311 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 • 267 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.

    Carola Binder and Christina Parajon Skinner on Populism and Legitimacy at the Federal Reserve

    Carola Binder and Christina Parajon Skinner on Populism and Legitimacy at the Federal Reserve

    Carola Binder is an Associate Professor of Economics at Haverford College, and Christina Parajon Skinner is an assistant professor at the Wharton School at the University of Pennsylvania. Both are returning guests to Macro Musings and they rejoin the podcast to talk about populism at the Fed and its implications for policy. Specifically, they discuss rising technopopulism at the Fed, the effect of populist pressures on its legitimacy, the importance of balancing experimentation and intellectual freedom with managing risks of politicization at the Fed, as well as their thoughts on the recent bouts of inflation.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Carola’s Twitter: @cconces
    Carola’s blog: https://carolabinder.blogspot.com/
    Carola’s Haverford profile: https://carolabinder.sites.haverford.edu/
     
    Christina’s Twitter: @CParaSkinner
    Christina’s Wharton profile: https://lgst.wharton.upenn.edu/profile/skinnerc/
     
    Related Links:
     
    Cato Institute 39th Annual Monetary Conference: Panel 1: The Populist Challenge to Fed Independence
    https://www.cato.org/multimedia/events/39th-annual-monetary-conference-panel-1-populist-challenge-fed-independence
     
    *Technopopulism and Central Banks* by Carola Binder
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456
     
    *Technopopulism: The New Logic of Democratic Politics* by Christopher J. Bickerton and Carlo Invernizzi Accetti
    https://oxford.universitypressscholarship.com/view/10.1093/oso/9780198807766.001.0001/oso-9780198807766
     
    *Central Bank Activism* by Christina Parajon Skinner
    https://www.newyorkfed.org/medialibrary/Microsites/fmlg/files/2021/Skinner_Central%20Bank%20Activism.pdf
     
    *Laboratories of Central Banking* by Carola Binder and Christina Parajon Skinner
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3956845
     
    *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/

    • 53 min
    Matthew Klein on Recent Inflationary Trends and What to Expect in the Future

    Matthew Klein on Recent Inflationary Trends and What to Expect in the Future

    Matthew Klein is the author of The Overshoot, a newsletter that helps readers make sense of the global economy. Matt is also a returning guest to the podcast, and rejoins Macro Musings to talk about the hot topic of inflation and its outlook. Specifically, David and Matt discuss what is driving trend inflation, Matt’s decomposition of the CPI, whether or not we should be worried about inflationary trends, and more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Matthew’s Twitter: @M_C_Klein
    Matthew’s Substack: https://theovershoot.co/about
     
    Related Links:
     
    *The Case for Patience on Inflation* by Matthew Klein
    https://theovershoot.co/p/the-case-for-patience-on-inflation
     
    *What’s Going On With Interest Rates? (Part 1)* by Matthew Klein
    https://theovershoot.co/p/whats-going-on-with-interest-rates
     
    *Fed Policy Must Adjust for Inflation* by Martin Wolf
    https://www.ft.com/content/dc3bedc7-5694-4868-8b86-f9a215966f52
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 50 min
    Markus Brunnermeier on *The Resilient Society*

    Markus Brunnermeier on *The Resilient Society*

    Markus Brunnermeier is a professor of economics and the director of the Bendheim Center for Finance at Princeton University. Markus is also a nonresident senior fellow at the Peterson Institute for International Economics. Markus joins Macro Musings to discuss his new book, titled “The Resilient Society,” as well as his work on safe assets and their implications for inflation. Specifically, David and Markus discuss the implications of the fiscal theory of the price level for inflation, the role of the Fed in stabilizing money markets, what is meant by “resilience” compared to “robustness” in economies, and much more.
     
    Transcript can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Markus’s Twitter: @MarkusEconomist
    Markus’s Princeton profile: https://scholar.princeton.edu/markus/home
     
    Related Links:
     
    *The Fiscal Theory of the Price Level with a Bubble* by Markus Brunnermeier
    https://scholar.princeton.edu/markus/publications/fiscal-theory-price-level-bubble
     
    *The Resilient Society* by Markus Brunnermeier
    https://bcf.princeton.edu/the-resilient-society/
     
    *What Makes US Government Bonds Safe Assets?* by Zhiguo He, Arvind Krishnamurthy, and Konstantin Milbradt
    https://www.aeaweb.org/articles?id=10.1257/aer.p20161109
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 51 min
    Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation’s Future

    Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation’s Future

    Ajmal Ahmady is the former acting governor of the Central Bank of Afghanistan and is now a senior fellow at the Harvard Kennedy School of Government. Ajmal joins Macro Musings to talk about his experience as a central bank governor in Afghanistan and the challenges now facing the nation’s economy. Specifically, David and Ajmal discuss his unique role as the country’s central bank chief, the structure of the Afghan monetary system, the state of the nation’s economy moving forward, and more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Ajmal’s Twitter: @aahmady
    Ajmal’s biography: https://en.wikipedia.org/wiki/Ajmal_Ahmady
     
