Macro Musings with David Beckworth

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the[...]

Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.*   Richard’s Federal[...]

Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as[...]

Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled, *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and[...]

Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to[...]

Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings,[...]

Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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,[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

Will Bateman is an associate professor and associate dean of research at the Australian National University College of Law. Will has recently authored a paper titled, *The Fiscal Fed,* which takes a close look at the Fed’s fiscal functions during the two World Wars, the Great Depression, the Cold War, the global financial crisis, and[...]

PJ Glandon is an associate professor of economics at Kenyon College, where he also serves as chair of the economics department. PJ joins David on Macro Musings to talk about his recent co-authored article, *Macroeconomics Research: Present and Past.* David and PJ also more broadly discuss the state of macroeconomics as a discipline, both in[...]

Ed Nelson is a senior advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor of economics at the University of Sydney and has worked at the St. Louis Federal Reserve Bank as well as the Bank of England. Most importantly, however,[...]

Sam Hammond is a senior economist at the Foundation for American Innovation and is non-resident fellow at the Niskanen Institute. Sam is also a previous guest of the show, and he rejoins Macro Musings to talk about artificial intelligence and the future of the state. Specifically, David and Sam discuss the current AI environment, how[...]

Marc Goldwein is the Senior Vice President and Senior Policy Director for the Committee for a Responsible Federal Budget (CRFB), where he guides and conducts research on a wide array of topics related to fiscal policy and the federal budget. Marc joins Macro Musings to talk about the US government budget, its structure, its challenges,[...]

Lev Menand is an associate professor of law at Columbia University and Josh Younger is a senior policy advisor at the Federal Reserve Bank of New York and a lecturer at Columbia Law School. Lev and Josh also recently co-authored a paper titled, *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon.*[...]

Thomas Hoenig is a distinguished senior fellow with the Mercatus Center at George Mason University, where he focuses on the long-term impacts of the politicization of financial services as well as the effects of government-granted privileges and market performance. He was formerly the vice chair of the FDIC from 2012 to 2018 and the 20[...]

Robert McCauley is a senior fellow at the Global Development Policy Center at Boston University, an Associate Member of the Faculty of History at the University of Oxford, and was formerly at the Bank of International Settlements for 25 years and the New York Federal Reserve Bank for 14 years. Robert is also a returning[...]

Joe Gagnon is a senior fellow at the Peterson Institute for International Economics and was formerly a senior staffer at the Federal Reserve Board of Governors. Joe is also a returning guest to Macro Musings, and he rejoins the podcast to talk about Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium. Specifically,[...]

Nicholas Anthony is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives and works on issues relating to financial privacy, cryptocurrencies, and the use of money in society. Nicholas joins Macro Musings to talk about central bank digital currencies (CBDCs) and the recent developments surrounding CBDCs at the Fed and in[...]

John Coates is a professor of law and economics and the deputy dean of the Harvard Law School. John is also the author of a new book titled, *The Problem of Twelve: When a Few Financial Institutions Control Everything,* and he joins Macro Musings to talk about it. David and John also discuss the basics[...]

Zac Gross is a senior lecturer at Monash University and was formerly an economist at the Reserve Bank of Australia. Zac joins Macro Musings to talk about the Australian central bank and the recent review of its framework. Specifically, David and Zac also break down Australian monetary policy over the past few decades, the RBA’s[...]

Larry White is a professor of economics at George Mason University and is the author of a new book titled, *Better Money: Gold, Fiat, or Bitcoin?* Larry is also a returning guest to Macro Musings, and he rejoins the podcast to discuss this book and the comparison among those monetary standards. David and Larry specifically[...]

Ricardo Reis is a professor of economics at the London School of Economics and is the co-author of a new book titled, *A Crash Course on Crises: Macroeconomic Concepts for Run-ups, Collapses, and Recoveries.* Ricardo is also a previous guest of Macro Musings and he rejoins the podcast to talk about his new book as[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest on Macro Musings, and he rejoins the podcast to talk about some of the recent developments in the monetary and financial policy space. Specifically, David and George discuss[...]

Bryan Cutsinger is an assistant professor of economics at Angelo State University and Louis Rouanet is an assistant professor of economics at the University of Texas, El Paso. Bryan and Louis join Macro Musings to talk about the French Revolution, France’s public finances, its bout with hyperinflation, and finally, the implications of this experience for[...]

Jesus Fernandez-Villaverde is a professor of economics at the University of Pennsylvania and is the co-director of the Business, Economic, and Financial History Project at the Wharton School of Business. Jesus is also a returning guest to the podcast, and he rejoins Macro Musings to talk about recent macroeconomic developments, the demographic issues facing the[...]

Chris Conlon is an associate professor of economics at the NYU Stern School of Business where he focuses on industrial organization economics and econometrics. Chris joins David on Macro Musings to help shed light on the 2021-2023 inflation surge from the perspective of an IO economist. Specifically, David and Chris discuss the great markup debate[...]

Tim Lee is an independent journalist who formerly worked for the Washington Post, Vox, and Ars Technica, where he covered tech policy, blockchain issues, the future of transportation, and the economy. Tim currently produces the newsletter, Understanding AI, and is also a returning guest to Macro Musings. He rejoins the podcast to talk about AI,[...]

Steven Kamin is a senior fellow at the American Enterprise Institute and previously was the director of the Division of International Finance at the Federal Reserve Board. Steve joins David on Macro Musings to talk about the US dollar and its implications for policy and the economy. Specifically, David and Steven discuss the effects of[...]

Chris Hughes is a senior fellow at the Institute on Race, Power, and Political Economy at The New School, and he is also the co-founder of the Economic Security Project and a senior advisor at the Roosevelt Institute. Previously, he was also the publisher of The New Republic and is a co-founder of Facebook. Chris[...]

Peter Stella is the former head of the IMF’s Central Banking Division and has researched and written extensively on safe assets, collateral, and central bank operations. He now hosts the website, Central Banking Archaeology and continues to consult with the IMF on central bank balance sheet issues. Peter is also a returning guest to the[...]

Christina Skinner is a legal scholar at the Wharton Business School at the University of Pennsylvania and was formerly legal counsel to the Bank of England. Christina is also a returning guest to the podcast, and she rejoins Macro Musings to talk about central bank digital currency and its legal implications for the state, individuals,[...]

Gianluca Benigno is a professor of economics at the University of Lausanne and was formerly a senior staffer and economist at the Federal Reserve Bank of New York, an economist at the Bank of England, and worked at the London School of Economics. Gianluca joins Macro Musings to talk about financial conditions in r**, his[...]

Dan McDowell is an associate professor of political science at Syracuse University, and he is the author of a new book titled, *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar.* Dan joins Macro Musings to talk about this new book and the prospects for de-dollarization around the world. David and[...]

Jeanna Smialek is a reporter who covers the Federal Reserve and the economy for the New York Times, and is the author of a new book titled, *Limitless: The Federal Reserve Takes On a New Age of Crisis.* Jeanna is also a returning guest to Macro Musings and rejoins the podcast to talk about her[...]

Nathan Tankus is a popular writer for a newsletter titled, *Notes on the Crises* and is the research director of the Modern Money Network. Nathan is also a returning guest to Macro Musings, and he rejoins the podcast to talk about modern monetary theory and the debt ceiling. Specifically, David and Nathan discuss the future[...]

Brian Sack was recently the Director of Global Economics at the D.E. Shaw Group, and prior to that, he was the manager of the System Open Market Account or SOMA and the head of the Markets Group at the New York Federal Reserve bank, where he managed the Fed’s balance sheet. Brian joins Macro Musings[...]

Mark Calabria was the Director of the Federal Housing Finance Agency and prior to that, he was formerly a chief economist for Vice President Mike Pence. Mark is also a previous guest of Macro Musings, and he rejoins the podcast to talk about his new book titled, Shelter From the Storm: How a COVID Mortgage[...]

George Hall is a professor of economics at Brandeis University, and was formerly an economist at the Chicago Federal Reserve Bank. In this bonus segment from the previous conversation, George rejoins the podcast to talk about how the US handled the surge in debt resulting from World War II, how COVID changed government financing, his[...]

George Hall is a professor of economics at Brandeis University, and was formerly an economist at the Chicago Federal Reserve Bank. George has written widely on the history of U.S. public finance, and he joins Macro Musings to talk about the history of the U.S. national debt, including the most recent surge resulting from the[...]

Bill Nelson is a chief economist and executive vice president of 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. He also worked closely with the BIS working[...]

Kate Judge is a professor of law at Columbia Law School and the editor of the Journal of Financial Regulation, and Peter Conti-Brown is an associate professor of financial regulation and the co-director of the Wharton Initiative on Financial Policy and Regulation at the University of Pennsylvania. Both are also returning guests to the podcast,[...]

Brian Riedl is a senior fellow at the Manhattan Institute where he focuses on budget, tax, and economic policy issues. Previously, he worked for six years as chief economist for Senator Rob Portman of Ohio and as staff director of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth. He also served as director[...]

Steven Kelly is a senior research associate at the Yale Program on Financial Stability and is a previous guest of the podcast. Steven rejoins Macro Musings to talk about the recent bank collapses at Silicon Valley Bank (SVB) and Signature, the government response, and what this means for financial stability policy in the present and[...]

Derek Tang is the CEO and co-founder of LH Meyer, and is part of the research team based in Washington, D.C. where he forecasts Fed policy developments, provides bespoke policy analysis to institutional investors, and also closely monitors and forecasts the Fed’s balance sheet. Derek joins David on Macro Musings to talk about Fed policy,[...]

Joey Politano is an economist and commentator who writes regularly on his Substack newsletter titled, Apricitas Economics. Joey is also a previous guest of the podcast, and he rejoins Macro Musings to talk about the state of the US economy, inflation, Fed policy, and much more. Specifically, David and Joey discuss the results of the[...]

Peter Conti-Brown is an associate professor of financial regulation and legal studies at the University of Pennsylvania and is a non-resident fellow at the Brookings Institution. Peter is also a returning guest to Macro Musings, and rejoins the podcast to talk about some of the big legal and regulatory issues facing the financial and monetary[...]

David Wilcox is a non-resident senior fellow at the Peterson Institute for International Economics and is the Director of Economic Research at Bloomberg Economics. Previously, David served for many years on the staff of the Federal Reserve Board, as deputy director from 2001 to 2011 and as director from 2011 to 2018 of the Division[...]

Julie Hill is a professor of law at the University of Alabama’s School of Law and she specializes in the study of the regulation of financial institutions. Julie also has a new paper out titled, *Opening a Federal Reserve Account,* and she joins Macro Musings to talk about the history and recent developments surrounding Fed[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest on Macro Musings and he rejoins the podcast to talk about some recent developments in the monetary and fiscal policy space. Specifically, David and George discuss new narratives[...]

Michael Strain is the Director of Economic Policy Studies and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute and is a returning guest to Macro Musings. Michael rejoins the podcast to talk about the looming debt ceiling crisis and his recent article on the issue titled, *Averting a Debt-Ceiling Disaster.*[...]

