240 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

    • Non-Profit
    • 4.8, 197 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.

    David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

    David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

    David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    David’s Twitter: @ProfSchleich
    David’s Yale profile: https://law.yale.edu/david-n-schleicher
     
    Related Links:
     
    *Stuck! The Law and Economics of Residential Stagnation* by David Schleicher
    https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation
     
    *Hands On! Part I: The Trilemma Facing the Federal Government During State and Local Budget Crises* by David Schleicher
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3649278
     
    *David Schleicher on Local and State Regulation and Declining Mobility* by Macro Musings
    https://macromusings.libsyn.com/58-david-schleicher-on-local-and-state-regulation-and-declining-mobility
     
    *The Future of Remote Work* by Adam Ozimek
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597
     
    *States Continue to Face Large Shortfalls Due to COVID-19 Effects* by Elizabeth McNichol and Michael Leachman
    https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 1 hr 4 min
    Jon Sindreu on Global Financial Flows and the Balance of Trade

    Jon Sindreu on Global Financial Flows and the Balance of Trade

    Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Jon’s Twitter: @jonsindreu
    Jon’s Wall Street Journal profile: https://www.wsj.com/news/author/jon-sindreu?mod=rsswn
     
    Related Links:
     
    *Trade Wars Are Class Wars* by Matthew Klein and Michael Pettis
    https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars
     
    *Wages of Destruction* by Adam Tooze
    https://www.penguinrandomhouse.com/books/295490/the-wages-of-destruction-by-adam-tooze/
     
    *Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market* by Zhimin Li, Leslie Sheng Shen, and Calvin Zhang
    https://www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 1 hr 3 min
    David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

    David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

    In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies.
     
    Special thank you to Claudia for letting us air this episode as a part of the Macro Musings catalog!
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/
    David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth
     
    Claudia’s Twitter: @Claudia_Sahm
    Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/
     
    Related Links:
     
    Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA
    Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/
     
    *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth
    https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting
     
    *Measuring Monetary Policy: the NGDP Gap* by David Beckworth
    https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap
     
    *COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth
    https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal
     
    *NGDP Targeting and the Public* by Carola Binder
    https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public

    • 44 min
    Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

    Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

    Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest rates, and why makeup policy would be uniquely suited to the challenges presently facing the economy.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Bill’s SIFMA profile: https://www.sifma.org/people/bill-nelson/
    Bill’s BPI archive: https://bpi.com/tag/bill-nelson/
    Bill’s American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618
     
    Related Links:
     
    *Live Live Jay Powell, the New Monarch of the Bond Market* by Robin Wigglesworth
    https://www.ft.com/content/5db9d0f1-3742-49f0-a6cd-16c471875b5e
     
    *Federal Reserve’s “Strategies for Targeting Interest Rates Out the Yield Curve”* prepared by David Bowman, Christopher Erceg, and Mike Leahy, with contributions from William English, Edward Nelson, David Reifschneider, Nathan Sheets, and David Wilcox of Board staff and Brian Sack, Spence Hilton, Allan Malz, Frank Keane, Matt Raskin, Julie Remache, Josh Frost, Nate Wuerffel, Angela O’Connor and Richard Dzina of FRBNY staff
    https://www.federalreserve.gov/monetarypolicy/files/FOMC20101013memo08.pdf
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 59 min
    Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

    Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

    Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases.* He joins Macro Musings to talk about this article and some of his other work on central bank purchases and what it may mean for the Fed’s purchase of corporate bonds.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Jens’s Twitter: @jvklooster
    Jens’s website: https://jensvantklooster.com/
     
    Related Links:
     
    *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases* by Jens Van’t Klooster and Clement Fontan
    https://www.tandfonline.com/doi/full/10.1080/13563467.2019.1657077
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr
    Matthew Klein on Global Trade, Inequality, and International Conflict

    Matthew Klein on Global Trade, Inequality, and International Conflict

    Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and the domestic roots of international trade conflicts – in the past as well as today. Specifically, David and Matthew also discuss the history of how industrialized strategies, in countries such as China, have set the stage for trade conflicts in the present day.
     
    Transcript for the episode: https://www.mercatus.org/bridge/tags/macro-musings
     
    Matthew’s Twitter: @M_C_Klein
    Matthew’s Barron’s profile: https://www.barrons.com/authors/8566
     
    Related Links:
     
    *Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace* by Matthew Klein and Michael Pettis
    https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars
     
    *The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy* by Michael Pettis
    https://press.princeton.edu/books/hardcover/9780691158686/the-great-rebalancing
     
    *The Man Who Knew: The Life and Times of Alan Greenspan* by Sebastian Mallaby
    https://www.cfr.org/book/man-who-knew
     
    *Imperialism: A Study* by John Hobson
    https://oll.libertyfund.org/titles/hobson-imperialism-a-study
     
    *Communist China’s Capitalism: The Highest Stage of Capitalist Imperialism* by Kenneth Austin
    https://www.worldeconomics.com/Journal/ViewArticle.aspx?AID=455
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr 4 min

Customer Reviews

4.8 out of 5
197 Ratings

197 Ratings

87654321098 ,

Another excellent Mercatus podcast!

Just found this today! I love Tyler Cowen’s podcast, so tried out another Mercatus product and am impressed! It is less wide-ranging than Tyler’s and more Econ-nerdy but it is pretty accessible and I (15 year old high school kid) found it pretty understandable (though I recommend knowing basic Macro terms and graphs).

Noriaki2013 ,

Latest episode

The latest episode with Tom Hoenig was wrongly released on Conversation with Tyler. which helped me find the show!

XmasBaby777 ,

Exactly what we should all be listening to…

The BIG picture of helpful and thoughtful insights into what’s going on now, what’s ahead, and how to think about the economic implications of our world changed by COVID.

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