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Macro Musings with David Beckworth

Updated 20 days ago

Rank #2 in Non-Profit category

Business
Education
Non-Profit
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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

iTunes Ratings

189 Ratings
Average Ratings
170
13
4
1
1

Excellent Podcast

By MonkeyMan2550 - Dec 16 2019
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Love the podcast and how it makes complex issues of macroeconomics easier to digest and understand.

Great economics podcast

By JMatt271828 - Sep 27 2018
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This is a great podcast that anyone even remotely interested in macroeconomics should listen to.

iTunes Ratings

189 Ratings
Average Ratings
170
13
4
1
1

Excellent Podcast

By MonkeyMan2550 - Dec 16 2019
Read more
Love the podcast and how it makes complex issues of macroeconomics easier to digest and understand.

Great economics podcast

By JMatt271828 - Sep 27 2018
Read more
This is a great podcast that anyone even remotely interested in macroeconomics should listen to.
Cover image of Macro Musings with David Beckworth

Macro Musings with David Beckworth

Latest release on Nov 23, 2020

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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Rank #1: 70 - Greg Mankiw on Macroeconomists as Scientists and Engineers

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Greg Mankiw is a professor of economics at Harvard University and served as the chair of the Council on Economic Advisers under President George W. Bush. Today, he joins the show to discuss the history of macroeconomics and how macroeconomists function as both scientists, who formulate and test theories, and as engineers, who set out to solve real world problems. Greg also shares his thoughts on the debate between the New Keynesian School and New Classical School and how that debate has shaped how we think about economics. David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com/ David’s Twitter: @DavidBeckworth Greg Mankiw’s Harvard profile: https://scholar.harvard.edu/mankiw/home Greg Mankiw’s blog: https://gregmankiw.blogspot.com/ Related links: “The Macroeconomist as Scientist and Engineer” by Greg Mankiw https://scholar.harvard.edu/files/mankiw/files/macroeconomist_as_scientist.pdf Macroeconomics by Greg Mankiw https://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/1464182892

Aug 14 2017

58mins

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Rank #2: 20 - Douglas Irwin on Free Trade, the Gold Standard, and American Economic History

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Douglas Irwin, professor of economics at Dartmouth College and author of Free Trade Under Fire (Princeton University Press, 2015), joins the show to discuss the economic arguments for free trade and the reasons for the heated politics surrounding trade. He describes the history of U.S. trade policy from the Embargo Act of 1808 to the Smoot-Hawley Tariff of 1930 to the North American Free Trade Agreement (NAFTA). Finally, he and David discuss the role of the inter-war gold standard during the Great Depression. [To learn more about the upcoming conference, Monetary Rules for a Post-Crisis World, co-hosted by the Mercatus Center and the Cato Institute, and register, please click the link below. You can also watch the conference online by clicking the link.] http://mercatus.org/monetaryconference?utm_source=MacroMusingsPodcast&utm_medium=link&utm_campaign=MonetaryRules David’s blog: http://macromarketmusings.blogspot.com/ Douglas Irwin’s homepage: https://www.dartmouth.edu/~dirwin/ David’s Twitter: @davidbeckworth Douglas Irwin’s Twitter: @D_A_Irwin Related links: “The Truth About Trade: What Critics Get Wrong About the Global Economy” (Foreign Affairs) https://www.foreignaffairs.com/articles/2016-06-13/truth-about-trade Free Trade Under Fire (Princeton University Press, fourth edition 2015) https://www.amazon.com/Free-Trade-under-Fire-Fourth/dp/0691166250 “The Welfare Cost of Autarky: Evidence from the Jeffersonian Trade Embargo,” 1807-09. Review of International Economics. http://www.dartmouth.edu/~dirwin/docs/Embargo.pdf “Did France Cause the Great Depression?” (NBER Working Paper) http://www.nber.org/papers/w16350

Aug 22 2016

57mins

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Rank #3: 57 – Paul Krugman on Liquidity Traps, the Great Recession, and Isaac Asimov

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Paul Krugman is a Nobel Laureate in economics, a columnist at *The New York Times,* and a Distinguished Professor of Economics at the Graduate Center of the City University of New York. He joins the show to discuss his work on liquidity traps, Japan’s Lost Decade, and lessons from the Great Recession. Paul also explains how Isaac Asimov’s science fiction inspired him to become an economist. David’s blog: http://macromarketmusings.blogspot.com/ Paul Krugman’s CUNY profile: https://www.gc.cuny.edu/stonecenter/Paul-Krugman Paul Krugman’s blog: https://krugman.blogs.nytimes.com/ Paul Krugman’s NYT archive: https://www.nytimes.com/column/paul-krugman David’s Twitter: @DavidBeckworth Paul Krugman’s Twitter: @paulkrugman Related links: “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap” by Kathryn M. Dominguez, Kenneth S. Rogoff, and Paul R. Krugman https://www.brookings.edu/bpea-articles/its-baaack-japans-slump-and-the-return-of-the-liquidity-trap/ "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo approach" by Gauti Eggertsson and Paul Krugman https://www.gc.cuny.edu/CUNY_GC/media/LISCenter/pkrugman/The-Quarterly-Journal-of-Economics-2012-Eggertsson-1469-513.pdf “The New York Economic Geography, Now Middle-Aged” by Paul Krugman https://www.princeton.edu/~pkrugman/aag.pdf *Global Inequality: A New Approach for the Age of Globalization* by Branko Milanovic http://www.hup.harvard.edu/catalog.php?isbn=9780674737136

May 15 2017

1hr

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Rank #4: 19 - Nick Rowe on Monetary Basics, Milton Friedman’s Thermostat, and More

