial stability of NGDP targeting, Eric Sims on the New Keynesian argument for NGDP targeting, Carola Binder on the benefits of NGDP targeting, Charlie Evans on the prospects of NGDP target, and...2025-01-271h 05
Macro Musings with David BeckworthDavid Bahnsen on the Incoming Trump Administration and the Financialization of the US Economy David Bahnsen is a Wall Street veteran and currently is the managing director of The Bahnsen Group. In David’s first appearance on the podcast, he talks through multiple questions about the incoming Trump Administration, the problem with the growing indebtedness of the US government, shifts in the Republican party, the notion of financialization of the US economy, and much more. Check out the transcript for this week’s episode, now with links. Follow David Beckworth on X: @DavidBeckworth Follow David Bahnsen on X: @DavidBahnsen Follow the show on X: @Macro_Musin...2025-01-1354 min
The Capitalism and Freedom in the Twenty-First Century PodcastMonetary Policy and Central Bank Targets with David Beckworth (Mercatus Senior Research Fellow)Jon Hartley and David Beckworth discuss David’s career, monetary policy, the history of Nominal GDP targeting as an idea along with its benefits and challenges, the history of inflation targeting along with its recent evolution, the Fed’s recent framework reviews, as well as corridor (scarce reserves) versus floor (ample reserves) systems.
Recorded on January 7, 2025.
ABOUT THE SPEAKERS:
David Beckworth is a senior research fellow at the Mercatus Center at George Mason University and director of the Mercatus Center’s monetary policy program. His primary research focuses on the targets, tools, operating system...2025-01-1043 minThe Capitalism and Freedom in the Twenty-First Century PodcastMonetary Policy and Central Bank Targets with David Beckworth (Mercatus Senior Research Fellow)Jon Hartley and David Beckworth discuss David’s career, monetary policy, the history of Nominal GDP targeting as an idea along with its benefits and challenges, the history of inflation targeting along with its recent evolution, the Fed’s recent framework reviews, as well as corridor (scarce reserves) versus floor (ample reserves) systems.
Recorded on January 7, 2025.
ABOUT THE SPEAKERS:
David Beckworth is a senior research fellow at the Mercatus Center at George Mason University and director of the Mercatus Center’s monetary policy program. His primary research focuses on the targets, tools, operating system...2025-01-1043 min
Macro Musings with David BeckworthMacro Musings 2024 RetrospectiveDavid Beckworth and producer Sam Alburger dive into the last year of Macro Musings. They pick their favorite episodes, discuss how the year 2024 will be remembered in the macroeconomic history, highlight stories about the making of the show, combine David’s love for basketball and economics, and much more. Check out the transcript for this week’s episode, now with links. Follow David on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! 2024-12-3037 min
Macro Musings with David BeckworthGeorge Selgin on Strategic Bitcoin Reserves, Debanking, and the Fed’s Framework ReviewGeorge Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a returning guest to the program, and he rejoins David on Macro Musings to talk about crypto, strategic Bitcoin reserves, and the Fed’s framework review. Specifically, David and George also discuss George’s outlook for a strategic Bitcoin reserve in the US, the significance of the debanking problem, the path to adopting a nominal GDP targeting framework, and much more. Transcript for this week’s episode. George’s...2024-12-231h 00
Macro Musings with David BeckworthJoey Politano on the AI Investment Boom and Trends in Economic GrowthJoey Politano is an economist and a commentator who writes a popular Substack newsletter on economics. Joey is also a returning guest to Macro Musings, and he rejoins David to talk about the AI investment boom and broader economic growth trends. Specifically, David and Joey also discuss generational differences in economic perspectives, the increased demand for nuclear energy, the importance of AI in driving scientific research, and much more. Transcript for this week’s episode. Joey’s X: @JosephPolitano Joey’s Bluesky: @josephpolitano.bsky.social Joey’s Substack2024-12-1654 min
Macro Musings with David BeckworthZachary Mazlish on the Political Implications of Inflation and the Impact of Transformative AIZachary Mazlish is an economist at the University of Oxford, and he joins David on Macro Musings to explain some recent and important macroeconomic developments, specifically the inflation linkages to the 2024 presidential election and the macroeconomic implications of transformative AI. David and Zach also discuss transformative AI’s impact on asset pricing, optimal monetary policy in world of high growth, the causes of the slowdown in trend productivity, and more. Transcript for this week’s episode. Zach’s Twitter: @ZMazlish Zach’s Substack Zach’s website ...2024-12-0250 min
Macro Musings with David BeckworthEllen Correia Golay on the Keys to Improving Treasury Market ResiliencyEllen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more. DISCLAIMER: Ellen Correia Golay’s views are her own, and the...2024-11-2547 min
Macro Musings with David BeckworthEmil Verner on Banking Crises, Credit Booms, and the Rise of PopulismEmil Verner is an associate professor of finance at MIT Sloan and is a research fellow at the National Bureau of Economic Research. Emil has written widely on financial stability, banking panics, and credit booms, and he joins David on Macro Musings to talk about these issues. Specifically, David and Emil also discuss the causes and policy implications of bank failures, the shortcomings of the Diamond-Dybvig model of bank runs, how financial crises spur the rise of populism, and much more. Transcript for this week’s episode. Register now for Building a Be...2024-11-1855 min
Macro Musings with David BeckworthLoretta Mester on How to Improve the Fed’s Operating FrameworkLoretta Mester was president and CEO of the Federal Reserve Bank of Cleveland from 2014 through June of 2024, and she is a 39-year veteran of the Federal Reserve System. Loretta is also currently an adjunct professor of finance at the Wharton School at the University of Pennsylvania. She joins David on Macro Musings to talk about her time as Fed president and a recent paper she delivered on the Fed’s operating system. David and Loretta also discuss the ongoing battle against inflation, what to expect from the upcoming Fed framework review, and much more. Transcript for...2024-11-1156 min
Macro Musings with David BeckworthJon Hartley on the Shadow Open Market Committee and Macroeconomic PolicyJon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center, and he is also the host of a Hoover Institution podcast titled, *Capitalism and Freedom in the 21st Century.* Jon joins David on Macro Musings to talk about the Hoover Institution’s recent monetary policy conference, *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* as well as some of his own related work. Specifically, Jon and David also discuss the origins, purpose, and influence of the Shadow Open Market Committee, the tension between the fiscal theory of the price level an...2024-11-041h 00
Macro Musings with David BeckworthJoseph Gagnon on the Trinity of COVID-era Inflation and the Upcoming Fed Framework ReviewJoseph Gagnon is a senior fellow at the Peterson Institute for International Economics, a former senior Fed staffer, and a returning guest to the podcast. Joe rejoins David on Macro Musings to talk about the unholy trinity behind the COVID inflation surge and what history can teach us about the unusual inflation experience of that period. David and Joe also discuss the inflationary lessons from the Korean War, the Fed’s upcoming framework review, and much more. Transcript for this week’s episode. Joseph’s Twitter: @GagnonMacro Joseph’s PIIE prof...2024-10-2158 min
Society of Professional Economists - Econ ThoughtsInterview with David BeckworthFilippo Gaddo, Managing Director at MAP and SPE member, held a discussion with David Beckworth, senior research fellow at the Mercatus Center at George Mason University whose research focuses on the targets, tools, operating system, and governance of the Federal Reserve. David is also the host of the widely known Macro Musings podcast.
