336 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 • 288 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.

    Bill Nelson on How the Fed Fell Behind the Curve

    Bill Nelson on How the Fed Fell Behind the Curve

    Bill Nelson is the Chief Economist and an Executive Vice President at the Bank Policy Institute. Bill previously was a deputy director at the Division of Monetary Affairs at the Federal Reserve Board where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. He also worked closely with the BIS on the design of liquidity regulation. Bill joins David on Macro Musings to discuss the Fed's balance sheet, its reduction plans and how the Fed fell behind the curve. Specifically, David and Bill get into whether the Fed regretted its premature tightening period from 2015 to 2018, how the Fed’s focus on the baseline outlook left it not resilient to alternative developments, how concerns over another taper tantrum impacted the Fed’s decision-making, the Fed’s handling of its FAIT framework, and much more.
    Take the Macro Musings listener survey here.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Bill’s Bank Policy Institute profile: https://bpi.com/people/bill-nelson/
    Bill’s American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618
     
    Related Links:
    “Plane Crashes and Falling Behind the Curve” by Bill Nelson
    https://www.linkedin.com/pulse/plane-crashes-falling-behind-curve-bill-nelson/?trk=articles_directory
    “Guest post: A former Fed insider explains the internal debate over QE3” by Bill Nelson
    https://www.ft.com/content/254befb7-10f8-3f2c-a9a8-bc6226a6f1db
    "The Potential Ineffectiveness of Policy at the Zero Bound" (Memo to the Federal Reserve Board of Governors) by Bill Nelson and Brian Sack
    https://www.dropbox.com/s/fv21og7vpx1izml/BillNelsonMemo.pdf?dl=0 
    “Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules” by William B. English, William R. Nelson, and Brian P. Sack
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=314425
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 59 min
    Josh Hendrickson on Economic Growth, National Defense, and US Monetary Policy

    Josh Hendrickson on Economic Growth, National Defense, and US Monetary Policy

    Josh Hendrickson is Associate Professor of Economics at the University of Mississippi and Chair of the Economics Department. Josh joins David on Macro Musings to discuss US monetary policy and US defense policy. Specifically, Josh and David discuss the coordination of fiscal and monetary policy and what Milton Friedman would think of it today, the Fed’s responsibility for modern inflation trends, state capacity and how it impacts economic growth, the role of national defense in the context of state capacity and economic growth, and much more.
     
    Take the Macro Musings listener survey here.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Josh’s Twitter: @RebelEconProf
    Josh’s Ole Miss profile: https://economics.olemiss.edu/joshua-hendrickson/
     
    Related Links:
     
    *Central Banks are Inflation Creators, Not Inflation Fighters* by Joshua R. Hendrickson
    https://www.mercatus.org/publications/monetary-policy/central-banks-are-inflation-creators-not-inflation-fighters
     
    *Evolution, Uncertainty, and the Asymptotic Efficiency of Policy* by Brian C. Albrecht, Joshua R. Hendrickson, and Alexander William Salter
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3251917
     
    *The Coronavirus and Lessons for Preparedness* by Josh Hendrickson
    https://www.mercatus.org/publications/covid-19-crisis-response/coronavirus-and-lessons-preparedness
     
    *Preventing Plunder, Military Technology, Capital Accumulation and Economic Growth* by Brian C. Albrecht, Joshua R. Hendrickson, and Alexander William Salter
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3025548
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 51 min
    Peter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary Policy

    Peter Ireland on the Fed’s Pandemic Performance and the Path Forward for Monetary Policy

    Peter Ireland is a professor of economics at Boston College, a research associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee. Peter has also been a visiting scholar at numerous Federal Reserve Banks and is a returning guest to the podcast. He rejoins Macro Musings to talk about U.S. monetary policy during the pandemic and what the path forward looks like for the Fed and the policy landscape. David and Peter also discuss the current state of macroeconomics, including the most influential and popular business cycle theories, the present direction of policy macro, and whether or not the Fed’s current framework should shoulder blame for its pandemic policy missteps.  
     