John Roberts is a 36-year veteran of the Federal Reserve Board and mostly recently was the Deputy Associate Director in the Division of Research and Statistics, overseeing the board’s domestic macroeconomic modeling efforts. From 2017-2019, John also served as a special advisor to Federal Reserve Governor Lael Brainard, where his responsibilities includes preparation of speeches,[...]

Paul Tucker is a 33-year veteran of the Bank of England, where among other positions, he served as both a member and deputy governor of the Monetary Policy Committee. Currently, Paul is a research fellow at the Mossavar-Rahmani Center for Business and Government at Harvard. He is also a returning guest to the podcast, and[...]

Victoria Guida is an economics reporter for Politico where she covers monetary policy and financial regulatory policy. Victoria is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the big developments at the Fed and in the financial regulatory policy space in 2022 and what we can expect in[...]

Martin Chorzempa is a senior fellow with the Peterson Institute for International Economics and is the author of a new book titled, *The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology.* Martin joins Macro Musings to talk about this book as well as the history of Chinese[...]

For this special end of the year edition of Macro Musings, Heather Long, Ryan Avent, and Cardiff Garcia rejoin the podcast to reflect on the biggest economic surprises and stories of the past few years, while giving their outlook and predictions for the future. Heather Long is an editorial writer and columnist for the Washington[...]

Tomas Hirst is a macro analyst in the Strategy and Allocation division at LMI and formerly worked at Credit Sights, an independent fixed income research company, where he led the European strategy team covering Euro and sterling credit markets. Prior to that, he also worked at Bloomberg and the World Economic Forum in Geneva. Tomas[...]

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

Noah Smith is a former columnist for Bloomberg and is now a popular writer at his own Noahpinion Substack. In this bonus segment from the previous conversation, Noah rejoins the podcast to talk about the nuts and bolts of macroeconomic modeling. Specifically, David and Noah discuss why macroeconomics is still in its infancy, how we[...]

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

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

In this special episode of Macro Musings, David Beckworth and Patrick Horan join guest host Carola Binder to discuss their newest paper, *The Fate of FAIT: Salvaging the Fed’s Framework.* Patrick Horan is a research fellow in the Mercatus Center’s Monetary Policy Program and Carola Binder is an associate professor of economics at Haverford College[...]

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

Megan Greene is a senior fellow at the Watson Institute for International and Public Affairs at Brown University and is the global chief economist at Kroll. Megan is also a contributing editor and columnist for the Financial Times and is a returning guest to the podcast. She rejoins David on Macro Musings to talk about[...]

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

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

Bill Nelson is the chief economist and executive vice president at the Bank Policy Institute. He previously worked as a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill has also worked closely with the[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. In this bonus segment from the previous conversation, George rejoins the podcast to talk about his new book project on the Great Depression titled,[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest of the podcast, and he rejoins David on Macro Musings once again to discuss their top three articles from the past few weeks related to macroeconomics and monetary[...]

Bill English is a professor at Yale University, a former senior Fed staffer, and a veteran of the Bank for International Settlements. Bill joins Macro Musings to talk about his time at the Federal Reserve, recent Fed developments, and a paper he co-authored titled, “What If the Federal Reserve Books Losses Because of Its Quantitative[...]

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

Steven Kelly is a senior research associate at the Yale Program on Financial Stability. Steven joins David on Macro Musings to discuss his work on financial stability and the role the Federal Reserve plays in it. Specifically, David and Steven discuss the Fed’s evolving role in niche financial markets such as commodities and derivatives markets,[...]

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott joins David on Macro Musings to look back on his contributions to monetary policy research with the Mercatus Center and elsewhere, as well as discuss his upcoming book, Alternative Approaches to Monetary Policy. In particular, Scott and David discuss[...]

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

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

Carola Binder is an associate professor of economics at Haverford College and is currently a visiting scholar in the Monetary Policy Program at the Mercatus Center. She is also an associate editor at the Review of Economics and Statistics and the Journal of Money Credit and Banking. Carola rejoins Macro Musings to talk about inflation[...]

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

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

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

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

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

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

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

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

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

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

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. He is also the most frequent guest on Macro Musings, now appearing for his 12th time. In this episode, George and David identify and discuss their top three articles from the past few weeks[...]

Christine McDaniel is a senior research fellow at the Mercatus Center where she focuses on trade and intellectual property rights issues. Christine previously held several positions in the US government, including deputy assistant secretary at the Treasury Department and senior trade economist in the White House Council of Economic Advisors. She has also worked in[...]

Manmohan Singh is a senior economist at the International Monetary Fund and works on rehypothecation, shadow banking, the plumbing of the monetary system, and more. Manmohan joins Macro Musings to talk about stablecoins, central bank balance sheets, central bank digital currencies, and their broader implication for central banks. David and Manmohan specifically discuss the role[...]

Bill Nelson is the Chief Economist and an Executive Vice President at the Bank Policy Institute. Bill previously was a deputy director at 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. He also worked closely with the BIS[...]

Josh Hendrickson is Associate Professor of Economics at the University of Mississippi and Chair of the Economics Department. Josh joins David on Macro Musings to discuss US monetary policy and US defense policy. Specifically, Josh and David discuss the coordination of fiscal and monetary policy and what Milton Friedman would think of it today, the[...]

Peter Ireland is a professor of economics at Boston College, a research associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee. Peter has also been a visiting scholar at numerous Federal Reserve Banks and is a returning guest to the podcast. He rejoins Macro Musings to talk[...]

Jens van 't Klooster is a political economist at the University of Amsterdam's Department of Political Science. Jens rejoins David on Macro Musings to discuss the changes taking place at the European Central Bank. Specifically, Jens and David talk about the ECB’s recent commitment to a gradual process of monetary tightening, the prospect and limitations[...]

Colin Grabow is a policy analyst at the Cato Institute’s Center for Trade Policy Studies, and he joins Macro Musings to talk about US trade policies, the Jones Act, and the consequences of this harmful maritime statute. Specifically, David and Colin also discuss the counterfactual world of TPP, the future of international trade, and how[...]

Nick Timiraos is a Chief Economics Correspondent for the Wall Street Journal and rejoins Macro Musings to discuss his new book titled, *Trillion Dollar Triage: How Jay Powell and the Fed Battled the President and a Pandemic and Prevented Economic Disaster.* Specifically, David and Nick discuss Jay Powell’s background and early career in law and[...]

Joey Politano is an economist and a commentator who writes and publishes on a Substack newsletter named, “Apricitas Economics,” where he covers a wide range of subjects on a number of economic topics. Joey joins Macro Musings to talk about inflation, monetary policy, and the issues surround them. Specifically, David and Joey discuss the outlook[...]

Eric Leeper is a professor of economics at the University of Virginia, an advisor to the Swedish and German central banks and a former Fed economist. Eric has written widely on the links between monetary policy and fiscal policy and joins David on Macro Musings to discuss these links and their implication for the price[...]

Alex Nowrasteh is the director of Economic and Social Policy Studies at the Cato Institute where he writes widely on US immigration policy. He also has several books on the topic, including his recently co-authored book, *Wretched Refuse? The Political Economy of Immigration and Institutions.* Alex joins Macro Musings to talk about immigration in the[...]

Kaleb Nygaard is a senior research associate at the Yale Program on Financial Stability and runs the website Centralverse, a place where all things central banking are made clear. Kaleb is also a former Chicago Fed staffer. Kaleb joins David on Macro Musings to discuss the governance and institutional details of the Federal Reserve System.[...]

Bill Nelson is a chief economist and an executive vice president at the Bank Policy Institute. Bill 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 the analysis and financial institution supervision. He also worked closely[...]

Matthew Klein is the author of The Overshoot, a newsletter that helps readers make sense of the global economy. Matthew also closely follows Eastern Europe and Russia, has written on the economics of the Russian-Ukraine War, and is a returning guest to the podcast. Matthew rejoins David on Macro Musings to discuss this conflict and[...]

Emily Hamilton is a senior research fellow and director of the Urbanity Project at the Mercatus Center at George Mason University. Emily’s research focuses on urban economics and land use policy, and she joins Macro Musings to talk about housing in the United States. Specifically, David and Emily discuss many of the issues present within[...]

William Diamond is an Assistant Professor of Finance at the Wharton School of Business at the University of Pennsylvania. Will joins David on Macro Musings to discuss safe assets, convenience yields, bubbles and public debt and the implications for policy. Specifically, David and Will get into competing theories of interest rates and the rise of[...]

Amanda Rose is a professor at Vanderbilt Law School where she works as a scholar on securities law and the institutional design of the regulatory regimes enforcing those laws. Amanda joins Macro Musings to talk about the Securities and Exchange Commission (SEC), its work and role in promoting financial stability, and her research on the[...]

Dan Alpert is an investment banker and a founding Managing Partner of Westwood Capital. He also regularly writes and speaks on big macro-structural issues. Dan joins David on Macro Musings to discuss recent macroeconomic events. Specifically, Dan and David discuss a post-Keynesian account of the global safe asset shortage, the impact of the US policy[...]

Lubos Pastor is a professor of finance, and Elisabeth Kempf is an associate professor of finance, both at the University of Chicago’s Booth School of Business. They join David on Macro Musings to talk about their recent paper, *Fifty Shades of QE: Comparing Findings of Central Bankers and Academics*. Lubos, Elisabeth, and David specifically discuss[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. In this bonus segment from the previous conversation, George rejoins the podcast to talk about the Fed’s near-term plans to shrink its balance sheet,[...]

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. He rejoins the podcast to talk about central bank digital currency, stablecoins, and the future of the Fed’s balance sheet and operating system. Specifically,[...]

Henry Curr is the economics editor for the Economist Magazine and a returning guest to the show. Henry has a new working paper out titled, “Money Printers Go Grrrr: Three Myths and Three Uncomfortable Truths about Quantitative Easing.” Henry joins Macro Musings to discuss these three myths and uncomfortable truths about QE. Specifically, David and[...]

Lorie Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York. In that role, she’s the manager of the System Open Market Account (SOMA), for the Federal Open Market Committee (FOMC), and she is also the head of the market operations, monitoring, and analysis. Lorie joins Macro[...]

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 rejoins David on Macro Musings to discuss the great inflation surge of 2021 and its implications for policy. Specifically, David and Paul discuss the[...]

In this special end-of-the-year episode of Macro Musings, David Beckworth joins guest host David Andolfatto of the St. Louis Fed to discuss a wide range of macroeconomic topics, including podcast highlights from the whole of 2021. More specifically, both Davids talk about the similarities and differences between average inflation targeting and NGDP targeting, the recent[...]

Talmon Smith is an economics reporter for The New York Times and joins David on Macro Musings to talk about the great inflation surge of 2021 and its implications for policy and politics. Specifically, David and Talmon discuss the potential drivers and implications of the great inflation surge that has taken place in 2021, the[...]

Yesha Yadav is a law professor and associate dean at the Vanderbilt University Law School, where she works on banking and financial regulation, securities regulation, and the law of money and payment system. Yesha has written a recent paper titled, *The Failed Regulation of US Treasury Markets*, and she joins Macro Musings to discuss it.[...]