In the interview, David and Filippo discuss the performance of the Fed during the recent inflationary cycle, why they were behind the curve and what to expect going forward. As part of the conversation about Fed’s decision making David outlines the curr...2024-10-0142 min
Macro Musings with David BeckworthThomas Drechsel on the Effects of Political Pressure and Identifying Monetary Policy ShocksThomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more. Transcript for this week’s episode. Thomas’s website Thomas’s Twitter: @td_econ David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitte...2024-09-301h 00
Macro Musings with David BeckworthMatthew Pines on the Geopolitical and National Security Implications of Cryptocurrency AdoptionMatthew Pines is the director of intelligence for SentinelOne Strategic Advisory Group and is a veteran of the national security world. Matthew is also the author of several papers on cryptocurrencies and their implications for national security, including a recent one titled, *Great Power Network Competition & Bitcoin,* and he joins David on Macro Musings to talk about these linkages. Specifically, David and Matthew also discuss the Strategic Bitcoin Reserve proposal, the problems with our current network approach to national security, how digital currency can enhance dollar dominance worldwide, and much more. Transcript for this week’s...2024-09-2358 min
American Indian and Alaska Native Living“Healing from Head to Toe” with Drs. Schwirzer and BeckworthHost: David DeRose, MD, MPH Guests: Jennifer Schwirzer, LPC, EdD, CEO of Abide Network; W. Jeremy Beckworth, MD, Physical Medicine and Rehabilitation Specialist at Advent Health in Hendersonville, NC. Description: Dr. DeRose welcomes guests who deal with two of the world’s most pervasive problems: mental health disorders and diabetic neuropathy—especially that affecting the feet and legs. For Further Information, contact: www.Abide.Network or (828) 654-8546 (Dr. Beckworth)2024-09-2358 min
Macro Musings with David BeckworthTravis Hill on the Discount Window, Receivership Funding, and Financial TokenizationTravis Hill is the Vice Chairman of the FDIC Board of Directors, and he joins David on Macro Musings to talk about discount window and bank liquidity, receivership funding, and the tokenization of financial assets. Specifically, David and Travis also discuss the push for pre-positioning at the discount window, how the FDIC funds receiverships, the impact of tokenization on the future of banking, and much more. Transcript for this week’s episode. Travis’s FDIC profile David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musin...2024-09-1655 min
Macro Musings with David BeckworthCatherine Pakaluk on *Hannah’s Children: The Women Quietly Defying the Birth Dearth*Catherine Pakaluk is an Associate Professor of Social Research and Economic Thought at the Bush School of Business at the Catholic University of America. Catherine is also the author of a new book titled, *Hannah’s Children: The Women Quietly Defying the Birth Dearth,* and she joins David on Macro Musings to talk about it. Catherine and David also specifically discuss the facts of demographic decline, the women who are pushing back against this trend, its broader implications for the economy and society, and more. Transcript for this week’s episode. Cather...2024-09-0957 min
Macro Musings with David BeckworthCarola Binder on the History of Inflation, the Fed Framework Review, and the Promise of Nominal GDP TargetingCarola Binder is an associate professor of civic leadership and economics at the University of Texas at Austin, and she is the author of a new book titled, *Shock Values: Prices and Inflation in American Democracy.* Carola is also a returning guest to the podcast, and she rejoins David on Macro Musings to talk about this book and some recent work she has done on the Fed’s framework review. David and Carola specifically discuss the history of inflation in the US, the advantages of adopting a nominal GDP targeting regime, what to expect from the Fed’s upcoming fram...2024-08-2650 min
Macro Musings with David BeckworthSamim Ghamami on How to Reform the Treasury MarketSamim Ghamami is an economist at the Securities and Exchange Commission (SEC), where he has been working on reforming the US Treasury market, and he joins David on Macro Musings to talk about these efforts. Samim and David also discuss the long run path of interest rates, the basics of the Treasury market, Samim’s outlook for Treasury market reform, and much more. DISCLAIMER: Samim’s views are his own and do not represent those of his SEC colleagues, the commissioners, or the Chair. Transcript for this week’s episode. ...2024-08-1949 min
Macro Musings with David BeckworthKyla Scanlon on the “Vibecession”, the Vibe Economy, and the Path to Growing American WealthKyla Scanlon is the founder of Bread, a financial education company where she brings economics to a wide and often younger audience, and is also the author of the book, *In This Economy? How Money and Markets Really Work.* Kyla joins David on Macro Musings to talk about a wide range of economic issues, including the case nominal GDP targeting, the basics of the “Vibecession” and the vibe economy, how to further build American wealth, and more. Transcript for this week’s episode. Kyla’s Twitter: @kylascan Kyla’s website 2024-08-1251 min
Macro Musings with David BeckworthNicholas Anthony on *Digital Currency or Digital Control: Decoding CBDC and the Future of Money*Nicholas Anthony is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives, a fellow at the Human Rights Foundation, and is also a returning guest to the podcast. Nick rejoins David on Macro Musings to talk about a new book he has authored titled, *Digital Currency or Digital Control: Decoding CBDC and the Future of Money.* Specifically, Nicholas and David discuss the history of CBDCs, their challenges and drawbacks, Nick’s recommendations for the future, and a lot more. Transcript for this week’s episode. Nick’s Twitter...2024-07-291h 02
Macro Musings with David BeckworthJames Bullard on FAIT, Nominal GDP Targeting, and the Fed’s Upcoming Framework ReviewJames Bullard was the president and CEO of the Federal Reserve Bank of St. Louis from 2008 to 2023, and he is currently the dean of the Mitchell E. Daniels Jr. School of Business at Purdue University. James is also a previous guest of the show, and he rejoins David on Macro Musings to talk about his time at the Fed, FAIT, and the upcoming Fed framework review. Specifically, James and David also discuss how to improve the FOMC’s economic reporting, the case for implementing nominal GDP targeting, the future of R-star, and much more. Transcript for...2024-07-2254 min
Macro Musings with David BeckworthJosh Lipsky on Financial Statecraft, Cross-border Payments, and the Global Status of the DollarJosh Lipsky is the senior director of the Atlantic Council’s GeoEconomics Center. Josh joins David on Macro Musings to talk about the tools of financial statecraft, how they have evolved over the years, and their implications for digital currencies moving forward. Specifically, David and Josh also discuss how financial statecraft would be applied to a possible conflict with China, the current state of the cross-border payments system, the future of wholesale CBDC in the US, and much more. Transcript for this week’s episode. Josh’s Twitter: @joshualipsky Josh’s A...2024-07-1553 min
