309 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 • 265 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.

    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
    George Selgin on Bitcoin and the Future of CBDCs

    George Selgin on Bitcoin and the Future of CBDCs

    George Selgin is the director emeritus of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. George rejoins David on the podcast to discuss cryptocurrency, stable coins, CBDCs, and a push for a higher inflation target. Specifically, George and David discuss the category of ‘synthetic commodity money’ and how bitcoin is a potential example, the current state of Bitcoin amidst El Salvador’s transition to Bitcoin as its legal tender, the role of fintechs in the potential future of a Fed central bank digital currency, and much more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    George’s Twitter: @GeorgeSelgin
    George’s Cato Institute profile: https://www.cato.org/people/george-selgin
     
    Related Links:
     
    *Synthetic Commodity Money* by George Selgin
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2000118
     
    *The Denationalization of Money* by F.A. Hayek
    https://www.amazon.com/Denationalization-Money-Analysis-Concurrent-Currencies/dp/0255360878
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 47 min
    Peter Conti-Brown on the Fed Trading Scandal, the Fed Chair Nomination Process, and Central Bank Governance

    Peter Conti-Brown on the Fed Trading Scandal, the Fed Chair Nomination Process, and Central Bank Governance

    Peter Conti-Brown is a legal scholar and financial historian at the University of Pennsylvania and is a nonresident fellow in economic studies at the Brookings Institution. Peter’s scholarship focuses on the legal and historical issues of the Federal Reserve system, and he rejoins Macro Musings to talk about the many facets of Fed governance. David and Peter specifically discuss the Federal Reserve’s recent trading scandal, the Fed Chair nomination process, the central bank’s role in fighting climate change, and much more.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Peter’s Twitter: @PeterContiBrown
    Peter’s Brookings profile: https://www.brookings.edu/author/peter-conti-brown/
    Peter’s Wharton profile: https://lgst.wharton.upenn.edu/profile/petercb/
     
    Related Links:
     
    *Technocratic Pragmatism, Bureaucratic Expertise, and the Federal Reserve* by Peter Conti-Brown and David Wishnick
    https://www.yalelawjournal.org/feature/technocratic-pragmatism-bureaucratic-expertise-and-the-federal-reserve
     
    *Restoring the Promise of Federal Reserve Governance* by Peter Conti-Brown
    https://www.mercatus.org/publications/monetary-policy/restoring-promise-fed-governance#:~:text=In%20%E2%80%9CRestoring%20the%20Promise%20of,it%20was%20designed%20to%20be.
     
    Peter Conti-Brown on *Restoring the Promise of Federal Reserve Governance*: https://www.mercatus.org/bridge/podcasts/01062020/peter-conti-brown-restoring-promise-federal-reserve-governance
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 53 min

Customer Reviews

4.8 out of 5
265 Ratings

265 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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