Carola Binder is an Associate Professor of Economics at Haverford College, and Christina Parajon Skinner is an assistant professor at the Wharton School at the University of Pennsylvania. Both are returning guests to Macro Musings and they rejoin the podcast to talk about populism at the Fed and its implications for policy. Specifically, they discuss[...]

Matthew Klein is the author of The Overshoot, a newsletter that helps readers make sense of the global economy. Matt is also a returning guest to the podcast, and rejoins Macro Musings to talk about the hot topic of inflation and its outlook. Specifically, David and Matt discuss what is driving trend inflation, Matt’s decomposition[...]

Markus Brunnermeier is a professor of economics and the director of the Bendheim Center for Finance at Princeton University. Markus is also a nonresident senior fellow at the Peterson Institute for International Economics. Markus joins Macro Musings to discuss his new book, titled “The Resilient Society,” as well as his work on safe assets and[...]

Ajmal Ahmady is the former acting governor of the Central Bank of Afghanistan and is now a senior fellow at the Harvard Kennedy School of Government. Ajmal joins Macro Musings to talk about his experience as a central bank governor in Afghanistan and the challenges now facing the nation’s economy. Specifically, David and Ajmal discuss[...]

Peter Stella is the former Head of the IMF Central Banking division and has researched and written extensively on safe assets, collateral and central bank operations. Peter now hosts a website Central Banking Archeology. Peter joins David on Macro Musings to discuss the role of money and its relationship to inflation as well as its[...]

Robert Orr is a policy analyst at the Niskanen Center where he focuses on welfare, healthcare, and labor market policy. Robert joins Macro Musings to talk about one of the more important sectors of the US economy, healthcare, and some of the biggest supply side bottlenecks the industry faces. Specifically, David and Robert discuss the[...]

George Selgin is the director emeritus of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. George rejoins David on the podcast to discuss cryptocurrency, stable coins, CBDCs, and a push for a higher inflation target. Specifically, George and David discuss the category of ‘synthetic commodity money’[...]

Peter Conti-Brown is a legal scholar and financial historian at the University of Pennsylvania and is a nonresident fellow in economic studies at the Brookings Institution. Peter’s scholarship focuses on the legal and historical issues of the Federal Reserve system, and he rejoins Macro Musings to talk about the many facets of Fed governance. David[...]

Scott Sumner is David’s colleague and the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott is also a returning guest to the podcast and joins David on Macro Musings to discuss his new book, The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy. Specifically, David and[...]

Chris Russo is a post-graduate research fellow in the Monetary Policy Program of the Mercatus Center at George Mason University and is a former economist at the New York Federal Reserve Bank. He re-joins Macro Musings to talk about the growing concerns over the US debt ceiling, what it could mean for the economy, and[...]

Hanno Lustig is a professor of finance at Stanford University, and a senior fellow at the Stanford Institute for Economic Policy Research. Hanno joins David on Macro Musings to discuss his work on dollar safety, safe assets, convenience yields, and more. More specifically, Hanno and David discuss the dollar dominance in global financial markets, how[...]

Megan Greene is a senior fellow at the Harvard Kennedy School of Government and was formerly the global chief economist at Manulife John Hancock Asset Management. Megan is also a returning guest to the podcast and rejoins David to talk about the prospects of central bank digital currency as well as how to conduct climate[...]

Joseph Wang is a former senior trader on the open market desk at the Federal Reserve Bank in New York and the author of the book Central Banking 101. He also blogs at fedguy.com and is active on Twitter. Joseph joins Macro Musings to discuss what has happened at the Fed from the operational side,[...]

Philippa Sigl-Glöckner is the director of the German think tank Dezernat Zukunft, or the Institute for Macrofinance, and was formerly a part of the German Federal Ministry of Finance. Philippa joins Macro Musings to talk about fiscal policy in Germany, as well as her new paper, *A New Fiscal Policy for Germany*. Specifically, David and[...]

Jennifer Murtazashvili is an associate professor of political science at the University of Pittsburgh and directs the Center for Governance and Markets. Jennifer is also an expert on all things Afghanistan, given her experience working there and advising governments and international organizations on issues related to Afghanistan. She also has a new book titled, *Land,[...]

Bill Nelson is a 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[...]

Arthur Turrell is the deputy director at the data science campus for the UK Office of National Statistics (ONS). Arthur is also a former researcher at the Bank of England and a nuclear fusion scientist. He joins Macro Musings to talk about his work at the Bank of England, the future of economic data, and[...]

Kathryn Judge is a professor of law at Columbia Law School and editor of the journal of Financial Regulation. Anil Kashyap is a professor of economics and finance at the University of Chicago and is a member of the Bank of England's financial policy committee. Kate and Anil join David on Macro Musings to discuss[...]

Larry White is a professor of economics at George Mason University and is a returning guest to the show. He rejoins Macro Musings to talk about stablecoins, the history of free banking, and money market funds reform. Specifically, David and Larry also discuss the critiques levied against stablecoins, their impact on the banking system, and[...]

Jerusalem Demsas is a policy reporter for Vox and joins David on Macro Musings to discuss the state of housing in America and its implications for policy. Specifically, Jerusalem and David discuss the current state of the housing market, whether there is a housing bubble, how the housing shortage creates avenues for discrimination, the dynamics[...]

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott joins David on Macro Musings to discuss Milton Friedman's views and what he might say about some of the recent developments in monetary policy. Specifically, Scott and David talk about nominal interest rates as indicators of the stance of[...]

Skanda Amarnath is the executive director of Employ America and a former hedge fund economist. He rejoins Macro Musings to talk about the fate of the Phillips Curve, the inflation outlook, the Fed’s new framework, and his vision for a better monetary policy future. David and Skanda also discuss the Fed’s flawed assessment of maximum[...]

Agustin Carstens leads the Bank for International Settlements or the BIS in his role as general manager and previously served as the governor of the Bank of Mexico. He also served as the deputy managing director of the International Monetary Fund. Agustin joins David on Macro Musings to discuss the new BIS 2021 annual report.[...]

Jason Furman is a former chair of the Council of Economic Advisers and is currently a senior fellow at the Peterson Institute for International Economics. Jason is also a professor at Harvard University and he rejoins Macro Musings to talk about overheating, the inflation outlook, and the right way to think about fiscal policy in[...]

Steffen Murau is a political economist at the Global Development Policy Center at Boston University and specializes in international money and finance. He joins Macro Musings to talk about the Eurozone, its role within international monetary architecture, and the future of the dollar zone. They also discuss balance sheet hierarchies, the roles of European banks[...]

Dan Smith is an associate professor of economics at Middle Tennessee State University and directs the Political Economy Research Institute at MTSU. Alex Salter is an associate professor of economics at Texas Tech University. Dan and Alex join David on a special live episode of Macro Musings to discuss their new book, Money and the[...]

David Andolfatto is a vice president for the St. Louis Federal Reserve Bank and has published widely in the field of monetary economics. David also blogs at MacroMania and is a returning guest to the podcast. He rejoins Macro Musings to talk about his thoughts on macro theory, plumbing issues, central bank digital currency, and[...]

Mark Carney served as the governor of the Bank of Canada from 2008 until 2013, and as the governor of the Bank of England from 2013 to 2020. Mark also was the chairman of the Financial Stability Board from 2011 to 2018. Mark is currently the Vice Chairman and Head of Impact Investing at Brookfield[...]

George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to the podcast. He rejoins Macro Musings to talk about the Fed’s recent calls for comments on opening up Fed accounts to fintechs and other non-bank financial firms. George and David also discuss monetary plumbing[...]

Adam Posen is the President of the Peterson Institute for International Economics. Previously, Adam was on the monetary policy committee of the Bank of England. He has also worked at the New York Fed and has advised many central banks and governments. Adam is also a returning guest to the podcast and re-joins Macro Musings[...]

Judge Glock is an economic historian, a scholar at the Cicero Institute, and a returning guest to the podcast. Judge rejoins Macro Musings to talk about the origins of the US mortgage market as detailed in his new book, *The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939*. David and Judge[...]

Christina Parajon Skinner is a legal scholar at the University of Pennsylvania, and formerly was a legal counsel to the Bank of England. Christina joins David on Macro Musings to discuss her work on central bank activism. Specifically, David and Christina discuss comparisons between the Fed and the Bank of England, tensions between central bank[...]

Robert McCauley is a Senior Fellow at the Global Policy Center at Boston University and a Senior Research Associate of the Global History of Capitalism project at the Oxford Center for Global History. Robert also worked at the Bank for International Settlements for 25 years and the New York Federal Reserve Bank for 14 years,[...]

Antonio Fatás is a professor of economics at INSEAD, an international business school with campuses in Singapore, France, and Abu Dhabi. Antonio joins David on Macro Musings to talk about hysteresis and the business cycle. Specifically, David and Antonio discuss the history of the academic literature on business cycle and trend, the impact of the[...]

Matteo Maggiori is an associate professor of economics at Stanford University and joins David on Macro Musings to talk about global capital flows, reserve currencies, and the international monetary system. Specifically, David and Matteo also discuss the details of the Global Capital Allocation Project, the US and its status as banker to the world, the[...]

Scott Skyrm is the Executive Vice President in Fixed Income and Repo at Curvature Securities. Scott joins David on Macro Musings to discuss REPO markets, where they have been and where they are going. Specifically, Scott and David discuss the role of broker-dealers like Curvature Securities in the repo market, how repo markets are tied[...]

Ed Nelson is a Senior Advisor in the Monetary Affairs Division of the Board of Governors of the Federal Reserve System. Ed has also previously been a professor and has worked at the St. Louis Federal Reserve Bank, as well as the Bank of England. Returning to the podcast, Ed re-joins Macro Musings to talk[...]

Dan Awrey is a professor of law at Cornell Law School, a financial markets regulation scholar, and the editor of the Journal of Financial Regulation. Dan joins David on Macro Musings to discuss how to promote greater financial innovation, financial inclusion, and alleviate the “too big to fail” problem by safely unbundling banking, money, and[...]

Chris Russo is a Monetary Policy Program Research Fellow at the Mercatus Center at George Mason University and has previously worked at the New York Federal Reserve Bank. He joins Macro Musings to talk about the work he is doing on tensions between the Fed and the Treasury’s management of their respective balance sheets. Specifically,[...]

Saule Omarova is a professor of law and the director of the Jack Clarke Program on the Law and Regulation of Financial Institutions and Markets at Cornell University. Saule joins Macro Musings to talk about the prospects of an emergency fiscal facility, as well as a broader vision for a National Investment Authority. Specifically, Saule[...]

Pat Parkinson is a senior fellow at the Bank Policy Institute and a 30-year veteran of the Federal Reserve system, where he served as director of the Division of Banking Supervision and Regulation. During that time, he was also a member of the Basel Committee on Banking and advised Alan Greenspan, Ben Bernanke, and Tim[...]

Kathy Bostjancic is the chief US financial economist at Oxford Economics and joins Macro Musings to discuss the outlook for monetary and fiscal policy in 2021 as well as in financial markets. Specifically, David and Kathy discuss the prospects for Fed policy and personnel under the Biden Administration, immediate concerns facing the Fed as the[...]

