Macro Musings with David Beckworth

Latest Episodes:

135 – Victoria Guida on Financial Regulation, Jay Powell, and Recent Fed Appointments Dec 03, 2018

Show notes

Victoria Guida is a reporter for Politico where she covers monetary policy and financial regulation, including extensive coverage of the Federal Reserve, the FDIC, the Treasury Department, and Congress. She joins the show today to talk about some of the big developments in monetary policy and financial regulation over the past few years and what kind of policy changes may be on the horizon. David and Victoria also discuss the Financial CHOICE Act, the accomplishments and failures of the current lame duck Congress, and what to expect from the new appointees at the Fed.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/12032018/victoria-guida-politics-monetary-policy

Victoria's Twitter: @vtg2

Victoria's Politico profile: https://www.politico.com/staff/victoria-guida

Related Links:

*Big Banks, Feeling Unloved in Trump's Washington, Shake Up Lobbying* by Zachary Warmbrodt

https://www.politico.com/story/2018/07/09/banks-lobbying-donald-trump-669706

*A Bank's Activities, Not Its Assets, Should Decide Regulatory Status* by Thomas Hoenig

https://www.americanbanker.com/opinion/a-banks-activities-not-its-assets-should-decide-regulatory-status

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

134 – Neil Irwin on the Invisible Recession, Monetary Regimes, and the Current Issues Facing the Fed Nov 26, 2018

Show notes

Neil Irwin is a senior economics correspondent for the New York Times and was formerly a columnist at the Washington Post. He is the author of the book, *The Alchemist: Three Central Bankers and a World on Fire*, and he joins the show today to talk about his work as an economics correspondent. David and Neil also discuss the invisible recession of 2016, how monopsony power affects labor market wage setting, and the political fallout from the Great Recession.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/11262018/economic-journalism-recession-economics-and-international-monetary-policies

Neil's Twitter: @Neil_Irwin

Neil's New York Times profile: https://www.nytimes.com/by/neil-irwin

Related Links:

*The Alchemists: Three Central Bankers and a World on Fire* by Neil Irwin

https://www.amazon.com/Alchemists-Three-Central-Bankers-World/dp/0143124994

*The Policymakers Saved the Financial System. And America Never Forgave Them* by Neil Irwin

https://www.nytimes.com/2018/09/12/upshot/financial-crisis-recession-recovery.html

*The Most Important Least Noticed Economic Event of the Decade* by Neil Irwin

https://www.nytimes.com/2018/09/29/upshot/mini-recession-2016-little-known-big-impact.html

*Are Superstar Firms and Amazon Effects Reshaping the Economy?* by Neil Irwin

https://www.nytimes.com/2018/08/25/upshot/big-corporations-influence-economy-central-bank.html

*Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?*

https://www.nber.org/papers/w23134.pdf

*What Recovery? The Case for Continued Expansionary Policy at the Fed* by J.W. Mason

http://rooseveltinstitute.org/what-recovery/

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

133 – Adam Ozimek on Population Growth, Declining Business Dynamism and Fed Policy Nov 19, 2018

Show notes

Adam Ozimek is a senior economist at Moody's Analytics where he covers U.S. labor markets and demographics while actively blogging and tweeting about a wide range economic issues. He joins the show today to discuss mistakes in Fed policy and demographics. David and Adam also discuss the role demand played in the Great Recession, the link between population growth and inflation, and why the economy is experiencing weak productivity growth.

Transcript for the episode: https://www.mercatus.org/bridge/podcasts/11192018/adam-ozimek-inflation-migration-and-productivity

Adam's Twitter: @ModeledBehavior

Adam's blog: https://www.economy.com/dismal/analysis/datapoints

Adam's website: https://www.adamozimek.com

Related Links:

If you would like access to *The Fed's Mistake*, you can email Adam at Adam.Ozimek@moodys.com to request the paper.

*Population Growth and Inflation* by Adam Ozimek

https://www.economy.com/getlocal?q=a7c139c0-2b8c-4abf-9b65-bd8b11392939&app=eccafile

*Declining Business Dynamism in the United States: A Look at States and Metros* by Ian Hathaway and Robert Litan

https://www.brookings.edu/wp-content/uploads/2016/06/declining_business_dynamism_hathaway_litan.pdf

*The role of Entrepreneurship in US Job Creation and Economic Dynamism* by Ryan Decker et. al

http://econweb.umd.edu/~haltiwan/JEP_DHJM.pdf

*The Migration Accelerator: Labor Mobility, Housing, and Aggregate Demand* by Greg Howard

http://economics.mit.edu/files/12236

*Aging and the Productivity Puzzle* by Mark Zandi, Adam Ozimek, and Dante DeAntonio

https://www.economy.com/dismal/analysis/commentary/300374/Aging-and-the-Productivity-Puzzle/

David's blog: macromarketmusings.blogspot.com

David's Twitter: @DavidBeckworth

132 – Scott Sumner on the Lessons Learned for Monetary Policy, Ten Years Later after the Crisis Nov 12, 2018

Show notes

This week, Scott Sumner joins David Beckworth at the University of Texas at Austin for the Financial Crisis Symposium: "Ten Years Later: What Does the Data Say?" hosted by the Center for Enterprise and Policy Analytics at the McCombs School of Business. In this special live episode, Scott offers his thoughts on what the data tells us about the 2008 Financial Crisis from a monetary policy perspective. David and Scott also discuss using markets to guide monetary policy, why the Fed should conduct retrospective analyses, why we may want to replicate Australian monetary policy, and more.