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Nick Rowe is a professor of economics at Carleton University in Ottawa, a member of the CD Howe Institute’s Monetary Policy Council and of Carlton University’s Centre for Monetary and Financial Economics, and a popular blogger at "Worthwhile Canadian Initiative." He developed an interest in macroeconomics as he came of age in the United Kingdom during the high inflation period from the late 1960s to 1970s. Nick joins the show to discuss some of the basics of monetary economics and argues that money is the critical factor that distinguishes macroeconomics from microeconomics. He also shares his thoughts on helicopter money, which he thinks is “small beer” or not as big a deal as commentators make it out to be. Finally, David and Nick also discuss some helpful analogies Nick has used to illustrate economic concepts including “Milton Friedman’s thermostat” – how a good thermostat works like a good central bank! David’s blog: http://macromarketmusings.blogspot.com/ Nick Rowe’s blog: http://worthwhile.typepad.com/ David’s Twitter: @DavdBeckworth Nick Rowe’s Twitter: @MacRoweNick Related links Centre for Monetary and Financial Economics (homepage) http://carleton.ca/economics/research/cmfe/ “What Makes a Central Bank? Asymmetric Redeemability and the Will to Act as One.” http://worthwhile.typepad.com/worthwhile_canadian_initi/2009/10/what-makes-a-bank-a-central-bank.html “Helicopter Money is Small Beer, and Normal” http://worthwhile.typepad.com/worthwhile_canadian_initi/2016/05/helicopter-money-is-small-beer.html “Is Money a Liability?” http://worthwhile.typepad.com/worthwhile_canadian_initi/2012/03/is-modern-central-bank-money-a-liability.html “Milton Friedman’s Thermostat” http://worthwhile.typepad.com/worthwhile_canadian_initi/2010/12/milton-friedmans-thermostat.html

Aug 15 2016

59mins

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Rank #5: 14 - Mark Thoma on Fiscal Policy, Econometrics, and Political Business Cycles

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In this week’s episode, David speaks with Mark Thoma, professor of economics at the University of Oregon and author of the popular blog, “Economist’s View.” Mark discusses his journey into econometrics and the application of econometric techniques to macroeconomic and monetary issues. Looking back at the 2008 crisis, Mark makes the case that fiscal stimulus should have been much stronger. He and David also discuss the role of monetary policy and financial regulation during this time. Finally, Thoma also explains some of his work on political business cycles: instances where politicians affect policy to increase the likelihood of being reelected. David’s blog: http://macromarketmusings.blogspot.com/ Mark Thoma’s blog: http://economistsview.typepad.com/ David’s Twitter: @DavidBeckworth Mark Thoma’s Twitter: @MarkThoma Related links Mark Thoma’s Webpage: http://pages.uoregon.edu/mthoma/ Mark Thoma’s CBS archive: http://www.cbsnews.com/search/author/mark-thoma/ Mark Thoma’s Fiscal Times archive: http://www.thefiscaltimes.com/Authors/T/Mark-Thoma David’s first blog post: http://macromarketmusings.blogspot.com/2007/08/liquidityholics-of-world.html

Jul 11 2016

1hr

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Rank #6: George Selgin on Repo Market Stress, Fed Balance Sheet Volatility, and a Standing Repo Facility

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George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to the Macro Musings podcast. He joins the show today as part of a two week special on the Fed and repo markets, as he helps us take a look at recent repo market stress from the Fed’s perspective. Specifically, David and George discuss the basics of the Fed’s balance sheet, the problematic nature of the Treasury General Account and foreign repo pools, and how George would tweak standing repo facility proposals to more directly address balance sheet volatility. 

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/12162019/george-selgin-repo-market-stress-fed-balance-sheet-volatility-and-standing

George’s Twitter: @GeorgeSelgin

George’s Cato profile: https://www.cato.org/people/george-selgin

Related Links:

*Stop the Presses! Or, How the Fed Can Avoid Reserve Shortages without Bulking-Up, Part 1* by George Selgin

https://www.alt-m.org/2019/11/12/dtop-the-presses-or-how-the-fed-can-avoid-reserve-shortages-without-bulking-up-part-1/

*Stop the Presses! Or, How the Fed Can Avoid Reserve Shortages without Bulking-Up, Part 2* by George Selgin

https://www.alt-m.org/2019/11/14/stop-the-presses-or-how-the-fed-can-avoid-reserve-shortages-without-bulking-up-part-2/

David’s Twitter thread on George’s proposal: https://twitter.com/DavidBeckworth/status/1202364853480017920

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Dec 16 2019

58mins

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Rank #7: 24 - Ryan Avent on *The Wealth of Humans,* Job Automation, and Globalization

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Ryan Avent is an economics columnist for The Economist and author of the new book, The Wealth of Humans: Work, Power, and Status in the Twenty-First Century. He joins the show to discuss his new book, which explores how the Digital Revolution is dramatically changing the economy and our lives. He also discusses how he previously worked at the Bureau of Labor Statistics and as a private sector consultant before moving to journalism. Finally, David and Ryan talk about economic angst both in the United States and abroad as well as some sound macroeconomic policies to address this. David’s Twitter: @davidbeckworth David’s blog: http://macromarketmusings.blogspot.com/ Ryan Avent’s Twitter: @ryanavent Ryan Avent’s website: http://www.ryanavent.com/blog/?page_id=6 Related links: http://www.economist.com/ https://www.amazon.com/Wealth-Humans-Status-Twenty-first-Century/dp/1250075807

Sep 19 2016

1hr 2mins

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Rank #8: 52 – Tyler Cowen on Complacency, Immobility, and Stagnation

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Tyler 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 and other woes throughout the United States. David’s blog: http://macromarketmusings.blogspot.com/ Tyler Cowen’s blog: http://marginalrevolution.com/ David’s Twitter: @DavidBeckworth Tyler Cowen’s Twitter: @tylercowen Related links: *The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen https://www.amazon.com/Complacent-Class-Self-Defeating-Quest-American/dp/1250108691 *How Complacent Are You? Take the Quiz!* http://tylercowen.com/complacent-class-quiz/ “Why the Global Shortage of Safe Assets Matters” by David Beckworth http://macromarketmusings.blogspot.com/2011/12/why-global-shortage-of-safe-assets.html "The Making of Hawks and Doves: Inflation Experiences on the FOMC" by Ulrike Malmendier, Stefan Nagel, and Zhen Yan http://www.nber.org/papers/w23228

Apr 10 2017

55mins

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Rank #9: Henry Curr on Inflation, the Phillips Curve, and A New Monetarism

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Henry Curr is the economics editor for The Economist magazine, and the author of a special report by the magazine on the phenomenon of low inflation now facing the global economy. Henry joins the show today to outline this report and the big questions surrounding low inflation. David and Curr also discuss the persistent low inflation of the present around the globe, why the Phillips Curve has broken down as a policy tool, and how technology may be causing inflation to miss its target set by central banks.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/11042019/henry-curr-inflation-phillips-curve-and-new-monetarism