    Take the Macro Musings listener survey here.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Peter’s Twitter: @PIrelandEcon
    Peter’s Boston College profile: https://www.bc.edu/bc-web/schools/mcas/departments/economics/people/faculty-directory/peter-ireland.html
     
    Related Links:
     
    *The Continuing Case for Nominal GDP Level Targeting* by Peter Ireland
    http://irelandp.com/papers/somc202204.pdf
     
    *Targeting Nominal Income Under the Zero Lower Bound: The Case of the Bank of England* by Michael Belongia and Peter Ireland
    https://centerforfinancialstability.org/amfm/studies/ukngdp2021.pdf
     
    *Strengthening the Second Pillar: A Greater Role for Money in the ECB’s Strategy* by Michael Belongia and Peter Ireland
    http://irelandp.com/papers/eurongdp.pdf
     
    *Facts, Fears, and Functionality of NGDP Level Targeting: A Guide to a Popular Framework for Monetary Policy* by David Beckworth
    https://www.mercatus.org/system/files/beckworth-ngdp-targeting-mercatus-special-study-v2.pdf
     
    *How to Ensure That Inflation Will Remain at the Federal Reserve’s 2 Percent Target* by Robert Hetzel
    https://www.mercatus.org/publications/monetary-policy/how-ensure-inflation-will-remain-federal-reserve%E2%80%99s-2-percent-target
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 57 min
    Jens van 't Klooster on Recent ECB Policy: A Paradigm Shift Without Legislative Change

    Jens van 't Klooster on Recent ECB Policy: A Paradigm Shift Without Legislative Change

    Jens van 't Klooster is a political economist at the University of Amsterdam's Department of Political Science. Jens rejoins David on Macro Musings to discuss the changes taking place at the European Central Bank. Specifically, Jens and David talk about the ECB’s recent commitment to a gradual process of monetary tightening, the prospect and limitations of market neutrality in setting monetary policy, the rise of technocratic Keynesianism and questions surrounding the political legitimacy of the ECB’s recent policy decisions, as well as the politics surrounding the ECB’s approach to government debt.
     
    Take our listener survey here.
     
    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 the Swiss National Bank’s Corporate Security Purchases* by Jens van ’t Klooster and Clément Fontan
    https://www.tandfonline.com/doi/full/10.1080/13563467.2019.1657077
     
    *Technocratic Keynesianism: A Paradigm Shift Without Legislative Change* by Jens van ’t Klooster
    https://www.tandfonline.com/doi/full/10.1080/13563467.2021.2013791
     
    *The Politics of the ECB’s Market-Based Approach to Government Debt* by Jens van ’t Klooster
    https://academic.oup.com/ser/advance-article/doi/10.1093/ser/mwac014/6554757
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr 1 min
    Colin Grabow on Current Trends in US Trade Policy and the Adverse Impact of the Jones Act

    Colin Grabow on Current Trends in US Trade Policy and the Adverse Impact of the Jones Act

    Colin Grabow is a policy analyst at the Cato Institute’s Center for Trade Policy Studies, and he joins Macro Musings to talk about US trade policies, the Jones Act, and the consequences of this harmful maritime statute. Specifically, David and Colin also discuss the counterfactual world of TPP, the future of international trade, and how to fix the myriad of problems caused by the Jones Act.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Colin’s Twitter: @cpgrabow
    Colin’s Cato Institute profile: https://www.cato.org/people/colin-grabow
     
    Related Links:
     
    Cato’s Project on Jones Act Reform: https://www.cato.org/project-jones-act-reform
     
    *The Jones Act: A Burden America Can No Longer Bear* by Colin Grabow, Inu Manak, and Daniel Ikenson
    https://www.cato.org/publications/policy-analysis/jones-act-burden-america-can-no-longer-bear
     
