Macro Musings with David Beckworth

Latest Episodes:

Jason Furman on Overheating, Inflation, and Fiscal Policy in an Era of Low Interest Rates Jun 28, 2021

Show notes

Jason Furman is a former chair of the Council of Economic Advisers and is currently a senior fellow at the Peterson Institute for International Economics. Jason is also a professor at Harvard University and he rejoins Macro Musings to talk about overheating, the inflation outlook, and the right way to think about fiscal policy in an era of low interest rates.

Transcript for the episode can be found here.

Jason's Twitter: @jasonfurman

Jason's Harvard profile: https://www.hks.harvard.edu/faculty/jason-furman

Jason's PIIE profile: https://www.piie.com/experts/senior-research-staff/jason-furman

Related Links:

*A Reconsideration of Fiscal Policy in the Era of Low Interest Rates* by Jason Furman and Larry Summers

https://www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/reconsideration-fiscal-policy-era-low-interest-rates-jason

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Steffen Murau on the Eurozone, International Monetary Architecture, and the Future of the Dollar Zone Jun 21, 2021

Show notes

Steffen Murau is a political economist at the Global Development Policy Center at Boston University and specializes in international money and finance. He joins Macro Musings to talk about the Eurozone, its role within international monetary architecture, and the future of the dollar zone. They also discuss balance sheet hierarchies, the roles of European banks compared to their American counterparts, and the fiscal ecosystem present within the Eurozone.

Transcript for the episode can be found here.

Steffen's Twitter: @steffenmurau

Steffen's website: https://steffenmurau.com/

Steffen's GDPC profile: https://www.bu.edu/gdp/profile/steffen-murau/

Related Links:

*A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System* by Steffen Murau

https://www.bu.edu/gdp/files/2020/07/Murau-Eurozone-architecture.pdf

*The Hierarchy of the Offshore US-Dollar System: On Swap Lines, the FIMA Repo Facility and Special Drawing Rights* by Steffen Murau, Fabian Paper, and Tobias Pforr

https://www.bu.edu/gdp/files/2021/02/Steffen-Murau-GEGI-Study-2-Feb-2021.pdf

*The Evolution of the Offshore US-Dollar System: Past, Present, and Four Possible Futures* by Steffen Murau, Joe Rini, and Armin Haas

https://www.cambridge.org/core/journals/journal-of-institutional-economics/article/evolution-of-the-offshore-usdollar-system-past-present-and-four-possible-futures/B36ED9082CECE54F3F5B8E8F40D15148

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Daniel Smith and Alexander Salter on *Money and the Rule of Law: Generality and Predictability in Monetary Institutions* Jun 14, 2021

Show notes

Dan Smith is an associate professor of economics at Middle Tennessee State University and directs the Political Economy Research Institute at MTSU. Alex Salter is an associate professor of economics at Texas Tech University. Dan and Alex join David on a special live episode of Macro Musings to discuss their new book, Money and the Rule of Law: Generality and Predictability in Monetary Institutions. Specifically, they discuss knowledge and incentive problems in setting monetary policy, what is meant by "rule of law," how to make monetary policy accountable, centralized versus decentralized forms of digital currencies, thoughts on free banking, and much more.

Transcript for the episode can be found here.

Alex's Twitter: @alexwsalter

Alex's website: https://www.awsalter.com/

Alex's Free Market Institute profile: https://www.depts.ttu.edu/freemarketinstitute/people/salter.php

Daniel's Twitter: @smithdanj1

Daniel's website: http://www.danieljosephsmith.com/about.html

Daniel's MTSU profile: https://www.mtsu.edu/faculty/daniel-j-smith

Related Links:

*Seigniorage in a Cross-Section of Countries* by Reid W. Click

https://www.jstor.org/stable/2601207

*Money and the Rule of Law: Generality and Predictability in Monetary Institutions* by Peter J. Boettke, Alexander William Salter, and Daniel J. Smith

https://www.cambridge.org/core/books/money-and-the-rule-of-law/C825E982EDE5BD2BE41A99464DC885DB

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

David Andolfatto on a Standing Repo Facility, the Future of CBDC, and Plumbing Issues in Monetary Policy Jun 07, 2021

Show notes

David Andolfatto is a vice president for the St. Louis Federal Reserve Bank and has published widely in the field of monetary economics. David also blogs at MacroMania and is a returning guest to the podcast. He rejoins Macro Musings to talk about his thoughts on macro theory, plumbing issues, central bank digital currency, and more.