Henry’s Twitter: @Henry_Curr

Henry’s Economist profile: https://mediadirectory.economist.com/people/henry-curr/

Related Links:

*Inflation is Losing its Meaning as an Economic Indicator* A Special Report by Henry Curr (note that this link includes many of the various pieces discussed during the episode)

https://www.economist.com/special-report/2019/10/10/inflation-is-losing-its-meaning-as-an-economic-indicator

*Alexa, How Much is it? Technology is Making Inflation Statistics an Unreliable Guide to the Economy* by Henry Curr

https://www.economist.com/special-report/2019/10/10/technology-is-making-inflation-statistics-an-unreliable-guide-to-the-economy

*Inflation in Emerging and Developing Economies: Evolution, Drivers, and Policies* Edited by Jongrim Ha, M. Ayhan Kose, and Franziska Ohnsorge

https://www.worldbank.org/en/research/publication/inflation-in-emerging-and-developing-economies

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Nov 04 2019

1hr 3mins

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Rank #10: 104 - Jim Hamilton on Econometrics, Energy Markets, and Low Interest Rates

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Jim Hamilton is a professor of economics at the University of California-San Diego and the author of *Time Series Analysis,* a popular graduate-level econometrics textbook. Today, Jim joins the show to discuss his work in econometrics as well as his research on the role oil plays in the U.S. economy. He also shares his thoughts on how oil will continue to shape the economy in light of the rise of clean energy. David and Jim also discuss recent U.S. monetary policy and why interest rates have been so very low. David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth Jim Hamilton’s UC San Diego profile: http://econweb.ucsd.edu/~jhamilton/ Jim Hamilton’s Twitter: @JHamilton _UCSD Jim Hamilton's blog: http://econbrowser.com/ *Time Series Analysis* by James Hamilton https://www.amazon.com/Time-Analysis-James-Douglas-Hamilton/dp/0691042896

Apr 30 2018

1hr 3mins

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Rank #11: Jim Bianco on Negative Interest Rates, Low Inflation, and Yield Curve Expansion

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Jim Bianco is the president of Bianco Research, a provider of data-driven insights into the global economy and financial markets, and is also a columnist for Bloomberg. Jim has 30-plus years of experience on Wall Street, and he joins the show today to talk about Fed policy, negative interest rates, and inflation. David and Jim also discuss the possibility of extending the yield curve, the Fed’s recent forays into the repo market, and what low interest rates mean for the economy moving forward.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/12092019/jim-bianco-negative-interest-rates-low-inflation-and-yield-curve-expansion

Jim’s Twitter: @biancoresearch

Jim’s Bloomberg profile: https://www.bloomberg.com/authors/ABvwE0aTOvg/jim-bianco

Related Links:

*A History of Interest Rates* by Dick Sylla and Sidney Homer

https://www.wiley.com/en-us/A+History+of+Interest+Rates%2C+4th+Edition-p-9780471732839

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Dec 09 2019

59mins

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Rank #12: RE-AIR - Kevin Erdmann on Housing Shortages and Their Role in the Great Recession

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Kevin Erdmann is an independent researcher and blogger at Idiosyncratic Whisk, where he explores economic and financial topics such as housing, investment, and speculation. He is also the author of an upcoming book titled, *Shut Out: How a Housing Shortage Caused the Great Recession and Crippled Our Economy*, and he joins the show today to discuss it. David and Kevin also break down the housing shortage problem, as they explore how the limited supply of housing in close access cities may have helped fuel the Great Recession.

NOTE: Although stated in the episode, Kevin's book was renamed to Shut Out. Locked Out was simply the working title at the time of the recording.

Link to the book: https://rowman.com/ISBN/9781538122150/Shut-Out-How-a-Housing-Shortage-Caused-the-Great-Recession-and-Crippled-Our-Economy

Discount code: 4S18MERC30

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/01282019/were-we-all-wrong-about-great-recession

Kevin’s Twitter: @KAErdmann

Kevin’s blog: http://idiosyncraticwhisk.blogspot.com/

Related Links:

*A Slide Deck on the Bubble and Crisis* by Kevin Erdmann

http://idiosyncraticwhisk.blogspot.com/p/a-slide-deck-on-bubble-and-crisis.html

*Housing: Part 238 – Home Price Changes Over Time* by Kevin Erdmann

http://idiosyncraticwhisk.blogspot.com/2017/06/housing-part-238-home-price-changes.html

*Why Do Cities Matter? Local Growth and Aggregate Growth* by Enrico Moretti & Chang-Tai Hsieh

https://chicagounbound.uchicago.edu/cgi/viewcontent.cgi?article=1045&context=housing_law_and_policy

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Jan 28 2019

1hr 7mins

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Rank #13: 13 - Joseph Gagnon on Quantitative Easing in the United States and Abroad

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As a Federal Reserve official, Joseph Gagnon played a critical role in providing the intellectual justification for the Fed’s quantitative easing (QE) programs. Now a senior fellow at the Peterson Institute for International Economics, Joe joins the show to discuss the events leading up to the decision to implement QE and its consequences. He and David also discuss how the Fed’s QE compares and contrasts with the QE implemented by the Bank of Japan and the European Central Bank. Finally, Joe shares some of his thoughts on Brexit’s wider implications. David’s blog: http://macromarketmusings.blogspot.com/ Joseph Gagnon’s biography: https://piie.com/experts/senior-research-staff/joseph-e-gagnon David’s Twitter: @DavidBeckworth Joseph Gagnon’s Twitter: @GagnonMacro Note: this recording was taped before the Brexit vote on June 23. Related Links “Large-Scale Asset Purchases by the Federal Reserve: Did They Work?” https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr441.pdf “Quantitative Easing: An Underappreciated Success” https://piie.com/system/files/documents/pb16-4.pdf

Jul 04 2016

56mins

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Rank #14: 132 – Scott Sumner on the Lessons Learned for Monetary Policy, Ten Years Later after the Crisis

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This 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 week's episode

Scott’s Mercatus profile

Scott’s blog

Related Links:

*Pause Interest-Rate Hikes to Help the Labor Force Grow* by Neel Kashkari

David’s blog

David’s Twitter: @DavidBeckworth

Audio recording provided by the LAITS Audio Development Studio at the University of Texas at Austin

Nov 12 2018

1hr 8mins

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Rank #15: 63 - Matt Yglesias on the Politics of Fed Policy

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Matt Yglesias is a columnist and editor for the news website Vox, which he co-founded in 2014. Today, he joins the show to talk about the politics shaping Fed policy. Matt discusses why he thinks President Barack Obama’s biggest policy failure was in failing to appoint members to the Fed's Board of Governors. He also shares his thoughts on where the Left and Right currently stand on monetary issues. David’s blog: http://macromarketmusings.blogspot.com/ Matt Yglesias’s Vox archive: https://www.vox.com/authors/matthew-yglesias David’s Twitter: @DavidBeckworth Matt Yglesias’s Twitter: @MattYglesias Related links: “Obama’s Biggest Economic Policy Mistake” by Matt Yglesias https://www.vox.com/2014/9/17/6219247/obamas-biggest-economic-policy-mistake “Fed Up” by Matt Yglesias (Feature in *Democracy: A Journal of Ideas*) http://democracyjournal.org/magazine/20/fed-up/

Jun 26 2017

59mins

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Rank #16: 78 - Olivier Blanchard on the State of Macroeconomics

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Olivier Blanchard is the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics and the former Director of Research at the International Monetary Fund. Today, he joins the show to discuss working at the IMF in the midst of the 2008 financial crisis and Great Recession. He also shares his thoughts on the limitations of current-day macroeconomic models as well as some suggestions to improve them. David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworth Olivier Blanchard’s MIT profile: https://economics.mit.edu/faculty/blanchar Olivier Blanchard’s PIIE profile: https://piie.com/experts/senior-research-staff/olivier-blanchard Olivier Blanchard’s Twitter: @ojblanchard1 Related links: “Do DSGE Models Have a Future?” by Olivier Blanchard https://piie.com/publications/policy-briefs/do-dsge-models-have-future “On the Need for (At Least) Five Classes of Macro Models” by Olivier Blanchard https://piie.com/blogs/realtime-economic-issues-watch/need-least-five-classes-macro-models “Will Interest Rates Lead to Fiscal Crisis?” by Olivier Blanchard https://piie.com/publications/policy-briefs/will-rising-interest-rates-lead-fiscal-crises “Getting Serious About Wage Inflation in Japan” by Olivier Blanchard and Adam Posen https://asia.nikkei.com/Viewpoints-archive/Viewpoints/Getting-serious-about-wage-inflation-in-Japan “Monetary Policy: Science or Art?” by Olivier Blanchard https://economics.mit.edu/files/742

Oct 09 2017

1hr 1min

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Rank #17: 74 - Eric Hilt on Debates in Economic History and the Cliometric Revolution

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Eric Hilt is a professor of economics and economic historian at Wellesley College. Today, he joins the show to discuss his new journal article *Economic History, Historical Analysis, and the “New History of Capitalism,”* which examines the growing debate between economic historians and historians of capitalism over issues such as slavery and economic growth. Eric also shares his thoughts on the “Cliometric Revolution,” which transformed the way many economic historians conduct their analysis. David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworth Eric Hilt’s Wellesley profile: http://www.wellesley.edu/economics/faculty/hilte Related links: *Economic History, Historical Analysis, and the “New History of Capitalism”* by Eric Hilt. Journal of Economic History, June 2017. https://www.cambridge.org/core/services/aop-cambridge-core/content/view/E17BEA48B930F6F25F328B5A79332A6E/S002205071700016Xa.pdf/economic_history_historical_analysis_and_the_new_history_of_capitalism.pdf *Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907* by Carola Frydman, Eric Hilt, and Lily Y. Zhou. NBER, July 2012 http://www.nber.org/papers/w18264 *Time on the Cross: The Economics of American Slavery* by Robert Fogel and Stanley Engerman https://www.amazon.com/Time-Cross-Economics-American-Slavery/dp/0393312186 *Railroads and American Economic Growth: Essays in Econometric History* by Robert Fogel *Old South, New South: Revolutions in the Southern Economy since the Civil War* by Gavin Wright https://www.amazon.com/Old-South-New-Revolutions-Southern/dp/0807120987

Sep 11 2017

59mins

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Rank #18: 40 - Anat Admati on Debt, Equity, and Financial Instability

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Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University’s Graduate School of Business and co-author of the book, *The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It.* She joins the show to discuss her book, which argues that America’s banking system continues to be dangerously fragile even in the aftermath of the Dodd-Frank Act. Anat argues that banks take on too much leverage and that they should be required to hold more equity. David’s blog: http://macromarketmusings.blogspot.com/ Anat’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/anat-r-admati David’s Twitter: @davidbeckworth Anat’s Twitter: @anatadmati Related: *The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It* by Anat Admati and Martin Hellwig http://bankersnewclothes.com/ Anat’s paper, “It Takes a Village to Maintain a Dangerous Financial System” http://bankersnewclothes.com/wp-content/uploads/2016/06/Takes-a-Village-May-2016.pdf

Jan 16 2017

1hr 3mins

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Rank #19: Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

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Bill Nelson is a chief economist at 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. Bill has written widely on the Fed’s operating system, and he joins the show today to talk about it, as well as the recent turmoil in money markets. David and Bill also discuss the possibility of the Fed moving back to a corridor system, the stigma surrounding banks using the discount window, and the story of recent supply and demand dislocation in repo markets.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10072019/bill-nelson-repo-market-stress-feds-operating-system-and-prospects-standing

Related Links:

Link to supply and demand curves mentioned in the episode: http://macromarketmusings.blogspot.com/2019/09/the-repo-man-cometh.html

*Two Little-Noticed and Self-Inflicted Causes of the Fed’s Current Monetary Policy Implementation Predicament* by Bill Nelson

https://bpi.com/two-little-noticed-and-self-inflicted-causes-of-the-feds-current-monetary-policy-implementation-predicament/

