266 épisodes

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 at George Mason University

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    • 3.5 • 2 notes

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.

    Sam Bell on Fed Policy, Personnel, and Politics in 2021

    Sam Bell on Fed Policy, Personnel, and Politics in 2021

    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 store for the Fed. Specifically, Sam and David discuss Fed Vice Chair Richard Clarida’s vision for temporary price level targeting, the prospects of Jay Powell and Lael Brainard (and others) for the next Fed chair, the significance of Janet Yellen’s treasury secretary appointment, and the political pressures facing the Fed in 2021.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Sam’s Twitter: @sam_a_bell
    About Employ America: https://employamerica.org/about/
     
    Related Links:
     
    *Monetary Policy Strategies for a Low-Rate Environment* by Ben Bernanke, Michael Kiley, and John Roberts
    https://www.aeaweb.org/articles?id=10.1257/pandp.20191082
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 50 min
    Caleb Watney on *Cracks in the Great Stagnation* and How to Boost Economic Growth

    Caleb Watney on *Cracks in the Great Stagnation* and How to Boost Economic Growth

    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 more as ways to help repair an economy plagued by secular stagnation.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Caleb’s Twitter: @calebwatney
    Caleb’s PPI profile: https://www.progressivepolicy.org/people/caleb-watney/
     
    Related Links:
     
    *Cracks in the Great Stagnation* Caleb Watney
    https://www.agglomerations.tech/cracks-in-the-great-stagnation/
     
    *The Egghead Gap* by Caleb Watney
    https://www.thenewatlantis.com/publications/the-egghead-gap
     
    *Are Ideas Getting Harder to Find?* by Nicholas Bloom, Charles Jones, John Van Reenen, and Michael Webb
    https://www.aeaweb.org/articles?id=10.1257/aer.20180338
     
    *Is the Rate of Scientific Progress Slowing Down?* by Tyler Cowen and Ben Southwood
    https://docs.google.com/document/d/1cEBsj18Y4NnVx5Qdu43cKEHMaVBODTTyfHBa8GIRSec/edit
     
    *The Productivity J-Curve: How Intangibles Complement General Purpose Technologies* by Erik Brynjolfsson, Daniel Rock, and Chad Syverson
    https://www.nber.org/system/files/working_papers/w25148/w25148.pdf
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 55 min
    Scott Sumner on the Princeton School of Macroeconomics and Overcoming Inflationary Fears

    Scott Sumner on the Princeton School of Macroeconomics and Overcoming Inflationary Fears

    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 economic contributions of various different Princeton economists as well as how the central bank can overcome inflationary fears and establish further institutional credibility.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Scott’s automated Twitter: @MoneyIllusion
    Scott’s blog: https://www.themoneyillusion.com/
    Scott’s Mercatus profile: https://www.mercatus.org/scholars/scott-sumner
     
    Related Links:
     
    *It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap* by Paul Krugman, Kathryn Dominguez, and Kenneth Rogoff
    https://www.brookings.edu/bpea-articles/its-baaack-japans-slump-and-the-return-of-the-liquidity-trap/
     
    *Great Expectations and the End of the Depression* by Gauti Eggertsson
    https://www.jstor.org/stable/29730131?seq=1
     
    *The Zero Bound on Interest Rates and Optimal Monetary Policy* by Gauti Eggertsson and Michael Woodford
    https://www.brookings.edu/bpea-articles/the-zero-bound-on-interest-rates-and-optimal-monetary-policy/
     
    *Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford
    https://kansascityfed.org/publicat/sympos/2012/mw.pdf
     
    *Bernanke’s No-arbitrage Argument Revisited: Can Open Market Operations in Real Assets Eliminate the Liquidity Trap?* By Gauti Eggertsson and Kevin Proulx
    https://www.nber.org/papers/w22243
     
    *Japanese Monetary Policy: A Case of Self-Induced Paralysis?* by Ben Bernanke
    https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf
     
    *Implementing Optimal Policy through Inflation-Forecast Targeting* by Lars Svensson and Michael Woodford
    https://www.nber.org/papers/w9747
     
    *Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others* by Lars Svensson
    https://www.nber.org/papers/w10195
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 59 min
    Josh Galper on Dealing with Climate Risk and Its Potential Impact on US Financial Markets

    Josh Galper on Dealing with Climate Risk and Its Potential Impact on US Financial Markets

