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Macro Musings with David Beckworth
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Macro Musings with David Beckworth

Author: Mercatus Center

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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.
264 Episodes
Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center and a returning guest to Macro Musings. He joins the podcast today to talk about his ongoing work on the Princeton School of Macroeconomics as well as his thoughts on monetary policy in 2021. Specifically, David and Scott discuss the economic contributions of various different Princeton economists as well as how the central bank can overcome inflationary fears and establish further institutional credibility.   Transcript for the episode can be found here:   Scott’s automated Twitter: @MoneyIllusion Scott’s blog: Scott’s Mercatus profile:   Related Links:   *It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap* by Paul Krugman, Kathryn Dominguez, and Kenneth Rogoff   *Great Expectations and the End of the Depression* by Gauti Eggertsson   *The Zero Bound on Interest Rates and Optimal Monetary Policy* by Gauti Eggertsson and Michael Woodford   *Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford   *Bernanke’s No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?* By Gauti Eggertsson and Kevin Proulx   *Japanese Monetary Policy: A Case of Self-Induced Paralysis?* by Ben Bernanke   *Implementing Optimal Policy through Inflation-Forecast Targeting* by Lars Svensson and Michael Woodford   *Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others* by Lars Svensson   David’s blog: David’s Twitter: @DavidBeckworth
Josh Galper is the managing principal at Finadium, an independent consultancy in capital markets, and is deep in the trenches of the money markets, as well as the financial regulatory space. As a returning guest to the podcast, Josh rejoins Macro Musings to talk about some of the big changes we might see in financial regulation, especially as it relates to climate issues under the new Biden administration. David and Josh also discuss the prospects of negative interest rates in the US, the influence of the Financial Stability Board, and how to deal with Treasury and repo market stress in the future.   Transcript for the episode can be found here:   Josh’s Twitter: @Finadium Josh’s Finadium profile:   Related Links:   *Fed Joins Central Bankers Backing Paris Climate Goals* by Martin Arnold   *Managing Climate Risk in the U.S. Financial System* by the Climate Market Risk Subcommittee, Mark Risk Advisory Committee of the CFTC   *Fixing Financial Data to Assess Systemic Risk* by Greg Feldberg   David’s blog: David’s Twitter: @DavidBeckworth
As a tumultuous, virus-stricken 2020 comes to an end, David is joined by Macro Musings producer Marc Dupont to discuss the highlights of the show throughout the past year. Specifically, they talk about the big macroeconomic themes and takeaways from the last 12 months, which guests and topics were most popular among listeners, what 2020 may have in store for monetary policy, and more.   A special thank you to all of the Macro Musings listeners around the globe who continue to tune in to the show week in and week out, especially during these tough and uncertain times. Stay tuned for more exciting content as we turn a new page in 2021.   David’s blog: David’s Twitter: @DavidBeckworth   Marc’s Twitter: @marc_c_dupont   Related Links:   Top 10 Macro Musings Episodes in 2020:   Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance -   Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth -   Eric Sims on New Keynesian Modelling and the Future of Macroeconomics in a Low Interest Rate Environment -   Paul Schmelzing on the ‘Suprasecular’ Decline of Global Real Interest Rates -   Nathan Tankus on Public Finance in the COVID-19 Crisis: A Consolidated Budget Balance View and Its Implications for Policy -   Brad Setser on Addressing the Global Dollar Shortage and COVID-19’s Implications for Worldwide Trade Imbalances -   Matthew Klein on Global Trade, Inequality, and International Conflict -   Jim Bianco on Policy Responses to the Coronavirus: Details, Implications, and Concerns Moving Forward -   Jon Sindreu on Global Financial Flows and the Balance of Trade -   Scott Sumner on How Central Banks Should Respond to the Coronavirus Threat -