*Fed at a Crossroads* by Bill Nelson

https://bpi.com/fed-at-a-crossroad/

*Bank Regulations and Turmoil in Repo Markets* by Francisco Covas & Bill Nelson

https://bpi.com/bank-regulations-and-turmoil-in-repo-markets/

*What Just Happened in Money Markets, and Why it Matters* by Bill Nelson

https://bpi.com/what-just-happened-in-money-markets-and-why-it-matters/

*Impending Money Market Volatility Prompts Warning Light for LCR Tune-Up* by Bill Nelson & Brett Waxman

https://bpi.com/impending-money-market-volatility-prompts-warning-light-for-lcr-tune-up/

*Design Challenges for a Standing Repo Facility* by Bill Nelson

https://bpi.com/design-challenges-for-a-standing-repo-facility/

*A Former Fed Insider Explains the Internal Debate over QE3* by Bill Nelson

https://ftalphaville.ft.com/2018/02/16/2198845/guest-post-a-former-fed-insider-explains-the-internal-debate-over-qe3/

*Get Up Off The Floor* By Bill Nelson

https://www.hoover.org/sites/default/files/research/docs/cochranepalermotaylor_currencies_ch9.pdf

*FOMC Go Home* by Bill Nelson

https://bpi.com/fomc-go-home/

*Understanding the Fed’s Implementation Framework Debate* by Bill Nelson

https://bpi.com/wp-content/uploads/2018/11/Understanding_the_Fed’s_implementation_framework_debate_Review05.pdf

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Oct 07 2019

58mins

Play

Rank #20: Josh Galper on the Current State of Repo Markets, Key Bottlenecks, and a Balanced Proposal to Restore Stability

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Josh Galper is the managing principal of Finadium, an independent consultancy in capital markets based out of New York City. He joins the show today as part of a two week special on the Fed and repo markets, as he helps us take a look at recent repo market stress from the private sector. Specifically, David and Josh discuss the current state of US repo markets, key bottlenecks that have arisen in 2019, and a balanced proposal to restoring stability in capital markets.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/12232019/josh-galper-current-state-repo-markets-key-bottlenecks-and-balanced

Josh’s Twitter: @Finadium

Josh’s Finadium profile: https://finadium.com/josh-galper-mba/

Related Links:

Finadium’s homepage: http://finadium.com

Finadium’s magazine: http://securitiesfinancemonitor.com

*US Repo at Year-End 2019: The Hard Choices Ahead* by Josh Galper

https://finadium.com/finadium-us-repo-at-year-end-2019-the-hard-choices-ahead/

*Are New Repo Participants Gaining Ground?* by Adam Copeland, Ira Selig, & Anya Tarascina

https://libertystreeteconomics.newyorkfed.org/2019/04/are-new-repo-participants-gaining-ground.html

Repo week episode one: *George Selgin on Repo Market Stress, Fed Balance Sheet Volatility, and a Standing Repo Facility*

https://macromusings.libsyn.com/george-selgin-on-repo-market-stress-fed-balance-sheet-volatility-and-a-standing-repo-facility

David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

Dec 23 2019

53mins

Play

Bilal Hafeez on Inflation, Innovation, and Economic Recovery after COVID-19

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Bilal Hafeez is the CEO and Founder of Macro Hive and previously worked at JP Morgan, Deutsche Bank and Nomura. Bilal joins Macro Musings to discuss recent economic developments and the outlook for inflation after the COVID-19 crisis. Specifically, Bilal and David discuss the prospects for a K-shaped US recovery, COVID-19’s impact on the Eurozone and the UK, how the launch of the EU’s recovery fund has fared, and how the pandemic has impacted the outlook for the services sector, inflation, and the US dollar.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Bilal’s Macro Hive profile: https://macrohive.com/researcher/bilal-hafeez/

Bilal’s website: http://bilalhafeez.com/

Bilal’s Twitter: @bilalhafeez123

Related Links:

*The True Economic Consequences of the COVID Peace* by Bilal Hafeez

https://macrohive.com/hive-exclusives/the-true-economic-consequences-of-the-covid-peace

*EU Enjoys ‘Outrageous Demand’ for First Covid-related Bond* by Tommy Stubbington

https://www.ft.com/content/e3553b68-22c8-487c-a7c0-7e1c6dc0ec4b

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Nov 23 2020

54mins

Play

Adam Ozimek on the Past, Present, and Future of Remote Work in the Face of COVID-19

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Adam Ozimek is the chief economist for Upwork, a global remote freelancing platform, and a returning guest to the podcast. Adam rejoins Macro Musings to talk about some of the lasting impacts of the pandemic on businesses; specifically its influence on remote work. David and Adam also discuss the results of the payment protection program, why the prime age employment to population ratio should become the most important employment measure, the economic geography of remote work, and more.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Adam’s Twitter: @ModeledBehavior

Adam’s website: https://adamozimek.com/

Related Links:

*The Future of Remote Work*by Adam Ozimek

https://www.upwork.com/press/releases/the-future-of-remote-work

*COVID-19 and Remote Work: An Early Look at US Data* by Erik Byrnjolfsson, John Horton, Adam Ozimek, Daniel Rock, Garima Sharma, and Hong-Yi TuYe

https://www.nber.org/papers/w27344

*Where Remote Work Saves Commuters Most* by Adam Ozimek

https://www.upwork.com/press/releases/where-remote-work-saves-commuters-most

*When Work Goes Remote* by Adam Ozimek

https://www.upwork.com/research/when-work-goes-remote

*How Many Jobs can be Done at Home?* by Jonathan Dingel and Brent Neiman

https://bfi.uchicago.edu/wp-content/uploads/BFI_White-Paper_Dingel_Neiman_3.2020.pdf

*How Many U.S. Jobs Might be Offshorable?* by Alan Blinder

https://www.princeton.edu/~ceps/workingpapers/142blinder.pdf

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Nov 16 2020

51mins

Play

Alan Cole on Monetary Policy for a Post-COVID Economy

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Alan Cole is a senior economist at the Joint Economic Committee of Congress. Alan joins David on Macro Musings to discuss his work with the JEC and his thoughts on the economy. Specifically, Alan and David discuss the high savings rate during the COVID-19 crisis, the track record of US monetary policy from the 2008 financial crisis to the 2020 COVID-19 crisis, why the Fed’s commitment to average inflation targeting is an incremental step toward level targeting, and suggestions for the Fed moving forward.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Alan’s Twitter: @AlanMCole

Related Links:

