318 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 at George Mason University

    • Business

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.

    George Selgin on the Future of CBDC, Fed Accounts, and Stablecoins

    George Selgin on the Future of CBDC, Fed Accounts, and Stablecoins

    George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute and is also a long-time returning guest of Macro Musings. He rejoins the podcast to talk about central bank digital currency, stablecoins, and the future of the Fed’s balance sheet and operating system. Specifically, David and George also discuss the challenges presented by CBDC and Fed accounts, how they could create financial instability, George’s proposal for wholesale CBDC, and more.  
    Check out Conversations with Tyler: https://conversationswithtyler.com, and subscribe to Conversations with Tyler on your favorite podcast app.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    George’s Twitter: @GeorgeSelgin
    George’s Cato Institute profile: https://www.cato.org/people/george-selgin
     
    Related Links:
     
    *Central Bank Digital Currency as a Potential Source of Financial Instability* by George Selgin
    https://www.cato.org/cato-journal/spring/summer-2021/central-bank-digital-currency-potential-source-financial-instability#old-fashioned-bank-runs
     
    *Money and Payments: The U.S. Dollar in the Age of Digital Transformation* by the Federal Reserve Board of Governors
    https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf
     
    *George Selgin on the Past, Present, and Future of a Real-Time Payments System*
    https://www.mercatus.org/bridge/podcasts/11112019/george-selgin-past-present-and-future-real-time-payments-system
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 52 min
    Henry Curr on the Myths and Uncomfortable Truths about QE

    Henry Curr on the Myths and Uncomfortable Truths about QE

    Henry Curr is the economics editor for the Economist Magazine and a returning guest to the show. Henry has a new working paper out titled, “Money Printers Go Grrrr: Three Myths and Three Uncomfortable Truths about Quantitative Easing.” Henry joins Macro Musings to discuss these three myths and uncomfortable truths about QE. Specifically, David and Henry discuss the continued relevance of quantitative easing as a policy tool, QE’s relationship to financial markets and its effect on the banking sector, whether we can estimate the magnitude of its effect on interest rates, whether QE necessarily boosts the monetary base, and much more.
     
    Check out Ideas of India, another Mercatus original podcast: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Henry’s Twitter: @Henry_Curr
    Henry’s Economist profile: https://mediadirectory.economist.com/people/henry-curr/
    Henry’s website: http://www.henrycurr.com/
     
    Related Links:
     
    *Money Printers Go Grr: Three Myths and Three Uncomfortable Truths about Quantitative Easing* by Henry Curr
    https://spe.org.uk/reading-room/ryb-essays/2020-21-rybczynski-prize-essay/
     
    *Fifty Shades of QE: Comparing Findings of Central Bankers and Academics* by Brian Fabo, Martina Jančoková, Elisabeth Kempf and Ľuboš Pástor
    https://www.nber.org/papers/w27849
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 51 min
    Lorie Logan on Monetary Policy Operations, the Fed’s New Standing Repo Facility, and the Future of the Fed’s Balance Sheet

    Lorie Logan on Monetary Policy Operations, the Fed’s New Standing Repo Facility, and the Future of the Fed’s Balance Sheet

    Lorie Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York. In that role, she’s the manager of the System Open Market Account (SOMA), for the Federal Open Market Committee (FOMC), and she is also the head of the market operations, monitoring, and analysis. Lorie joins Macro Musings to talk about the operations side of monetary policy and her work at the New York Fed. Specifically, David and Lorie discuss the “dash for cash” during the March 2020 Treasury market crisis, the Fed’s new standing repo facility, the future of the central bank’s balance sheet, and more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Lorie’s New York Fed profile: https://www.newyorkfed.org/aboutthefed/orgchart/logan
    Lorie’s Fed in Print archive: https://fedinprint.org/search?facets[]=authors_literal_array:Logan%2C+Lorie
     
    Related Links:
     
    *Monetary Policy Implementation: Adapting to a New Environment* by Lorie Logan
    https://www.newyorkfed.org/newsevents/speeches/2021/log211014
     
    *Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic* by Lorie Logan
    https://www.newyorkfed.org/newsevents/speeches/2021/log210811
     
    *Recent Disruptions and Potential Reforms in the U.S. Treasury Market: A Staff Progress Report* by the Inter-Agency Working Group
    https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf
     
    *U.S. Treasury Markets: Steps Toward Increased Resilience* by the G30 Working Group on Treasury Market Liquidity
    https://group30.org/publications/detail/4950
     