    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 regulation, especially as it relates to climate issues under the new Biden administration. David and Josh also discuss the prospects of negative interest rates in the US, the influence of the Financial Stability Board, and how to deal with Treasury and repo market stress in the future.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Josh’s Twitter: @Finadium
    Josh’s Finadium profile: https://finadium.com/josh-galper-mba/
     
    Related Links:
     
    *Fed Joins Central Bankers Backing Paris Climate Goals* by Martin Arnold
    https://www.ft.com/content/008a12d2-7736-4db0-af9c-e063a0bcdd7a
     
    *Managing Climate Risk in the U.S. Financial System* by the Climate Market Risk Subcommittee, Mark Risk Advisory Committee of the CFTC
    https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf
     
    *Fixing Financial Data to Assess Systemic Risk* by Greg Feldberg
    https://www.brookings.edu/research/fixing-financial-data-to-assess-systemic-risk/
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 52 min
    Macro Musings Producer Special – Recapping 2020 and Looking Ahead to the Future

    Macro Musings Producer Special – Recapping 2020 and Looking Ahead to the Future

    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 may have in store for monetary policy, and more.
     
    A special thank you to all of the Macro Musings listeners around the globe who continue to tune in to the show week in and week out, especially during these tough and uncertain times. Stay tuned for more exciting content as we turn a new page in 2021.
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth
     
    Marc’s Twitter: @marc_c_dupont
     
    Related Links:
     
    Top 10 Macro Musings Episodes in 2020:
     
    Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance - https://macromusings.libsyn.com/adam-tooze-on-dollar-dominance-the-eurozone-and-the-future-of-global-finance
     
    Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth - https://macromusings.libsyn.com/jim-tankersley-on-the-state-of-the-middle-class-and-how-to-boost-economic-growth
     
    Eric Sims on New Keynesian Modelling and the Future of Macroeconomics in a Low Interest Rate Environment - https://macromusings.libsyn.com/eric-sims-on-new-keynesian-modelling-and-the-future-of-macroeconomics-in-a-low-interest-rate-environment
     
    Paul Schmelzing on the ‘Suprasecular’ Decline of Global Real Interest Rates - https://macromusings.libsyn.com/paul-schmelzing-on-the-suprasecular-decline-of-global-real-interest-rates
     
    Nathan Tankus on Public Finance in the COVID-19 Crisis: A Consolidated Budget Balance View and Its Implications for Policy - https://macromusings.libsyn.com/nathan-tankus-on-public-finance-in-the-covid-19-crisis-a-consolidated-budget-balance-view-and-its-implications-for-policy
     
    Brad Setser on Addressing the Global Dollar Shortage and COVID-19’s Implications for Worldwide Trade Imbalances - https://macromusings.libsyn.com/brad-setser-on-addressing-the-global-dollar-shortage-and-covid-19s-implications-for-worldwide-trade-imbalances
     
    Matthew Klein on Global Trade, Inequality, and International Conflict - https://macromusings.libsyn.com/matthew-klein-on-global-trade-wealth-inequality-and-international-conflict
     
    Jim Bianco on Policy Responses to the Coronavirus: Details, Implications, and Concerns Moving Forward - https://macromusings.libsyn.com/jim-bianco-on-policy-responses-to-the-coronavirus-details-implications-and-concerns-moving-forward
     
    Jon Sindreu on Global Financial Flows and the Balance of Trade - https://macromusings.libsyn.com/jon-sindreu-on-global-financial-flows-and-the-balance-of-trade
     
    Scott Sumner on How Central Banks Should Respond to the Coronavirus Threat - https://macromusings.libsyn.com/scott-sumner-on-how-central-banks-should-respond-to-the-coronavirus-threat

    • 41 min
    Jeanna Smialek on the Year-End Review of 2020 Financial Markets, the Fed, and US Monetary Policy

    Jeanna Smialek on the Year-End Review of 2020 Financial Markets, the Fed, and US Monetary Policy

    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 the economy at the start of 2020, the Fed’s policy response to COVID, and what lessons the Fed will be taking into the future.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Jeanna’s Twitter: @jeannasmialek
    Jeanna’s New York Times archive: https://www.nytimes.com/by/jeanna-smialek
     
    Related Links:
     
    *Janet Yellen's Lift Off (CMFA Working Paper No. 001)* by George Selgin
    https://www.alt-m.org/2020/12/04/janet-yellens-lift-off-cmfa-working-paper-no-001/
     
    *Measuring the Natural Rate of Interest: International Trends and Determinants* by Kathryn Holston and Thomas Laubach
    https://www.frbsf.org/economic-research/files/wp2016-11.pdf
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 53 min

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