366 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
    • 4.8 • 301 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.

    Noah Smith on the Future of the Chinese Economy and the Climate of Social Change in the US

    Noah Smith on the Future of the Chinese Economy and the Climate of Social Change in the US

    Noah Smith is a former columnist for Bloomberg and is now a popular writer at his own Noahpinion Substack. Noah is also a returning guest to the podcast, and rejoins Macro Musings for a wide ranging discussion on some of the recent issues he’s been covering on his Substack, including China, social change in the US, recent macro developments, and much more. Noah and David also discuss the façade of Xi Jinping’s leadership, the elite overproduction hypothesis, how Fukuyama’s *End of History* thesis can be applied today, and more.
     
    Transcript for the episode can be found here.
     
    Noah’s Substack: Noahpinion
    Noah’s Bloomberg archive
    Noah’s Twitter: @Noahpinion
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
    Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!
     
    Related Links:
     
    *The Elite Overproduction Hypothesis* by Noah Smith
     
    *Danger Zone: The Coming Conflict with China* by Hal Brands and Michael Beckley
     
    *Book Review: “Danger Zone”* by Noah Smith
     
    *Is China Heading Toward Another Tiananmen Square Moment?* by Lili Pike and Tom Nagorski

    • 48 min
    Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking

    Hugh Rockoff on Optimal Currency Areas, “Yellowbacks,” and Free Banking

    Hugh Rockoff is a professor of economics at Rutgers University and has done extensive work in U.S. monetary history. He joins the show to discuss the criteria for an ideal monetary union and argues that the U.S. didn’t really become an optimal currency area until the 1930s. David and Hugh then discuss whether a present-day example, the Eurozone, fits these criteria. They also talk about interesting chapters in U.S. monetary history, including the Civil War, the Free Banking Era, and the bimetallism debate of the late 1800s.
     
    Transcript for the episode can be found here.
     
    Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!
     
    Hugh’s Rutgers profile
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
     
    Related Links: 
     
    *History of the American Economy* by Hugh Rockoff and Gary Walton
     
    *How Long Did It Take the United States to Become an Optimal Currency Area?* by Hugh Rockoff
     
    *"The Wizard of Oz" as a Monetary Allegory* by Hugh Rockoff
     
    *The Free Banking Era: A Re-Examination* by Hugh Rockoff

    • 43 min
    Patrick Horan and David Beckworth on *The Fate of FAIT* and the Future of the Fed’s Monetary Framework

    Patrick Horan and David Beckworth on *The Fate of FAIT* and the Future of the Fed’s Monetary Framework

    In this special episode of Macro Musings, David Beckworth and Patrick Horan join guest host Carola Binder to discuss their newest paper, *The Fate of FAIT: Salvaging the Fed’s Framework.* Patrick Horan is a research fellow in the Mercatus Center’s Monetary Policy Program and Carola Binder is an associate professor of economics at Haverford College as well as a visiting scholar at the Mercatus Center. In addition to their paper, Pat and David also talk about the basics of flexible average inflation targeting, how it compares to temporary price level targeting, the differences between the Fed’s old and new frameworks, and a lot more.
     
    Transcript for the episode can be found here.
     
    Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!
     
    Patrick’s Twitter: @Pat_Horan92
    Patrick’s Mercatus profile
     
    Carola’s Twitter: @cconces
    Carola’s Haverford site
    Carola’s Mercatus profile
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
     
    Related Links:
     
    *The Fate of FAIT: Salvaging the Fed’s Framework* by David Beckworth and Patrick Horan
     
    *2020 Statement on Longer-Run Goals and Monetary Policy Strategy* by the Federal Reserve Board of Governors
     
    *Fed Framework Holds Central Bank Hostage* by Mohamed El-Erian
     
    *Nominal GDP Targeting and the Taylor Rule on an Even Playing Field* by David Beckworth and Josh Hendrickson

    • 51 min
    Ethan Ilzetzki on the International Implications of Fed Policy, Business Cycle Theory, and the UK Crisis

    Ethan Ilzetzki on the International Implications of Fed Policy, Business Cycle Theory, and the UK Crisis

    Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research fellow with the Center for Economic Policy Research. Ethan is also a returning guest to the show, and he rejoins David on Macro Musings to talk about the international implications of Fed Policy and the strong dollars as well as Ethan’s thoughts on business cycle theory in light of the recent inflation surge. David and Ethan also discuss Ethan’s takeaways from the UK crisis, how to evaluate and contextualize monetary policy shocks, the contemporary applications of the fiscal theory of the price level, and more.
     
    Transcript for the episode can be found here.
     
    Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off!
     
