230 episódios

Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Macro Musings with David Beckworth Mercatus Center

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Hosted by David Beckworth of the Mercatus Center, Macro Musings is a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future.

    Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

    Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

    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. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Adam’s Twitter: @adam_tooze
    Adam’s Columbia profile: https://history.columbia.edu/faculty/adam-tooze/
    Adam’s website: https://adamtooze.com/
     
    Related Links:
     
    *How Coronavirus Almost Brought Down the Global Financial System* by Adam Tooze
    https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system)
     
    *The Death of the Central Bank Myth* by Adam Tooze
    https://foreignpolicy.com/2020/05/13/european-central-bank-myth-monetary-policy-german-court-ruling/
     
    *Still the World's Safe Haven?* by Darrell Duffie
    https://www.brookings.edu/wp-content/uploads/2020/05/WP62_Duffie_updated.pdf
     
    *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff
    https://www.nber.org/papers/w23134
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1h
    Alp Simsek on a Risk-Centric View of Demand, Recession, and Speculation

    Alp Simsek on a Risk-Centric View of Demand, Recession, and Speculation

    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 to using macroprudential policy in the future.
     
    The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Alp’s Twitter: @alpsimsek_econ
    Alp’s MIT profile: https://economics.mit.edu/faculty/asimsek
     
    Related Links:
     
    Bonus segment with Alp: https://youtu.be/eoGxYcWmH9E
     
    *A Risk-centric Model of Demand Recessions and Speculation* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w23614
     
    *A Model of Asset Price Spirals and Aggregate Demand Amplification of a ‘COVID-19’ Shock* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w27044
     
    *Prudential Monetary Policy* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w25977
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 59 min
    Thomas Hoenig on Bank Capitalization and Fed Policy after COVID-19

    Thomas Hoenig on Bank Capitalization and Fed Policy after COVID-19

    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 grant privileges on market performance. Tom joins David on Macro Musings to talk about COVID-19, the Fed's response to its economic impact, and the current state of banking in the United States.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Thomas’s Twitter: @tom_hoenig
    Thomas’s Mercatus profile: https://www.mercatus.org/scholars/thomas-hoenig
     
    Related Links:
     
    Bonus segment with Thomas: https://youtu.be/CrA1WRtu0jc
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 55 min
    Scott Sumner on the Government’s Response to COVID-19 and the Future of Level Targeting

    Scott Sumner on the Government’s Response to COVID-19 and the Future of Level Targeting

    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 its implications for monetary policy. Specifically, David and Scott discuss how the Fed can conduct more aggressive monetary policy, what a level targeting regime should look like in the future, and the current progression toward negative interest rates.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Scott’s Mercatus profile: https://www.mercatus.org/scholars/scott-sumner
    Scott’s blog: https://www.themoneyillusion.com/
     
    Related Links:
     
    Scott's bonus segment: https://www.youtube.com/watch?v=z8DXU_1oIsg&feature=youtu.be
     
    *Reforming the Fed’s Toolkit and Quantitative Easing Practices: A Plan to Achieve Level Targeting* by Scott Sumner and Patrick Horan
    https://www.mercatus.org/publications/covid-19-policy-brief-series/reforming-feds-toolkit-and-quantitative-easing-practices
     
    *Negative Interest Rates and Negative IOER* by Scott Sumner
    https://www.econlib.org/negative-interest-rates-and-negative-ioer/
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 50 min
    Lev Menand on the Fed’s Lending Facilities and the Legal Concerns Surrounding Them

    Lev Menand on the Fed’s Lending Facilities and the Legal Concerns Surrounding Them

    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, David and Lev discuss opening up public Fed bank accounts, the importance of liquidity and credit facilities, and how Congress is using the CARES Act to skirt the Fed’s current legal mandates.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Lev’s Twitter: @LevMenand
    Lev’s Columbia Law profile: https://www.law.columbia.edu/faculty/lev-menand
     
    Related Links:
     
    Bonus segment with Lev: https://youtu.be/N9qndjjju9A
     
    *Unappropriated Dollars: The Fed’s Ad Hoc Lending Facilities and the Rules That Govern Them* by Lev Menand
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3602740
     
    *FedAccounts* by Morgan Ricks, John Crawford, and Lev Menand
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3192162
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1h 3 min
    Martin Hellwig on the Recent German Constitutional Court Ruling and Its Potential Eurozone Implications

    Martin Hellwig on the Recent German Constitutional Court Ruling and Its Potential Eurozone Implications

    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, the power struggle between the GCC and the European Court of Justice, and how this case may lead to a total breakdown of the Eurozone.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Martin’s MPI profile: https://www.coll.mpg.de/martin-hellwig
     
    Related Links:
     
    Bonus segment with Martin: https://youtu.be/1POrO_8VcM0
     
    *The Leverage Ratchet Effect* by Anat Admati, Peter DeMarzo, Martin Hellwig and Paul Pfleiderer
    https://www.gsb.stanford.edu/faculty-research/working-papers/leverage-ratchet-effect
     
    *German Court Has Set a Bomb Under the EU Legal Order* by Martin Sandbu
    https://www.ft.com/content/79484c01-b66b-4f81-bdc6-fd4def940821
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 43 min

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