Macro Musings (2025)

09/01/2023

The Fed had its hands full with personnel changes, Master Account discourse, and other major FinReg issues in 2022, and the next year is poised to be full of even more challenges. https://loom.ly/8Ti3wCU

Victoria Guida is an economics reporter for Politico where she covers monetary policy and financial regulator

02/01/2023

The emergence of super apps in China is a marvel of technological convenience, but they remain a double-edged sword with potentially Orwellian consequences. https://loom.ly/URmXp9M

Martin Chorzempa is a senior fellow with the Peterson Institute for International Economics and is the author

26/12/2022

Further development of AI, the ongoing geopolitical struggle with China, and continued labor supply challenges are just a few of the biggest economic issues facing the US over the next decade. https://loom.ly/uNV8QmA

For this special end of the year edition of Macro Musings, Heather Long, Ryan Avent, and Cardiff Garcia rejoi

19/12/2022

As future inflationary trends remain uncertain across Europe, the ECB must walk a tightrope when considering further rate hikes. https://loom.ly/T3E7XPw

Tomas Hirst is a macro analyst in the Strategy and Allocation division at LMI and formerly worked at Credit S

12/12/2022

The past 25 years of unemployment and inflation data has demonstrated that it might be time to rethink how macroeconomics views the Phillips curve relationship. https://loom.ly/FSbEo-8

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...

05/12/2022

As the economic, political, and social environment begins to collapse around Xi Jinping, China’s perceived hegemony is beginning to display serious cracks. https://loom.ly/n_l2HHc

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...

28/11/2022

How the Great Depression helped the U.S. develop into an optimal currency area. https://loom.ly/9nqyBo8

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 dis...

21/11/2022

As inflation soars, the Fed’s new monetary regime has faced heavy criticism, but adding a nominal GDP targeting component may help salvage this recently adopted framework. https://loom.ly/vrE99tw

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 ...

14/11/2022

Although it’s easy to blame recent inflationary trends on the Fed’s actions, measuring the true effects of monetary policy is much more difficult macroeconomic exercise.
https://loom.ly/9zoSa8I

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 an...

07/11/2022

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. She rejoins David on Macro Musings to talk about the basics of what caused the UK’s recent crisis, how persistent inflation continues to impact the global economy, the current outlook for international energy production, and a lot more.

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.

31/10/2022

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. David and Yesha also discuss the future of CBDC in the US, the recent economic crisis in the UK, and a lot more. https://loom.ly/dDbgIDI

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 Treasur...

25/10/2022

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 costs, the economic effects of pandemic response measures, and a lot more. https://loom.ly/ctHBsSU

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 incr...

18/10/2022

Bill Nelson rejoins David on Macro Musings to talk about his new note that is titled, "Bank Examiner Preferences are Obstructing Monetary Policy." David and Bill also discuss how the Fed’s forward guidance is affecting recent market turmoil, how to change the mindset of bank examiners and the public, why the Fed should look into establishing a committed liquidity facility, and more. https://loom.ly/UNjZ_dM

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...

03/10/2022

Bill English 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 Easing?” https://loom.ly/4MQBUQ4

Bill English is a professor at Yale University, a former senior Fed staffer, and a veteran of the Bank for International Settlements.

26/09/2022

Andrew Levin returns to discuss the costs and benefits of the Fed’s QE4 program, the Fed’s recent record on inflation, QE4’s impact on market functioning, the present and future of the Fed’s balance sheet, and more. https://macromusings.libsyn.com/andrew-levin-on-the-costs-and-benefits-of-qe4-and-the-future-of-the-feds-balance-sheet

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 inflatio...

19/09/2022

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. https://loom.ly/db3XmA8

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.

12/09/2022

Scott Sumner joins Macro Musings to discuss his upcoming book, "Alternative Approaches to Monetary Policy," as well as how the Fed’s monetary policy mistakes in 2008 impacted the direction of Scott’s research, and much more. https://loom.ly/ZLbt-t8

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center.

06/09/2022

Hanno Lustig rejoins the podcast to talk about fiscal dominance, global inflation, interest rates, wealth and equality, and Eurozone challenges. https://loom.ly/AUVywKU

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 E...

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