The JEC’s Social Capital Project: https://www.jec.senate.gov/public/index.cfm/republicans/socialcapitalproject

*Saving and COVID-19* by Alan Cole

https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=754B52C6-04CD-458B-8755-98D1219398F1

*Stable Monetary Policy to Connect More Americans to Work* by Alan Cole

https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=051267FC-0147-4E31-BE80-946E0543AF82

 *Bullard May Be More Right Than Wrong* by Tim Duy

https://blogs.uoregon.edu/timduyfedwatch/2020/09/28/bullard-may-be-more-right-than-wrong/

*The Fed’s Mistake* by Adam Ozimek and Michael Ferlez

https://www.economy.com/home/products/samples/2018-11-20-Feds-Mistake.pdf

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Nov 09 2020

50mins

Play

David French on Political Polarization in America and Its Impact on the 2020 Elections

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David French is a senior editor of The Dispatch and has written widely on American politics. David has a new book out on the polarization in the United States titled, *Divided We Fall: America’s Secession Threat and How to Restore our Nation.* He joins Macro Musings for another special presidential election episode to discuss this book as well as what political polarization means for the election, this country, and the economy. Specifically, both Davids talk about the political geography of polarization, the national red state versus blue state dynamics, and how instituting more federalism might be the solution.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

David French’s Twitter: @DavidAFrench

David French’s Dispatch archive: https://thedispatch.com/people/5849328-david-french

Related Links:

*Divided We Fall: America’s Secession Threat and How to Restore our Nation* by David French

https://us.macmillan.com/books/9781250201973

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Nov 02 2020

58mins

Play

Michael Strain on the Differing Economic Policies of Trump vs. Biden

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Michael Strain is the Director of Economic Policy Studies at the American Enterprise Institute, and a previous guest of the show. Michael joins Macro Musings for a special presidential election episode to discuss President Trump's economic record and what a Biden presidency might mean for the economy compared to a second term for President Trump. Specifically, David and Michael discuss the presidential candidates’ past records and campaign goals for trade, taxes, regulations, immigration, and more.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Michael’s Twitter: @MichaelRStrain

Michael’s AEI profile: https://www.aei.org/profile/michael-r-strain/

Related Links:

The Mercatus Center’s RegData databse: 

https://www.mercatus.org/publications/regulation/regdata

*The triumph of the Trump tax cuts* by Joshua McCabe

https://thehill.com/opinion/finance/522813-the-triumph-of-the-trump-tax-cuts

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Oct 29 2020

38mins

Play

Matt Ygelsias on *One Billion Americans*: New Ideas to Revitalize the American Economy

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Matt Yglesias is the co-founder of Vox, a senior correspondent who focuses on politics and economic policy, and a returning guest to the podcast. Matt once again joins Macro Musings to discuss his new book, *One Billion Americans: The Case for Thinking Bigger.* Specifically, David and Matt talk about how to reinvigorate the economy; through enacting better housing and transportation policies, dramatically increasing immigration, reviving America’s forgotten cities, and more. Finally, they also discuss the Fed’s new average inflation targeting regime, and what kind of direction the Fed will take over the new few years.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Matt’s Twitter: @mattyglesias

Matt’s Vox profile: https://www.vox.com/authors/matthew-yglesias

Matt’s podcast: https://www.vox.com/the-weeds

Related Links:

*One Billion Americans: The Case For Thinking Bigger* by Matt Yglesias

https://www.penguinrandomhouse.com/books/636499/one-billion-americans-by-matthew-yglesias/

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Oct 26 2020

1hr 1min

Play

Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

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Shruti Rajagopalan is a Senior Research Fellow at the Mercatus Center where she leads the programs Indian Political Economy Research and the Emergent Ventures India. Shruti joins David on Macro Musings to discuss the past, present and future of the Indian economy. Specifically, Shruti and David discuss India’s mid-20th century experiment with socialism, subsequent reforms from 1980 through the 2000s, and how further reforms to manufacturing and to land and labor markets can accelerate its economic development.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Shruti’s Twitter: @srajagopalan

Shruti’s Mercatus profile: https://www.mercatus.org/scholars/shruti-rajagopalan

Shruti’s podcast, *Ideas of India*: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/https://www.mercatus.org/tags/ideas-india

Related Links:

*India Grows at Night* by Gurcharan Das

https://www.amazon.com/India-Grows-At-Night-Liberal/dp/0670084700

*In India, Don’t Hate the Matchmaker* by Shruti Rajagopalan

https://www.bloomberg.com/opinion/articles/2020-08-02/netflix-s-indian-matchmaking-is-only-too-accurate

*It’s Chiefly Rent Seekers Who Oppose Our Farm Reforms* by Shruti Rajagopalan

https://www.livemint.com/opinion/columns/it-s-chiefly-rent-seekers-who-oppose-our-farm-reforms-11601304066126.html

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Oct 19 2020

1hr 6mins

Play

Roberto Perli on Average Inflation Targeting and Improving the Fed’s Framework

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Roberto Perli is a partner and the head of global policy at Cornerstone Macro and is formerly a senior staffer at the Federal Reserve Board of Governors. Roberto joins Macro Musings to discuss the Fed’s new average inflation targeting framework and what it means for monetary policy, markets, and the economy going forward. Specifically, David and Roberto also discuss the current vague nature of FOMC forward guidance, the challenges and credibility concerns of AIT, and how to further improve the Fed’s framework in the future.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Roberto’s Twitter: @R_Perli

Roberto’s Cornerstone Macro profile: https://www.cornerstonemacro.com/people/

Related Links:

FOMC September meeting press release: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm

*Temporary Price-level Targeting: An Alternative Framework for Monetary Policy* by Ben Bernanke

https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Oct 12 2020

52mins

Play

Megan Greene and Eric Lonergan on Dual Interest Rates and the Prospects of Average Inflation Targeting

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Megan Greene is a global economist and Senior Fellow at Harvard University School, and Eric Lonergan is an economist and macro fund manager at M&G Investments. Both Megan and Eric are returning guests of the show, and they re-join Macro Musings to discuss dual interest rates and the potential power it brings to central banks. Specifically, they discuss the current constraints on central banks’ toolkit, how the example of the ECB targeting TLTRO’s illustrates the potential of dual interest rates, why the concern over fiscal versus monetary policy is misunderstood, and whether the Fed’s new average inflation targeting mandate can be successfully implemented.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Megan’s Twitter: @economistmeg

