Macro Musings with David Beckworth

Latest Episodes:

Julia Coronado on Productivity, Commercial Real Estate, and the Fed's Soft Landing Apr 08, 2024

Show notes

Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed's journey to a soft landing, the state of the commercial real estate market, and more.

Transcript for this week's episode.

Julia's Twitter: @jc_econ

Julia's MacroPolicy Perspectives profile

David Beckworth's Twitter: @DavidBeckworth

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Isabel Schnabel on the ECB and its New Operational Framework Apr 01, 2024

Show notes

Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more.

Transcript for this week's episode.

Isabel's Twitter: @Isabel_Schnabel

Isabel's ECB profile

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*The Eurosystem's Operational Framework* - Speech by Isabel Schnabel at the Money Market Contact Group meeting

Slides for *The Eurosystem's Operational Framework* by Isabel Schnabel

*Back to Normal?* Balance Sheet Size and Interest Rate Control* - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors

Slides for *Back to Normal? Balance Sheet Size and Interest Rate Control* by Isabel Schnabel

Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed's Accountability to Congress* Mar 25, 2024

Show notes

Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed's Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed's power under a constitutional authority, the three sources of Fed undersight, proposals for reform, and more.

Transcript for this week's episode.

Andrew's Twitter: @andrewtlevin

Andrew's Dartmouth profile

Christina's Twitter: @CParaSkinner

Christina's UPenn profile

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*Central Bank Undersight: Assessing the Fed's Accountability to Congress* by Andrew Levin and Christina Parajon Skinner

*Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed's Balance Sheet* by Macro Musings

Anat Admati on the US Banking System and the Basel III Endgame Mar 18, 2024

Show notes

Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers' New Clothes: What's Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more.

Transcript for this week's episode.

Anat's Twitter: @anatadmati

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David Beckworth's Twitter: @DavidBeckworth

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*The Parade of Bankers' New Clothes Continues: 34 Flawed Claims Debunked* by Anat Admati and Martin Hellwig

*Anat Admati on Debt, Equity, and Financial Instability* by Macro Musings

*Anat Admati on the Perils of Corporate Debt and How COVID-19 Relief Efforts Have Gone Wrong* by Macro Musings

*Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System* by Jed Rakoff

Steven Kamin and Mark Sobel on the Current State of Dollar Dominance Mar 11, 2024

Show notes

Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more.

Transcript for this week's episode.

Steven's Twitter: @steven_kamin

Steven's AEI profile

Mark's Twitter: @sobel_mark

Mark's CSIS profile

David Beckworth's Twitter: @DavidBeckworth

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*Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar* by Macro Musings

*US Sanctions Reinforce the Dollar's Dominance* by Michael Dooley, David Folkerts-Landau, and Peter Garber

Peter Williams on Interest Rates, Term Premium, and the Importance of Inflation Expectations Mar 04, 2024

Show notes

Peter Williams is a managing director of macroeconomic research at 22V Research and was formerly at the IMF and the World Bank. Peter joins David on Macro Musings to provide a market perspective on interest rates, Treasury markets, and monetary policy. Specifically, David and Peter discuss the dos and don'ts of estimating term premiums, the importance and future of R-star, the usefulness of inflation expectations, and a lot more.

Transcript for this week's episode.

Peter's Twitter: @peterdwilliams

Peter's LinkedIn profile

Peter's 22V bio

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*A Macroeconomic Approach to the Term Premium* by Emanuel Kopp and Peter Williams

*Reading the Stars* by Peter Williams, Yasser Abdih, and Emanuel Kopp

*Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses* by Peter Williams

Bill Nelson on the Using the Discount Window for Liquidity Requirements and Its Implications for the Fed's Balance Sheet Feb 26, 2024

Show notes

Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of 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. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed's lender of last resort role via the discount window, as well as recent developments related to the Fed's balance sheet.

Transcript for this week's episode.

Bill's BPI profile

BPI's Twitter: @bankpolicy

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*Comment on the New G30 Report* by Bill Nelson

*Bank Failures and Contagion: Lenders of Last Resort, Liquidity, and Risk Management* by the Group of Thirty

Eric Leeper on *A Fiscal Accounting of COVID Inflation* Feb 19, 2024

Show notes

Eric Leeper is a professor of economics at the University of Virginia, a former advisor to central banks around the world, and a distinguished visiting scholar at the Mercatus Center. Eric is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his work on the fiscal accounting of the COVID inflation surge. Specifically, David and Eric discuss fiscal dominance during the pandemic period, how the fiscal theory of the price level explains inflationary trends, the backward and forward-looking fiscal accounting exercises, and more.

Transcript for this week's episode.

Eric's Twitter: @EricMLeeper

Eric's UVA profile

Eric's Mercatus profile

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*A Fiscal Accounting of COVID Inflation* by Eric Leeper and Joe Anderson

*Fiscal Dominance—What It Is and How It Threatens Inflation Control* by Eric Leeper

*Three World Wars: Fiscal-Monetary Consequences* by George Hall and Thomas Sargent

*The Fiscal Theory of the Price Level With a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov

*George Hall on the History of the U.S. National Debt and Government Financing* by Macro Musings

Jeffrey Lacker on Governance at the Federal Reserve Feb 12, 2024

Show notes

Jeffrey Lacker is a former president of the Federal Reserve Bank of Richmond, where he served as its head from 2004 to 2017. Jeffrey is now a senior affiliated scholar at the Mercatus Center and is also a returning guest to the podcast. He rejoins David on Macro Musings to talk about a wide range of Fed governance issues, including the evolving nature of governance at the Fed, the increasing politicization of the central bank, its continuing relationship with Congress, and a lot more.

Transcript for this week's episode.

Jeffrey's Mercatus profile

Jeffrey's website

Jeffrey's Richmond Fed archive

David Beckworth's Twitter: @DavidBeckworth

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*Some Questions About the Fed's Monetary Policy Operating Regime* by Jeffrey Lacker

*The Legacy of Bennett McCallum and Lessons for Monetary Policy Today* an event hosted by the Mercatus Center

*Ed Nelson on the Life, Work, and Legacy of Bennett McCallum* by Macro Musings

*What Can the Fed Do About the Deficit? Nothing* by Greg Ip

Mark Koyama on *How the World Became Rich: The Historical Origins of Economic Growth* Feb 05, 2024

Show notes

Mark Koyama is an associate professor of economics at George Mason University and is a senior fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center. Mark is also a returning guest to the podcast, and he rejoins Macro Musings to talk about his recent book that he co-authored with Jared Rubin titled, *How the World Became Rich: The Historical Origins of Economic Growth.* Specifically, David and Mark discuss the key drivers of long-run economic growth throughout history and what we might be able to expect in the future.

Transcript for this week's episode.

Mark's Twitter: @MarkKoyama

Mark's GMU profile

Mark's Mercatus profile

David Beckworth's Twitter: @DavidBeckworth

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Related Links:

*How the World Became Rich: The Historical Origins of Economic Growth* by Mark Koyama and Jared Rubin