Episodes

  • Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s power under a constitutional authority, the three sources of Fed undersight, proposals for reform, and more.

    Transcript for this week’s episode.

    Andrew’s Twitter: @andrewtlevin

    Andrew’s Dartmouth profile

    Christina’s Twitter: @CParaSkinner

    Christina’s UPenn profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *Central Bank Undersight: Assessing the Fed’s Accountability to Congress* by Andrew Levin and Christina Parajon Skinner

    *Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed’s Balance Sheet* by Macro Musings

  • Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more.

    Transcript for this week’s episode.

    Anat’s Twitter: @anatadmati

    Anat’s Stanford profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It – New and Expanded Edition* by Anat Admati and Martin Hellwig

    *The Parade of Bankers’ New Clothes Continues: 34 Flawed Claims Debunked* by Anat Admati and Martin Hellwig

    *Anat Admati on Debt, Equity, and Financial Instability* by Macro Musings

    *Anat Admati on the Perils of Corporate Debt and How COVID-19 Relief Efforts Have Gone Wrong* by Macro Musings

    *Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System* by Jed Rakoff

  • Missing episodes?

    Click here to refresh the feed.

  • Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more.

    Transcript for this week’s episode.

    Steven’s Twitter: @steven_kamin

    Steven’s AEI profile

    Mark’s Twitter: @sobel_mark

    Mark’s CSIS profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *Dollar Dominance is Here to Stay for the Foreseeable Future—the Real Issue for the Global Economy is How and Why* by Steven Kamin and Mark Sobel

    *Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar* by Macro Musings

    *US Sanctions Reinforce the Dollar’s Dominance* by Michael Dooley, David Folkerts-Landau, and Peter Garber

  • Peter 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

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *A Macroeconomic Approach to the Term Premium* by Emanuel Kopp and Peter Williams

    *Reading the Stars* by Peter Williams, Yasser Abdih, and Emanuel Kopp

    *Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses* by Peter Williams

  • Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed’s lender of last resort role via the discount window, as well as recent developments related to the Fed’s balance sheet.

    Transcript for this week’s episode.

    Bill’s BPI profile

    BPI’s Twitter: @bankpolicy

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *Comment on the New G30 Report* by Bill Nelson

    *Bank Failures and Contagion: Lenders of Last Resort, Liquidity, and Risk Management* by the Group of Thirty

  • Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more.

    Transcript for this week’s episode.

    Eric’s Twitter: @EricMLeeper

    Eric’s UVA profile

    Eric’s Mercatus profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *A Fiscal Accounting of COVID Inflation* by Eric Leeper and Joe Anderson

    *Fiscal Dominance—What It Is and How It Threatens Inflation Control* by Eric Leeper

    *Three World Wars: Fiscal-Monetary Consequences* by George Hall and Thomas Sargent

    *The Fiscal Theory of the Price Level With a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov

    *George Hall on the History of the U.S. National Debt and Government Financing* by Macro Musings

  • Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017. Jeffrey is now a senior affiliated scholar at the Mercatus Center and is also a returning guest to the podcast. He rejoins David on Macro Musings to talk about a wide range of Fed governance issues, including the evolving nature of governance at the Fed, the increasing politicization of the central bank, its continuing relationship with Congress, and a lot more.

    Transcript for this week’s episode.

    Jeffrey’s Mercatus profile

    Jeffrey’s website

    Jeffrey’s Richmond Fed archive

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *Governance and Diversity at the Federal Reserve* by Jeffrey Lacker

    *Some Questions About the Fed’s Monetary Policy Operating Regime* by Jeffrey Lacker

    *The Legacy of Bennett McCallum and Lessons for Monetary Policy Today* an event hosted by the Mercatus Center

    *Ed Nelson on the Life, Work, and Legacy of Bennett McCallum* by Macro Musings

    *What Can the Fed Do About the Deficit? Nothing* by Greg Ip

  • Mark Koyama is an associate professor of economics at George Mason University and is a senior fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. Mark is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his recent book that he co-authored with Jared Rubin titled, *How the World Became Rich: The Historical Origins of Economic Growth.* Specifically, David and Mark discuss the key drivers of long-run economic growth throughout history and what we might be able to expect in the future.

    Transcript for this week’s episode.

    Mark’s Twitter: @MarkKoyama

    Mark’s GMU profile

    Mark’s Mercatus profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *How the World Became Rich: The Historical Origins of Economic Growth* by Mark Koyama and Jared Rubin

  • Gauti Eggertsson is a professor of economics at Brown University and is the author of several recent papers on the causes of the 2021-22 inflation surge and the lessons to be drawn from it for monetary policy going forward. Gauti is also a returning guest to Macro Musings, and he rejoins the show to talk about these papers and their findings. Specifically, David and Gauti discuss the role of the Fed’s FAIT framework in the post-pandemic inflation surge, the return of the non-linear Phillips curve, the merits of nominal GDP targeting and average nominal output targeting, Gauti’s policy suggestions for the Fed, and a lot more.