Ricardo Reis is a professor of economics at the London School of Economics and a returning guest to the podcast. Ricardo rejoins Macro Musings to talk about central bank swap lines, the importance of fiscal sustainability, and the outlook for inflation in advanced economies. David and Ricardo also discuss safe asset alternatives, and how to[...]

Robert Kaplan is the president and CEO of the Federal Reserve Bank of Dallas. Previously, he was a professor and Associate Dean at Harvard Business School, and prior to that was a Vice Chairman of Goldman Sachs. Robert is a returning guest to the podcast, and he rejoins Macro Musings to discuss the Fed's new[...]

Daniel Griswold is a senior affiliated scholar at the Mercatus Center and a nationally recognized expert on trade and immigration policy. Dan is also a returning guest is to the podcast, and joins Macro Musings to talk about immigration policy and the outlook for trade policy with the new Biden Administration. Specifically, David and Dan[...]

Sam Bell is the policy director of Employ America, a think tank dedicated to having the economy run at full employment levels. Sam is also known on FOMC Twitter as an influencer when it comes to nominations for the Board of Governors. Sam returns to Macro Musings to talk about what 2021 likely has in[...]

Caleb Watney is the director of innovation policy at the Progressive Policy Institute (PPI) and he joins Macro Musings to talk about his recent piece, *Cracks in the Great Stagnation* and the reasons why we should all be techno-optimists. Specifically, David and Caleb discuss greater skilled immigration, further government R&D spending, innovative energy solutions, and[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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,[...]

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[...]

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[...]

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.[...]

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[...]

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[...]

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[...]

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.[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements[...]

Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s[...]

Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and[...]

Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades.[...]

Daniela Gabor is a professor of economics and macrofinance at the University of West England at Bristol, where she works on shadow banking, capital markets, and transnational banking. Daniela is also a returning guest to the podcast, and she has a new paper out on the burgeoning field of critical macrofinance and how it sheds[...]

Darrell Duffie is a professor of finance at Stanford University, and he joins Macro Musings to discuss the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future. Specifically, Darrell and David lay out the current state of financial markets, the ability of treasury markets, as[...]

Peter Stella is a former IMF official, where he led the Central Banking and Monetary and Foreign Exchange divisions, and he now hosts a webpage titled *Central Bank Archeology*. Peter is also a former guest of Macro Musings, and rejoins to talk about the COVID-19 crisis, central bank balance sheets, and more. David and Peter[...]

Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking.[...]

Alp Simsek is an associate professor of economics at MIT, and joins Macro Musings to talk about the link between financial markets, uncertainty and the COVID-19 crisis. Specifically, David and Alp discuss the dual absorption problem within financial markets, how supply shocks and demand shocks have inescapably become interwoven phenomenon, and why we should look[...]

Thomas Hoenig is a former vice chair of the FDIC, former president of the Kansas City Federal Reserve Bank, and is currently a distinguished senior fellow at the Mercatus Center at George Mason University. Tom’s research has focused on the long-term impact of the politicization of financial services, as well as the effects of government[...]

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, Professor Emeritus of economics at Bentley University, and a research fellow at the Independent Institute. As a returning guest to the podcast, Scott joins Macro Musings to give his latest thoughts on the COVID-19 crisis and[...]

Lev Menand is a legal scholar at Columbia Law School and has previously worked for the New York Fed, the US Treasury Department, and the Financial Stability Oversight Council (FSOC). Lev Joins Macro Musings to talk about his new paper, *Unappropriated Dollars: The Fed’s Ad Hoc Lending Facilities and the Rules that Govern Them*. Specifically,[...]

Martin Hellwig is the director of the Max Planck Institute for Research on Collective Goods, and he joins Macro Musings to talk about the Eurozone and the implications of the recent German Constitutional Court (GCC) ruling for the future of the monetary union. David and Martin specifically discuss the background of the perceived Eurozone crisis,[...]

Nathan Tankus is the director of research at the Modern Money Network, and a research fellow at the Global Institute for Sustainable Prosperity. Nathan is also the author of a number of articles on the Fed's recent activity at his Substack page titled “Notes on the Crises.” Nathan joins Macro Musings to talk about the[...]

Anat Admati is a professor of finance and economics at Stanford University, and is well-known for her work on leveraging debt in our financial system and how it makes our economy more susceptible to shocks. She’s also a co-author of the popular book, *The Banker’s New Clothes: What Went Wrong with Banking and What to[...]

Kathryn Judge is the Harvey J. Goldschmid Professor of Law at Columbia Law School, the editor of the Journal of Financial Regulation, and an expert on financial markets, financial regulation, and regulatory architecture. Kathryn joins Macro Musings to discuss the CARES Act, the Fed's role and its limitations regarding COVID-19 relief efforts, and the political[...]

Jesus Fernandez-Villaverde is a professor of economics at the University of Pennsylvania, a research associate with the National Bureau of Economic Research, a research affiliate with the Center for Economic Policy Research, and a returning guest to the podcast. Jesus specializes in macroeconomic modeling and economic history among other topics, and he joins Macro Musings[...]

George Selgin is the Director of the Cato Institute Center for Monetary and Financial Alternatives and a returning guest to Macro Musings. He joins David to break down recent policy actions by the Federal Reserve and some of the resulting challenges, as they break down the Treasury’s recent $454 billion backstop on Federal Reserve lending,[...]

Mehrsa Baradaran is a professor of law at the University of California Irvine and researches banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books, *How the Other Half Banks* and *The Color of Money: Black Banks and the Racial Wealth Gap.* Mehrsa joins Macro Musings to talk about the[...]

Nicholas Bloom is a professor of economics at Stanford University and a leading scholar on management, productivity, innovation and economic uncertainty. Nick is a previous guest of Macro Musings and returns to share his thoughts on COVID-19 and what it means for the US economy, both in the short-run and in the long-run. David and[...]

Brad Setser is a senior fellow for international economics at the Council on Foreign Relations, where he works on macroeconomics, global capital flows, and financial crisis issues. Brad has previously served as the deputy assistant secretary at the U.S. Treasury, working on Europe’s financial crisis, currency policy, financial sanctions, commodity shocks, and Puerto Rico’s debt[...]

Alex Tabarrok is a professor of economics at George Mason University and a research fellow at the Mercatus Center. Alex joins David Beckworth on the podcast to discuss how best to deal with COVID-19 and what lessons we can learn from it moving forward.     Transcript for the episode can be found here.  [...]

Ashoka Mody is a professor of international economic policy at Princeton University, has formerly worked at the IMF and the World Bank, and is a returning guest to Macro Musings. In this episode, he joins David to discuss the global economic implications of COVID-19 and what it specifically means for Europe and the Eurozone.  [...]

Peter Conti-Brown – a legal scholar and financial historian at the University of Pennsylvania, as well as a Nonresident Fellow in Economic Studies at the Brookings Institution – returns to Macro Musings to discuss the new Fed-Treasury relationship that is emerging in the wake of the war against COVID-19. Peter and David breakdown the CARES[...]

Skanda Amarnath is the Director of Research and Analysis at Employ America, Yakov Feygin is the Associate Director of the Future of Capitalism program at the Berggruen Institute, and Elizabeth Pancotti is a research assistant at the National Bureau of Economic Research and at Tufts University. Together, they have put together proposals on how to[...]

Jim Bianco, of Bianco Research, joins Macro Musings to discuss the latest on the economic impact from the coronavirus. David and Jim discuss the details and implications of the $2 Trillion Relief bill, the possibility of higher inflation, renewed threats to Fed independence, and implications for the Eurozone.   Transcript for the episode can be[...]

Robin Brooks is a chief economist at the Institute of International Finance and has previously worked for Goldman Sachs and the IMF. Robin joins Macro Musings to talk about the global economic implications of the novel coronavirus. David and Robin also discuss what is happening to output gap measures, where the global dollar cycle stands[...]

Stan Veuger is a resident scholar at the American Enterprise Institute where he specializes in political economy and public finance. Stan joins us today to discuss his co-authored proposal to save American businesses and American jobs as well as his thoughts on how Europe is handling the crisis. Specifically, David and Stan discuss the Federal[...]

Claudia Sahm is the Director of Macroeconomic Policy at the Washington Center for Equitable Growth and formerly was a section chief at the Board of Governors of the Federal Reserve System. Claudia specializes in macroeconomics and household finance, and joins the show today to talk about what the Fed has recently done and what fiscal[...]

James Sweeney is the chief economist at Credit Suisse and joins us today as a part of our ongoing special coverage to talk about the coronavirus or COVID-19 and its implications for the economy. Specifically, David and James discuss what this pandemic means for the plumbing of the financial system, interest rates, and the type[...]

Megan Greene is a senior fellow at Harvard University’s Kennedy School and a senior fellow in international economics at Chatham House. Formerly, Megan was a chief economist on Wall Street and she currently has a bi-weekly column in the Financial Times on global macroeconomics. She joins the show today to talk about the coronavirus and[...]

Ben Moll is a professor of economics at the London School of Economics, and is well known for his work on income and wealth distribution in macroeconomics and its implications for policy. Ben joins the show today to talk about this work and provide a look into the growing field of heterogeneous agent models. David[...]

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University, and a returning guest to Macro Musings. Scott joins the show today to talk about the recent market turmoil caused by the COVID-19 coronavirus and its implications for monetary policy.  David and Scott also discuss how[...]

Paul Schmelzing is an economic historian, a visiting scholar at the Bank of England and a postdoc at the Yale University School of Management. Paul has written an influential new paper on the long history of interest rates titled, "Eight centuries of global real interest rates, R-G, and the ‘suprasecular’ decline, 1311–2018." Specifically, Paul and[...]

Ernie Tedeschi is a policy economist and the head of fiscal analysis at Evercore ISI, a macro advisory firm. He is also an occasional contributor to The Upshot section at The New York Times. Previously, Ernie was a senior advisor and an economist at the US Department of Treasury. His research interests include the federal[...]

Brent Skorup is a senior research fellow at the Mercatus Center where he specializes in transportation technology, telecommunications, aviation, and wireless policy. Brent also serves on the FCC’s broadband deployment advisory committee and the Texas Department of Transportation’s autonomous vehicle task force, and he has recent spoke on the topic of airspace design at the[...]

Marc Lavoie is a professor of economics at the University of Ottawa and an author a recent article on the Bank of Canada’s operating system. Marc is also the coauthor of a popular textbook titled, *Monetary Economics: An integrated Approach to Credit, Money, Income, Production, and Wealth.* He joins the show today to talk about[...]

Joseph Gagnon is a senior fellow at the Peterson Institute for International Economics and formerly, a senior staffer at the Federal Reserve Board of Governors. Joseph is also a returning guest to Macro Musings, and he joins the show today to discuss his recent policy brief titled, “Are Central Banks Out of Ammunition to Fight[...]

To accompany the new year, David Beckworth is joined by the producers of Macro Musings, Marc and Carter, to talk about the highlights of the podcast throughout 2019, including their personal favorite episodes and the top episodes according to listener statistics. They also discuss some of the most important macroeconomic issues and events of the[...]