    *Report of the Task Force on Financial Stability* by Glenn Hubbard et al.
    https://www.brookings.edu/research/report-of-the-task-force-on-financial-stability/
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 36 min
    Paul Krugman on the Year of Inflation Infamy

    Paul Krugman on the Year of Inflation Infamy

    Paul Krugman is a Nobel Laureate in economics, a columnist at The New York Times, and a Distinguished Professor of Economics at the Graduate Center of the City University of New York. He rejoins David on Macro Musings to discuss the great inflation surge of 2021 and its implications for policy. Specifically, David and Paul discuss the state of public opinion surrounding inflation, whether the level of aggregate demand or its composition is the more important driver, what the state of the economy would be if the Fed had more aggressively countered inflation, whether the Fed squeeze is the appropriate response, and much more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Paul’s Twitter: @paulkrugman
    Paul’s NYT profile: https://www.nytimes.com/column/paul-krugman
     
    Related Links:
     
    *The Year of Inflation Infamy* by Paul Krugman
    https://www.nytimes.com/2021/12/16/opinion/inflation-economy-2021.html
     
    *It's Baaack: Japan's Slump and the Return of the Liquidity Trap* by Paul Krugman
    https://www.brookings.edu/wp-content/uploads/1998/06/1998b_bpea_krugman_dominquez_rogoff.pdf
     
    *The Princeton School and the Zero Lower Bound* by Scott Sumner
    https://www.mercatus.org/publications/monetary-policy/princeton-school-and-zero-lower-bound
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 41 min
    David Beckworth on the Safe Asset Theory of Inflation, Comparing Central Bank Frameworks, and a Year of Macro Musings in Review

    David Beckworth on the Safe Asset Theory of Inflation, Comparing Central Bank Frameworks, and a Year of Macro Musings in Review

    In this special end-of-the-year episode of Macro Musings, David Beckworth joins guest host David Andolfatto of the St. Louis Fed to discuss a wide range of macroeconomic topics, including podcast highlights from the whole of 2021. More specifically, both Davids talk about the similarities and differences between average inflation targeting and NGDP targeting, the recent inflation puzzles that have plagued the macroeconomy, David’s safe asset theory of inflation, and more.
     
    Want to support the show? Visit donate.mercatus.org/podcasts
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    David Beckworth’s Twitter: @DavidBeckworth
    David Beckworth’s blog: http://macromarketmusings.blogspot.com/
    David Beckworth’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth
     
    David Andolfatto’s Twitter: @dandolfa
    David Andolfatto’s St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto
     
    Related Links:
     
    *The Safe Asset Shortage and the Low Inflation of 2010-2019: A Money Demand View* by David Beckworth
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992846
     
    *The Prospect of Fiscal Dominance in the United States: A New Quantity Theory Perspective* by David Beckworth
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3969473
     
    *The Fiscal Theory of Price Level with a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov
    https://www.nber.org/papers/w27116

    • 47 min
    Talmon Smith on the Great Inflation Surge of 2021

    Talmon Smith on the Great Inflation Surge of 2021

    Talmon Smith is an economics reporter for The New York Times and joins David on Macro Musings to talk about the great inflation surge of 2021 and its implications for policy and politics. Specifically, David and Talmon discuss the potential drivers and implications of the great inflation surge that has taken place in 2021, the current and future state of supply chains, the impact of COVID-era stimulus, the state of the labor market, the political implications of the inflation surge, and much more.
     
    Want to support the show? Visit donate.mercatus.org/podcasts.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Talmon’s Twitter: @talmonsmith
    Talmon’s New York Times profile: https://www.nytimes.com/by/talmon-joseph-smith
     
    Related Links:
     
    *One-year jump in energy prices is a big factor in inflation’s jump*  by Talmon Smith
    https://www.nytimes.com/live/2021/12/10/business/inflation-cpi-stock-market-news#one-year-jump-in-energy-prices-is-a-big-factor-in-inflations-jump
     
    *Americans’ Pandemic-Era ‘Excess Savings’ Are Dwindling for Many* by Talmon Smith
    https://www.nytimes.com/2021/12/07/business/pandemic-savings.html
     
    *President Biden's job approval sinking on inflation, crime and COVID: POLL* By Brittany Shepherd
    https://abcnews.go.com/Politics/president-bidens-job-approval-sinking-inflation-crime-covid/story?id=81701113
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 47 min

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