    Transcript for this week’s episode.

    Gauti’s Twitter: @GautiEggertsson

    Gauti’s website

    Gauti’s Brown University profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *The Inflation Surge of the 2020s: The Role of Monetary Policy* by Gauti Eggertsson and Donald Kohn

    *It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve* by Pierpaolo Benigno and Gauti Eggertsson

    *The Slanted-L Phillips Curve* by Pierpaolo Benigno and Gauti Eggertsson

    *A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration* by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva

    *The Fed’s New Policy Framework: A Major Improvement but More Can Be Done* by Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer, and Luca Riva

    *The Princeton School and the Zero Lower Bound* by Scott Sumner

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

  • Jonathon Hazell is an assistant professor of economics at the London School of Economics. Jonathon joins Macro Musings to talk about Phillips curves, R-stars, and nominal wage rigidity. Specifically, Jonathon and David also discuss the how to view the recent inflation experience, how to measure the natural rate using natural experiments, the downward nature of wage rigidity, and a lot more.

    Transcript for this week’s episode.

    Jonathon’s Twitter: @JADHazell

    Jonathon’s website

    Jonathon’s LSE profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *The Natural Rate of Return on Capital: Replication Package* by Jonathon Hazell, Veronica Backer-Peral, and Atif Mian

    *The Slope of the Phillips Curve: Evidence From US States* by Jonathon Hazell, Juan Herreno, Emi Nakamura, and Jon Steinsson

    *Measuring the Natural Rate Using Natural Experiments* by Veronica Backer-Peral, Jonathon Hazell, and Atif Mian

    *Downward Rigidity in the Wage for New Hires* by Jonathon Hazell and Bledi Taska

    *National Wage Setting* by Jonathon Hazell, Christina Patterson, Heather Sarsons, and Bledi Taska

    *The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?* by Christopher Pissarides

  • Skanda Amarnath is the executive director of Employ America, a think tank that promotes full employment in the American economy, and Preston Mui is also a senior economist at Employ America. Skanda and Preston join Macro Musings to talk about U.S. disinflation and the debates surrounding it, as well as what we can expect from Fed policy in 2024 and beyond, and finally, the Fed’s framework review that is set to begin later this year.

    Transcript for this week’s episode.

    Skanda’s Twitter: @IrvingSwisher

    Skanda’s Medium archive

    Preston’s Twitter: @PrestonMui

    Preston’s Github profile

    Skanda and Preston’s Employ America bios

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Ten Thoughts on the Tribal “Transitory” Debate as We Enter 2024* by Skanda Amarnath

    *Three Motivations for Interest Rate Normalization: A Playbook for Fed Policy in 2024* by Preston Mui and Skanda Amarnath

    Jerome Powell’s Opening Remarks at Monetary Policy Challenges in a Global Economy, a policy panel at the 24th Jacques Polak Annual Research Conferences, hosted by the IMF

  • Claudio Borio is the head of the Monetary and Economic Department at the Bank for International Settlements, or BIS. Claudio is also a returning guest to the podcast, and he rejoins Macro Musings to talk about central bank operating systems and the challenge of large balance sheets at central banks. David and Claudio also discuss the basics and uniqueness of the scarce reserve system, the arguments in favor of an abundant reserve system, the politics of large central bank balance sheets, the possibility of a tiered reserve system, and a lot more.

    Transcript for this week’s episode.

    Claudio’s BIS profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Getting Up From the Floor* by Claudio Borio

    *Why Central Banks Should (but Might Not) Keep the Market Flooded With Money* by Jon Sindreu

    *Corridor, Floor, Other: Are Operating Frameworks Fit for the Future?* by Daniel Hinge

  • Colby Smith is the US economics editor for the Financial Times, Steven Kelly is the Associate Director of Research at the Yale Program on Financial Stability, and Gerard DiPippo is the Senior Geoeconomics Analyst at Bloomberg. For this special year-end episode of Macro Musings, Colby, Steven, and Gerard join David to talk about the major surprises, themes, and underreported as well as overreported stories of the past year. They also discuss their prediction outcomes throughout 2023, the economic and political landscape ahead for 2024, and a lot more.

    Transcript for this week’s episode.

    Colby’s FT profile

    Colby’s Twitter: @colbyLsmith

    Steven’s Substack: Without Warning

    Steven’s Twitter: @StevenKelly49

    Gerard’s Twitter: @gdp1985

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Sunk Costs: The Difficulty of Using Sanctions to Deter China in a Taiwan Crisis* by Gerard DiPippo and Jude Blanchette

    *Getting Up from the Floor* by Claudio Borio

  • Tyler Cowen is a professor of economics at George Mason University, and is the co-author of the popular economics blog, Marginal Revolution. Tyler has also published widely in the field of economics, and he is the author of numerous books, including his most recent one titled, *GOAT: Who is the Greatest Economist of All Time, and Why Does it Matter?* As a returning guest to show, Tyler rejoins Macro Musings for this special holiday episode to break down who should be considered the greatest economist of all time. David and Tyler also assign awards to the best performing macroeconomic theories of the past decade, in addition to discussing Tyler’s view on recent deflationary trends, the Fed’s framework, and more.

    Transcript for this week’s episode.

    Tyler’s Mercatus profile

    Tyler’s blog: Marginal Revolution

    Tyler’s Twitter: @tylercowen

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Donate to Macro Musings!

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *GOAT: Who is the Greatest Economist of All Time and Why Does it Matter?* by Tyler Cowen

    *Tyler Cowen on the Culture of Big Business in the United States* by Macro Musings

  • Nicolas Cachanosky is an associate professor of economics at the University of Texas at El Paso, and he, along with Emilio Ocampo, are the authors of a recent book titled, *Dollarization: A Solution for Argentina.* Nicolas joins Macro Musings to talk about the potential dollarization of Argentina, including what it would require and mean for the country. Specifically, David and Nicolas also discuss Argentina’s hyperinflationary experience, the three necessary steps for dollarization, the differences between dollarization and currency boards, and a lot more.

    Transcript for this week’s episode.

    Nicolas’s Substack: Economic Order

    Nicolas’s Twitter: @n_cachanosky

    Nicolas’s website

    Nicolas’s UTEP profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Donate to Macro Musings!

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Dollarization: A Solution for Argentina* by Nicolas Cachanosky and Emilio Ocampo

    *How to Dollarize Argentina* by Nicolas Cachanosky

    *Pro Dollarization* by John Cochrane

    *Argentina Dollarization Is Medium-Term Goal, Caputo Tells Bankers* by Ignacio Olivera Doll

  • Charles Evans was a 31-year veteran of the Federal Reserve System, serving as a researcher, vice president, and, ultimately, president and CEO of the Chicago Fed from 2007 to 2023. Charles joins Macro Musings to talk about his past and ongoing work on US monetary policy. Specifically, Charles and David discuss his work as a regional bank president and a member of the FOMC, the creation and adoption of the Evans rule, the current path of R-Star, the future of the Fed’s framework, and more.

    Transcript for this week’s episode.

    Charles’s Chicago Fed profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Donate to Macro Musings!

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Implications for the Federal Reserve’s MP Framework in the Future* by Charles Evans

  • Matteo 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.

    Matteo’s Twitter: @m_maggiori

    Matteo’s Stanford profile

    Matteo’s website

    Jesse’s Twitter: @JSchreger

    Jesse’s Columbia profile

    Jesse’s website

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Donate to Macro Musings!

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *A Framework for Geoeconomics* by Christopher Clayton, Matteo Maggiori, and Jesse Schreger

    *My Economic Statecraft Syllabus* by Daniel Drezner

    *A Model of the International Monetary System* by Emmanuel Farhi and Matteo Maggiori

    *National Power and the Structure of Foreign Trade* by Albert Hirschman

    *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar* by Daniel McDowell

  • Matthew 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

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *The Financial Market Effects of the Federal Reserve’s Large-Scale Asset Purchases* by Joseph Gagnon, Matthew Raskin, Julie Remache, and Brian Sack

  • David 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 Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *The Fed Approaches the End of the Rate Hiking Cycle* by David Papell and Ruxandra Prodan

    *Policy Rules and Forward Guidance Following the COVID-19 Recession* by David Papell and Ruxandra Prodan

    *Policy Rule Legislation in Practice* by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan

    *Policy Rules and Economic Performance* by Alex Nikolsko-Rzhevskyy, David Papell, and Ruxandra Prodan

  • Rachel Siegel is a reporter for the Washington Post, where she covers the Federal Reserve and also reports on the domestic economy more broadly. Rachel joins Macro Musings to talk about the current Fed beat as well as her work on other economic issues, including how the Fed deals with physical cash, the precarious state of the commercial real estate market, the potential issues facing voters heading into the 2024 election, and a lot more.

    Transcript for this week’s episode.

    Rachel’s Twitter: @rachsieg

    Rachels Washington Post profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Join the Macro Musings mailing list!

    Check out our new Macro Musings merch!

    Related Links:

    *Two Blocks from the Federal Reserve, a Growing Encampment of the Homeless Grips the Economy’s Most Powerful Person* by Rachel Siegel

    *The High-tech, Super-secure Government Warehouse Where Old Cash Dies* by Rachel Siegel, Joy Sharon Yi, Hannah Yoon, and Emily Wright

    *How the ‘Urban Doom Loop’ Could Pose the Next Economic Threat* by Rachel Siegel

    *Austin’s Office Market is Exploding. But No One is Moving in* by Rachel Siegel

    *Remote Work Guru Nick Bloom Thinks We’ll Never Go Back to the Office Full-time – But ‘Maintaining Discipline is Important’* by Geoff Colvin