    *Rust Buckets: How the Jones Act Undermines U.S. Shipbuilding and National Security* by Colin Grabow
    https://www.cato.org/policy-analysis/rust-buckets-how-jones-act-undermines-us-shipbuilding-national-security
     
    *The Progressive Case for Jones Act Reform* by Colin Grabow
    https://www.cato.org/study/progressive-case-jones-act-reform#:~:text=The%20Jones%20Act%20is%20unwise,repeal%2C%20of%20this%20odious%20law
     
    *Candy-Coated Cartel: Time to Kill the U.S. Sugar Program* by Colin Grabow
    https://www.cato.org/policy-analysis/candy-coated-cartel-time-kill-us-sugar-program
     
    *5 Years Later and the United States is Still Paying for Its TPP Blunder* by Colin Grabow
    https://www.cato.org/blog/5-years-later-united-states-still-paying-tpp-blunder
     
    *The Cato Trade Team’s 2022 Policy Wish List* by Scott Lincicome, Inu Manak, Gabriella Beaumont-Smith & Colin Grabow
    https://www.cato.org/blog/cato-trade-teams-2022-policy-wish-list
     
    *For Inflation Relief, the United States Should Look to Trade Liberalization* by Gary Clyde Hufbauer, Megan Hogan, & Yilin Wang
    https://www.piie.com/publications/policy-briefs/inflation-relief-united-states-should-look-trade-liberalization#:~:text=For%20inflation%20relief%2C%20the%20United%20States%20should%20look%20to%20trade%20liberalization,-Gary%20Clyde%20Hufbauer&text=With%20US%20inflation%20running%20at,calls%20anticompetitive%20behavior%20by%20corporations
     
    *Biden’s Frozen Trade Policy* by Anne Krueger
    https://www.project-syndicate.org/commentary/trump-trade-policy-frozen-in-place-under-biden-by-anne-o-krueger-2022-02?barrier=accesspaylog
     
    *Clashing over Commerce: A History of US Trade Policy* by Douglas Irwin
    https://press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 53 min
    Nick Timiraos on Jerome Powell’s Tenure as Fed Chair

    Nick Timiraos on Jerome Powell’s Tenure as Fed Chair

    Nick Timiraos is a Chief Economics Correspondent for the Wall Street Journal and rejoins Macro Musings to discuss his new book titled, *Trillion Dollar Triage: How Jay Powell and the Fed Battled the President and a Pandemic and Prevented Economic Disaster.* Specifically, David and Nick discuss Jay Powell’s background and early career in law and finance, his unique path to being nominated as Fed Chair, how Powell’s character has aided him in his eventful tenure as Fed Chair, how he was uniquely suited to usher in the change to the Fed’s operating framework, and much more.
     
    Check out the Conversations with Tyler episode featuring David Rubenstein.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Nick’s Twitter: @NickTimiraos
    Nick’s Wall Street Journal profile: https://www.wsj.com/news/author/nick-timiraos
     
    Related Links:
     
    Check out the Conversations with Tyler episode featuring David Rubenstein: https://conversationswithtyler.com/episodes/david-rubenstein/
     
    *Trillion Dollar Triage: How Jay Powell and the Fed Battle the President and a Pandemic and Prevented Economic Disaster* by Nick Timiraos
    https://www.littlebrown.com/titles/nick-timiraos/trillion-dollar-triage/9780316272810/
     
    David’s Twitter: @DavidBeckworth
    David’s blog: http://macromarketmusings.blogspot.com/

    • 53 min

Customer Reviews

4.8 out of 5
288 Ratings

288 Ratings

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!

samshshs ,

Good stuff

Great show. I enjoy the host’s demeanor and the show’s topics. Sometimes I wish they explained the concepts more but I appreciate that it’s a show for experts.

GatewayBOF ,

Great econ/events podcast

Thoughtful and ideologically diverse guests and great insight into what’s going on in the economy.

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