Eric Sims is the chair of the economics department at the University of Notre Dame and is a research associate with the National Bureau of Economic Research and the Cleveland Federal Reserve Bank. Eric, along with his colleague, Cynthia Wu, have a number of recent papers addressing monetary policy in low interest rate environments, including[...]

Peter Conti-Brown is an assistant professor at the Wharton School at the University of Pennsylvania and a nonresident fellow at the Brookings Institution. Peter is also a historian and a legal scholar specializing in the study of the Federal Reserve and is a returning guest to Macro Musings. He joins the show today to talk[...]

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,[...]

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[...]

Robert Samuelson is an economics columnist for the Washington Post and spent several decades working at Newsweek, where he wrote on various economic topics. Robert is the author of several books, including *The Good Life and Its Discontents: The American Dream in the Age of Entitlement* and *The Great Inflation and Its Aftermath: The Past[...]

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[...]

Claudia Sahm is the director of macroeconomic policy at the Washington Center for Equitable Growth, and was formerly at the Board of Governors as a section chief in the Consumer Community Affairs Division as well as serving on the staff macro forecast. Claudia specializes in macroeconomics and household finance, and she joins the show today[...]

Carola Binder is an assistant professor of economics at Haverford College and is an associate editor of the Journal of Money, Credit, and Central Banking. Carola is also a member of the CEPR Research and Policy Network on Central Bank Communication, and joins the show today to discuss her work on central banking and populism.[...]

Binyamin Appelbaum is the lead writer on business and economics for the editorial board of The New York Times, and he was previously a Washington correspondent for The Times covering the Federal Reserve and other aspects of economic policy. Binyamin is also a returning guest to the show, and joins today to talk about his[...]

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. Today, George joins the show to talk about recent developments in the payment system. Specifically, George and David discuss the history of attempted payment system solutions, the challenges and costs[...]

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[...]

Diego Zuluaga is a policy analyst at the Cato Institute’s Center for Monetary and Financial Alternatives where he covers financial technology and consumer credit, and before joining Cato, Diego was head of financial services and tech policy at the Institute of Economic Affairs in London. He joins the show today to talk about his work[...]

Frances Coppola is a former banker, financial writer, and an author of a recent book titled, *The Case for People’s Quantitative Easing*, and she joins the show today to talk about it.  David and Frances also discuss the overall potential effectiveness of helicopter drops, how they would be deployed during future recessions, and the criticisms[...]

In this special episode of Macro Musings, the roles are reversed, and David Beckworth joins guest host Cardiff Garcia, host of NPR’s “The Indicator from Planet Money”, to talk about his newest paper, *Facts, Fears, and Functionality of NGDP Level Targeting: A Guide to a Popular Framework for Monetary Policy*. David and Cardiff conduct a[...]

Srinivas Thiruvadanthai is a managing director and the director of research at the Jerome Levy Forecasting Center. Sri joins the show today to talk about the sectoral financial balance approach to macroeconomics as well as the safe asset supply challenge. David and Sri also discuss the fallacy of composition in macroeconomics, post-Keynesianism and how it[...]

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[...]

Jim Dorn is the Vice President for Monetary Studies at the Cato Institute and is the director of Cato’s annual Monetary Policy Conference. Jim has written widely on Federal Reserve policy and monetary reform, and has also edited more than 10 books including *The Search for Stable Money* and *The Future of Money in the[...]

Gregg Gelzinis is a policy analyst at the Center for American Progress where he focuses his work on financial institutions, financial markets, consumer finance policy, and financial regulation more broadly, and he joins the show today to talk about these issues. David and Gregg also discuss the Financial Stability Oversight Council’s (FSOC) inception, the tradeoffs[...]

Soumaya Keynes is the US economics editor for The Economist magazine, and she is also the co-host of *Trade Talks*, a podcast on all things trade, including trade policy, trade wars, and the future of trade. Soumaya joins the show today to talk about the general topic of trade, but also some other recent economic[...]

Alex Tabarrok is a professor of economics at George Mason University and holds the Bartley J. Madden Chair in Economics at the Mercatus Center. Alex has written widely on long run economic growth and joins the show today to talk about it. David and Alex also discuss how capital relates to economic growth, the impact[...]

Judge Glock is an economic historian and a scholar at the Cicero Institute in San Francisco. Judge’s research is focused on the Great Depression, and he has recently published a paper on an important idea shaping Federal Reserve policy during this time; the Riefler-Keynes Doctrine.  He joins the show today to talk about this paper[...]

Thomas Hoenig was vice-chair of the FDIC from 2012-2018 and in the 20 years prior to that he was also president of the Kansas City Federal Reserve Bank. Thomas is currently a distinguished senior fellow at the Mercatus Center at George Mason University where he focuses on the long-term impact of the politicization of financial[...]

Chris Crowe is head of economic research at Capula Investment Management, a London-based hedge fund, where he covers global economics, primarily the G10 countries plus China. Chris was previously UK economist at Barclays and prior to that he worked at the International Monetary Fund (IMF). He joins the show today to give us the perspective[...]

Aaron Klein is the director of the Center on Markets and Regulations at the Brookings Institution where, among other things, he focuses on financial regulations and real time payments. Aaron has written widely on real time payments and he joins the show today to talk about this issue, as they discuss the definition of real-time[...]

In this special bonus episode of Macro Musings, David Beckworth joins Employ America and several other monetary policy enthusiasts on the day of the July FOMC meeting to discuss what would be an historic event –  the first interest rate cut executed by the Fed since December 2008, and the market reactions to this event. [...]

Evan Koenig is a senior vice president and a principal policy advisor for the Federal Reserve Bank of Dallas where he has been since 1988. Evan joins the show today to talk about his time at the Fed and some of his research. David and Evan also discuss where the Federal Reserve’s review is going[...]

Ulirch Bindseil is currently the director general of the Directorate General Market Operations at the European Central Bank (ECB), and in November he will become the director general of Market Infrastructure and Payments at the ECB. Ulrich has written widely on central banking operative frameworks, including a textbook, and is considered one of the world’s[...]

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 published widely in economics and is the author of numerous books including his 2017 book, *The Complacent Class: The Self-Defeating Quest for the American Dream.* As a returning guest to the[...]

Joe Gagnon is a senior fellow at the Peterson Institute for International Economics where he has been since September 2009. Previously, Joe worked for the Federal Reserve Board of Governors as a senior economist and the associate director of both the Division of International Finance and the Division of Monetary Affairs, and he has also[...]

Heather Boushey is the executive director at the Washington Center for Equitable Growth, a think tank founded to accelerate cutting edge analysis into whether and how structural changes in the US economy affect economic growth. Heather recently co-edited a book titled, *Recession Ready: Fiscal Policies to Stabilize the American Economy,* and she joins the show[...]

Jeffry Frieden is a professor of government at Harvard University where he specializes in the politics of international monetary and financial relations. Jeff is the author of many articles and books including *Currency Politics: The Political Economy of Exchange Rate Policy* and *Lost Decades: The Making of America’s Debt Crisis and the Long Recovery*. He[...]

Salim Furth is a senior research fellow at the Mercatus Center where he studies regional, urban, and macroeconomic trends and policies.  Salim joins the show today to talk about some of his work on housing supply in the United States and its implications for policy. David and Salim also discuss the problems that arise from[...]

Sam Bell and Skanda Amarnath are a part of a new organization called Employ America, a new research and advocacy organization that aims to get better labor market outcomes. Sam is also known on “FOMC Twitter” as an influencer when it comes to nominations for the Federal Reserve Board of Governors, and Skanda is a[...]

Daniel Griswold is a research fellow and co-director of the Trade and Immigration Project at the Mercatus Center. Dan is a nationally recognized expert on trade and immigration policy and is a returning guest to Macro Musings. He joins the show today to help get us up to speed on the latest developments in issues[...]

Mike Bird is a Hong Kong based reporter for the Wall Street Journal covering financial markets across Asia, and he previously worked in the Journal’s London bureau. Mike is also a returning guest to Macro Musings, and he joins the show today to talk about some recent developments in the Asian economies. More specifically, David[...]

Robert Samuelson is an economics columnist for the Washington Post and spent several decades working at Newsweek, where he wrote on various economic topics. Robert is the author of several books, including *The Good Life and Its Discontents: The American Dream in the Age of Entitlement* and *The Great Inflation and Its Aftermath: The Past[...]

Dylan Matthews is a senior correspondent with Vox where he covers a wide array of topics including immigration policy, universal basic income, education policy, effective altruism, animal welfare, and global development. Dylan is one of Vox’s original founders and he has also previously worked for Wonkblog at the Washington Post.  He joins the show today[...]

Robert Graboyes is a senior research fellow and health economist at the Mercatus Center and has formerly worked for the Federal Reserve Bank of Richmond and Chase Manhattan Bank. Robert joins the show today to talk about monetary history and specifically the history of small coins. David and Robert also discuss a number of different[...]

David Andolfatto is a vice president of the St. Louis Federal Reserve Bank and is published widely in the field of monetary economics. He also blogs at MacroMania, and has recently published on issues such as the zero lower bound, the symmetry of the Fed’s inflation target, a new standing repo facility, and MMT. David[...]

Alexandra Scaggs is a senior writer at Barron’s covering financial markets with a special emphasis on bond markets, and she previously wrote news and commentary for the Financial Times and for Bloomberg. Alexandra joins the show today to talk about the current state of bond markets and what it means for the economy. David and[...]

Andrew Park is a senior editor at S&P LCD and is one of the foremost experts on collateralized loan obligations and the leverage loan market. Andrew also writes daily on what’s going on in the collateralized loan obligations (CLO) market and his data is the basis for most of the reporting on this topic in[...]

Eric Lonergan is macro hedge fund manager, and economist, and a writer. He has written for Foreign Affairs, the Financial Times, and has authored the book *Money (The Art of Living)*. More recently, Eric has also co-authored a new book called *Angrynomics*. He joins the show today to talk about how to improve policymakers’ responses[...]

Yair Listokin is a professor of law at Yale Law School and is the author of a new book titled, *Law and Macroeconomics*. He joins the show today to talk about the book as well as some of his new work. David and Yair also discuss sovereign wealth funds, the legal limits of central banks,[...]

Bryan Cutsinger is an economist affiliated with Angelo State as well as Texas Tech University and recently published an article titled *Seigniorage in the Civil War South*. He joins the show today to talk about this article, the monetary history of the Civil War, and the economics of Seigniorage. David and Bryan also discuss how[...]

Paul Tucker is a 33-year veteran of the Bank of England where he served as both a member and deputy governor of the Monetary Policy Committee.  Currently, Paul is a senior fellow at Harvard and a chair at the Systemic Risk Council. He has also recently authored a book, *Unelected Power: The Quest for Legitimacy[...]

James Broughel is a senior research fellow at the Mercatus Center and an adjunct professor of law at George Mason University Law School. James specializes in state and federal regulatory procedures, cost-benefit analysis, and economic growth. He joins the show today to talk about a recent symposium he hosted on the social discount rate; what[...]

Ryan Avent is an economics columnist with The Economist magazine and is a previous guest of Macro Musings. He joins the show today to talk about some of his recent columns including work on hyperinflation, the Green New Deal, and Fed policy. David and Ryan also discuss the growing popularity of Modern Monetary Theory, the[...]