Macro Musings with David BeckworthSteven Kelly on the Financial Stability Implications of the Discount WindowSteven Kelly is the Associate Director of Research at the Yale Program on Financial Stability and is also a returning guest to the podcast. Steven rejoins David on Macro Musings to talk about the financial stability implications of the discount window. David and Steven also discuss the issues with FHLBs, how to fix the challenge of reporting requirements, restarting the term auction facility and committed liquidity facilities, and much more. Transcript for this week’s episode. Steven’s Twitter: @StevenKelly49 Steven’s blog: Without Warning David Bec...2024-07-0855 min
Macro Musings with David BeckworthMickey Levy on How to Reboot Fed Policy Ahead of its Upcoming Framework ReviewMickey Levy is Chief Economist for the Americas and Asia for Berenberg Capital Markets, a Wall Street veteran, and a longstanding member of the Shadow Open Market Committee. He and his co-author, Charles Plosser, also have a new paper out titled, *The Fed’s Strategic Approach to Monetary Policy Needs a Reboot.* Mickey joins David on Macro Musings to discuss this paper and its implications for the upcoming Federal Reserve framework review. David and Mickey also discuss the impact and importance of a flat Phillips curve, the Fed’s policy mistakes in the wake of its new flexible average infl...2024-06-1758 min
Macro Musings with David BeckworthMary Daly on Fed Policy, the Economic Impacts of AI, and the Future of the Fed’s FrameworkMary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more. Transcript for this week’s episode. Mary’s Twitter: @MaryDalyEcon M...2024-05-131h 01
Macro Musings with David BeckworthSaleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled, *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more. Transcript for this week’s episode. Saleha’s Twitter...2024-04-2253 min
On InvestingWith Stubborn Inflation, What Should the Fed's Target Be? (With David Beckworth)In this episode, Liz Ann Sonders and Kathy Jones analyze the March 2024 CPI data and its impact on the bond markets and Fed policy. CPI came in higher than expected, with significant increases in housing, clothing, and transportation services, probably closing the door on a June rate cut, as the Fed will likely have to be patient and wait for the numbers to improve. Then, Kathy interviews David Beckworth. They discuss the concept of nominal GDP targeting as an alternative approach to monetary policy. He explains that instead of targeting the price level or inflation, nominal GDP t...2024-04-1240 min
Macro Musings with David BeckworthIsabel Schnabel on the ECB and its New Operational FrameworkIsabel 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 David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: ...2024-04-0156 min
Macro Musings with David BeckworthPeter Williams on Interest Rates, Term Premium, and the Importance of Inflation ExpectationsPeter 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 Twitter: @peterdwilliams Peter’s LinkedIn profile Peter’s 22V bio 2024-03-0457 min
Macro Musings with David BeckworthMatteo Maggiori and Jesse Schreger on Geoeconomics and its Policy ImplicationsMatteo 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 episode....2023-12-041h 02
Macro Musings with David BeckworthMatthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance SheetMatthew 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 episode. Matthew’s LinkedIn profile...2023-11-2751 min
Macro Musings with David BeckworthDavid Papell on the History, Motivations, and Current Applications of Monetary Policy RulesDavid 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: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Ma...2023-11-2054 min
Macro Musings with David BeckworthPJ Glandon on the State of Macroeconomics: Research and PedagogyPJ 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 Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings...2023-10-3052 min
Macro Musings with David BeckworthJoe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole SpeechJoe 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 episode...2023-09-1158 min
Macro Musings with David BeckworthChris Conlon on the Post-COVID Inflation Surge and the Greedflation NarrativeChris 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 episode. Chris’s Twitter: @conlon_chris Chris’s website Chris’s NYU prof...2023-07-1059 min
Macro Musings with David BeckworthSteven Kamin on the Global Influence of Fed Policy and the U.S. DollarSteven 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 episode. Stev...2023-06-2656 min
Macro Musings with David BeckworthJeanna 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. Tra...2023-05-1551 min
Macro Musings with David BeckworthNathan Tankus on the Future of MMT and How to Avoid U.S. Debt DefaultNathan 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. Transcript for this week’s episode Nathan’s Twitte...2023-05-081h 08
Macro Musings with David BeckworthBrian Sack on the Fed’s Balance Sheet and How to Improve the Floor Operating SystemBrian Sack was recently the Director of Global Economics at the D.E. Shaw Group, and prior to that, he was the manager of the System Open Market Account or SOMA and the head of the Markets Group at the New York Federal Reserve bank, where he managed the Fed’s balance sheet. Brian joins Macro Musings to talk about the central bank’s balance sheet, its operating system, and his work at the Treasury Borrowing Advisory Committee. Specifically, David and Brian discuss the current state of the Fed’s balance sheet, Brian’s theory of QE, how to improve...2023-05-0147 min
Macro Musings with David BeckworthMark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*Mark Calabria was the Director of the Federal Housing Finance Agency and prior to that, he was formerly a chief economist for Vice President Mike Pence. Mark is also a previous guest of Macro Musings, and he rejoins the podcast to talk about his new book titled, Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted. Specifically, David and Mark discuss Mark’s time as the director of the Federal Housing Finance Agency, the relief programs his agency ushered through during the peak of the COVID crisis, the history and handling of Fannie and Freddie, and a lo...2023-04-2455 min
Macro Musings with David BeckworthGeorge Hall on the History of the U.S. National Debt and Government FinancingGeorge Hall is a professor of economics at Brandeis University, and was formerly an economist at the Chicago Federal Reserve Bank. George has written widely on the history of U.S. public finance, and he joins Macro Musings to talk about the history of the U.S. national debt, including the most recent surge resulting from the pandemic. David and George also discuss how a government goes about funding itself, two different models of expenditure financing, the Revolutionary War and Civil War as case studies, and more. Transcript for the episode can be found here.2023-04-1749 min
