Macro Musings with David Beckworth Mercatus Center Podcasts

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 work on *The Dollar’s Imperial Circle,* and more. David and Gianluca also discuss the importance of liquidity in a New Keynesian framework, the origins and purpose of the Global Supply Chain Pressure Index, the “Global Financial Resource Curse,” and a lot more.
 
Transcript for this week’s episode
 
Gianluca’s Twitter: @BenignoGianluca
Gianluca’s website
 
David Beckworth’s Twitter: @DavidBeckworth
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Related Links:
 
*The Dollar’s Imperial Circle* by Gianluca Benigno, Ozge Akinci, Serra Pelin, and Jon Turek
 
*The Financial (In)Stability Real Interest Rate, R*** by Gianluca Benigno, Ozge Akinci, Marco Del Negro, and Albert Queralto
 
*Interest, Reserves, and Prices* by Gianluca Benigno and Pierpaolo Benigno
 
*The Financial Resource Curse* by Gianluca Benigno and Luca Fornaro
 
*The Global Financial Resource Curse* by Gianluca Benigno, Luca Fornaro and Martin Wolf

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 Dan also discuss the mechanics and effectiveness of financial sanctions, the renminbi as a rival to the dollar, Russia and Turkey as case studies, and more.
 
Transcript for this week’s episode
 
Dan’s Twitter: @daniel_mcdowell
Dan’s website
Dan’s Syracuse University profile
 
David Beckworth’s Twitter: @DavidBeckworth
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Related Links:
 
*Bucking the Buck: US Financial Sanctions and the International Backlash against the Dollar* by Dan McDowell
 
*What’s Driving Dollar Doomsaying?* by Paul Krugman
 
*Renminbi’s Share of Trade Finance Doubles Since Start of Ukraine War* by Hudson Lockett and Cheng Leng

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 book and its implications for the future of the Federal Reserve system. David and Jeanna also discuss the credit allocation vs. liquidity support debate, the Fed’s definition of price stability, the Bank Term Funding Program, and a lot more.
 
Transcript for this week’s episode
 
Jeanna’s Twitter: @jeannasmialek
Jeanna’s New York Times profile
 
David Beckworth’s Twitter: @DavidBeckworth
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*Limitless: The Federal Reserve Takes on a New Age of Crisis* by Jeanna Smialek

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 of MMT, the case for minting the trillion dollar coin, the prospects of issuing Federal Reserve securities, the history of the Fed’s operating procedures, and a lot more.
 
Transcript for this week’s episode
 
Nathan’s Twitter: @NathanTankus
Nathan’s Substack, Notes on the Crises
Nathan’s Modern Money Network profile
 
David Beckworth’s Twitter: @DavidBeckworth
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*The New Monetary Policy: Reimagining Demand Management and Price Stability in the 21st Century* by Nathan Tankus
 
*Federal Reserve Issued Securities: Not Such A Crazy Idea After All* by Nathan Tankus
 
*The Federal Reserve’s Monetary Policy Operating Procedures Have Come Full Circle: What Does That Mean for the Post-SVB FOMC Meeting?* by Nathan Tankus
 
*An MMT Response on What Causes Inflation* by Nathan Tankus, Rohan Grey, and Scott Fulwiler
 
*Issues Raised by the Credit Crunch and Global Recession* by Janet Yellen

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 to talk about the central bank’s balance sheet, its operating system, and his work at the Treasury Borrowing Advisory Committee. Specifically, David and Brian discuss the current state of the Fed’s balance sheet, Brian’s theory of QE, how to improve the effectiveness of the floor system, and a lot more.
 
Transcript for the episode can be found here.
 
Brian’s LinkedIn profile
Brian’s Google Scholar archive
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
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Related Links:
 
*Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve* by Joseph Gagnon and Brian Sack
 
*Monetary Policy Alternatives at the Zero Lower Bound: An Empirical Assessment* by Ben Bernanke, Vincent Reinhart, and Brian Sack

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 Meltdown Was Averted. Specifically, David and Mark discuss Mark’s time as the director of the Federal Housing Finance Agency, the relief programs his agency ushered through during the peak of the COVID crisis, the history and handling of Fannie and Freddie, and a lot more.
 
Transcript for the episode can be found here.
 
Mark’s Twitter: @MarkCalabria
Mark’s Cato Institute profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
Click here for the latest Macro Musings episodes sent straight to your inbox!
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Related Links:
 
*Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted* by Mark Calabria