Michael Strain is the director of economic policy studies at the American Enterprise Institute. Previously, Michael worked in the Center for Economic Studies at the U.S. Census Bureau and in the Macroeconomics Research Group at the Federal Reserve Bank of New York. He joins the show today to talk about recent developments in U.S. economic[...]

George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives, professor emeritus of economics at the University of Georgia, and a returning guest to show.  For this special live episode, George joins Macro Musings to talk about his new book, *Floored: How a Misguided Fed Experiment Deepened and Prolonged the[...]

Peter Stella is the managing director of Stellar Consulting and was formerly an IMF official where he led the central banking and monetary and foreign exchange divisions. Peter has researched and written extensively on safe assets, collateral, and central banking operations, and he joins the show today to discuss this work.  David and Peter also[...]

Rohan Grey is a legal scholar and the research director of the Digital Fiat Currency Institute. He joins the show today to make the case for digital legal tender. David and Rohan also discuss privacy issues related to digital currency, getting the public onboard with a digital currency proposal, modern monetary theory, and how it[...]

Donald Kohn is a senior fellow at the Brookings Institution and currently serves as an external member of the Financial Policy Committee at the Bank of England. Donald is also a 40-year veteran of the Federal Reserve System, serving previously as a governor and then as vice-chair of the Board of Governors from 2002 to[...]

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[...]

Christine McDaniel is a senior research fellow at the Mercatus Center and was previously the deputy assistant secretary at the U.S. Treasury Department and senior trade economist in the White House. Christine is a returning guest to Macro Musings and joins the show today to talk about recent trade developments. David and Christine also discuss[...]

Craig Torres is a reporter for Bloomberg News where has earned several rewards for his reporting on Fed policy. Previously, Craig also served as the chief of the Wall Street Journal’s Mexico City bureau, where his work on the collapse of the peso in the mid 90’s made him a finalist for the Pulitzer Prize[...]

Julia Coronado is the president and founder of Macro Policy Perspectives, a Wall Street research firm. Previously, she was a chief economist for Graham Capital Management and a senior economist at BNP Paribas. Julia also served on the Federal Reserve Board of Governors for over a decade, and she joins the show today to talk[...]

Brian Goff is the distinguished professor of economics at the Gordon Ford College of Business at Western Kentucky University. He is the author of the Econosports blog at Forbes and most recently the author of a new book titled, *Sports Economics Uncut*. Brian joins the show today to talk about the economics behind professional and[...]

Felix Salmon is a financial journalist at Axios and the host of the Slate Money podcast. In this special holiday episode, Felix joins the show to discuss the economics of charitable giving and one of his other favorite topics, sovereign debt. David and Felix also discuss debt contract innovations, effective altruism, and ways to improve[...]

Matt Mitchell is the director and senior research fellow at the Equity Initiative at the Mercatus Center. He joins the show today to talk about rent seeking and how it affects long term economic growth and prosperity. David and Matt also discuss regulatory capture, the rise of patent trolls, and the economics of public choice[...]

 Josh Galper is the managing principal of Finadium, an independent consultancy in capital markets with unique expertise in securities, finance, collateral, and derivatives. He joins the show today to talk about money markets, overnight interest rates, and some of the big issues in this area. David and Josh also discuss the Lehman Brothers collapse, the[...]

Victoria Guida is a reporter for Politico where she covers monetary policy and financial regulation, including extensive coverage of the Federal Reserve, the FDIC, the Treasury Department, and Congress. She joins the show today to talk about some of the big developments in monetary policy and financial regulation over the past few years and what[...]

Neil Irwin is a senior economics correspondent for the New York Times and was formerly a columnist at the Washington Post. He is the author of the book, *The Alchemist: Three Central Bankers and a World on Fire*, and he joins the show today to talk about his work as an economics correspondent. David and[...]

Adam Ozimek is a senior economist at Moody’s Analytics where he covers U.S. labor markets and demographics while actively blogging and tweeting about a wide range economic issues. He joins the show today to discuss mistakes in Fed policy and demographics. David and Adam also discuss the role demand played in the Great Recession, the[...]

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[...]

Mike Derby is a reporter for the Wall Street Journal who covers the Federal Reserve. He joins the show today to talk about his coverage of recent developments in the economy and in Fed policy. David and Mike also discuss the future of the Fed’s operating framework, what an inversion of the Treasury yield curve[...]

Don Boudreaux is a professor of economics at George Mason University as well as the co-director of the Program on the American Economy and Globalization at the Mercatus Center. He joins the show today to talk about the future of trade and globalization. David and Don also discuss the history of protectionism in the US,[...]

Nick Bunker is an economist at the Indeed Hiring Lab where he focuses on the U.S. labor market and was previously a senior policy analyst at the Washington Center for Equitable Growth, an economics think tank. Nick joins the show today to talk about the U.S. labor market and how the government measures unemployment. David[...]

Rob Kaplan is the President and CEO of the Federal Reserve Bank of Dallas. Previously, he was a professor and associate dean at Harvard Business School and a vice chairman at Goldman Sachs. Rob joins the show today to talk about his career, the Dallas Fed, and U.S. monetary policy. David and Rob also discuss[...]

Jared Bernstein is a senior fellow at the Center on Budget and Policy Priorities and previously served as chief economist and economic advisor to Vice President Joe Biden in the Obama Administration. Jared also writes regularly for the Washington Post. David and Jared discuss a wide range of topics including fiscal stimulus, the relationship between[...]

Will Luther is an assistant professor of economics at Florida Atlantic University and is the director of the Sound Money Project at the American Institute for Economic Research. Will is also an adjunct scholar at the Cato Institute and is a returning guest to Macro Musings. He joins today to talk about a recent debate[...]

Sam Hammond is a policy analyst and covers topics in poverty and welfare for the Niskanen Center. Sam is a previous guest on Macro Musings, and he joins the show today to talk about his new article in National Review which addresses Senator Elizabeth Warren’s new proposal, the Accountable Capitalism Act, and its potentially negative[...]

Brad Setser is a senior fellow for international economics at the Council on Foreign Relations where he works on macroeconomics, global capital flows, and financial crises. Brad also served as a deputy assistant secretary at the U.S. Treasury Department from 2011 to 2015 where he worked on Europe’s financial crisis, currency policy, financial sanctions, commodity[...]

Adam Posen is the president of the Peterson Institute for International Economics and was formerly senior fellow at the Bank of England, helping set monetary policy between 2009 and 2012. Adam has also worked at the New York Federal Reserve, has advised many central banks and governments, and is an accomplished scholar in the field[...]

Sebastian Edwards is a professor of economics at UCLA, and is a former chief economist for the World Bank. He joins the show today to talk about his new book, *American Default: The Untold Story of FDR, the Supreme Court, and A Battle over Gold*. Sebastian and David also discuss Roosevelt’s plan to ease the[...]

Tim Duy is a professor of economics at the University of Oregon, a columnist for Bloomberg, and a former economist at the U.S. Department of Treasury. Tim is also a widely read Fed watcher and a returning guest to Macro Musings. He joins the show today to talk about yield curves, Federal Reserve policy, and[...]

Josh Hendrickson is an associate professor of economics at the University of Mississippi, where he specializes in monetary economics. He also writes for his blog, The Everyday Economist. Josh is a returning guest to the show, and he joins today to talk about his new paper, *Monetary Policy as a Jobs Guarantee*. David and Josh[...]

Tim Lee is a senior reporter for Ars Technica covering tech policy, blockchain technologies, and the future of transportation. Tim was formerly with Vox, where he covered tech issues and the economy. He joins the show today to discuss technological innovation, economic growth, and implications for policy. David and Tim also discuss the radical changes[...]

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, *Locked Out: How the Shortage of Urban Housing is Wrecking our Economy*, and he joins the show today to discuss it.[...]

Morgan Ricks is a law professor at Vanderbilt University and studies financial regulation. Between 2009 and 2010, he was a senior policy advisor and financial restructuring expert at the U.S. Department of Treasury, where he focused primarily on financial stability initiatives and capital market policy in response to the Financial Crisis. Morgan is a returning[...]

Ashoka Mody is a professor of international economic policy at Princeton University and formerly worked at the IMF and the World Bank. He joins the show today to discuss his new book, *EuroTragedy: A Drama in Nine Acts*. David and Ashoka also delve deep into the history of the Euro, as they discuss its complicated[...]

Monica de Bolle is a senior fellow at the Peterson Institute for International Economics and an associate professor at Johns Hopkins University. Monica is published widely on the subject of Latin American economies, and she joins the show today to explain some of the recent financial and economic developments in Argentina and Venezuela. David and[...]

Mark Copelovitch is an associate professor of political science at the University of Wisconsin-Madison and studies the politics of international trade, money, and finance. He joins the show today to discuss the politics of the global recession and the Eurozone Crisis. David and Mark dive deep into these topics, as they examine how policymakers failed[...]

Dan Griswold is a research fellow and co-director for the Program on the American Economy and Globalization at the Mercatus Center. He is a nationally recognized expert on trade and immigration and is a previous guest on Macro Musings. He joins the show today to discuss his recent policy brief, *The Benefits of Immigration: Addressing[...]

Larry Ball is a professor and department chair of economics at Johns Hopkins University. He is published widely in the field of macroeconomics and joins the show today to discuss his new book, *The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster* and its implications for potential future crises. David and[...]

Nick Timiraos is a national economics correspondent for the Wall Street Journal and covers topics relating to the Federal Reserve. He also covered the housing bust and the government’s response to the mortgage crisis during the Great Recession as well as the government-sponsored enterprises, Fannie Mae and Freddie Mac. Nick joins the show today to[...]

Brian Blackstone is a Switzerland bureau chief for the Wall Street Journal and previously covered the European Central Bank from the Wall Street Journal’s Frankfurt office as well as the Federal Reserve during the financial crisis. He joins the show today to talk about the Swiss referendum on sovereign money in addition to his insights[...]

Christine McDaniel is a senior research fellow at the Mercatus Center with the Program on the American Economy and Globalization. Christine previously held several positions within the U.S. government including deputy assistant secretary at the Treasury Department and senior trade economist in the White House Council of Economic Advisors. She joins the show today to[...]

Sam Hammond is a poverty and welfare policy analyst for the Niskanen Center and has recently published a new paper titled, *The Free-Market Welfare State: Preserving Dynamism in a Volatile World*. He joins the show today to discuss the paper along with some of his other research. Sam and David also discuss the repercussions of[...]

Michael Darda is a chief economist and market strategist at MKM Partners. Michael is also a frequent guest on financial television and radio and is routinely quoted in “The Wall Street Journal”, “The New York Times”, “Barron’s”, and other financial publications. He joins the show today to talk about his work conducting macroeconomic market research[...]

Razeen Sally is an associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and formerly taught at the London School of Economics. He is also the Chairman of the Institute of Policy Studies, the main economic policy think tank in Sri Lanka and a senior advisor to[...]

