239 episodes

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

    • Non-Profit
    • 4.9, 30 Ratings

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.

    Jon Sindreu on Global Financial Flows and the Balance of Trade

    Jon Sindreu on Global Financial Flows and the Balance of Trade

    Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Jon’s Twitter: @jonsindreu
    Jon’s Wall Street Journal profile: https://www.wsj.com/news/author/jon-sindreu?mod=rsswn
     
    Related Links:
     
    *Trade Wars Are Class Wars* by Matthew Klein and Michael Pettis
    https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars
     
    *Wages of Destruction* by Adam Tooze
    https://www.penguinrandomhouse.com/books/295490/the-wages-of-destruction-by-adam-tooze/
     
    *Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market* by Zhimin Li, Leslie Sheng Shen, and Calvin Zhang
    https://www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 1 hr 3 min
    David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

    David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

    In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies.
     
    Special thank you to Claudia for letting us air this episode as a part of the Macro Musings catalog!
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/
    David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth
     
    Claudia’s Twitter: @Claudia_Sahm
    Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/
     
    Related Links:
     
    Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA
    Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/
     
    *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth
    https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting
     
    *Measuring Monetary Policy: the NGDP Gap* by David Beckworth
    https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap
     
    *COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth
    https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal
     
    *NGDP Targeting and the Public* by Carola Binder
    https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public

    • 44 min
    Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

    Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

    Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest rates, and why makeup policy would be uniquely suited to the challenges presently facing the economy.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Bill’s SIFMA profile: https://www.sifma.org/people/bill-nelson/
    Bill’s BPI archive: https://bpi.com/tag/bill-nelson/
    Bill’s American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618
     
    Related Links:
     
    *Live Live Jay Powell, the New Monarch of the Bond Market* by Robin Wigglesworth
    https://www.ft.com/content/5db9d0f1-3742-49f0-a6cd-16c471875b5e
     
    *Federal Reserve’s “Strategies for Targeting Interest Rates Out the Yield Curve”* prepared by David Bowman, Christopher Erceg, and Mike Leahy, with contributions from William English, Edward Nelson, David Reifschneider, Nathan Sheets, and David Wilcox of Board staff and Brian Sack, Spence Hilton, Allan Malz, Frank Keane, Matt Raskin, Julie Remache, Josh Frost, Nate Wuerffel, Angela O’Connor and Richard Dzina of FRBNY staff
    https://www.federalreserve.gov/monetarypolicy/files/FOMC20101013memo08.pdf
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 59 min
    Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

    Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

    Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases.* He joins Macro Musings to talk about this article and some of his other work on central bank purchases and what it may mean for the Fed’s purchase of corporate bonds.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Jens’s Twitter: @jvklooster
    Jens’s website: https://jensvantklooster.com/
     
    Related Links:
     
    *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases* by Jens Van’t Klooster and Clement Fontan
    https://www.tandfonline.com/doi/full/10.1080/13563467.2019.1657077
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr
    Matthew Klein on Global Trade, Inequality, and International Conflict

    Matthew Klein on Global Trade, Inequality, and International Conflict

    Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and the domestic roots of international trade conflicts – in the past as well as today. Specifically, David and Matthew also discuss the history of how industrialized strategies, in countries such as China, have set the stage for trade conflicts in the present day.
     
    Transcript for the episode: https://www.mercatus.org/bridge/tags/macro-musings
     
    Matthew’s Twitter: @M_C_Klein
    Matthew’s Barron’s profile: https://www.barrons.com/authors/8566
     
    Related Links:
     
    *Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace* by Matthew Klein and Michael Pettis
    https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars
     
    *The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy* by Michael Pettis
    https://press.princeton.edu/books/hardcover/9780691158686/the-great-rebalancing
     
    *The Man Who Knew: The Life and Times of Alan Greenspan* by Sebastian Mallaby
    https://www.cfr.org/book/man-who-knew
     
    *Imperialism: A Study* by John Hobson
    https://oll.libertyfund.org/titles/hobson-imperialism-a-study
     
    *Communist China’s Capitalism: The Highest Stage of Capitalist Imperialism* by Kenneth Austin
    https://www.worldeconomics.com/Journal/ViewArticle.aspx?AID=455
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr 4 min
    Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

    Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

    Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades. Specifically, David and Stephen discuss the structure of the Reserve Bank of the Australia, the history of its inflation target, how Australia was able to avoid the worst of the Great Recession, and the actions they have taken to in response to the COVID crisis.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Stephen’s Twitter: @insteconomics
    Stephen’s US Studies Center profile: https://www.ussc.edu.au/people/stephen-kirchner
    Stephen’s Substack page: https://stephenkirchner.substack.com/
     
    Related Links:
     
    *Money Too Tight to Mention: The Reserve Bank of Australia’s Financial Stability Mandate and Low Inflation* by Stephen Kirchner
    http://www.institutional-economics.com/images/uploads/EAP.pdf
     
    *Cost-Benefit Analysis of Leaning against the Wind* by Trent Saunders and Peter Tulip
    https://rba.gov.au/publications/rdp/2019/2019-05.html
     
    *Twenty-five Years of Inflation Targeting in Australia: Are There Better Alternatives for the Next 25 Years?* by Warwick McKibbin and Augustus Panton
    https://www.brookings.edu/research/twenty-five-years-of-inflation-targeting-in-australia-are-there-better-alternatives-for-the-next-25-years/
     
    *The RBA Needs a New Post-virus Monetary Policy Game* by Richard Holden, Warwick McKibbin, and John Quiggin
    https://www.afr.com/policy/economy/the-rba-needs-a-new-post-virus-monetary-policy-game-20200505-p54ptw
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr

Customer Reviews

4.9 out of 5
30 Ratings

30 Ratings

Econ postgrad at LSE ,

Excellent macro podcast

Hands down the best macroeconomics podcast produced today. David and his guests do an excellent job of taking often wonkish topics and discussing them in very approachable way. Would recommend to anyone with an interest in macro, central banking and monetary policy.

London-Richard ,

ex City Fund Manager

Great opportunity to hear from some substantial macro thinkers. David Beckworth is always on the ball, teasing out the speakers background with his well briefed questioning. Each new issue makes my morning walk on Wimbledon Common a even better experience.

NGDP 4 life ,

Tom

Great guests and consistently insightful conversations

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