Macro Musings with David BeckworthBill Nelson on the Fed’s Discount Window Lending, the Overnight Reverse Repo Facility, and the Shifting Size of the Fed’s Balance SheetBill Nelson is a chief economist and executive vice president of the Bank Policy Institute and was previously 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. He also worked closely with the BIS working groups on the design of liquidity regulations and is a previous guest of the podcast. Bill rejoins Macro Musings to talk about the Fed’s balance sheet, and in particular, the impact that the Fed’s response to the recent banking turmoil has had on i...2023-04-1054 min
Macro Musings with David BeckworthKate Judge and Peter Conti-Brown on the Lessons Learned from the 2023 Banking PanicKate Judge is a professor of law at Columbia Law School and the editor of the Journal of Financial Regulation, and Peter Conti-Brown is an associate professor of financial regulation and the co-director of the Wharton Initiative on Financial Policy and Regulation at the University of Pennsylvania. Both are also returning guests to the podcast, and they rejoin Macro Musings to talk about the banking panic of 2023 and the lessons learned so far. Specifically, Kate, Peter, and David discuss how the scene was set for this recent banking crisis, the quality of the policy response, how to reform the...2023-04-0356 min
Macro Musings with David BeckworthBrian Riedl on the Current and Future Outlook for US Public Finance and Budget ReformBrian Riedl is a senior fellow at the Manhattan Institute where he focuses on budget, tax, and economic policy issues. Previously, he worked for six years as chief economist for Senator Rob Portman of Ohio and as staff director of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth. He also served as director of budget and spending for Marco Rubio’s presidential campaign and was the lead architect of the 10-year deficit reduction plan for Mitt Romney’s presidential campaign. Brian joins Macro Musings to talk about the outlook of US public finance and the tough choices ahea...2023-03-2753 min
Macro Musings with David BeckworthSteven Kelly on the Silicon Valley Bank Collapse and Its Implications for Financial PolicySteven Kelly is a senior research associate at the Yale Program on Financial Stability and is a previous guest of the podcast. Steven rejoins Macro Musings to talk about the recent bank collapses at Silicon Valley Bank (SVB) and Signature, the government response, and what this means for financial stability policy in the present and future. David and Steven also discuss the role that interest rate risk and macro policy played in SVB’s failure, the debate over the systemic nature of this crisis, the implementation and use of the Bank Term Funding Program, and more. ...2023-03-2052 min
Macro Musings with David BeckworthDerek Tang on the Present and Future Landscape for Fed Policy and PoliticsDerek Tang is the CEO and co-founder of LH Meyer, and is part of the research team based in Washington, D.C. where he forecasts Fed policy developments, provides bespoke policy analysis to institutional investors, and also closely monitors and forecasts the Fed’s balance sheet. Derek joins David on Macro Musings to talk about Fed policy, Fed politics, and what to expect in 2023 and 2024. Specifically, David and Derek discuss numerous personnel changes at the Fed, the future of the central bank’s balance sheet, the upcoming Congressional agenda for the Fed, what the next framework review has in stor...2023-03-1352 min
Macro Musings with David BeckworthJoey Politano on Fed Policy, Inflation, and the Current State of the US EconomyJoey Politano is an economist and commentator who writes regularly on his Substack newsletter titled, Apricitas Economics. Joey is also a previous guest of the podcast, and he rejoins Macro Musings to talk about the state of the US economy, inflation, Fed policy, and much more. Specifically, David and Joey discuss the results of the Fed’s ongoing rate hikes, the narrative that higher rates may lead to higher inflation, conducting monetary policy in a supply constrained economy, and more. Transcript for the episode can be found here. Joey’s Twitter: @Joseph...2023-03-0653 min
Macro Musings with David BeckworthPeter Conti-Brown on the Legal and Regulatory Issues Facing the Fed and Financial MarketsPeter Conti-Brown is an associate professor of financial regulation and legal studies at the University of Pennsylvania and is a non-resident fellow at the Brookings Institution. Peter is also a returning guest to Macro Musings, and rejoins the podcast to talk about some of the big legal and regulatory issues facing the financial and monetary policy space today. Specifically, David and Peter discuss the debt ceiling crisis, Fed master accounts, the current state of cryptocurrency, the implications of the Federal Reserve Accountability Act, and the most significant court cases facing the central bank today. Transcript f...2023-02-2752 min
Macro Musings with David BeckworthDavid Wilcox on the Debt Ceiling Crisis and the Crippling Costs of DefaultDavid Wilcox is a non-resident senior fellow at the Peterson Institute for International Economics and is the Director of Economic Research at Bloomberg Economics. Previously, David served for many years on the staff of the Federal Reserve Board, as deputy director from 2001 to 2011 and as director from 2011 to 2018 of the Division of Research and Statistics. In the latter role, he functioned as the chief economist of the division, a senior advisor to three successive chairs of the board, and the division leader for strategic direction as well as chief manager. David joins Macro Musings to talk about a recent...2023-02-2051 min
The New BazaarMacro Musings with David BeckworthThis is a special episode from the podcast Macro Musings, hosted by economist David Beckworth. David interviews Cardiff along with Heather Long of the Washington Post and Ryan Avent of The Economist about their reflections on the last three years. What they got wrong, what they got right, what shocked them, and what the lessons of these extraordinary, tumultuous times herald for the future. Hosted on Acast. See acast.com/privacy for more information.2022-12-2655 min
Macro Musings with David BeckworthHeather Long, Ryan Avent, and Cardiff Garcia on Pandemic Reflections and Economic Predictions for the FutureFor this special end of the year edition of Macro Musings, Heather Long, Ryan Avent, and Cardiff Garcia rejoin the podcast to reflect on the biggest economic surprises and stories of the past few years, while giving their outlook and predictions for the future. Heather Long is an editorial writer and columnist for the Washington Post, Ryan Avent is the trade and international economic editor for the Economist Magazine, and Cardiff Garcia is a veteran journalist for the Financial Times and NPR as well as the host of the New Bazaar podcast and the co-founder of Bazaar Audio. Specifically...2022-12-2654 min
Macro Musings with David BeckworthJoe Gagnon on *25 Years of Excess Unemployment* and the Phillips Curve DebateJoe 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 the podcast, and he rejoins Macro Musings to take a look back on the past few years and to discuss his new paper on excess unemployment over the past 25 years. Specifically, David and Joe also discuss the movement of the natural rate of unemployment over time, alternative explanations for the flattening of the Phillips curve, policy implications for the Fed moving forward, and more. 2022-12-1253 min