Transcript for the episode can be found here.

David's Twitter: @dandolfa

David's St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto

Related Links:

*Some Thoughts on Central Bank Digital Currency* by David Andolfatto

https://www.cato.org/cato-journal/spring/summer-2021/some-thoughts-central-bank-digital-currency

*Minutes of the Federal Open Market Committee: April 27-28, 2021* by the Fed

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20210428.pdf

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Mark Carney on *Value(s): Building a Better World for All* May 31, 2021

Show notes

Mark Carney served as the governor of the Bank of Canada from 2008 until 2013, and as the governor of the Bank of England from 2013 to 2020. Mark also was the chairman of the Financial Stability Board from 2011 to 2018. Mark is currently the Vice Chairman and Head of Impact Investing at Brookfield Asset Management, as well as a UN Special Envoy for Climate Action and Finance. Mark joins David on Macro Musings to discuss his new book *Value(s): Building a Better World for All*, as well as his career in central banking. Specifically, they discuss Mark's experience at the Bank of Canada during the Great Recession, nominal GDP targeting and average inflation targeting as central bank frameworks, the future of central bank digital currencies, dollar dominance and the shadow banking system, the role of central banks and the financial sector in combating climate change, and much more.

Transcript for the episode can be found here.

Mark's Twitter: @MarkJCarney

Mark's Brookfield profile: https://www.brookfield.com/about-us/leadership/mark-carney

Related Links:

*Value(s): Building A Better World For All* by Mark Carney

https://www.penguinrandomhouse.ca/books/669023/values-by-mark-carney/9780771051555

*The Growing Challenges for Monetary Policy in the Current International Monetary and Financial System* by Mark Carney (speech given at Jackson Hole Symposium 2019)

https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/the-growing-challenges-for-monetary-policy-speech-by-mark-carney.pdf

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

George Selgin on Inflation, Fintechs, and Broadening Access to Fed Master Accounts May 24, 2021

Show notes

George Selgin is the director of the Cato Institute's Center for Monetary and Financial Alternatives and is a returning guest to the podcast. He rejoins Macro Musings to talk about the Fed's recent calls for comments on opening up Fed accounts to fintechs and other non-bank financial firms. George and David also discuss monetary plumbing issues, the state of fiscal QE, and more.

Transcript for the episode can be found here.

George's Twitter: @GeorgeSelgin

George's Cato Institute profile: https://www.cato.org/people/george-selgin

Related Links:

*Keeping Fintech's Promise: A Modest Proposal* by George Selgin

https://thehill.com/opinion/finance/552614-keeping-fintechs-promise-a-modest-proposal

*Central Bank Digital Currency as a Potential Source of Financial Instability* by George Selgin

https://www.cato.org/cato-journal/spring/summer-2021/central-bank-digital-currency-potential-source-financial-instability

*Federal Reserve Board Invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks* by the Fed

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20210505a.htm

*Aaron Klein on Real-time Payments and Financial Regulation*

https://macromusings.libsyn.com/aaron-klein-on-real-time-payments-and-financial-regulation

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Adam Posen on *The Price of Nostalgia: America's Self-Defeating Economic Retreat* May 17, 2021

Show notes

Adam Posen is the President of the Peterson Institute for International Economics. Previously, Adam was on the monetary policy committee of the Bank of England. He has also worked at the New York Fed and has advised many central banks and governments. Adam is also a returning guest to the podcast and re-joins Macro Musings to discuss his new article, "The Price of Nostalgia: America's Self-Defeating Economic Retreat." Specifically, David and Adam discuss the Fed's new framework, secular stagnation, the economic impact of demographic changes, the China shock, and how the new political consensus on trade, growth, and the American middle class is short-sighted and self-defeating.

Transcript for the episode can be found here.