Megan’s website: https://economistmeg.com/about/

Megan’s Financial Times archive: https://www.ft.com/megan-greene

Eric’s Twitter: @ericlonners

Eric’s blog: https://www.philosophyofmoney.net/

Eric’s M&G Investments profile: https://www.mandg.co.uk/investor/fund-managers/eric-lonergan/

Related Links:

*Dual Interest Rates Give Central Banks Limitless Firepower* by Eric Lonergan and Megan Greene

https://voxeu.org/article/dual-interest-rates-give-central-banks-limitless-fire-power

*A Misplaced Faith in the Power of Central Banks* by Greg Ip

https://www.wsj.com/articles/a-misplaced-faith-in-the-power-of-central-banks-11583256163

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Oct 05 2020

57mins

Play

Thorvald Grung Moe on the Life of Marriner Eccles and His Lasting Macroeconomic Legacy

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Thorvald Grung Moe is a 30 year veteran is of the Norges Bank, the central bank of Norway, and has also worked in the Norwegian Ministry of Finance, the World Bank, and the IMF. Thorvald joins Macro Musings to talk about Marriner Eccles and a paper he has written on him title, *Marriner Eccles in the 1950 Treasury-Federal Reserve Accord: Lessons for Central Bankers.* David and Thorvald specifically discuss Eccles’ views on countercyclical monetary policy and government finance, his role in reforming and centralizing the Fed, and the many other lessons that can be learned from his life, particularly in the realm of macroeconomics.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Thorvald’s Twitter: @finstab

Thorvald’s Levy Economics Institute profile: http://www.levyinstitute.org/scholars/thorvald-grung-moe

Related Links:

*Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence* by Thorvald Grung Moe

http://www.levyinstitute.org/pubs/wp_747.pdf

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Sep 28 2020

1hr 2mins

Play

Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market

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Carolyn Sissoko is an associate professor of economics at the University of the West of England, and she has written widely on shadow banking, money markets, and the plumbing of the financial system. Carolyn joins Macro Musings to talk about the evolution of money markets over the past few decades, and its implication for both monetary and fiscal policy. Specifically, David and Carolyn discuss the collateral supply effect, the consequences of moving from LIBOR to SOFR, and solutions to other money market concerns.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Carolyn’s Twitter: @csissoko

Carolyn’s UWE Bristol profile: https://people.uwe.ac.uk/Person/CarolynSissoko

Related Links:

*The Collateral Supply Effect on Central Bank Policy* by Carolyn Sissoko

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3545546

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Sep 21 2020

1hr 1min

Play

Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

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Robin Harding is the Tokyo Bureau chief for the Financial Times. Until 2015, he was based in Washington D.C., covering the U.S. Federal Reserve, the Treasury, and the IMF for the Financial Times. Robin Macro Musings to talk about the Japanese economy, Abenomics, and the evolution of monetary policy in advanced economies over the past decade. Specifically, Robin and David discuss what the Bank of Japan’s point inflation target has in common with the Fed’s average inflation target, how the Bank of Japan found itself on the frontlines of innovation in monetary policy, and what the legacy of Abenomics portends for the future of monetary policy.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Robin’s Twitter: @RobinBHarding

Robin’s Financial Times profile: https://www.ft.com/robin-harding

Related Links:

*Six Abenomics Lessons for a World Struggling with ‘Japanification’* by Robin Harding

https://www.ft.com/content/9f4b1656-95a2-41e0-9c86-70f5b063796d

*Abe’s Tenure Marked by Trade Successes and Thwarted Ambitions* by Robin Harding

https://www.ft.com/content/125378c8-073c-41b6-9aef-42b985c24784

*Leave Public Debt Worries for Another Day* by Robin Harding

https://www.ft.com/content/691cb9f4-b53d-4429-bba4-03ca623c0077

*Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford

https://www.kansascityfed.org/publicat/sympos/2012/mw.pdf?sm=jh083112-4

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Sep 14 2020

53mins

Play

George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

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George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. He joins again to talk about his views on the Fed’s new framework and his recent book titled, *The Menace of Fiscal QE.* Specifically, David and George discuss the Fed’s quantitative easing evolution, and how the move to a floor system helped pave the way for fiscal QE to become a more popular policy in the present.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

George’s Twitter: @GeorgeSelgin

George’s Cato Institute profile: https://www.cato.org/people/george-selgin

Related Links:

*The Menace of Fiscal QE* by George Selgin

https://www.cato.org/books/menace-fiscal-qe

*Mission Creep at the Fed* by Greg Ip

https://www.wsj.com/articles/mission-creep-at-the-fed-11598461446

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Sep 07 2020

1hr 5mins

Play

BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

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Macro 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 webcast audio for this special Macro Musings bonus content.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Employ America’s Twitter: @employamerica

Employ America’s website: https://employamerica.org/

Sam Bell’s Twitter: @sam_a_bell

Skanda Amarnath’s Twitter: @IrvingSwisher

Julia’s Twitter: @jc_econ

Julia’s Macro Policy Perspectives profile: https://www.macropolicyperspectives.com/team

Related Links:

*A New Way to Manage Inflation* by David Beckworth

https://www.mercatus.org/bridge/commentary/new-way-manage-inflation

*By Doubling Down On Inflation Targeting, the Fed Is At Risk of Forgetting Lessons from 2008 & 2011* by Skanda Amarnath

https://medium.com/@skanda_97974/by-doubling-down-on-inflation-targeting-the-fed-is-at-risk-of-forgetting-lessons-from-2008-2011-f877f78acba2

*Securing Macroeconomic and Monetary Stability with a Federal Reserve–Backed Digital Currency* by Julia Coronado and Simon Potter

https://www.piie.com/system/files/documents/pb20-4.pdf

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Sep 02 2020

58mins

Play

Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

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Scott Lincicome is a senior fellow in Economic Studies at Cato Institute where he writes on international and domestic economic issues, including international trade, industrial policy and manufacturing and global supply chains. Scott joins David on Macro Musings to discuss what we've learned so far about the so-called China shock and where we are today in the trade war. Specifically, David and Scott discuss the historical rise of Chinese exports, its impact on US labor markets, how certain policies make it harder for US workers to adjust, and whether the Trump administration marks a genuine regime shift in international trade.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Scott’s Twitter: @scottlincicome

Scott’s Cato Institute profile: https://www.cato.org/people/scott-lincicome

Related Links:

*Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?”*by Scott Lincicome

https://www.cato.org/publications/policy-analysis/testing-china-shock-was-normalizing-trade-china-mistake#:~:text=However%2C%20champions%20of%20the%20emerging,with%20China%20for%20particular%20scorn.&text=It%20finds%20that%20PNTR%20and,that%20PNTR%20critics%20now%20repeat.