Jeanna Smialek covers the Federal Reserve and the economy for The New York Times, and joins Macro Musings to recap and summarize the highs and lows of US monetary policy during 2020. Specifically, David and Jeanna discuss the recent histories of Federal Reserve rate hikes and the persistence of low inflation, the nascent optimism about the economy at the start of 2020, the Fed’s policy response to COVID, and what lessons the Fed will be taking into the future.   Transcript for the episode can be found here:   Jeanna’s Twitter: @jeannasmialek Jeanna’s New York Times archive:   Related Links:   *Janet Yellen's Lift Off (CMFA Working Paper No. 001)* by George Selgin   *Measuring the Natural Rate of Interest: International Trends and Determinants* by Kathryn Holston and Thomas Laubach   David’s Twitter: @DavidBeckworth David’s blog:
Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research affiliate with the Centre for Economic Policy Research. Ethan is also a returning guest to the show, and he re-joins Macro Musings to talk about the European Central Bank’s big strategy review, the future of the Euro, and whether change is afoot in our international monetary system.   Transcript for the episode can be found here:   Ethan’s Twitter: @ilzetzki Ethan’s website:   Related Links:   *Why Is the Euro Punching Below Its Weight?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff   *Will the Secular Decline in Exchange Rate and Inflation Volatility Survive COVID-19?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff   Centre for Macroeconomics Panel of Experts Surveys:   Register for the AEA’s 2021 Virtual Annual Meeting:   *Ethan Ilzetzki on the US Dollar as an Anchor Currency*   David’s Twitter: @DavidBeckworth David’s blog:
Governor Benjamin Diokno is the current head of the Bangko Sentral ng Pilipinas, or BSP, which is the central bank of the Republic of the Philippines. The Governor joins David on Macro Musings to shed light on the art and science of central banking from an emerging market perspective, as seen through the experience in the Philippines. Specifically, Governor Diokno and David discuss the structure, mandate, and operating system of the BSP, how the BSP has managed to avoid the zero lower bound, the prospects of a Philippine central bank digital currency, and how a flexible exchange rate has helped the BSP hedge against dollar volatility.   Transcript for the episode can be found here:   Gov. Diokno’s Twitter: @GovBenDiokno Gov. Diokno’s World Bank profile:   Related Links:   Bangko Sentral ng Pilipinas website:   David’s Twitter: @DavidBeckworth David’s blog:
Sam Hammond is the director of poverty and welfare policy at the Niskanen Center and Brink Lindsey is vice president and director of the Open Society Project at the Niskanen Center. Both are returning guests to the podcast, and they join David again on Macro Musings to talk about their new pro-growth report titled, *Faster Growth, Fairer Growth: Policies for a High Road, High Performance Economy.* Specifically, they detail a number of different policies the US government could adopt to achieve faster and fairer economic growth, including social insurance modernization, child allowances, and more.   Transcript for the episode can be found here:   Sam’s Twitter: @hamandcheese Sam’s Niskanen profile:   Brink’s Twitter: @lindsey_brink Brink’s Niskanen profile:   Related Links:   *Faster Growth, Fairer Growth: Policies for a High Road, High Performance Economy* by Brink Lindsey and Sam Hammond   *Are Ideas Getting Harder to Find?* by Nicholas Bloom, Charles Jones, John Van Reenen, and Michael Webb   *How Asia Works* by Joe Studwell   David’s Twitter: @DavidBeckworth David’s blog:
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:   Bilal’s Macro Hive profile: Bilal’s website: Bilal’s Twitter: @bilalhafeez123   Related Links:   *The True Economic Consequences of the COVID Peace* by Bilal Hafeez   *EU Enjoys ‘Outrageous Demand’ for First Covid-related Bond* by Tommy Stubbington   David’s Twitter: @DavidBeckworth David’s blog:
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:   Adam’s Twitter: @ModeledBehavior Adam’s website:   Related Links:   *The Future of Remote Work*by Adam Ozimek   *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   *Where Remote Work Saves Commuters Most* by Adam Ozimek   *When Work Goes Remote* by Adam Ozimek   *How Many Jobs can be Done at Home?* by Jonathan Dingel and Brent Neiman   *How Many U.S. Jobs Might be Offshorable?* by Alan Blinder   David’s Twitter: @DavidBeckworth David’s blog:
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:   Alan’s Twitter: @AlanMCole   Related Links:   The JEC’s Social Capital Project:   *Saving and COVID-19* by Alan Cole   *Stable Monetary Policy to Connect More Americans to Work* by Alan Cole    *Bullard May Be More Right Than Wrong* by Tim Duy   *The Fed’s Mistake* by Adam Ozimek and Michael Ferlez   David’s Twitter: @DavidBeckworth David’s blog:
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:   David French’s Twitter: @DavidAFrench David French’s Dispatch archive:   Related Links:   *Divided We Fall: America’s Secession Threat and How to Restore our Nation* by David French   David’s Twitter: @DavidBeckworth David’s blog:
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:   Michael’s Twitter: @MichaelRStrain Michael’s AEI profile:   Related Links:   The Mercatus Center’s RegData databse:   *The triumph of the Trump tax cuts* by Joshua McCabe   David’s Twitter: @DavidBeckworth David’s blog:
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:   Matt’s Twitter: @mattyglesias Matt’s Vox profile: Matt’s podcast:   Related Links:   *One Billion Americans: The Case For Thinking Bigger* by Matt Yglesias   David’s Twitter: @DavidBeckworth David’s blog:
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:   Shruti’s Twitter: @srajagopalan Shruti’s Mercatus profile: Shruti’s podcast, *Ideas of India*:   Related Links:   *India Grows at Night* by Gurcharan Das   *In India, Don’t Hate the Matchmaker* by Shruti Rajagopalan   *It’s Chiefly Rent Seekers Who Oppose Our Farm Reforms* by Shruti Rajagopalan   David’s Twitter: @DavidBeckworth David’s blog:
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:   Roberto’s Twitter: @R_Perli Roberto’s Cornerstone Macro profile:   Related Links:   FOMC September meeting press release:   *Temporary Price-level Targeting: An Alternative Framework for Monetary Policy* by Ben Bernanke   David’s Twitter: @DavidBeckworth David’s blog:
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:   Megan’s Twitter: @economistmeg Megan’s website: Megan’s Financial Times archive:   Eric’s Twitter: @ericlonners Eric’s blog: Eric’s M&G Investments profile:   Related Links:   *Dual Interest Rates Give Central Banks Limitless Firepower* by Eric Lonergan and Megan Greene   *A Misplaced Faith in the Power of Central Banks* by Greg Ip   David’s Twitter: @DavidBeckworth David’s blog:
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:   Thorvald’s Twitter: @finstab Thorvald’s Levy Economics Institute profile:   Related Links:   *Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence* by Thorvald Grung Moe   David’s Twitter: @DavidBeckworth David’s blog:
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:   Carolyn’s Twitter: @csissoko Carolyn’s UWE Bristol profile:   Related Links:   *The Collateral Supply Effect on Central Bank Policy* by Carolyn Sissoko   David’s Twitter: @DavidBeckworth David’s blog:
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:   Robin’s Twitter: @RobinBHarding Robin’s Financial Times profile:   Related Links:   *Six Abenomics Lessons for a World Struggling with ‘Japanification’* by Robin Harding   *Abe’s Tenure Marked by Trade Successes and Thwarted Ambitions* by Robin Harding   *Leave Public Debt Worries for Another Day* by Robin Harding   *Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford   David’s Twitter: @DavidBeckworth David’s blog:
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:   George’s Twitter: @GeorgeSelgin George’s Cato Institute profile:   Related Links:   *The Menace of Fiscal QE* by George Selgin   *Mission Creep at the Fed* by Greg Ip   David’s Twitter: @DavidBeckworth David’s blog:
Comments (3)

Jonathan Morrell

wasn't this episode aired on New year's day?

Jan 20th

Morteza Mohandes Mojarad

insightful to how fed members are elected and what is the need for that. the political role in monetary decisions is still a mystery to me!

Jan 6th

Arunkumar Navasiva

Great content for anyone interested in macro economics

Mar 11th
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