Macro Musings, 3434 Washington Boulevard (2024)

09/01/2023

The Fed had its hands full with personnel changes, Master Account discourse, and other major FinReg issues in 2022, and the next year is poised to be full of even more challenges. https://loom.ly/8Ti3wCU

Victoria Guida is an economics reporter for Politico where she covers monetary policy and financial regulator

02/01/2023

The emergence of super apps in China is a marvel of technological convenience, but they remain a double-edged sword with potentially Orwellian consequences. https://loom.ly/URmXp9M

Martin Chorzempa is a senior fellow with the Peterson Institute for International Economics and is the author

26/12/2022

Further development of AI, the ongoing geopolitical struggle with China, and continued labor supply challenges are just a few of the biggest economic issues facing the US over the next decade. https://loom.ly/uNV8QmA

For this special end of the year edition of Macro Musings, Heather Long, Ryan Avent, and Cardiff Garcia rejoi

19/12/2022

As future inflationary trends remain uncertain across Europe, the ECB must walk a tightrope when considering further rate hikes. https://loom.ly/T3E7XPw

Tomas Hirst is a macro analyst in the Strategy and Allocation division at LMI and formerly worked at Credit S

12/12/2022

The past 25 years of unemployment and inflation data has demonstrated that it might be time to rethink how macroeconomics views the Phillips curve relationship. https://loom.ly/FSbEo-8

Joe Gagnon is a senior fellow at the Peterson Institute for International Economics and was formerly a senior staffer at the Federal Reserve Board of Governors. Joe is also a returning guest to the podcast, and he rejoins Macro Musings to take a look back on the past few years and to discuss his new...

05/12/2022

As the economic, political, and social environment begins to collapse around Xi Jinping, China’s perceived hegemony is beginning to display serious cracks. https://loom.ly/n_l2HHc

Noah Smith is a former columnist for Bloomberg and is now a popular writer at his own Noahpinion Substack. Noah is also a returning guest to the podcast, and rejoins Macro Musings for a wide ranging discussion on some of the recent issues he’s been covering on his Substack, including China, social...

28/11/2022

How the Great Depression helped the U.S. develop into an optimal currency area. https://loom.ly/9nqyBo8

Hugh Rockoff is a professor of economics at Rutgers University and has done extensive work in U.S. monetary history. He joins the show to discuss the criteria for an ideal monetary union and argues that the U.S. didn’t really become an optimal currency area until the 1930s. David and Hugh then dis...

21/11/2022

As inflation soars, the Fed’s new monetary regime has faced heavy criticism, but adding a nominal GDP targeting component may help salvage this recently adopted framework. https://loom.ly/vrE99tw

In 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 ...

14/11/2022

Although it’s easy to blame recent inflationary trends on the Fed’s actions, measuring the true effects of monetary policy is much more difficult macroeconomic exercise.
https://loom.ly/9zoSa8I

Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research fellow with the Center for Economic Policy Research. Ethan is also a returning guest to the show, and he rejoins David on Macro Musings to talk about the international implications of Fed Policy an...

07/11/2022

Megan Greene is a senior fellow at the Watson Institute for International and Public Affairs at Brown University and is the global chief economist at Kroll. She rejoins David on Macro Musings to talk about the basics of what caused the UK’s recent crisis, how persistent inflation continues to impact the global economy, the current outlook for international energy production, and a lot more.

Megan Greene is a senior fellow at the Watson Institute for International and Public Affairs at Brown University and is the global chief economist at Kroll. Megan is also a contributing editor and columnist for the Financial Times and is a returning guest to the podcast.

31/10/2022

Yesha Yadav is a law professor and associate dean of Vanderbilt Law School. Yesha works on banking and financial regulation, securities regulation, the law of money and payment system, and is a returning guest to the podcast. She rejoins Macro Musings to talk about recent developments in the Treasury market and the prospects for reform. David and Yesha also discuss the future of CBDC in the US, the recent economic crisis in the UK, and a lot more. https://loom.ly/dDbgIDI

Yesha Yadav is a law professor and associate dean of Vanderbilt Law School. Yesha works on banking and financial regulation, securities regulation, the law of money and payment system, and is a returning guest to the podcast. She rejoins Macro Musings to talk about recent developments in the Treasur...

25/10/2022

Peter Ganong is an associate professor at the Harris School of Public Policy at the University of Chicago. He joins David on Macro Musings to talk about his work on the dynamism and resiliency of the US economy. Peter and David also discuss the income convergence story in the US, how to address increased housing costs, the economic effects of pandemic response measures, and a lot more. https://loom.ly/ctHBsSU

Peter Ganong is an associate professor at the Harris School of Public Policy at the University of Chicago. He joins David on Macro Musings to talk about his work on the dynamism and resiliency of the US economy. Peter and David also discuss the income convergence story in the US, how to address incr...