*Clashing over Commerce* by Douglas Irwin

https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html

*Audaciously Hopeful: How President Obama Can Help Restore the Pro‐​Trade Consensus* by Dan Ikenson and Scott Lincicome

https://www.cato.org/publications/trade-policy-analysis/audaciously-hopeful-how-president-obama-can-help-restore-protrade-consensus

*The 'China Shock', Exports and U.S. Employment: A Global Input-Output Analysis* by Robert Feenstra and Akira Sasahara

https://www.nber.org/papers/w24022

*Executive Incentives, Import Restrictions, and Competition* by Brian Blank

https://www.mercatus.org/publications/trade-and-immigration/executive-incentives-import-restrictions-and-competition

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Aug 31 2020

1hr 1min

Play

Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

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Jim Tankersley is a tax and economics reporter for the New York Times and has written a new book on the middle class titled, *The Riches of This Land: The Untold, True Story of the American Middle Class.* Jim joins Macro Musings to talk about this book, and the state of the middle class in the US. David and Jim also discuss the history and golden era of the middle class as well as the steps policymakers can take to ensure we return to a path of robust economic growth.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Jim’s Twitter: @jimtankersley

Jim’s New York Times archive: https://www.nytimes.com/by/jim-tankersley

Related Links:

*The Riches of This Land: The Untold, True Story of the American Middle Class* by Jim Tankersley

https://www.publicaffairsbooks.com/titles/jim-tankersley/the-riches-of-this-land/9781541767836/

*The Allocation of Talent and U.S. Economic Growth* by Chang-Tai Hsieh, Erik Hurst, Charles Jones, and Peter Klenow

https://www.nber.org/papers/w18693

*Populism in Place: The Economic Geography of the Globalization Backlash* by J. Lawrence Broz, Jeffry Freiden, and Stephen Weymouth

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501263

*Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?* by Scott Lincicome

https://www.cato.org/publications/policy-analysis/testing-china-shock-was-normalizing-trade-china-mistake

*The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade* by David Autor, David Dorn, and Gordon Hanson

https://economics.mit.edu/files/12751

*The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen

https://us.macmillan.com/books/9781250108708

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Aug 24 2020

1hr 4mins

Play

Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

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Vincent Grossmann-Wirth is the Deputy Head of Monetary Policy Implementation Division at the Banque de France. Vincent joins Macro Musings to discuss the European Central Bank’s response to the COVID-19 crisis and what may lie ahead for the central bank. Specifically, Vincent and David discuss how the ECB’s structure and operating system compares to the US Federal Reserve System, the various dimensions of the ECB’s response to COVID-19, and what the ECB’s review of its operating framework portends for the future of monetary policy.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Vincent’s Twitter: @VinceGW

Vincent’s Banque de France profile: https://www.banque-france.fr/en/economics/economists-and-researchers/vincent-grossmann-wirth

Related Links:

*Monetary policy measures taken by the Eurosystem in response to COVID-19* by Vincent Grossmann-Wirth

https://blocnotesdeleco.banque-france.fr/en/blog-entry/monetary-policy-measures-taken-eurosystem-response-covid-19

*What Monetary Policy Operational Frameworks in the New Financial Environment? A Comparison of the US Fed and the Eurosystem Perspectives, 2007–2019* by Vincent Grossmann-Wirth

https://ideas.repec.org/a/mes/ijpoec/v48y2019i4p336-352.html

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Aug 17 2020

59mins

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David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

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David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

David’s Twitter: @ProfSchleich

David’s Yale profile: https://law.yale.edu/david-n-schleicher

Related Links:

*Stuck! The Law and Economics of Residential Stagnation* by David Schleicher

https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation

*Hands On! Part I: The Trilemma Facing the Federal Government During State and Local Budget Crises* by David Schleicher

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3649278

*David Schleicher on Local and State Regulation and Declining Mobility* by Macro Musings

https://macromusings.libsyn.com/58-david-schleicher-on-local-and-state-regulation-and-declining-mobility

*The Future of Remote Work* by Adam Ozimek

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597

*States Continue to Face Large Shortfalls Due to COVID-19 Effects* by Elizabeth McNichol and Michael Leachman

https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Aug 10 2020

1hr 4mins

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Jon Sindreu on Global Financial Flows and the Balance of Trade

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Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy.

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

Jon’s Twitter: @jonsindreu

Jon’s Wall Street Journal profile: https://www.wsj.com/news/author/jon-sindreu?mod=rsswn

Related Links:

*Trade Wars Are Class Wars* by Matthew Klein and Michael Pettis

https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars

*Wages of Destruction* by Adam Tooze

https://www.penguinrandomhouse.com/books/295490/the-wages-of-destruction-by-adam-tooze/

*Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market* by Zhimin Li, Leslie Sheng Shen, and Calvin Zhang

https://www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

Aug 03 2020

1hr 3mins

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David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

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In 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 you to Claudia for letting us air this episode as a part of the Macro Musings catalog!

Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/

David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth

Claudia’s Twitter: @Claudia_Sahm

Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/

Related Links:

Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA

Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/

*Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth

https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting

*Measuring Monetary Policy: the NGDP Gap* by David Beckworth

https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap

*COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth

https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal

*NGDP Targeting and the Public* by Carola Binder

https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public

Jul 27 2020

44mins

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iTunes Ratings

189 Ratings
Average Ratings
170
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4
1
1

Excellent Podcast

By MonkeyMan2550 - Dec 16 2019
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Love the podcast and how it makes complex issues of macroeconomics easier to digest and understand.

Great economics podcast

By JMatt271828 - Sep 27 2018
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This is a great podcast that anyone even remotely interested in macroeconomics should listen to.