Macro Musings with David Beckworth

Mercatus Center Podcasts
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Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.

  1. Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era

    2D AGO

    Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era

    Subscribe to the new Macro Musings YouTube Channel! Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications for the treasury market, interoperability between blockchains, and much more.   Check out the transcript for this week's episode, now with links. Recorded on February 27th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Neha Narula on X: @Neha Follow Anders Brownworth on X: @Anders94 Follow Daniel Aronoff on X: @DanAronoff Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:41 - Background of the Group 00:03:11 - Digital Currency Initiative 00:05:36 - State of Stablecoins 00:10:42 - Hidden Plumbing of Stablecoins 00:15:42 - Basic Mechanics of Stablecoins 00:26:07 - Technical and Operational Risks of Stablecoins 00:39:09 - Implications for the Treasury Market 00:48:18 - Business Model of Stablecoins 00:49:24 - Interoperability Between Blockchains 00:52:53 - What's the Deal with Tether? 00:56:23 - Outro

    57 min
  2. Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline

    MAR 9

    Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline

    Subscribe to the new Macro Musings YouTube Channel! Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how to frame global demographic decline, the three accelerants of demographic decline, the role of housing in family size, how AI will play a role in global demographics, what we know about AGI, the question of dollar dominance, and much more.  Check out the transcript for this week's episode, now with links. Recorded on February 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Jesús Fernández-Villaverde on X: @JesusFerna7026 Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:07:22 - Demographics 00:39:28 - Artificial Intelligence 00:54:07 - Currency Dominance 01:03:20 - Outro

    1h 4m
  3. Chris Meissner on the History of Globalization

    MAR 2

    Chris Meissner on the History of Globalization

    Subscribe to the new Macro Musings YouTube Channel! Chris Meissner is a professor of economics at University of California at Davis and is the author of the recent book One from the Many: The Global Economy Since 1850. In Chris's first appearance on the podcast he discusses the historical bend towards greater globalization, how we should really define the global economy, the impact of the Great Financial Crisis on globalization and populism, the scope of globalization from the 1820's to today, the validity of the China Shock, the United States' current move away from globalization, and much more. Check out the transcript for this week's episode, now with links. Recorded on February 19th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Chris Meissner on X: @CmicMeissner Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:50 - History Tends Toward Globalization 00:05:55 - What Is the Global Economy? 00:19:08 - Great Financial Crisis 00:22:15 - First Wave of Globalization: 1820–1914 00:29:42 - Interwar Period: 1918–1938 00:40:51 - Post-War Bretton Woods Arrangement 00:49:36 - The China Shock 00:55:40 - Detour from Globalization 00:59:44 - Outro

    1 hr
  4. Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed's QE Program

    FEB 23

    Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed's QE Program

    Subscribe to the new Macro Musings YouTube Channel! Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram's first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India's emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed's balance sheet, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 20th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:58 - Raghu's Career 00:22:20 - Policymaker Versus Academic 00:29:00 - Ratcheting Effect of Quantitative Easing 01:01:06 - Outro

    1h 2m
  5. Andrew Martinez on the Art of Forecasting

    FEB 16

    Andrew Martinez on the Art of Forecasting

    Andrew Martinez is a former Treasure economist and currently is an assistant professor of economics at American University. In Andrew's first appearance on the show, he discusses his career as a forecaster, the current state of forecasting, the intersection of AI and forecasting, the role of the SEP and monetary policy surprises, his work with David on the NGDP Gap measure, and much more.     Check out the transcript for this week's episode, now with links. Recorded on January 13th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:20 - Andrew's Career 00:08:36 - State of Forecasting 00:20:19 - AI and Forecasting 00:29:34 - The SEP and Monetary Policy Surprises 00:41:07 - Nominal GDP/Expectations Gap 00:54:56 - Outro

    56 min
  6. Dan Awrey on the Future of the U.S. Payments System in a Digital World

    FEB 9

    Dan Awrey on the Future of the U.S. Payments System in a Digital World

    Dan Awrey is a professor of Law at Cornell University and the author of the new book Beyond Banks: Technology, Regulation, and the Future of Money. Dan returns to the show to discuss his new book, the shadow monetary system, the case for markets to correct this problem, Gresham's new law, his proposals for fixing the payments system, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 13th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Dan Awrey on X: @DanAwrey Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:16 - Beyond Banks 00:16:04 - Shadow Monetary System 00:26:07 - Can't Markets Solve Payment Problems? 00:28:16 - Gresham's New Law 00:40:27 - Dan's Proposal for Money and Payments 00:55:51 - Outro

    57 min
  7. Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates

    FEB 2

    Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates

    Scott Sumner is the Ralph G. Hawtrey Chair Emeritus of Monetary Policy and the founder of the Monetary Policy Program at Mercatus. Scott returns to the show, to discuss his life post Mercatus, nominal GDP counterfactuals of the pandemic and the Great Financial Crisis, the role of QE in inflation, the fears about Fed independence, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 15th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:34 - Scott's Life Post Mercatus 00:05:28 - Nominal GDP Targeting 00:19:53 - Quantitative Easing 00:38:28 - Fed Framework Review 00:42:36 - Fed Independence 01:04:33 - Outro

    1h 5m
  8. Tyler Muir on How to Understand the Fed's Quantitative Easing

    JAN 26

    Tyler Muir on How to Understand the Fed's Quantitative Easing

    Tyler Muir is a professor of finance at UCLA. In Tyler's first appearance on the show, he discusses how he became a leading scholar on quantitative easing, what things the Fed can learn in responding to crises, why QE matters, how QE transformed the bond market, the new "Tyler Rule", QE's role in the COVID Pandemic, and much more. Check out the transcript for this week's episode, now with links. Recorded on January 8th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Tyler Muir on X: @TylerMuir Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Intro 00:01:33 - Tyler's Background 00:08:36 - Financial Crisis and Risk Premium 00:14:40 - Intermediaries and Asset Prices 00:22:18 - QE and Why It Matters 00:28:40 - QE and the Bond Market 00:32:38 - The Tyler Rule 00:37:51 - When Selling Goes Viral 00:41:01 - QE During COVID 00:49:26 - Shrinking the Fed's Balance Sheet 00:55:03 - Outro

    56 min
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Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.

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