Macro Musings with David Beckworth Mercatus Center

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 David discuss the implications of this paper’s findings for secular stagnation theory, Thomas Piketty’s inegalitarian wealth spiral, and for macroeconomic policy more generally.
 
Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
 
Paul’s Twitter: @paul_schmelzing
Paul’s Harvard profile: https://scholar.harvard.edu/pfschmelzing/bio
 
Related Links:
 
* Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311–2018* by Paul Schmelzing
https://www.bankofengland.co.uk/working-paper/2020/eight-centuries-of-global-real-interest-rates-r-g-and-the-suprasecular-decline-1311-2018
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth

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 budget, monetary policy, and labor markets. Ernie joins the show to talk about output gaps, full employment, labor markets, and the state of the economy. Specifically, Ernie and David discuss Ernie’s recent articles titled *Participation in the Hot Labor Market* and *Pay is Rising Fastest for Low Earners, One Reason? Minimum Wages.*
 
Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/monetary-policy
 
Ernie’s Twitter: @ernietedeschi
Ernie’s blog: https://medium.com/bonothesauro
 
Related Links:
 
*Participation and the Hot Labor Market* by Ernie Tedeschi
https://medium.com/@employamerica/participation-and-the-hot-labor-market-a84ef77a3bb1
 
*Pay is Rising Fastest for Low Earners. One Reason? Minimum Wages.* by Ernie Tedeschi
https://www.nytimes.com/2020/01/03/upshot/minimum-wage-boost-bottom-earners.html
 
*Labor Force Participation: Recent Developments and Future Prospects* by Stephanie Aaronson, Tomaz Cajner, Bruce Fallick, Felix Galbis-Reig, Christopher L. Smith, and William Wascher
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495029
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth

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 Global Air Traffic Management Conference in Dubai. He joins the show today to talk about the future of transportation, including flying cars and highways in the sky. Brent and David also discuss the concept of auctioning airspace, the macroeconomic implications of technological innovation, and how to build or improve infrastructure for autonomous vehicles in the future.
 
Transcript for the episode: https://www.mercatus.org/bridge/podcasts/02102020/brent-skorup-autonomous-vehicles-flying-cars-and-airspace-scarce-resource
 
Brent’s Twitter: @bskorup
Brent’s Mercatus profile: https://www.mercatus.org/scholars/brent-skorup
 
Related Links:
 
*Your Flying Car Will Be Here Sooner Than You Think* by Brent Skorup
https://www.wsj.com/articles/your-flying-car-will-be-here-sooner-than-you-think-1542327046
 
*Auctioning Airspace* by Brent Skorup
https://www.mercatus.org/system/files/skorup-auctioning-airspace-mercatus-working-paper-v1.pdf
 
*Smart Cities, Dumb Infrastructure* by Korok Ray & Brent Skorup
https://www.mercatus.org/publications/technology-and-innovation/smart-cities-dumb-infrastructure
 
*Auto Purchase Trends, Mobility as a Service, and Autonomous Vehicle Adoption* by Brent Skorup
https://www.mercatus.org/bridge/commentary/auto-purchase-trends-mobility-service-and-autonomous-vehicle-adoption
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth

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 these works and more. David and Marc also discuss differences between post-Keynesian and mainstream macroeconomics, the history and defining characteristics of Canada’s corridor operating system, and what ideal central bank policy might look like for Canada in the future.
 
Transcript for the episode: https://www.mercatus.org/bridge/podcasts/02032020/marc-lavoie-canadian-central-bank-policy-real-time-payments-and-post
 
Marc’s University of Ottawa profile: https://uniweb.uottawa.ca/members/942/profile
Marc’s Institute for New Economic Thinking archive: https://www.ineteconomics.org/research/experts/mlavoie
 
Related Links:
 
*A System with Zero Reserves and with Clearing Outside of the Central Bank: The Canadian Case* by Marc Lavoie
https://www.tandfonline.com/doi/abs/10.1080/09538259.2019.1616922
 
*Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth* by Wynne Godley and Marc Lavoie
https://link.springer.com/book/10.1007/978-1-137-08599-3
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth

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 a Recession? Not quite.” Specifically, David and Joseph discuss the variety of monetary policy tools available to central banks to combat the next recession (with special emphasis on the Federal Reserve, European Central Bank, and Bank of Japan). Joseph also makes the case that the ECB should adopt a formal review of its monetary policy framework.
 
Transcript for the episode: https://www.mercatus.org/bridge/podcasts/01242020/joseph-gagnon-central-banks%E2%80%99-ability-fight-next-recession
 
Joseph’s Twitter: @GagnonMacro
Joseph’s PIIE profile: https://www.piie.com/experts/senior-research-staff/joseph-e-gagnon
 
Related Links:
 
*Are Central Banks Out of Ammunition to Fight a Recession? Not Quite.* by Joseph Gagnon & Christopher Collins
https://www.piie.com/publications/policy-briefs/are-central-banks-out-ammunition-fight-recession-not-quite
 
*Priorities for Review of the ECB’s Monetary Policy Strategy* by Jeremie Cohen-Setton, Christopher Collins, and Joseph Gagnon
https://www.piie.com/commentary/speeches-papers/priorities-review-ecbs-monetary-policy-strategy
 
*How Did Quantitative Easing Really Work? A New Methodology for Measuring the Fed's Impact on Financial Markets* by Ramin Toloui
https://siepr.stanford.edu/sites/default/files/publications/19-032.pdf
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth

Title: Macro Musings Producers’ Special – A Recap of 2019 and a Glimpse into the Future
 
Description:
 
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 past year, including the yield curve inversion and ensuing recession speculation, the secular decline of interest rates, the Fed’s big 2019 review, and more.
 
A massive thank you to all of our listeners who have tuned in over the past few years, and we hope you continue to tune in for more exciting content as we navigate through 2020.
 
David’s blog: macromarketmusings.blogspot.com
David’s Twitter: @DavidBeckworth
 
Related Links:
 
Producers’ Top 3 Episodes:
 
Robert Graboyes: https://www.mercatus.org/bridge/podcasts/05132019/robert-graboyes-monetary-history-small-coins
Bryan Cutsinger: https://www.mercatus.org/bridge/podcasts/03292019/civil-war-and-economics-seigniorage
Salim Furth: https://www.mercatus.org/bridge/podcasts/06242019/land-use-regulations-rise-nimbyism-and-options-reform
 
Listeners’ Top 3 Episode:
 
Peter Stella: https://www.mercatus.org/bridge/podcasts/02182019/peter-stella-debt-safe-assets-and-central-bank-operations
Tyler Cowen: https://www.mercatus.org/bridge/podcasts/07222019/tyler-cowen-culture-big-business-united-states
Michael Strain: https://www.mercatus.org/bridge/podcasts/03042019/populism-mmt-and-billionaires
 
David’s Top 3 Episodes:
 
Donald Kohn: https://www.mercatus.org/bridge/podcasts/02012019/burns-powell
Paul Tucker: https://www.mercatus.org/bridge/podcasts/03252019/paul-tucker-central-bank-independence-and-unelected-power
Alex Tabarrok: https://www.mercatus.org/bridge/podcasts/09092019/alex-tabarrok-elements-economic-growth-and-decline-dynamism