18/10/2022

Bill Nelson rejoins David on Macro Musings to talk about his new note that is titled, "Bank Examiner Preferences are Obstructing Monetary Policy." David and Bill also discuss how the Fed’s forward guidance is affecting recent market turmoil, how to change the mindset of bank examiners and the public, why the Fed should look into establishing a committed liquidity facility, and more. https://loom.ly/UNjZ_dM

Bill Nelson is the chief economist and executive vice president at the Bank Policy Institute. He previously worked as 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...

03/10/2022

Bill English joins Macro Musings to talk about his time at the Federal Reserve, recent Fed developments, and a paper he co-authored titled, “What If the Federal Reserve Books Losses Because of Its Quantitative Easing?” https://loom.ly/4MQBUQ4

Bill English is a professor at Yale University, a former senior Fed staffer, and a veteran of the Bank for International Settlements.

26/09/2022

Andrew Levin returns to discuss the costs and benefits of the Fed’s QE4 program, the Fed’s recent record on inflation, QE4’s impact on market functioning, the present and future of the Fed’s balance sheet, and more. https://macromusings.libsyn.com/andrew-levin-on-the-costs-and-benefits-of-qe4-and-the-future-of-the-feds-balance-sheet

Andrew Levin is a professor of economics at Dartmouth College and a former long-time Fed official. Andy is also a previous guest of Macro Musings and rejoins the podcast to talk about the costs and benefits of the Fed’s QE4 program. David and Andy also discuss the Fed’s recent record on inflatio...

19/09/2022

Steven Kelly is a senior research associate at the Yale Program on Financial Stability. Steven joins David on Macro Musings to discuss his work on financial stability and the role the Federal Reserve plays in it. https://loom.ly/db3XmA8

Steven Kelly is a senior research associate at the Yale Program on Financial Stability. Steven joins David on Macro Musings to discuss his work on financial stability and the role the Federal Reserve plays in it.

12/09/2022

Scott Sumner joins Macro Musings to discuss his upcoming book, "Alternative Approaches to Monetary Policy," as well as how the Fed’s monetary policy mistakes in 2008 impacted the direction of Scott’s research, and much more. https://loom.ly/ZLbt-t8

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center.

06/09/2022

Hanno Lustig rejoins the podcast to talk about fiscal dominance, global inflation, interest rates, wealth and equality, and Eurozone challenges. https://loom.ly/AUVywKU

Hanno Lustig is a professor of finance at Stanford University and a senior fellow at the Stanford Institute for Economic Policy Research. Hanno is also a former guest on Macro Musings and rejoins the podcast to talk about fiscal dominance, global inflation, interest rates, wealth and equality, and E...

29/08/2022

Josh Young joins David on Macro Musings to discuss the current state of the Treasury market and various reforms that have recently been proposed for it. Josh and David cover the history and evolving structure of the Treasury market, the emergence of high frequency trading firms over the past decade, the factors behind the 2020 dash for cash, current stresses on the Treasury market, as well as potential reforms for the market going forward. https://loom.ly/oKMLzJA

Josh Younger is currently a managing director and global head of ALM research and strategy at JP Morgan, and previously spent over a decade as a senior market strategist focused on interest rate and money markets. Josh joins David on Macro Musings to discuss the current state of the Treasury market....

22/08/2022

Carola Binder joins this week's episode to discuss why we should care about inflation expectations, which survey measures are most important, how policymakers should respond, and more. https://loom.ly/5WPafgM

Carola Binder is an associate professor of economics at Haverford College and is currently a visiting scholar in the Monetary Policy Program at the Mercatus Center. She is also an associate editor at the Review of Economics and Statistics and the Journal of Money Credit and Banking. Carola rejoins M...

15/08/2022

Jeffrey Lacker joins David on Macro Musings to discuss the traditions of the Richmond Fed, the history of the Federal Reserve’s implicit inflation target prior to 2012, the two percent inflation target formalized in 2012, the more recent transition to an average inflation target, what the Fed should consider during its next comprehensive framework review, and much more. https://loom.ly/ENIDg08

Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017, and more recently served as a distinguished professor of economics at the Virginia Commonwealth University School of Business through 2022. Currently, Jeff serves on the Shado...

10/08/2022

In this bonus episode, David and Gerard discuss the recent Senate report which details the Chinese Government’s decade-long campaign to infiltrate the US Federal Reserve System. Gerard brings his expertise in both national security and monetary policy to this conversation with David to shed some light on this news story. https://loom.ly/SG6lNGo

Gerard DiPippo is a senior fellow with the economics program at the Center for Strategic and International Studies. Previously, he spent 11 years in the US intelligence community as a deputy national intelligence officer for economic issues at the National Intelligence Council and as a senior econom...

08/08/2022

Gerard DiPippo joins Macro Musings to talk about the Russia Sanctions, the global monetary system, demographics, and other economic issues viewed through the lens of national security. https://loom.ly/mDYL9rQ

Gerard DiPippo is a senior fellow with the economics program at the Center for Strategic and International Studies. Previously, he spent 11 years in the US intelligence community as a deputy national intelligence officer for economic issues at the National Intelligence Council and as a senior econom...

01/08/2022

As inflation persists and recession risks grow, the Fed is taking measures to ensure a flexible policy response to any changes in economic conditions moving forward. https://loom.ly/1Wms3G0

Tom Graff is the head of investments for Facet Wealth and has several decades leading fixed income departments. Tom joins David on Macro Musings to provide his thoughts on the recent FOMC meeting, the Q2 2022 GDP numbers and their implications for the economy, and the future path of Fed policy.

25/07/2022

Ellen Meade joins David to discuss the prospect of central bank independence at the Fed and the specter of fiscal dominance, the recent history of secrecy and transparency at the Fed and how that impacts the incentives to dissent, the effect of the Fed’s forward guidance on recent policy events, what lessons from the past two years the Fed should incorporate into its next framework review, and much more. https://loom.ly/YKgtpQk

Ellen Meade is a research professor of economics at Duke University and a veteran of the Federal Reserve System. Most recently, Ellen served as a special advisor to the board and Vice Chair, Richard Clarida. Ellen joins David on Macro Musings to discuss her research on monetary policy and her work a...

18/07/2022

Randy Quarles joins David to discuss how the Fed fell behind the curve on inflation, how he sees the balance sheet reduction process playing out, the central bank’s shifting focus toward climate change, and more. https://loom.ly/SHGJns8

Randal Quarles is the executive chairman of the Cynosure Group and the former Vice Chair of Supervision for the Federal Reserve Board of Governors. Randy also served as an official in the US Department of Treasury, and he joins Macro Musings to talk about his time at the Federal Reserve and his thou...

11/07/2022

On this week's episode, Kathy Jones and David Beckworth discuss the story behind the recent economic slowdown, why equity markets are behind the recessionary curve, Kathy’s sense on QT moving forward, and more. https://loom.ly/TBmj8Us

Kathy Jones is managing director and chief fixed income strategist for the Schwab Center for Financial Research, and she has spent many years on Wall Street, covering bond markets and foreign exchange. Kathy joins Macro Musings to talk about the present outlook for the economy, the state of markets,...

05/07/2022

Michael Dooley joins Macro Musings to talk about the international monetary system and the future of the dollar. David and Michael discuss the original and revised Bretton Woods systems, the Fed’s role as a monetary superpower, and what this means for the US as a provider of safe and unsafe assets. https://loom.ly/aYLL0WM

Michael Dooley is a chief economist for Figure Technologies and a 20-year veteran of the Federal Reserve System and the IMF. Michael is also a professor emeritus in the department of economics at the University of California, Santa Cruz, and he joins Macro Musings to talk about the international mon...

27/06/2022

Brian Knight joins David on Macro Musings to discuss the politicization of finance and its implications for policy. They cover the concept of reputational risk and its relevance for financial regulation, the extent and limits of ESG concerns in financial regulation, whether financial regulators are too political or not political enough, the present state as well as the future of ‘woke capitalism’, and much more. https://loom.ly/_WXCrE0

Brian Knight is the Director of Innovation and Governance at the Mercatus Center at George Mason University. Brian’s research focuses on numerous aspects of financial regulation, including the creation of pro-innovation regulatory environments, the role of federalism in fintech regulation, the use...

21/06/2022

Lev rejoins Macro Musings to talk about his new book titled, "The Fed Unbound: Central Banking in a Time of Crisis." David and Lev discuss why the Fed can be considered unbound, the history of the Fed’s engagement with the shadow banking system, and Lev’s solutions for reform. https://loom.ly/uOTnRQ8

Lev Menand is an associate professor of law at Columbia University Law School and writes widely on legal issues surrounding the Federal Reserve. Lev rejoins Macro Musings to talk about his new book titled, *The Fed Unbound: Central Banking in a Time of Crisis.* Specifically, David and Lev discuss wh...

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