Macro Musings with David BeckworthPatrick Horan and David Beckworth on *The Fate of FAIT* and the Future of the Fed’s Monetary FrameworkIn this special episode of Macro Musings, David Beckworth and Patrick Horan join guest host Carola Binder to discuss their newest paper, *The Fate of FAIT: Salvaging the Fed’s Framework.* Patrick Horan is a research fellow in the Mercatus Center’s Monetary Policy Program and Carola Binder is an associate professor of economics at Haverford College as well as a visiting scholar at the Mercatus Center. In addition to their paper, Pat and David also talk about the basics of flexible average inflation targeting, how it compares to temporary price level targeting, the differences between the Fed’s old an...2022-11-2151 min
Macro Musings with David BeckworthMacro Lit Review 2: Highlights from Late 2022 with George SelginGeorge 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 of the podcast, and he rejoins David on Macro Musings once again to discuss their top three articles from the past few weeks related to macroeconomics and monetary policy. Specifically, David and George talk about Jerome Powell’s recent criticism of nominal GDP targeting, Lael Brainard’s recent comments regarding FedNow and real-time payments, the debate surrounding the Fed’s campaign against inflation, and a lot more. Transcript for the...2022-10-1056 min
Macro Musings with David BeckworthMacro Lit Review 1: Highlights from Mid-2022 with George SelginGeorge Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. He is also the most frequent guest on Macro Musings, now appearing for his 12th time. In this episode, George and David identify and discuss their top three articles from the past few weeks related to macroeconomics and monetary policy. Specifically, George and Selgin discuss Lael Brainard’s recent speech defending the Fed’s prospects of issuing central bank digital currency, Janet Yellen’s concession about the path that inflation has taken, the governmental accounting of Federal Reserve losses...2022-06-1357 min
Macro Musings with David BeckworthPeter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary PolicyPeter Ireland is a professor of economics at Boston College, a research associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee. Peter has also been a visiting scholar at numerous Federal Reserve Banks and is a returning guest to the podcast. He rejoins Macro Musings to talk about U.S. monetary policy during the pandemic and what the path forward looks like for the Fed and the policy landscape. David and Peter also discuss the current state of macroeconomics, including the most influential and popular business cycle theories, the present direction...2022-05-0957 min
Macro Musings with David BeckworthDavid Beckworth on the Safe Asset Theory of Inflation, Comparing Central Bank Frameworks, and a Year of Macro Musings in ReviewIn this special end-of-the-year episode of Macro Musings, David Beckworth joins guest host David Andolfatto of the St. Louis Fed to discuss a wide range of macroeconomic topics, including podcast highlights from the whole of 2021. More specifically, both Davids talk about the similarities and differences between average inflation targeting and NGDP targeting, the recent inflation puzzles that have plagued the macroeconomy, David’s safe asset theory of inflation, and more. Want to support the show? Visit donate.mercatus.org/podcasts Transcript for the episode can be found here. Dav...2021-12-2747 min
Macro Musings with David BeckworthBONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary PolicyMacro Musings is back with another bonus episode, as Sam Bell and Skanda Amarnath (Employ America) are joined by Julia Coronado (Macro Policy Perspectives) and David Beckworth (Macro Musings) to talk through the announcement of the Fed’s framework transition towards average inflation targeting. Specifically, this panel of guests discuss the implications of moving to an average inflation targeting regime, whether the shift may cause credibility problems for the central bank, how to continue to improve the Fed’s toolkit, and more. Special thanks to the Employ America team for allowing us to use their webca...2020-09-0258 min
Macro Hive Conversations With Bilal HafeezDavid Beckworth On The Problems With The Fed And How To Fix ItIn this episode, I talk with David Beckworth. David is the host of one of my favourite economics podcasts, Macro Musings. He is also a Senior Research Fellow at the Mercatus Center at George Mason University and a former international economist at the US Treasury. He is the author of Boom and Bust Banking: The Causes and Cures of the Great Recession. His research focuses on monetary policy, and he has advised congressional staffers on policy. In this podcast we discuss: 1. What did the Fed do right and wrong in its COVID response 2. How the Fed i...2020-08-2844 min
Macro Musings with David BeckworthDavid Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 CrisisIn this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies. Special thank y...2020-07-2744 min
Macro Musings with David BeckworthAlex Tabarrok on COVID-19 Response Efforts, Proposals for Continued Recovery, and Lessons for the FutureAlex Tabarrok is a professor of economics at George Mason University and a research fellow at the Mercatus Center. Alex joins David Beckworth on the podcast to discuss how best to deal with COVID-19 and what lessons we can learn from it moving forward. Transcript for the episode can be found here. Alex’s Twitter: @ATabarrok Alex’s GMU profile: https://mason.gmu.edu/~atabarro/ Related Links: Bonus segment with Tabarrok: https://www.youtube.com/watch?v=tQUnnumgXvw&feature=youtu.be 2020-04-1354 min
Macro Musings with David BeckworthClaudia Sahm on Direct Payments to Individuals and Other Policy Responses to the COVID-19 CrisisClaudia Sahm is the Director of Macroeconomic Policy at the Washington Center for Equitable Growth and formerly was a section chief at the Board of Governors of the Federal Reserve System. Claudia specializes in macroeconomics and household finance, and joins the show today to talk about what the Fed has recently done and what fiscal policy can do in response to the economic meltdown caused by COVID-19. Specifically, David and Claudia discuss sending out direct payments to individuals, what the Fed’s remaining toolkit may look like, and how the freshly minted Sahm Rule may be of paramount importance as...2020-03-1856 min
Hayek Program PodcastLawrence H. White And David Beckworth On The Legacy Of Allan H. MeltzerOn this episode of the Hayek Program Podcast, Lawrence H. White and David Beckworth discuss the legacy and work of Allan H. Meltzer as laid out in a recent book edited by Beckworth, "Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy." During the conversation, they covered the details of Meltzer's life as an economist and how his work continues to influence other monetarists today as well as Meltzer’s views on monetary rules and fiat money versus the gold standard.
CC Music: Twisterium2020-03-1638 min
Macro Musings with David BeckworthScott Sumner on How Central Banks Should Respond to the Coronavirus ThreatScott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, and a returning guest to Macro Musings. Scott joins the show today to talk about the recent market turmoil caused by the COVID-19 coronavirus and its implications for monetary policy. David and Scott also discuss how the Fed should respond to a possible pandemic, why monetary policy is preferable to fiscal policy during a crisis, and how to approach the central bank credibility problem. Transcript for the episode can be found here: https://www.mercatus.org/br...2020-03-0254 min
Macro Musings with David BeckworthMacro Musings Producers’ Special – A Recap of 2019 and a Glimpse into the FutureTo accompany the new year, David Beckworth is joined by the producers of Macro Musings, Marc and Carter, to talk about the highlights of the podcast throughout 2019, including their personal favorite episodes and the top episodes according to listener statistics. They also discuss some of the most important macroeconomic issues and events of the past year, including the yield curve inversion and ensuing recession speculation, the secular decline of interest rates, the Fed’s big 2019 review, and more. A massive thank you to all of our listeners who have tuned in over the past few yea...2020-01-2056 min
Macro Musings with David BeckworthDavid Beckworth on the Facts, Fears, and Functionality of NGDP Level TargetingIn this special episode of Macro Musings, the roles are reversed, and David Beckworth joins guest host Cardiff Garcia, host of NPR’s “The Indicator from Planet Money”, to talk about his newest paper, *Facts, Fears, and Functionality of NGDP Level Targeting: A Guide to a Popular Framework for Monetary Policy*. David and Cardiff conduct a deep dive into the plumbing of this potential monetary regime, as they discuss some of the most the important questions surrounding it. Some of these questions include: what is nominal GDP level targeting, and how does it differ from the Fed's current inflation target...2019-10-161h 00
Macro Musings with David BeckworthChris Crowe on Hedge Fund Perspectives and the Economic Implications of BrexitChris Crowe is head of economic research at Capula Investment Management, a London-based hedge fund, where he covers global economics, primarily the G10 countries plus China. Chris was previously UK economist at Barclays and prior to that he worked at the International Monetary Fund (IMF). He joins the show today to give us the perspective of a macroeconomist from inside a hedge fund on markets, Brexit, and other current events as well as some of his own research. David and Chris also discuss central bank independence, the overall economic impacts of Brexit, and the implications of Jay Powell’s te...2019-08-1958 min
Macro Musings with David BeckworthBonus Episode – Watch Party for the Fed’s Historic Interest Rate CutIn this special bonus episode of Macro Musings, David Beckworth joins Employ America and several other monetary policy enthusiasts on the day of the July FOMC meeting to discuss what would be an historic event – the first interest rate cut executed by the Fed since December 2008, and the market reactions to this event. In addition to their discussion of this eventual rate cut, David and the other Fed watchers also get a chance to talk about Judy Shelton’s nomination to the Fed Board of Governors, the significance and aftermath of the recent Humphrey Hawkins hearing, how the Fed’s decisi...2019-08-0737 min
Macro Musings with David BeckworthDavid Andolfatto on a Standing Repo Facility, Safe Asset Shortage, and the Fed's Low Inflation ProblemDavid Andolfatto is a vice president of the St. Louis Federal Reserve Bank and is published widely in the field of monetary economics. He also blogs at MacroMania, and has recently published on issues such as the zero lower bound, the symmetry of the Fed’s inflation target, a new standing repo facility, and MMT. David is a returning guest to Macro Musings, and he joins the show today to talk about these issues. David and David also discuss the safe asset shortage, average and flexible inflation targeting, and the legal, political, and economic restraint surrounding negative interest rates....2019-05-0659 min
Macro Musings with David Beckworth145 – George Selgin on *Floored!*George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives, professor emeritus of economics at the University of Georgia, and a returning guest to show. For this special live episode, George joins Macro Musings to talk about his new book, *Floored: How a Misguided Fed Experiment Deepened and Prolonged the Great Recession.* David and George also discuss the liquidity coverage ratio, the Fed’s transition from a corridor to a floor system, and the arguments for and against such an operating system. Transcript for the episode: https://www.mercatus.org/bri...2019-02-251h 13
Macro Musings with David Beckworth132 – Scott Sumner on the Lessons Learned for Monetary Policy, Ten Years Later after the CrisisThis week, Scott Sumner joins David Beckworth at the University of Texas at Austin for the Financial Crisis Symposium: “Ten Years Later: What Does the Data Say?” hosted by the Center for Enterprise and Policy Analytics at the McCombs School of Business. In this special live episode, Scott offers his thoughts on what the data tells us about the 2008 Financial Crisis from a monetary policy perspective. David and Scott also discuss using markets to guide monetary policy, why the Fed should conduct retrospective analyses, why we may want to replicate Australian monetary policy, and more. Transcript to this...2018-11-121h 08
Macro Musings with David Beckworth114 - Mark Copelovitch on the Political Economy of the Global Recession and the Eurozone CrisisMark Copelovitch is an associate professor of political science at the University of Wisconsin-Madison and studies the politics of international trade, money, and finance. He joins the show today to discuss the politics of the global recession and the Eurozone Crisis. David and Mark dive deep into these topics, as they examine how policymakers failed during the Great Recession, and how effects of the Eurozone crisis varied across Europe. They also discuss whether the recent Italian elections can be viewed as a consequence of Eurozone failures. Mark’s Twitter: @mcopelov Mark’s University of Wisconsin-Madison profile: https://polisci.wisc.edu/peop...2018-07-091h 05
Macro Musings with David Beckworth113 – Dan Griswold on the Benefits and Myths of ImmigrationDan Griswold is a research fellow and co-director for the Program on the American Economy and Globalization at the Mercatus Center. He is a nationally recognized expert on trade and immigration and is a previous guest on Macro Musings. He joins the show today to discuss his recent policy brief, *The Benefits of Immigration: Addressing the Key Myths* in addition to some of his other work on the issue. Some of the topics Dan and David explore include immigration’s positive effects on economic growth, the importance of immigrants in maintaining demographic stability, and other false narratives surrounding their perceived fi...2018-07-0258 min
Macro Musings with David Beckworth111 - Nick Timiraos on the History and Economics of Fannie Mae and Freddie MacNick Timiraos is a national economics correspondent for the Wall Street Journal and covers topics relating to the Federal Reserve. He also covered the housing bust and the government’s response to the mortgage crisis during the Great Recession as well as the government-sponsored enterprises, Fannie Mae and Freddie Mac. Nick joins the show today to discuss the long and controversial history surrounding the two GSEs on the 10 year anniversary of their conservatorship. David and Nick also discuss the evolution of the U.S. housing market as well as the advent and characteristics of securitization. Nick’s Twitter: @NickTimiraos Nick’s Wall...2018-06-181h 04
Macro Musings with David Beckworth105 – David Andolfatto on Inflation and the Phillips CurveDavid is the Vice President of the St. Louis Federal Reserve Bank, and has published widely in the field of monetary economics. He also writes for his blog, MacroMania, where he covers a multitude of economic topics. David joins the show today to discuss the economics behind the Phillips Curve, and to help provide a greater understanding of the debate surrounding it. They also discuss the mystery of low inflation in the United States, the excess money demand problem, and the important role debt plays within international monetary policy. David Beckworth’s blog: macromarketmusings.blogspot.com David Beckworth’s Twitter: @Davi...2018-05-0759 min
Macro Musings with David Beckworth99 – Edward Nelson on Money, its Role within Monetary Policy, and the Monetarist LegacyEd Nelson is a senior advisor at the Federal Reserve Board of Governors and formerly worked at the St. Louis Federal Reserve Bank and the Bank of England. Today, he joins the show to discuss his research on the role of money in business cycles. David and Ed also discuss nominal income targeting, Milton’s Friedman’s influence on monetary economics, and Australia’s successful monetary policy performance. [To sign-up for Mercatus’ NGDP prediction market, go to get.mercatus.org/ngdppredictions/. Just answer a few simple questions, and you’ll receive an email invitation to start forecasting!] David’s blog: macromarketm...2018-03-261h 07
Macro Musings with David Beckworth92 - Ángel Ubide on Getting Central Banks Out of Their Comfort ZonesÁngel Ubide is a Managing Director at Goldman Sachs and formerly was a Senior Fellow at the Peterson Institute for International Economics. Today, he joins the show to discuss his new book *The Paradox of Risk: Leaving the Monetary Policy Comfort Zone.* Ángel argues that the Federal Reserve has become too afraid to take risks when implementing new policies. Instead, he offers alternative proposals aimed to move monetary policy out of its comfort zone. David and Ángel also discuss the Eurozone crisis, the ECB, and using more effective communication, accountability, and greater transparency to minimize biases within monetary policy. David’s blo...2018-01-291h 03
Macro Musings with David Beckworth64 - Ricardo Reis Defends MacroeconomicsRicardo Reis is a professor of economics at the London School of Economics and the editor of the prominent Journal of Monetary Economics. He joins the show to discuss the state of macroeconomics, which has recently come under attack from many commentators who claim the discipline lacks empirical rigor and has failed to accurately forecast economic conditions. Ricardo gives a nuanced defense of macroeconomics, arguing macroeconomic research is, indeed, quite vibrant and empirical. Furthermore, he argues that although there have been shortcomings, macroeconomics has greatly improved over the past few decades in its ability to forecast and inform policy debates...2017-07-031h 06
Macro Musings with David Beckworth60 – Matt Klein on Greece, Optimal Currency Areas, and Safe AssetsMatt Klein is a columnist for the Financial Times and blogger at FT Alphaville. Today, he joins the show to discuss his work on the Eurozone, optimal currency areas, and safe assets. David and Matt examine the monetary policy problems and debt burdens facing the Eurozone area and Greece, in particular. They also chat about the possibility of the United States becoming less of an optimal currency, which would make Fed policy more challenging. David’s blog: http://macromarketmusings.blogspot.com/ Matt Klein’s bio: https://ftalphaville.ft.com/meet-the-team#matthew-c-klein David’s Twitter: @DavidBeckworth Matt Klein’s Twitter: @M_C_Klein...2017-06-051h 02
Macro Musings with David Beckworth58 – David Schleicher on Local and State Regulation and Declining MobilityDavid Schleicher is an Associate Professor of Law at Yale Law School and is an expert in election law, land use, local government law, urban development, transportation, and local regulation of the sharing economy. He joins the show to discuss his new journal article, “Stuck! The Law and Economics of Residential Stability,” which argues that government regulations, such as occupational licensing and land-use laws, have led to a significant decline in inter-state mobility. Schleicher describes the negative macroeconomic implications of this trend and explains how we can reverse it. David’s blog: http://macromarketmusings.blogspot.com/ David Schleicher’s Yale profile...2017-05-2255 min
