Macro Musings with David Beckworth Mercatus Center Podcasts

Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to talk about this paper and the Treasury Standard concept. David and Josh also discuss the state’s monopoly over money, the path to global dollar dominance, the path dependency of the dollar system, and a lot more.
 
Transcript for this week’s episode.
 
Josh’s Twitter: @RebelEconProf
Josh’s Ole Miss profile
Josh’s joint Substack
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
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Related Links:
 
*The Treasury Standard: Causes and Consequences* by Joshua Hendrickson
 
*If Things Are So Great, Why Don’t People Think So?* by Josh Hendrickson
 
*The Cost of Money is Part of the Cost of Living: New Evidence on the Consumer Sentiment Anomaly* by Marijn Bolhuis, Judd Cramer, Karl Schulz, and Lawrence Summers
 
*On a Correct Measure of Inflation* by Armen Alchian and Benjamin Klein

Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed’s journey to a soft landing, the state of the commercial real estate market, and more.
 
Transcript for this week’s episode.
 
Julia’s Twitter: @jc_econ
Julia’s MacroPolicy Perspectives profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
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Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more.
 
Transcript for this week's episode.
 
Isabel’s Twitter: @Isabel_Schnabel
Isabel’s ECB profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
Join the Macro Musings mailing list!
Check out our Macro Musings merch!
 
Related Links:
 
*The Eurosystem’s Operational Framework* - Speech by Isabel Schnabel at the Money Market Contact Group meeting
 
Slides for *The Eurosystem’s Operational Framework* by Isabel Schnabel
 
*Back to Normal?* Balance Sheet Size and Interest Rate Control* - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors
 
Slides for *Back to Normal? Balance Sheet Size and Interest Rate Control* by Isabel Schnabel

Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s power under a constitutional authority, the three sources of Fed undersight, proposals for reform, and more.
 
Transcript for this week’s episode.
 
Andrew’s Twitter: @andrewtlevin
Andrew’s Dartmouth profile
 
Christina’s Twitter: @CParaSkinner
Christina’s UPenn profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
Join the Macro Musings mailing list!
Check out our Macro Musings merch!
 
Related Links:
 
*Central Bank Undersight: Assessing the Fed’s Accountability to Congress* by Andrew Levin and Christina Parajon Skinner
 
*Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed’s Balance Sheet* by Macro Musings

Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more.
 
Transcript for this week’s episode.
 
Anat’s Twitter: @anatadmati
Anat’s Stanford profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
Join the Macro Musings mailing list!
Check out our Macro Musings merch!
 
Related Links:
 
*The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It – New and Expanded Edition* by Anat Admati and Martin Hellwig
 
*The Parade of Bankers’ New Clothes Continues: 34 Flawed Claims Debunked* by Anat Admati and Martin Hellwig
 
*Anat Admati on Debt, Equity, and Financial Instability* by Macro Musings
 
*Anat Admati on the Perils of Corporate Debt and How COVID-19 Relief Efforts Have Gone Wrong* by Macro Musings
 
*Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System* by Jed Rakoff

Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more.
 
Transcript for this week’s episode.
 
Steven’s Twitter: @steven_kamin
Steven’s AEI profile
 
Mark’s Twitter: @sobel_mark
Mark’s CSIS profile
 
David Beckworth’s Twitter: @DavidBeckworth
Follow us on Twitter: @Macro_Musings
 
Join the Macro Musings mailing list!
Check out our Macro Musings merch!
 
Related Links:
 
*Dollar Dominance is Here to Stay for the Foreseeable Future—the Real Issue for the Global Economy is How and Why* by Steven Kamin and Mark Sobel
 
*Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar* by Macro Musings
 
*US Sanctions Reinforce the Dollar’s Dominance* by Michael Dooley, David Folkerts-Landau, and Peter Garber