Adam's Twitter: @AdamPosen

Adam's PIIE profile: https://www.piie.com/experts/senior-research-staff/adam-s-posen

Related Links:

*The Price of Nostalgia: America's Self-Defeating Economic Retreat* by Adam Posen

https://www.foreignaffairs.com/articles/united-states/2021-04-20/america-price-nostalgia

*Hysteresis and the Business Cycle* by Valerie Cerra, Antonio Fatás, and Sweta Saxena

https://faculty.insead.edu/fatas/hysteresis.pdf

*The China Syndrome: Local Labor Market Effects of Import Competition in the United States* by David H. Autor, David Dorn, and Gordon H. Hanson

https://www.aeaweb.org/articles?id=10.1257/aer.103.6.2121

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Judge Glock on The Origins of the US Mortgage Market and Its Evolution to the Present Day May 10, 2021

Show notes

Judge Glock is an economic historian, a scholar at the Cicero Institute, and a returning guest to the podcast. Judge rejoins Macro Musings to talk about the origins of the US mortgage market as detailed in his new book, *The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939*. David and Judge also discuss the emergence and evolution of the national US mortgage market, the price parity movement, the history of federal land banks, and more.

Transcript for the episode can be found here.

Judge's Twitter: @judgeglock

Judge's blog: https://judgeglock.medium.com/

Related Links:

*The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939* by Judge Glock

https://cup.columbia.edu/book/the-dead-pledge/9780231192538

*The "Riefler-Keynes" Doctrine and Federal Reserve Policy in the Great Depression* by Judge Glock

https://read.dukeupress.edu/hope/article-abstract/51/2/297/137129/The-Riefler-Keynes-Doctrine-and-Federal-Reserve?redirectedFrom=fulltext

*Housing Finance at a Glance* by the Urban Institute

https://www.urban.org/policy-centers/housing-finance-policy-center/projects/housing-finance-glance-monthly-chartbooks

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Christina Parajon Skinner on Central Bank Activism May 03, 2021

Show notes

Christina Parajon Skinner is a legal scholar at the University of Pennsylvania, and formerly was a legal counsel to the Bank of England. Christina joins David on Macro Musings to discuss her work on central bank activism. Specifically, David and Christina discuss comparisons between the Fed and the Bank of England, tensions between central bank independence and executive override, contemporary examples of central bank activism, and much more.

Transcript for the episode can be found here.

Christina's Twitter: @CParaSkinner

Christina's Wharton profile: https://lgst.wharton.upenn.edu/profile/skinnerc/

Related Links:

*Executive Override of Central Banks: A Comparison of the Legal Frameworks in the United States and the United Kingdom* by Michael Salib & Christina Parajon Skinner

https://www.law.georgetown.edu/georgetown-law-journal/in-print/volume-108-issue-4-april-2020/executive-override-of-central-banks-a-comparison-of-the-legal-frameworks-in-the-united-states-and-the-united-kingdom/

*Menace of Fiscal QE* by George Selgin

https://www.cato.org/books/menace-fiscal-qe

*Central Bank Activism* by Christina Parajon Skinner

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3817123

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

Robert McCauley on the Global Domain of the Dollar and Threats to Its Dominance Apr 26, 2021

Show notes

Robert McCauley is a Senior Fellow at the Global Policy Center at Boston University and a Senior Research Associate of the Global History of Capitalism project at the Oxford Center for Global History. Robert also worked at the Bank for International Settlements for 25 years and the New York Federal Reserve Bank for 14 years, and he joins Macro Musings to discuss questions surrounding the global domain of the dollar. Specifically, Robert and David talk about how the US currency rose to prominence internationally in the 1950s, the size and influence of the global dollar zone, dilemmas imposed by dollar demand worldwide, and more.

Transcript for the episode can be found here.

Robert's Boston University profile: https://www.bu.edu/gdp/profile/robert-mccauley/

Robert's BIS archive: https://www.bis.org/author/robert_n_mccauley.htm

Related Links:

*The Global Domain of the Dollar: Eight Questions* by Robert McCauley

https://www.bu.edu/gdp/files/2021/02/McCauley2021_Article_TheGlobalDomainOfTheDollarEigh.pdf

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth