Episodes

  • 79 - Binyamin Appelbaum on Covering the Fed and Monetary Policy in the Trump Era

    · Macro Musings

    Binyamin Appelbaum is an award-winning correspondent for the New York Times and covers the Federal Reserve and other aspects of economic policy. Today, he joins the show to discuss his work on covering the Fed and some ideas to improve Fed transparency. Binyamin also shares his thoughts on who President Trump may choose to fill vacancies on the Federal Reserve. Finally, Binyamin and David discuss what Trump’s trade policies may mean an increasingly globalized world.David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworthBinyamin Appelbaum’s New York Times archive: https://www.nytimes.com/by/binyamin-appelbaum Binyamin’s Twitter: @BCAppelbaum Related links:“U.S. Inflation Remains Low and that’s a Problem” by Binyamin Appelbaumhttps://www.nytimes.com/2017/07/24/us/politics/us-inflation-remains-low-and-thats-a-problem.html “Yellen and Cohn to Be on Shortlist to Lead Federal Reserve” by Binyamin Appelbaumhttps://www.nytimes.com/2017/09/23/business/yellen-and-cohn-said-to-be-on-shortlist-for-new-head-of-the-fed.html?rref=collection%2Fbyline%2Fbinyamin-appelbaum&mtrref=www.nytimes.com&gwh=92BA8BF1D73950AA0455B7DF58B5E2FB&gwt=pay “A Look at Airbus’s Epic Assembly Line” by Binyamin Appelbaum and Christopher Payne https://www.nytimes.com/2017/05/03/magazine/a-look-inside-airbuss-epic-assembly-line.html “American Companies Still Make Aluminum. In Iceland” by Binyamin Appelbaumhttps://www.nytimes.com/2017/07/01/us/politics/american-companies-still-make-aluminum-in-iceland.html “Minorities Seen More Likely to Pay High Mortgage Rates” by Binyamin Appelbaum and Ted Millnik http://articles.chicagotribune.com/2005-09-03/news/0509030121_1_rates-for-mortgage-loans-interest-rates-lending-process

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  • 78 - Olivier Blanchard on the State of Macroeconomics

    · Macro Musings

    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: @DavidBeckworthOlivier 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: @ojblanchard1Related links:“Do DSGE Models Have a Future?” by Olivier Blanchardhttps://piie.com/publications/policy-briefs/do-dsge-models-have-future “On the Need for (At Least) Five Classes of Macro Models” by Olivier Blanchardhttps://piie.com/blogs/realtime-economic-issues-watch/need-least-five-classes-macro-models “Will Interest Rates Lead to Fiscal Crisis?” by Olivier Blanchardhttps://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 Blanchardhttps://economics.mit.edu/files/742

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  • 77 - JW Mason on Economic Recovery and Potential GDP

    · Macro Musings

    JW Mason is an assistant professor of economics at John Jay College and a fellow at the Roosevelt Institute. Today, he joins the show to discuss his recent paper, “What Recovery? The Case for Continued Expansionary Policy at the Fed?” JW argues that the recovery from the Great Recession was unusually weak. Furthermore, the American economy is still not at full employment, and, as a result, potential GDP is continually underestimated. In order to get the economy back to full employment, JW argues greater monetary expansion is needed.David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworthJW Mason’s website: http://jwmason.org/ JW’s Twitter: @JWMason1“What Recovery? The Case for Continued Expansionary Policy at the Fed?”http://rooseveltinstitute.org/what-recovery/

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  • 76 – Caroline Freund on the Decline in Global Trade and Trump’s Trade Policy

    · Macro Musings

    Caroline Freund is a senior fellow at the Peterson Institute for International Economics (PIIE). Previously, she served as the chief economist for the Middle East and North Africa at the World Bank. She joins the show to discuss her career in trade policy and her work on the slowdown in global trade since the Great Recession. Finally, she also shares her thought on President Trump’s trade policies.David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworthCaroline’s PIIE profile: https://piie.com/experts/senior-research-staff/caroline-freund?author_id=906 Caroline’s Bloomberg archive: https://www.bloomberg.com/view/contributors/AQnL_eq2K8M/caroline-freund Caroline’s Twitter: @CarolineFreund Related links:*Rich People, Poor Countries: The Rise of Emerging-Market Tycoons and Their Mega Firms* by Caroline Freund (assisted by Sarah Oliver)https://piie.com/bookstore/rich-people-poor-countries-rise-emerging-market-tycoons-and-their-mega-firms“The Global Trade Slowdown and Secular Stagnation” by Caroline Freundhttps://piie.com/blogs/trade-investment-policy-watch/global-trade-slowdown-and-secular-stagnation “Invest in minds, not miners” by Caroline Freund and Christine McDaniel https://www.bloomberg.com/view/articles/2017-07-06/the-u-s-needs-to-invest-in-minds-not-miners “U.S. Needs Trade Deals, Not ‘Remedies’” by Caroline Freundhttps://www.bloomberg.com/view/articles/2017-08-14/u-s-needs-china-trade-deals-not-remedies “The China Shock: Learning from Labor Market Adjustment to Large Changes in Trade” by David H. Autor, David Dorn, and Gordon H. Hansonhttp://www.nber.org/papers/w21906"Trump's Trade Pullout Roils Rural America" by Adam Behsudihttp://www.politico.com/magazine/story/2017/08/07/trump-tpp-deal-withdrawal-trade-effects-215459

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  • 75 - Larry Summers on Secular Stagnation, Fiscal Policy, and Fed Policy

    · Macro Musings

    Lawrence Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University. Previously, he served as U.S. Treasury Secretary under President Bill Clinton and Director of the National Economic Council under President Obama. In today’s episode, he joins the show to discuss his work as both an academic and a policymaker. He also shares his thoughts on monetary and fiscal policy since the recent financial crisis and Great Recession. Finally, he explains why he has recently become more open to nominal GDP targeting.You can read the transcript to the full interview here:https://www.dropbox.com/s/sya7syeqgjp1gxq/Summers_transcript.doc?dl=0David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David’s Twitter: @DavidBeckworthLawrence Summers’ website: http://larrysummers.com/ Larry Summers’ Washington post archive: https://www.washingtonpost.com/people/lawrence-summers/?utm_term=.2cf6f67e2ce9 Larry Summers’ Twitter: @LHSummersRelated links:“Inflation and Activity – Two Explorations and Their Monetary Policy Implications” by Olivier Blanchard, Eugenio Cerutti, and Lawrence Summershttps://www.imf.org/external/pubs/ft/wp/2015/wp15230.pdf “The Permanent Effects of Fiscal Consolidation” by Antonio Fatas and Larry Summershttp://www.nber.org/papers/w22374 “5 Reasons Why the Fed Might Be Making a Mistake” by Larry Summershttps://www.washingtonpost.com/news/wonk/wp/2017/06/14/larry-summers-5-reasons-why-the-fed-may-be-making-a-mistake/?utm_term=.3e48ce5bd142 ***[Also, be sure to subscribe to Mercatus’ “Conversations with Tyler” podcast, hosted by Tyler Cowen. Tyler also interviewed Larry Summers and discussed a wide range of topics, including trade policy, immigration, asset-pricing, monopolies, and even table tennis. You can listen to that conversation here:https://soundcloud.com/conversationswithtyler/28-larry-summers-on-macroeconomics-mentorship-and-avoiding-complacencyYou can also find previous episodes of “Conversations with Tyler” at https://medium.com/conversations-with-tyler]

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  • 74 - Eric Hilt on Debates in Economic History and the Cliometric Revolution

    · Macro Musings

    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: @DavidBeckworthEric 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 2012http://www.nber.org/papers/w18264*Time on the Cross: The Economics of American Slavery* by Robert Fogel and Stanley Engermanhttps://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 Wrighthttps://www.amazon.com/Old-South-New-Revolutions-Southern/dp/0807120987

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  • 73 - JW Verret on Rules-Based Monetary Policy and the CHOICE Act

    · Macro Musings

    JW Verret is an associate law professor at the Antonin Scalia School of Law at George Mason University and a senior affiliated scholar at the Mercatus Center. Previously, he served as the chief economist on the House Financial Services Committee. Today, he joins the show to discuss his experience working on Capitol Hill and his thoughts on the CHOICE Act, the current legislation designed to replace the Dodd-Frank Act.David’s blog: http://macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.comDavid’s Twitter: @DavidBeckworthJW Verret’s Mercatus profile: https://www.mercatus.org/j-w-verret JW Verret’s GMU profile: https://www.law.gmu.edu/faculty/directory/fulltime/verret_jw Related links:“Demystifying the Foggy Haze of Federal Reserve Policymaking” by JW Verrethttp://thehill.com/blogs/pundits-blog/finance/341412-demystifying-the-foggy-haze-of-federal-reserve-policymaking

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  • 72 – Adam Millsap on Regional Business Cycles, State Fiscal Health, and Labor Mobility

    · Macro Musings

    Adam Millsap is an assistant director at the L. Charles Hilton Center at Florida State University and a senior affiliated scholar at the Mercatus Center. Today, he joins the show to discuss how different regional economies can lead to business cycles at the regional and state levels, rather than the federal level. This creates difficulty for monetary policy at the federal level as looser monetary policy may be appropriate for states like West Virginia, but may not be appropriate for states like California. He and David also discuss the decline of inter-state labor mobility and how bad regulation deters people from moving to areas with better job prospects. Description:David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com/ David’s Twitter: @DavidBeckworthAdam Millsap’s website: http://adammillsap9.wixsite.com/personal Adam Millsap’s Mercatus profile: https://www.mercatus.org/adam-millsap Adam Millsap’s Twitter: @AA_MillsapRelated links:“Recessions Don’t Have the Same Impact on Every City”https://www.forbes.com/sites/adammillsap/2016/07/19/recessions-dont-have-the-same-impact-on-every-city/#58f3a28478d2 “State Fiscal Rankings https://www.mercatus.org/statefiscalrankings

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  • 71 – Betsey Stevenson on Challenges in the U.S. Labor Market

    · Macro Musings

    Betsey Stevenson is an associate professor of public policy at the University of Michigan and previously served as the chief economist at the U.S. Labor Department. Today, she joins the show to discuss her experience working at the Labor Department at a time of high unemployment as well as her more recent research on challenges in the U.S. labor market. Specifically, she talks about the problem of decreased male labor force participation and why “manly men need to do more girly jobs.”David’s blog: http://macromarketmusings.blogspot.com/ Macro Musings podcast site: https://macromusings.com/ David’s Twitter: @DavidBeckworthBetsey Stevenson’s University of Michigan profile: http://fordschool.umich.edu/faculty/betsey-stevenson Betsey Stevenson’s Twitter: @BetseyStevensonRelated links:“Manly Men Need to More Girly Jobs” by Betsey Stevensonhttps://www.bloomberg.com/view/articles/2016-12-07/manly-men-need-to-do-more-girly-jobs “Want to Help the Economy? Learn to Trust” by Betsey Stevensonhttps://www.bloomberg.com/view/articles/2016-07-05/want-to-help-the-economy-learn-to-trust “Trust in Public Institutions over the Business Cycle” by Betsey Stevenson and Justin Wolfershttp://users.nber.org/~bstevens/Papers/TrustinPublicInstitutions.pdf

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  • 70 - Greg Mankiw on Macroeconomists as Scientists and Engineers

    · Macro Musings

    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: @DavidBeckworthGreg 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 Mankiwhttps://scholar.harvard.edu/files/mankiw/files/macroeconomist_as_scientist.pdfMacroeconomics by Greg Mankiwhttps://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/1464182892

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  • 69 – Edward Harrison on the Political Economy of the Eurozone

    · Macro Musings

    Edward Harrison is a consultant with Global Macro Advisers and founder of the investment news blog *Credit Writedowns.* Today, he joins the show to discuss the political forces that led to the establishment of the Eurozone and the turmoil that has plagued it since the Great Recession. Edward also shares his thoughts on whether the Eurozone will survive. David’s blog: http://macromarketmusings.blogspot.com/ Macro Musings podcast site: https://macromusings.com/ Edward’s blog: https://pro.creditwritedowns.com/ David’s Twitter: @DavidBeckworthEdward Harrison’s Twitter: @edwardnhRelated links:“Macron Will Need to Target Reforms Like a Laser” by Edward Harrisonhttp://www.businessinsider.com/macron-will-need-to-target-reforms-like-a-laser-2017-5 “Some Pre-European Debt Crisis Signs are Popping Up Again” by Edward Harrisonhttp://www.businessinsider.com/some-pre-european-debt-crisis-signs-are-popping-up-again-2017-4

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  • 68 - Scott Sumner on Fed Performance since the Great Recession

    · Macro Musings

    In this week’s episode in front of a live audience, Scott Sumner, the director of the Program on Monetary Policy at the Mercatus Center and blogger at *The Money Illusion,* returns to the show to share his thoughts on the Federal Reserve’s performance from the Great Recession to the present. Scott explains how forecast targeting and price level targeting could have mitigated the economic decline in 2008 and 2009. He also shares his thoughts on how the cognitive biases of central bankers can cause them to make mistakes in evaluating the stance of monetary policy and offers some solutions to address this problem. Note: this episode was recorded as part of a special Mercatus Center event in June 2017. David’s Twitter: @DavidBeckworth David's blog: macromarketmusings.blogspot.comScott’s Mercatus profile: https://www.mercatus.org/scott-sumner Scott's blog: www.themoneyillusion.com/ Related links: *The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression* by Scott Sumner https://www.amazon.com/Midas-Paradox-Financial-Government-Depression/dp/1598131508 “Nudging the Fed Toward a Rules-Based Policy Regime” by Scott Sumnerhttps://www.mercatus.org/publication/nudging-fed-toward-rules-based-policy-regime “Demystifying the Fed” by Scott Sumnerhttps://www.usnews.com/opinion/economic-intelligence/articles/2017-07-10/the-federal-reserve-needs-to-learn-from-its-monetary-mistakes “Inflation Forecasting Targeting: Implementing and Monitoring Inflation Targets” by Lars Svensson http://www.nber.org/papers/w5797

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  • 67 – Lisa Cook on Households in the Great Recession, Economic Growth in Africa, & Patents

    · Macro Musings

    Lisa Cook is an Associate Professor of Economics at Michigan State University and formerly served as a senior economist at the Council of Economic Advisers under President Obama. Today, she joins the show to discuss her work on how the Great Recession affected households in the U.S. She also shares her thoughts on the prospects for economic development in Africa. Finally, she and David also discuss the U.S. patent system and whether the system is in need of reforms.(Note: We experienced some technical difficulties during the record of this episode. You’ll notice a slight change in audio quality around the 5 minute mark.)David’s blog:http://macromarketmusings.blogspot.com/ Lisa Cook’s profile:https://msu.edu/~lisacook/David’s Twitter: @DavidBeckworthLisa Cook’s Twitter: @drlisadcookRelated links:“Consumer Finance and the Financial and Economic Crises: Implications from Household Surveys in Michigan” by Lisa Cookhttps://msu.edu/~lisacook/mich_cons_fin_jconed_022511.pdf “Were the Nigerian Banking Reforms of 2005 A Success ... And for the Poor?” by Lisa Cookhttp://www.nber.org/papers/w16890 “Violence and Economic Activity: Evidence from African American Patents, 1870-1940” by Lisa Cookhttp://lisadcook.net/wp-content/uploads/2014/02/pats_paper17_1013_final_web.pdf

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  • 66 - Ryan Cooper on Economic Anxiety, Populism, and Population Growth

    · Macro Musings

    Ryan Cooper is a national correspondent at *The Week.* He joins the show to discuss how bad economic policy has hindered strong economic recovery from the Great Recession. Furthermore, Ryan argues economic anxiety stemming from the Great Recession has given rise to populist and even extremist political movements throughout the world. Finally, Ryan and David discuss the folly of limiting population growth as a means of combating climate change and how slowing population growth presents many long-term economic challenges.David’s blog: http://macromarketmusings.blogspot.com/ Ryan Cooper’s *The Week* archive: http://theweek.com/authors/ryan-cooper David’s Twitter: @DavidBeckworthRyan Cooper’s Twitter: @ryanlcooper “The Great Recession Clearly Gave Rise to Right-Wing Populism” by Ryan Cooperhttp://theweek.com/articles/685813/great-recession-clearly-gave-rise-rightwing-populism “The Federal Reserve is Still Wrecking America” by Ryan Cooperhttp://theweek.com/articles/696914/federal-reserve-still-wrecking-america “Why America is About to Start Freaking Out about Babies” by Ryan Cooperhttp://theweek.com/articles/625705/why-america-about-start-freaking-about-babies

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  • 65 - Stephen Miller on Financial Crises, Capital Requirements, and the US Banking System

    · Macro Musings

    Stephen Matteo Miller is a Senior Research Fellow at the Mercatus Center at George Mason University. He joins the show to discuss his work on the history of financial crises as well as the evolution of the U.S. banking system since the late 1800s. Steph stresses the importance of capital requirements (how much capital or equity a bank holds relative to its liabilities) in combating financial crises. Furthermore, he argues that higher and simpler capital requirements, rather than more regulation, are the keys to a more market-disciplined banking system.David’s blog: http://macromarketmusings.blogspot.com/Stephen Miller’s Mercatus profile: https://www.mercatus.org/stephen-matteo-miller David’s Twitter: @DavidBeckworthStephen Miller’s Twitter: @SMatteoMiller Related links:“Ending Too-Big-to-Fail May Require More Than the Minneapolis Fed Too-Big-to-Fail Plan” by Stephen Millerhttps://www.mercatus.org/publications/too-big-to-fail-minneapolis-fed“A Primer on the Evolution and Complexity of Bank Regulatory Capital Standards” by Stephen Miller and James Barthhttps://www.mercatus.org/publications/primer-bank-regulatory-capital-standards*“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision* by Eugene Whitehttp://www.nber.org/papers/w16825.pdf

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  • 64 - Ricardo Reis Defends Macroeconomics

    · Macro Musings

    Ricardo Reis is a professor of economics at the London School of Economics and the editor of the prominent Journal of Monetary Economics. He joins the show to discuss the state of macroeconomics, which has recently come under attack from many commentators who claim the discipline lacks empirical rigor and has failed to accurately forecast economic conditions. Ricardo gives a nuanced defense of macroeconomics, arguing macroeconomic research is, indeed, quite vibrant and empirical. Furthermore, he argues that although there have been shortcomings, macroeconomics has greatly improved over the past few decades in its ability to forecast and inform policy debates.David Beckworth’s blog: http://macromarketmusings.blogspot.com/Ricardo Reis’s LSE profile: http://personal.lse.ac.uk/reisr/David’s Twitter: @DavidBeckworth “Is Something Really Wrong with Macroeconomics?” by Ricardo Reishttp://personal.lse.ac.uk/reisr/papers/17-wrong.pdf“Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves” by Robert Hall and Ricardo Reishttp://www.nber.org/papers/w22761“When Economics Failed” by Noah Smithhttps://www.bloomberg.com/view/articles/2017-04-04/when-economics-failed

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  • 63 - Matt Yglesias on the Politics of Fed Policy

    · Macro Musings

    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: @DavidBeckworthMatt Yglesias’s Twitter: @MattYglesiasRelated links: “Obama’s Biggest Economic Policy Mistake” by Matt Yglesiashttps://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/

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  • 62 – Mandel and Swanson on *The Coming Productivity Boom*

    · Macro Musings

    In this week’s episode, David is joined by two guests, who make a case for economic optimism. Michael Mandel, chief economist at the Progressive Policy Institute, and Bret Swanson, president of Entropy Economics and visiting scholar at the American Enterprise Institute, are the co-authors of the new paper, “The Coming Productivity Boom: Transforming the Physical Economy with Information.” Michael and Bret argue that, despite the slowdown in productivity of the last few decades, innovations in information technology such as artificial intelligence are going remake our economy for the better.David’s blog: http://macromarketmusings.blogspot.com/Michael Mandel’s homepage: http://www.progressivepolicy.org/author/mmandel/Brett Swanson’s homepage: http://www.bretswanson.com/David’s Twitter: @DavidBeckworthMichael Mandel’s Twitter: @MichaelMandelBret Swanson’s Twitter: @JBSay Related links:“The Coming Productivity Boom: Transforming the Physical Economy with Information” by Michael Mandel and Bret Swansonhttp://www.techceocouncil.org/clientuploads/reports/TCC%20Productivity%20Boom%20FINAL.pdf

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  • 61 - Steve Horwitz on Monetary Disequilibrium and Austrian Business Cycle Theory

    · Macro Musings

    Steven Horwitz is a professor of economics at Ball State University and a senior affiliated scholar at the Mercatus Center at George Mason University. He joins the show to discuss monetary disequilibrium (the condition when the supply and demand for money are not aligned, which leads to either inflation or deflation). David and Steve also examine Austrian Business Cycle Theory – a theory of how “malinvestment” caused by bad policy leads to an unsustainable boom and inevitable bust. Steve also explains how monetary disequilibrium led to the Great Recession and offers some solutions for minimizing business cycles in the future.David’s blog: http://macromarketmusings.blogspot.com/Steve Horwitz’s personal website: http://myslu.stlawu.edu/~shorwitz/Steve Horwitz’s Mercatus profile: https://www.mercatus.org/steven-horwitzDavid’s Twitter: @DavidBeckworthRelated links:*Microfoundations and Macroeconomics: An Austrian Perspective* by Steven Horwitzhttps://www.amazon.com/Microfoundations-Macroeconomics-Perspective-Steven-Horwitz/dp/0415569575“An Introduction to U.S. Monetary Policy* by Steven Horwitzhttps://www.mercatus.org/publication/introduction-us-monetary-policy

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  • 60 – Matt Klein on Greece, Optimal Currency Areas, and Safe Assets

    · Macro Musings

    Matt Klein is a columnist for the Financial Times and blogger at FT Alphaville. Today, he joins the show to discuss his work on the Eurozone, optimal currency areas, and safe assets. David and Matt examine the monetary policy problems and debt burdens facing the Eurozone area and Greece, in particular. They also chat about the possibility of the United States becoming less of an optimal currency, which would make Fed policy more challenging.David’s blog: http://macromarketmusings.blogspot.com/Matt Klein’s bio: https://ftalphaville.ft.com/meet-the-team#matthew-c-kleinDavid’s Twitter: @DavidBeckworthMatt Klein’s Twitter: @M_C_KleinRelated links:“Is the United States Becoming Less of an Optimal Currency Area?” by David Beckworthhttp://macromarketmusings.blogspot.com/2017/05/is-united-states-becoming-less-of.html“Will Nevada Ever Recover from the Housing Boom?” by Matt Kleinhttps://ftalphaville.ft.com/2017/03/06/2185515/will-nevada-ever-recover-from-the-housing-bust/“The IMF Implies Greece Should Have Left the Euro Long Ago” by Matt Kleinhttps://ftalphaville.ft.com/2017/02/07/2184043/the-imf-implies-greece-should-have-the-left-the-euro-long-ago/

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