    Ethan’s Twitter: @ilzetzki
    Ethan’s website
    Ethan’s LSE profile
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
     
    Related Links:
     
    *UK Financial Crisis of 2022: Retrospective Diagnosis and Policy Recommendations* by Ethan Ilzetzki
     
    *Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff
     
    *Inflation as a Fiscal Limit* by Francesco Bianchi and Leonardo Melosi
     
    *The Global Financial Cycle* by Helene Rey and Silvia Miranda-Agrippino

    • 57 min
    Megan Greene on the UK’s Recent Market Turmoil and What it Means for the Future of the Global Economy

    Megan Greene on the UK’s Recent Market Turmoil and What it Means for the Future of the Global Economy

    Megan Greene is a senior fellow at the Watson Institute for International and Public Affairs at Brown University and is the global chief economist at Kroll. Megan is also a contributing editor and columnist for the Financial Times and is a returning guest to the podcast. She rejoins David on Macro Musings to talk about a recent article she has written titled, *UK Market Turmoil is a Harbinger of Global Events to Come.* David and Megan also discuss the basics of what caused the UK’s recent crisis, how persistent inflation continues to impact the global economy, the current outlook for international energy production, and a lot more.
     
    Transcript for the episode can be found here.
     
    Megan’s website
    Megan’s Kroll profile
    Megan’s Twitter: @economistmeg
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
     
    Related Links:
     
    *UK Market Turmoil is a Harbinger of Global Events to Come* by Megan Greene
     
    *The World is Starting to Hate the Fed* by Edward Luce

    • 46 min
    Yesha Yadav on Treasury Market Turmoil and Potential Solutions for Reform

    Yesha Yadav on Treasury Market Turmoil and Potential Solutions for Reform

    Yesha Yadav is a law professor and associate dean of Vanderbilt Law School. Yesha works on banking and financial regulation, securities regulation, the law of money and payment system, and is a returning guest to the podcast. She rejoins Macro Musings to talk about recent developments in the Treasury market and the prospects for reform. David and Yesha also discuss the future of CBDC in the US, the recent economic crisis in the UK, and a lot more.
     
    Transcript for the episode can be found here.
     
    Yesha’s Vanderbilt Law profile: https://law.vanderbilt.edu/bio/yesha-yadav
    Yesha’s Google Scholar archive: https://scholar.google.com/citations?user=Dn5cmSQAAAAJ&hl=en
     
    David’s Twitter: @DavidBeckworth
    Follow us on Twitter: @Macro_Musings
    Click here for the latest Macro Musings episodes sent straight to your inbox!
     
    Related Links:
     
    *The Failed Promise of Treasuries in Financial Regulation* by Yesha Yadav and Pradeep Yadav
     
    *The Broken Bond Market* by Yesha Yadav and Jonathan Brogaard
     
    *Markets Didn’t Oust Truss. The Bank of England Did.* by Narayana Kocherlakota
     
    *Treasuries Liquidity Problem Exposes Fed to ‘Biggest Nightmare’* by Liz McCormick
     
    *Yellen Flags Potential for Buybacks of Treasury Securities* by Christopher Condon
     
    *The Squeeze That Has the US Treasury Thinking About Buying Back Bonds* by Alexandra Harris
     
    *Hedge Funds Facing Tighter SEC Clearing Rules for Treasuries* by Lydia Beyoud and Alexandra Harris
     
    *Geithner-Led Group Faults Fed for Slow Work on Treasuries Market* by Liz McCormick
     
    *All-to-All Trading in the U.S. Treasury Market* by the New York Fed staff
     
    *Toby Nangle on What We Just Learned From Gilt Market Madness* by Tracy Alloway and Joe Weisenthal

    • 54 min

Customer Reviews

4.8 out of 5
301 Ratings

301 Ratings

IlVisconteDimezzato ,

Hands down best podcast

This podcast is fantastic. It is consistently interesting, informative, and intellectually engaging. Amazing and thoughtful guests and helpful links provided with each episode. If you are just curious about monetary policy or a dedicated macro economist, this is the best way to spend one hour each week. Your brain will thank you for it.

Africanking101 ,

Great Pod!!

Very neat Dr. Beckworth!

sm05! ,

Well done - how to apply economic thinking and keep up to speed in new ideas

Great interviews, David Beckworth is a pro, and you can really see he knows his stuff, yet ask questions that speak to an audience from Economists to business owners to investors and folks that want to be up on economic thinking.

Be awesome to see an “after-show” recap of some really big ideas, some additional facts and maybe even an application to a current event if that wasn’t already made during the show (which it usually is).

This is the sort of podcast that’s making me smarter. Awesome recording quality as well.

Well done!

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