Macro Musings with David Beckworth53 – James Bullard on Life as a Fed Bank President and Monetary Policy in 2017In this week’s episode, Jim Bullard, the president and CEO of the Federal Reserve Bank of St. Louis, joins the show to discuss his work as a Federal Reserve executive and as a researcher in monetary policy. Bullard shares his thoughts on why inflation has been so persistently low since 2008 and whether the Fed should pursue a more symmetric inflation target. He and David also discuss the Fed’s plans for monetary policy in 2017. In Bullard’s view, the Fed should focus on reducing its balance sheet before it turns to raising rates further. (Note: this episode was recorded on Apr...2017-04-1758 min
Macro Musings with David Beckworth52 – Tyler Cowen on Complacency, Immobility, and StagnationTyler Cowen is a professor of economics at George Mason University as well as the general director of the Mercatus Center at George Mason University. He joins the show to discuss his new book, *The Complacent Class: The Self-Defeating Quest for the American Dream.* Tyler argues that restlessness and willingness to take risks have been key traits throughout American history. However, in the last few decades, American society has become more risk-averse. While we may have become more comfortable with less risk-taking, this complacency has led to less innovation and dynamism in the economy. Such stasis is causing economic stagnation...2017-04-1055 min
Macro Musings with David Beckworth41 - Gauti Eggertsson on the Zero-Lower Bound and Liquidity TrapsGauti Eggertsson is a professor of economics at Brown University. Previously, he worked at the research departments at the International Monetary Fund and the Federal Reserve Bank of New York. He joins the show to discuss his work on the history of liquidity traps and extremely low and even negative interest rates. He and David discuss examples from the Great Depression to Japan in the 1990s to today. Gauti also shares his thoughts on the Fed’s quantitative easing (QE) program and why it failed to return the economy back to normal. David’s blog: http://macromarketmusings.blogspot.com/ Gauti’s Brow...2017-01-231h 00
Macro Musings with David Beckworth16 - David Andolfatto on Life at the Fed, Equity-Based Finance, and the BlockchainDavid Andolfatto is a vice president of the St. Louis Federal Reserve Bank and a professor of economics at Simon Fraser University. He joins the show to discuss life at the St. Louis Fed, equity-based finance as a means of averting financial crises, and challenges in using monetary policy to drive nominal growth. Finally, David also clarifies some of the misconceptions surrounding Blockchain technology and explains what this technology may mean for Federal Reserve policy. David Beckworth’s Twitter: @davidbeckworth David Beckworth’s Blog: http://macromarketmusings.blogspot.com/ David Andolfatto’s Twitter: @dandolfa David Andolfatto’s Blog: http://andolfatto.blogspot.com/ Rel...2016-07-2559 min
Macro Musings with David Beckworth09 - Josh Hendrickson on Measuring Money in the EconomyJosh Hendrickson, assistant professor of economics at the University of Mississippi, joins the show to discuss whether money matters anymore. It may come as a surprise to the layman, but most monetary economists don’t pay close attention to the money supply. Instead, they prefer to look at economic slack, inflation, and interest rates when considering monetary policy. Hendrickson pushes back against this view by making the case that money does still matter both theoretically and empirically. He shows how new modeling approaches and better money measurements point to an important role for money. The run on the shadow banking sy...2016-06-0658 min
EconTalkDavid Beckworth on Money, Monetary Policy, and the Great RecessionWas the Financial Crisis of 2008 caused by a crisis in the housing market? Or did the Federal Reserve turn a garden-variety recession into the Great Recession? David Beckworth of Western Kentucky University talks with EconTalk host Russ Roberts about the Fed's response to the recession that began in December of 2007 and worsened in 2008. Beckworth argues that the Fed failed to respond adequately to the drop in nominal GDP by keeping interest rates too high for too long. Beckworth describes what he thinks the Fed should have done and the lessons we should learn going forward to reduce the severity...2016-05-301h 03
Macro Musings with David Beckworth03 - John Cochrane on Finance, the Fiscal Theory of the Price Level, and BloggingIn this episode, John Cochrane, senior fellow at the Hoover Institution and blogger at The Grumpy Economist, discusses his journey into economics and finance with host David Beckworth. They also discuss the controversial fiscal theory of the price level, which argues that fiscal policy, not monetary policy set by central banks, primarily determines inflation. David’s blog: http://macromarketmusings.blogspot.com/ John Cochrane’s blog: http://johnhcochrane.blogspot.com/ John Cochrane’s Twitter: https://twitter.com/JohnHCochrane Links from today’s conversation: http://faculty.chicagobooth.edu/john.cochrane/research/papers/Campbell_Cochrane_By_Force_of_Habit_(JPE).pdf http://faculty.chicagob...2016-04-2557 min
Macro Musings with David Beckworth02 - John Taylor on the Taylor Rule, the 2008 Crisis, and Fed ReformJohn Taylor of Stanford University and the Hoover Institution joins host David Beckworth to discuss Taylor's famous monetary rule for central banks in setting interest rates in response to changes in inflation and output. They discuss how Taylor discovered the rule and how it has performed over time. Taylor also shares his thoughts for improving current Federal Reserve policy. David's blog: http://macromarketmusings.blogspot.com John Taylor's blog: http://economicsone.com/ Links from today's conversation: http://web.stanford.edu/~johntayl/Papers/Discretion.PDF http://www.federalreserve.gov/newsevents/speech/yellen20120606a.htm http://www.hoover.org/sites/default/files/research...2016-04-1856 min
Macro Musings with David Beckworth01 - Scott Sumner on *The Midas Paradox*, the Fed, and MoreWelcome to Macro Musings, a new podcast exploring the important macroeconomic issues of the past, present, and future. In the inaugural episode, Scott Sumner joins host David Beckworth to talk about Scott's new book *The Midas Paradox*, which advances a bold new explanation of what caused the Great Depression. They also discuss Scott's path into macro and monetary economics as well as what the Fed got wrong in 2008. David's blog: http://macromarketmusings.blogspot.com Scott's blog: http://www.themoneyillusion.com/ Links from today's conversation: http://www.amazon.com/The-Midas-Paradox-Government-Depression/dp/1598131508 http://w...2016-03-3155 min