David is the Vice President of the St. Louis Federal Reserve Bank, and has published widely in the field of monetary economics. He also writes for his blog, MacroMania, where he covers a multitude of economic topics. David joins the show today to discuss the economics behind the Phillips Curve, and to help provide a[...]

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[...]

Daniela Gabor is a professor of economics and finance at the University of West England at Bristol and a monetary economist. She specializes in shadow banking, capital markets, and transnational banking. Today, she joins the show to discuss her new paper, *Chasing Unicorns: The European Single Safe Asset Project*. David and Daniela also discuss merits[...]

Morgan Ricks is a law professor at Vanderbilt University. Previously, he was a senior policy advisor and financial restructuring expert at the U.S. Treasury Department where he focused primarily on financial stability initiatives and capital market policy in response to the financial crisis. Today, he joins the show to discuss his new paper, *Money as[...]

Ioana Marinescu is an assistant professor of economics at the University of Pennsylvania and a faculty research fellow at the National Bureau of Economic Research. Today she joins the show to highlight her work on the concept of a Universal Basic Income (UBI). David and Ioana discuss how a UBI would work and how it[...]

Macro Musings is celebrating its 100th episode, and for this special occasion, we have an all-star panel of guests joining the show! Heather Long is an economics correspondent for the Washington Post and formerly was a senior reporter at CNN. Ryan Avent is a columnist for the Economist Magazine and author of several books including[...]

Ed Nelson is a senior advisor at the Federal Reserve Board of Governors and formerly worked at the St. Louis Federal Reserve Bank and the Bank of England. Today, he joins the show to discuss his research on the role of money in business cycles. David and Ed also discuss nominal income targeting, Milton’s Friedman’s[...]

Daniel Griswold is a Mercatus Center Senior Research Fellow and Co-Director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University. He joins the show to discuss the theory of trade, dating back to Adam Smith, and his work on current US trade policy. Daniel and David discuss[...]

Noah Smith is a Bloomberg View columnist and formerly a professor of finance at Stony Brook University. Today, he joins the show to talk about his journey into the economics blogosphere and some of his recent work on immigration into the United States. . David and Noah discuss some of the false narratives surrounding immigration[...]

Kevin Hassett is the chair of President Trump’s Council of Economic Advisers, a former scholar at the American Enterprise Institute, a professor at Columbia University, and a Fed Economist. Kevin has also advised John McCain, George W. Bush, and Mitt Romney on their presidential campaigns. Today, he joins the show today to outline some of[...]

Brink Lindsey is the Vice President and Director of the Open Society Project at the Niskanen Center, and Steven Teles is a Professor of Political Science at Johns Hopkins University and a Senior Fellow at the Niskanen Center. Today, they join the show to discuss their new book, *The Captured Economy: How the Powerful Enrich[...]

George Selgin is the Director of the Cato Institute Center for Monetary and Financial Alternatives and Professor Emeritus of Economics at the University of Georgia. Today, George joins the show to discuss the shrinking of the Fed’s balance sheet, the difference between corridor and floor systems in monetary policy, and the Fed’s practice of paying[...]

Mike Konczal is a fellow at the Roosevelt Institute where he works on financial reform, unemployment, inequality, and a progressive vision of the economy. He has also recently co-authored a paper with J.W. Mason titled, “A New Direction for the Federal Reserve: Expanding the Monetary Policy Toolkit.” Today, Mike joins the show to discuss the[...]

Neel Kashkari is President and Chief Executive Officer of the Federal Reserve Bank of Minneapolis, and Ron Feldman is the first vice president and chief operating officer of the Federal Reserve Bank of Minneapolis. Today, they join the show to describe the Minneapolis Plan to End Too Big to Fail, the Minneapolis Fed’s proposal to[...]

Ángel Ubide is a Managing Director at Goldman Sachs and formerly was a Senior Fellow at the Peterson Institute for International Economics. Today, he joins the show to discuss his new book *The Paradox of Risk: Leaving the Monetary Policy Comfort Zone.* Ángel argues that the Federal Reserve has become too afraid to take risks[...]

Jesse Eisinger is a senior reporter and editor at ProPublica as well as a Pulitzer Prize winner. Today, he joins the show to discuss his new book *The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives.* Jesse argues that in recent years, the U.S. Justice Department has become excessively timid in prosecuting white[...]

Sarah Binder is a professor of Political Science at George Washington University and a Senior Fellow at the Brookings Institution. She research focuses on Congress, Congressional development, and political parties. Mark is the founder and chief investment officer at Potomac River Capital LLC, and formerly was with the World Bank. Today, they join the show[...]

Mike Bird is a reporter for *The Wall Street Journal* and covers global economics and markets from the Journal’s London office. Today, he joins the show to discuss recent developments in central banking across the world. David and Mike discuss how the Eurozone has dealt with some of the serious turmoil it has faced in[...]

(REBROADCAST EPISODE) In this week’s special episode, David compares and contrasts the economics of the Star Wars and Star Trek universes. He is joined by Zachary Feinstein, an Assistant Professor at Washington University in St. Louis, and Manu Saadia, author of *Trekonomics.* Topics include the economic fallout from the destruction of the Death Star, the[...]

(REBROADCAST EPISODE) In this week’s special episode, David discusses the economics of Christmas with Laura Birg, a post-doctoral researcher at the University of Goettingen, and Anna Goeddke, a professor of economics at the ESB Business School at Reutlingen University. Topics include the dead-weight loss of gift-giving, Christmas’ effects on seasonal GDP, increases in alcohol consumption,[...]

Ricardo J. Caballero is a professor of economics at MIT and is widely published in the fields of macroeconomics and international economics. Today, he joins the show to discuss his work on the “Safe Assets Shortage Conundrum” and why this is important to macroeconomic growth and stability. David’s blog: macromarketmusings.blogspot.com Macro Musings podcast site: macromusings.com[...]

Stephen Williamson is a professor of economics at the University of Western Ontario and formerly served as a vice president at the Federal Reserve Bank of St. Louis. Today, Steve joins the show to discuss his work on “New Monetarism,” a research agenda emerging out of the monetarist tradition associated with Milton Friedman. David and[...]

William A. Barnett is the Oswald Distinguished Professor of Macroeconomics at the University of Kansas and Director of the Center for Financial Stability. Today, Bill joins the show to discuss his work on better measurement of monetary aggregates in the economy. David and Bill also discuss Bill’s book *Getting It Wrong,* which argues that old[...]

Caroline Baum is an economics columnist at MarketWatch and formerly was a writer for Bloomberg and Dow Jones. Today, she joins the show to discuss how she became a financial journalist as a non-economics major as well as her recent columns on monetary policy and what Treasury bond yields are predicting about the future. She[...]

Nicholas Bloom is a professor of economics at Stanford University and is the co-director of the Productivity, Innovation and Entrepreneurship program at the National Bureau of Economic Research. Today, Nick joins the show to discuss his work on the causes and effects of economic uncertainty as well as how to measure uncertainty in an economy.[...]

Jeffrey Rogers Hummel is a professor of economics at San Jose State University and writes on macroeconomics and economic history. Today, Jeff joins the show to discuss his work on the Fed’s interventions during the Great Recession. He also dispels some myths about the extent to which the Fed really influences interest rates. Finally, he[...]

Douglas Irwin is a professor of economics at Dartmouth College and a leading expert on trade economics. Today, he joins the show to discuss his new book, *Clashing over Commerce: A History of US Trade Policy,* which examines the history of American trade policy from the late 1700s to the present. Doug explains how US[...]

Norbert Michel is the director of the Center for Data Analysis at the Heritage Foundation. Today, Norbert joins the show to discuss a new book of collected essays, which he edited, titled *Prosperity Unleashed: Smarter Financial Regulation.* Norbert pushes back against the narrative that deregulation caused the 2008 financial crisis and argues that excessive regulation[...]

Karl Smith is the director of economic research at the Niskanen Center. He joins the show to discuss his thoughts on increasing market power (the ability of firms to influence prices) in the United States. Karl argues that this is at least partially due to what he calls the “Great Variation,” the desire many Americans[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

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[...]

Jay Shambaugh is a professor of economics and international affairs at The George Washington University and a former member on the Council of Economic Advisers (CEA). Today, he joins the show to discuss his work on the “Macroeconomic Trilemma” (or “Impossible Trinity”): the problem that a country cannot maintain a fixed exchange rate, free movement[...]

David Schleicher is an Associate Professor of Law at Yale Law School and is an expert in election law, land use, local government law, urban development, transportation, and local regulation of the sharing economy. He joins the show to discuss his new journal article, “Stuck! The Law and Economics of Residential Stability,” which argues that[...]

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[...]

Ethan Ilzetzki is an assistant professor of economics at the London School of Economics and a research affiliate at the Centre for Economic Policy Research. He joins the show to discuss exchange rate regimes, anchor currencies, and the new Triffin dilemma. Ethan points out how the U.S. dollar is connected to a staggering 70 percent[...]

Daniel Griswold is a Mercatus Center Senior Research Fellow and Co-Director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University. He joins the show to discuss the theory of trade, dating back to Adam Smith, and his work on current US trade policy. Daniel and David discuss[...]

Josh Zumbrun is a national economics correspondent for the Wall Street Journal. David and Josh discuss what seems to be the diminished status of economists in a populist era and what role economists will play in the Trump Administration. Josh also shares his thoughts on life as an economics journalist in the digital age. David’s[...]

In this week’s episode, Jim Bullard, the president and CEO of the Federal Reserve Bank of St. Louis, joins the show to discuss his work as a Federal Reserve executive and as a researcher in monetary policy. Bullard shares his thoughts on why inflation has been so persistently low since 2008 and whether the Fed[...]

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[...]

George Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, returns to *Macro Musings* to discuss his new proposal to reform how the Fed conducts open-market operations. He proposes abolishing the current primary dealer system and expanding the Fed’s number of counterparties. David and George also discuss the Fed’s plans for 2017[...]

Steve Hanke is a professor of applied economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is also a senior fellow and director of the Troubled Currencies Project at the Cato Institute. Steve joins the show to discuss his[...]

Jeffrey Frankel is a professor and economist at Harvard University and the director of the Program in International Finance and Macroeconomics at the National Bureau of Economic Research (NBER). He joins the show to discuss serving on the NBER’s Business Cycle Dating Committee, which officially declares the start and end of recessions. David and Jeff[...]

Jason Furman is a senior fellow at the Peterson Institute for International Economics. Previously, he served as the Chairman of the Council of Economic Advisers under President Obama. He joins the show to reflect on his time in the Obama Administration. Among other things, Jason and David discuss the efficacy of fiscal policy, the fiscal[...]

Larry White is a professor of economics at George Mason University and has written widely on monetary theory, free banking, and the Austrian School of Economics. Today, he joins the show to discuss the recent demonetization efforts in India to crack down on corruption. White argues that India’s efforts to end the circulation of large[...]

Tim Duy is a professor of economics at the University of Oregon and a widely read “Fed Watcher.” Today, he joins the show to discuss writing on the Federal Reserve and how to interpret statements from Fed officials. In particular, Tim stresses the importance of the Fed Chair’s post-FOMC meeting press conferences. He also warns[...]

