203 episodios

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

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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.

    Ernie Tedeschi on Output Gaps, Labor Markets, and the State of the Economy

    Ernie Tedeschi on Output Gaps, Labor Markets, and the State of the Economy

    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

    • 1h 5 min
    Brent Skorup on Autonomous Vehicles, Flying Cars, and Airspace as a Scarce Resource

    Brent Skorup on Autonomous Vehicles, Flying Cars, and Airspace as a Scarce Resource

    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

    • 55 min
    Marc Lavoie on Canadian Central Bank Policy, Real-time Payments, and the Post-Keynesian Tradition

    Marc Lavoie on Canadian Central Bank Policy, Real-time Payments, and the Post-Keynesian Tradition

    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

    • 1h 1m
    Joseph Gagnon on Central Banks’ Ability to Fight the Next Recession

    Joseph Gagnon on Central Banks’ Ability to Fight the Next Recession

    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

    • 57 min
    Macro Musings Producers’ Special – A Recap of 2019 and a Glimpse into the Future

    Macro Musings Producers’ Special – A Recap of 2019 and a Glimpse into the Future

    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

    • 56 min
    Eric Sims on New Keynesian Modelling and the Future of Macroeconomics in a Low Interest Rate Environment

    Eric Sims on New Keynesian Modelling and the Future of Macroeconomics in a Low Interest Rate Environment

    Eric Sims is the chair of the economics department at the University of Notre Dame and is a research associate with the National Bureau of Economic Research and the Cleveland Federal Reserve Bank. Eric, along with his colleague, Cynthia Wu, have a number of recent papers addressing monetary policy in low interest rate environments, including a keynote paper presented this past summer at the Chicago Fed Conference that was part of the Fed's big review this year. He joins the show today to talk about this work, focusing on the latest developments in New Keynesian modelling and the current state of macroeconomic research. Specifically, David and Eric discuss the Four Equation New Keynesian Model, the Desirability of NGDP Targeting, and the welfare and cyclical implications of moderate trend inflation.
     
    Transcript for the episode: https://www.mercatus.org/bridge/commentary/eric-sims-new-keynesian-modelling-and-future-macroeconomics-low-interest-rate
     
    Eric’s Notre Dame profile: https://www3.nd.edu/~esims1/
    Eric’s NBER archive: https://www.nber.org/people/eric_sims
     
    Related Links:
     
    *On the Desirability of Nominal GDP Targeting* by Julio Garin, Robert Lester, & Eric Sims
    https://www.nber.org/papers/w21420
     
    *The Four Equation New Keynesian Model* by Eric Sims & Jing Cynthia Wu
    https://www.nber.org/papers/w26067
     
    *Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model* by Julio Garin, Robert Lester, & Eric Sims*
    https://www.nber.org/papers/w22177
     
    *On the Welfare and Cyclical Implications of Moderate Trend Inflation* by Guido Ascari, Louis Phaneuf, & Eric Sims*
    https://www.nber.org/papers/w21392
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1h

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