    Related Links:
     
    Ajmal’s Twitter thread about Afghanistan’s collapse:
    https://twitter.com/aahmady/status/1427265049668636674?lang=en
     
    *Why Afghanistan Fell: An Insider’s Account of What Went Wrong* by Ajmal Ahmady
    https://www.foreignaffairs.com/articles/afghanistan/2021-10-11/why-afghanistan-fell
     
    *Severe Drought Adds to Afghanistan’s Woes, Endangering Millions as Economy Collapses* by Sune Engel Rasmussen
    https://www.wsj.com/articles/severe-drought-adds-to-afghanistans-woes-endangering-millions-as-economy-collapses-11633872935#:~:text=Severe%20Drought%20Adds%20to%20Afghanistan's,Millions%20as%20Economy%20Collapses%20%2D%20WSJ&text=The%20drought%20has%20compounded%20the,Taliban%20overthrew%20the%20previous%20government.
     
     *Regional Power Back Aid for Afghanistan as Russia Hosts the Taliban* by Aljazeera
    https://www.aljazeera.com/news/2021/10/20/russia-hosts-taliban-for-talks-but-warns-no-recognition-for-now
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 37 min
    Peter Stella on the Fiscal Theory of the Price Level

    Peter Stella on the Fiscal Theory of the Price Level

    Peter Stella is the former Head of the IMF Central Banking division and has researched and written extensively on safe assets, collateral and central bank operations. Peter now hosts a website Central Banking Archeology. Peter joins David on Macro Musings to discuss the role of money and its relationship to inflation as well as its relationship to the payment system. Specifically, David and Peter discuss the fiscal theory of the price level, how rising indebtedness can signal higher inflation in the future, the implications of the fiscal theory for contemporary fiscal and monetary policy going forward, and much more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Peter’s Twitter: @Stellar_Consult
    Peter’s website: https://www.centralbankarchaeology.com/
    Peter’s Voxeu profile: https://voxeu.org/users/peterstella0
    Peter’s Research Gate archive: https://www.researchgate.net/profile/Peter_Stella
     
    Related Links:
     
     *Some Incredible Monetarist Arithmetic* by Peter Stella
    https://www.centralbankarchaeology.com/post/some-incredible-monetarist-arithmetic
     
    *Some Alternative Monetary Facts* by Peter Stella, Manmohan Singh, and Apoorv Bhargava
    https://www.imf.org/en/Publications/WP/Issues/2021/01/08/Some-Alternative-Monetary-Facts-49975
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 49 min
    Robert Orr on Supply Side Bottlenecks in the US Healthcare System and Solutions for Reform

    Robert Orr on Supply Side Bottlenecks in the US Healthcare System and Solutions for Reform

    Robert Orr is a policy analyst at the Niskanen Center where he focuses on welfare, healthcare, and labor market policy. Robert joins Macro Musings to talk about one of the more important sectors of the US economy, healthcare, and some of the biggest supply side bottlenecks the industry faces. Specifically, David and Robert discuss the uniqueness of the US healthcare system, the reason for massive spending within the healthcare industry, and how to fix the supply bottlenecks that have emerged.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Robert’s Twitter: @Robert_t_Orr
    Robert’s Niskanen profile: https://www.niskanencenter.org/author/robert-orr/
     
    Related Links:
     
    *The Planning of U.S. Physician Shortages* by Robert Orr
    https://www.niskanencenter.org/the-planning-of-u-s-physician-shortages/
     
    *The U.S. Has Much to Gain from More Doctors* by Robert Orr
    https://www.niskanencenter.org/the-u-s-has-much-to-gain-from-more-doctors/
     
    *Unmatched: Repairing the U.S. Medical Residency Pipeline* by Robert Orr
    https://www.niskanencenter.org/the-u-s-has-much-to-gain-from-more-doctors/
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 38 min

Customer Reviews

4.8 out of 5
267 Ratings

267 Ratings

JMontes1969 ,

Worth your time

Give this podcast a listen! You don’t have to be a trained economist to learn something new and enjoy doing it. Dr Beckworth is an great host with a sense of humor and a humble approach.

Willbillbna ,

Superb!

This show covers a wide range of economic thought from a diversity of perspective. A wonderful resource for anyone learning or teaching economics and a great way to stay close to the currents of political economy.

Nlaz3 ,

I love this podcast

I’ve been listening since the earliest days, in 2016, and it has been incredibly helpful in nurturing my interest in economics as I finished undergrad and got into the field. The guests have spanned a wide variety of fields in economics, and David asks pointed and interesting questions of all of them. Though he often plays the role of detached interviewer, he’s a capable research economist in his own right and that knowledge comes through.

I have on many occasions referred back to an old episode for a reference. I find I learn as much from these discussions as I would in the same amount of time spent reading academic papers, sometimes more because of the clear explanations offered. The podcast format allows me to learn while driving, biking, doing chores, etc.

This is a public good, and I’m proud to have donated to the Mercatus Center to help provision it. (Also I wanted the NGDP target mug, but one can have multiple motivations for donating.)

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