Hester Peirce is a Senior Research Fellow at the Mercatus Center at George Mason University and director of Mercatus’ Financial Markets Working Group. She joins the show to discuss the new Mercatus book, *Reframing Financial Regulation: Enhancing Stability and Protecting Consumers*, which she coedited. The book examines the problems with the United States’ current financial[...]

Sebastian Mallaby is a senior fellow at the Council on Foreign Relations and a contributing columnist for the Washington Post. Today, he joins the show to discuss his new book, *The Man Who Knew: the Life and Times of Alan Greenspan,* a biography of the former Fed Chairman. Sebastian describes Greenspan’s humble origins, his rise[...]

Eswar Prasad is the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University and a senior fellow at the Brookings Institution. He joins the show to discuss his new book, *Gaining Currency: The Rise of the Renminbi,* which examines the rise of China’s currency, the renminbi (RMB), and its role in[...]

Jesus Fernandez-Villaverde is a professor of economics and director of graduate studies of economics at the University of Pennsylvania. He joins the show to discuss both his extensive work in economic history as well as macroeconomic modeling. David and Jesus discuss the economic history of Germany in the 1920s and 1930s and the events that[...]

Gauti Eggertsson is a professor of economics at Brown University. Previously, he worked at the research departments at the International Monetary Fund and the Federal Reserve Bank of New York. He joins the show to discuss his work on the history of liquidity traps and extremely low and even negative interest rates. He and David[...]

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[...]

In this week’s special episode recorded in front of a live audience, David interviews the renowned monetary economist, Allan Meltzer. Meltzer, a professor of political economy at Carnegie Mellon University and one of the founders of the monetarist school of thought discusses his long career in academia and policy. David and Allan also discuss current[...]

Ylan Mui covers White House economic policy for the Washington Post. Previously, she covered the Federal Reserve. Today, she joins the show to discuss what it is like to attend Fed press conferences and write on the technical nuances of Fed policy. David and Ylan also discuss what a Trump Administration might mean for economic[...]

In this week’s special episode, David discusses the economics of Christmas with Laura Birg, a post-doctoral researcher at the University of Goettingen, and Anna Goeddke, a professor of economics at the ESB Business School at Reutlingen University. Topics include the dead-weight loss of gift-giving, Christmas’ effects on seasonal GDP, increases in alcohol consumption, and the[...]

In this week’s special episode, David compares and contrasts the economics of the Star Wars and Star Trek universes. He is joined by Zachary Feinstein, an Assistant Professor at Washington University in St. Louis, and Manu Saadia, author of *Trekonomics.* Topics include the economic fallout from the destruction of the Death Star, the absence of[...]

Peter Conti-Brown is an Assistant Professor at The Wharton School of the University of Pennsylvania. He joins the show to discuss his new book, *The Power and Independence of the Federal Reserve,* which exams the evolution of the Federal Reserve and what central bank independence really means. Peter also shares his thoughts on what a[...]

JP Koning is an economic consultant and writer. He joins the show to discuss fascinating stories in monetary history in Libya, Zimbabwe, and Switzerland. He also shares his thoughts on Blockchain technology and Fedcoin, a hypothetical cryptocurrency stabilized by the Federal Reserve. David’s blog: http://macromarketmusings.blogspot.com/ JP’s blog “Moneyness”: http://jpkoning.blogspot.com/ David’s Twitter: @davidbeckworth JP’s Twitter: @JP_Koning[...]

Mark Calabria is the director of Financial Regulation Studies at the Cato Institute. Before joining Cato in 2009, he worked as a member of the senior staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He joins the show to discuss working on Capitol Hill amidst the 2008 financial crisis. Mark also[...]

Roger Farmer is a Distinguished Professor of Economics at UCLA. He joins the show to discuss his new book, Prosperity for All: How to Prevent Financial Crises. He and David also discuss his criticism of the natural rate of unemployment hypothesis, an important proposition in mainstream macroeconomics. David’s blog: http://macromarketmusings.blogspot.com/ Roger’s personal website: http://www.rogerfarmer.com/ David’s[...]

Mark Koyama is an Assistant Professor of Economics at George Mason University and a Senior Fellow at George Mason University’s Mercatus Center. He joins the show to discuss his research on the economic history of ancient Rome from the rise of the Roman Republic to the transition to the Roman Empire to the Empire’s eventual[...]

Rüdiger (Rudi) Bachmann is a Stepan Family Associate Professor of Economics at the University of Notre Dame. He joins the show to discuss the economic history of his native Germany. David and Rudi also discuss how the German approach to macroeconomics is distinctly different from the approach taken in the United States. David’s blog: macromarketmusings.blogspot.com/[...]

Narayana Kocherlakota is the Lionel W. McKenzie Professor of Economics at the University of Rochester, and he previously served as president and CEO of the Federal Reserve Bank of Minneapolis. He joins the show to discuss to discuss what it is like working as a Fed president and a member of the Federal Open Market[...]

Izabella Kaminska is a writer for the Financial Times at its premier blog, FT Alphaville. She joins the show to discuss her work on blockchain technology as well as current proposals on monetary and fiscal policy. Finally, Izabella and David, who are both big sci-fi fans, talk about economics in the Star Trek and Star[...]

Claudio Borio is the director of the monetary and economic department at the Bank for International Settlements (BIS). He joins the show to discuss his career in monetary policy, banking, and macroprudential regulation. In particular, he and David discuss problems afflicting the Eurozone and how to address massive financial imbalances across the world. David’s Twitter:[...]

Andrew Levin is a professor of economics at Dartmouth College and a former Federal Reserve Board economist. For two years, he worked as a special adviser to Chairman Ben Bernanke and Vice Chair Janet Yellen. He joins the podcast to discuss his experiences at the Fed  and the need for more accountability. His ideas include[...]

Morgan Ricks is a law professor at Vanderbilt University and an expert on financial regulation. From 2009-2010, he was a senior policy adviser at the U.S. Treasury Department where he focused on financial stability initiatives. Morgan joins the show to discuss his new book, “The Money Problem: Rethinking Financial Regulation,” which argues that shadow banking[...]

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[...]

Michael D. Bordo is a professor of economics and the director of the Center for Monetary and Financial History at Rutgers University, a Distinguished Visiting Fellow at the Hoover Institution, and a research associate at the National Bureau of Economic Research. He has also been a visiting scholar at numerous central banks across the world.[...]

Peter Ireland is the Murray and Monti Professor of Economics at Boston College, a research associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee. He joins the show to discuss his experience as a student at the University of Chicago as well as the nuts and bolts[...]

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

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[...]

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[...]

Jason Taylor, professor of economics at Central Michigan University and editor-in-chief of "Essays in Economic & Business History," is an expert in U.S. economic history, particularly during the Great Depression and World War II. He joins the show to discuss the causes of the Great Depression and the policy responses under Herbert Hoover and Franklin[...]

J. Bradford DeLong – professor of economics at UC-Berkeley, research associate at the National Bureau of Economic Research, and a deputy assistant secretary of the U.S. Treasury during Bill Clinton’s presidency – joins the show to discuss his new book, “Concrete Economics: The Hamilton Approach to Economic Growth and Policy.” Brad’s book, co-authored with Stephen[...]

David Andolfatto is a vice president of the St. Louis Federal Reserve Bank and a professor of economics at Simon Fraser University. He joins the show to discuss life at the St. Louis Fed, equity-based finance as a means of averting financial crises, and challenges in using monetary policy to drive nominal growth. Finally, David[...]

Robert Hall, professor of economics at Stanford University and senior fellow at the Hoover Institution, has written on macroeconomic issues since the 1960s. Bob is also the chairman of the National Bureau of Economic Research’s Committee on Business Cycle Dating, which maintains the chronology of U.S. business cycles. He joins the show to discuss the[...]

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[...]

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[...]

What is money and where does it come from? Will Luther, assistant professor of economics at Kenyon College, joins the show and explains the two competing theories on the origins of money. The first theory posits governments are needed to provide credibility for money as a medium of exchange. The second theory, the spontaneous order[...]

Robert Hetzel is a senior economist and research advisor at the Richmond Federal Reserve Bank where he has worked since 1975. He joins the show to discuss the rise of monetarism and how Milton Friedman, his dissertation advisor, shaped his thinking on macroeconomics. Monetarism challenged the conventional Keynesian consensus in the 1970s and caused Keynesians[...]

Lars Christensen, an internationally renowned Danish economist and Senior Fellow at London’s Adam Smith Institute, discusses the poor monetary policy that has plagued the Eurozone. Christensen, the coiner of the term “market monetarism,” argues that Europe from the beginning was not an optimal region for its members to share a single currency and that the[...]

Josh Hendrickson, assistant professor of economics at the University of Mississippi, joins the show to discuss whether money matters anymore. It may come as a surprise to the layman, but most monetary economists don’t pay close attention to the money supply. Instead, they prefer to look at economic slack, inflation, and interest rates when considering[...]

Can trying to be safe actually be dangerous? Greg Ip, chief economics commentator of the Wall Street Journal, says yes in his new book, Foolproof: How Safety Can be Dangerous and How Danger Makes Us Safe. When we try to be too safe, we become complacent. Ip argues that the stability of the ‘80s and[...]

George Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, makes the case that central banks, rather than focusing on the price level or inflation rate, should instead allow inflation to reflect changes in productivity growth. According to this productivity norm, deflation can actually be a good thing if it reflects improved[...]

National Review senior editor Ramesh Ponnuru discusses his adventure into monetary economics. He shares his thoughts on some of the current-day misconceptions surrounding Federal Reserve policy and makes the case for a more nuanced, yet rules-based approach toward monetary policy. *Note: The host and guest briefly mention 2016 presidential candidate Ted Cruz and Cruz's views[...]

Miles Kimball, professor of economics at the University of Michigan and blogger at “Confessions of a Supply-Side Liberal,” joins the show to discuss negative interest rates. Kimball explains how the natural rate of interest can go below zero and why central banks should act accordingly. He also makes the case for higher equity requirements for[...]

Cardiff Garcia, the US editor of the Financial Times blog, Alphaville, discusses the world of economics journalism, the 2008 crisis, and current monetary policy, both in the United States and abroad. He also shares his thoughts on the demand for so-called “safe assets” in a time of crisis and the difficulties of inflation-targeting. David's blog:[...]

In this episode, John Cochrane, senior fellow at the Hoover Institution and blogger at The Grumpy Economist, discusses his journey into economics and finance with host David Beckworth. They also discuss the controversial fiscal theory of the price level, which argues that fiscal policy, not monetary policy set by central banks, primarily determines inflation. David’s[...]

John Taylor of Stanford University and the Hoover Institution joins host David Beckworth to discuss Taylor's famous monetary rule for central banks in setting interest rates in response to changes in inflation and output. They discuss how Taylor discovered the rule and how it has performed over time. Taylor also shares his thoughts for improving[...]

Welcome to Macro Musings, a new podcast exploring the important macroeconomic issues of the past, present, and future. In the inaugural episode, Scott Sumner joins host David Beckworth to talk about Scott's new book *The Midas Paradox*, which advances a bold new explanation of what caused the Great Depression. They also discuss Scott's path into[...]