234 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
    • 5.0, 4 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.

    Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

    Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

    Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades. Specifically, David and Stephen discuss the structure of the Reserve Bank of the Australia, the history of its inflation target, how Australia was able to avoid the worst of the Great Recession, and the actions they have taken to in response to the COVID crisis.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Stephen’s Twitter: @insteconomics
    Stephen’s US Studies Center profile: https://www.ussc.edu.au/people/stephen-kirchner
    Stephen’s Substack page: https://stephenkirchner.substack.com/
     
    Related Links:
     
    *Money Too Tight to Mention: The Reserve Bank of Australia’s Financial Stability Mandate and Low Inflation* by Stephen Kirchner
    http://www.institutional-economics.com/images/uploads/EAP.pdf
     
    *Cost-Benefit Analysis of Leaning against the Wind* by Trent Saunders and Peter Tulip
    https://rba.gov.au/publications/rdp/2019/2019-05.html
     
    *Twenty-five Years of Inflation Targeting in Australia: Are There Better Alternatives for the Next 25 Years?* by Warwick McKibbin and Augustus Panton
    https://www.brookings.edu/research/twenty-five-years-of-inflation-targeting-in-australia-are-there-better-alternatives-for-the-next-25-years/
     
    *The RBA Needs a New Post-virus Monetary Policy Game* by Richard Holden, Warwick McKibbin, and John Quiggin
    https://www.afr.com/policy/economy/the-rba-needs-a-new-post-virus-monetary-policy-game-20200505-p54ptw
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr
    Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

    Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

    Daniela Gabor is a professor of economics and macrofinance at the University of West England at Bristol, where she works on shadow banking, capital markets, and transnational banking. Daniela is also a returning guest to the podcast, and she has a new paper out on the burgeoning field of critical macrofinance and how it sheds light on the past great financial crisis (2007-2009) and the present COVID-19 crisis. She re-joins Macro Musings to discuss this paper and how it can offer important insight into the current global economic environment.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Daniela’s Twitter: @DanielaGabor
    Daniela’s UWE Bristol profile: https://people.uwe.ac.uk/Person/DanielaGabor
     
    Related Links:
     
    *Critical Macro-Finance: A Theoretical Lens* by Daniela Gabor
    http://financeandsociety.ed.ac.uk/article/view/4408
     
    *The Role of Time-Critical Liquidity in Financial Markets* by David Marshall and Robert Steigerwald
    https://www.chicagofed.org/publications/economic-perspectives/2013/2q-marshall-steigerwald
     
    *The Growth of Financial Banking* by Anna Youngman
    https://www.journals.uchicago.edu/doi/abs/10.1086/251239?mobileUi=0&
     
    *Daniela Gabor on Safe Assets and Shadow Banking*
    https://macromusings.libsyn.com/103-daniela-gabor-on-safe-assets-and-shadow-banking
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr 4 min
    Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

    Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

    Darrell Duffie is a professor of finance at Stanford University, and he joins Macro Musings to discuss the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future. Specifically, Darrell and David lay out the current state of financial markets, the ability of treasury markets, as currently designed, to handle demand shocks, and how central banking reforms can better ensure financial stability in the future.
     
    Register here for the Cato Institute/Mercatus Center Webinar Series - *A Fed for Next Time: Ideas for a Crisis‐​Ready Central Bank*: https://www.cato.org/events/fed-next-time-ideas-crisis-ready-central-bank
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Darrell’s Twitter: @DuffieDarrell
    Darrell’s website: https://www.darrellduffie.com/
    Darrell’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/darrell-duffie
     
    Related Links:
     
    Bonus segment with Darrell:
    https://youtu.be/0Y3MTjgbP74
     
    *Pass-through Efficiency in the Fed’s New Monetary Policy Setting* by Darrell Duffie and Arvind Krishnamurthy
    https://www.gsb.stanford.edu/faculty-research/publications/passthrough-efficiency-feds-new-monetary-policy-setting
     
    *The Failure Mechanics of Dealer Banks* by Darrell Duffie
    https://www.aeaweb.org/articles?id=10.1257/jep.24.1.51
     
    *Still the World’s Safe Haven? Redesigning the U.S. Treasury Market after the COVID-19 Crisis* by Darrell Duffie
    https://www.brookings.edu/research/still-the-worlds-safe-haven/
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 52 min
    Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

    Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

    Peter Stella is a former IMF official, where he led the Central Banking and Monetary and Foreign Exchange divisions, and he now hosts a webpage titled *Central Bank Archeology*. Peter is also a former guest of Macro Musings, and rejoins to talk about the COVID-19 crisis, central bank balance sheets, and more. David and Peter also discuss the dangers and challenges of the Fed’s off-balance sheet transactions, how the government should approach crisis financing, and who should be managing the country’s public debt.
     
    The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Peter’s Twitter: @Stellar_Consult
    Peter’s Voxeu profile: https://voxeu.org/users/peterstella0
    Peter’s Research Gate archive: https://www.researchgate.net/profile/Peter_Stella
     
    Related Links:
     
    Peter's *Central Bank Archaeology* website: https://www.centralbankarchaeology.com/
     
    *Macro Musings: Peter Stella on Debt, Safe Assets, and Central Bank Operations*
    https://macromusings.libsyn.com/144-peter-stella-on-debt-safe-assets-and-central-bank-operations
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr 2 min
    Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

    Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

    Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone.
     
    Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Adam’s Twitter: @adam_tooze
    Adam’s Columbia profile: https://history.columbia.edu/faculty/adam-tooze/
    Adam’s website: https://adamtooze.com/
     
    Related Links:
     
    *How Coronavirus Almost Brought Down the Global Financial System* by Adam Tooze
    https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system)
     
    *The Death of the Central Bank Myth* by Adam Tooze
    https://foreignpolicy.com/2020/05/13/european-central-bank-myth-monetary-policy-german-court-ruling/
     
    *Still the World's Safe Haven?* by Darrell Duffie
    https://www.brookings.edu/wp-content/uploads/2020/05/WP62_Duffie_updated.pdf
     
    *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff
    https://www.nber.org/papers/w23134
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 1 hr
    Alp Simsek on a Risk-Centric View of Demand, Recession, and Speculation

    Alp Simsek on a Risk-Centric View of Demand, Recession, and Speculation

    Alp Simsek is an associate professor of economics at MIT, and joins Macro Musings to talk about the link between financial markets, uncertainty and the COVID-19 crisis. Specifically, David and Alp discuss the dual absorption problem within financial markets, how supply shocks and demand shocks have inescapably become interwoven phenomenon, and why we should look to using macroprudential policy in the future.
     
    The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings
     
    Alp’s Twitter: @alpsimsek_econ
    Alp’s MIT profile: https://economics.mit.edu/faculty/asimsek
     
    Related Links:
     
    Bonus segment with Alp: https://youtu.be/eoGxYcWmH9E
     
    *A Risk-centric Model of Demand Recessions and Speculation* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w23614
     
    *A Model of Asset Price Spirals and Aggregate Demand Amplification of a ‘COVID-19’ Shock* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w27044
     
    *Prudential Monetary Policy* by Ricardo Caballero and Alp Simsek
    https://www.nber.org/papers/w25977
     
    David’s blog: macromarketmusings.blogspot.com
    David’s Twitter: @DavidBeckworth

    • 59 min

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