Transcript to this week's episode

Scott's Mercatus profile

Scott's blog

David's blog

David's Twitter: @DavidBeckworth

Audio recording provided by the LAITS Audio Development Studio at the University of Texas at Austin

131 – Mike Derby on Recent Economic Trends, Normalizing Monetary Policy and More Nov 05, 2018

Show notes

Mike Derby is a reporter for the Wall Street Journal who covers the Federal Reserve. He joins the show today to talk about his coverage of recent developments in the economy and in Fed policy. David and Mike also discuss the future of the Fed's operating framework, what an inversion of the Treasury yield curve portends, and the normalization of monetary policy after the 2008 Financial Crisis. Mike's Twitter: @michaelsderby Mike's Wall Street Journal archive: http://www.wsj.com/news/author/8347 Related Links: * Fed's Evans: U.S. Economy 'Firing on All Cylinders'* by Michael Derby https://www.wsj.com/articles/feds-evans-u-s-economy-firing-on-all-cylinders-1536930039 *Derby's Take: Watch Out, There's a Fedspeak Storm Coming* by Michael Derby https://www.wsj.com/articles/derbys-take-watch-out-theres-a-fedspeak-storm-coming-1538386200 *Derby's Take: Fed Rate-Range Settings Could See More Tweaks* by Michael Derby https://www.wsj.com/articles/derbys-take-fed-rate-range-settings-could-see-more-tweaks-1538127000 *Bank Sues New York Fed Over Lack of Account* by Michael Derby https://www.wsj.com/articles/bank-sues-new-york-fed-over-lack-of-account-1536185523 Transcript for the episode: https://www.mercatus.org/bridge/commentary/michael-derby-goes-behind-scenes-recent-fed-news David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

130 – Don Boudreaux on Free Trade, Protectionism, and the China Shock Oct 29, 2018

Show notes

Don Boudreaux is a professor of economics at George Mason University as well as the co-director of the Program on the American Economy and Globalization at the Mercatus Center. He joins the show today to talk about the future of trade and globalization. David and Don also discuss the history of protectionism in the US, President Trump's trade policies, and why the China Shock thesis may signal bad economics. Don's blog: https://cafehayek.com/ Don's Mercatus Profile: https://www.mercatus.org/donald-j-boudreaux Related Links: *Clashing over Commerce: A History of U.S. Trade Policy* by Doug Irwin https://www.press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html *Tariffs, Immigration, and Economic Insulation: A New View of the U.S. Post-Civil War Era*by Cecil Bohanon and Norman Van Cott https://www.jstor.org/stable/24562083?seq=1#page_scan_tab_contents *The China Shock: Learning from Labor Market Adjustment to Large Changes in Trade* by David Autor, David Dorn, and Gordon Hanson https://www.nber.org/papers/w21906 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

129 – Nick Bunker on the Economic Recovery, Unemployment Measurement, and the U.S. Labor Market Oct 22, 2018

Show notes

Nick Bunker is an economist at the Indeed Hiring Lab where he focuses on the U.S. labor market and was previously a senior policy analyst at the Washington Center for Equitable Growth, an economics think tank. Nick joins the show today to talk about the U.S. labor market and how the government measures unemployment. David and Nick also discuss the decreasing trend of male participation in the labor force, declining labor mobility, and the importance of a larger public database for labor data. Nick's Twitter: @nick_bunker Nick's Indeed profile: https://www.hiringlab.org/author/nbunker/ Related Links: *Labor Force Participation: Recent Developments and Future Prospects* by Stephanie Aaronson et al. https://www.brookings.edu/wp-content/uploads/2016/07/Fall2014BPEA_Aaronson_et_al.pdf *The Long-Term Decline in Prime-Age Male Labor Force Participation* by the Council of Economic Advisers https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160620_cea_primeage_male_lfp.pdf David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

128 – Robert Kaplan on the FOMC, the Dallas Fed, and Lessons from the Great Recession Oct 15, 2018

Show notes

Rob Kaplan is the President and CEO of the Federal Reserve Bank of Dallas. Previously, he was a professor and associate dean at Harvard Business School and a vice chairman at Goldman Sachs. Rob joins the show today to talk about his career, the Dallas Fed, and U.S. monetary policy. David and Rob also discuss the inner workings of the FOMC, the future of the Fed's operating system, and lessons to be learned from the 2008 Financial Crisis. Rob also shares his thoughts on alternative monetary regimes, including nominal GDP targeting. Rob's Twitter: @RobSKaplan Rob's Dallas Fed profile: https://www.dallasfed.org/en/fed/bios/kaplan.aspx David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth Transcript to this week's episode: https://www.mercatus.org/bridge/commentary/robert-kaplan-fomc-dallas-fed-and-lessons-great-recession

127 – Jared Bernstein on Fiscal Reform, Trade, and the Financial Crisis Oct 08, 2018

Show notes

Jared Bernstein is a senior fellow at the Center on Budget and Policy Priorities and previously served as chief economist and economic advisor to Vice President Joe Biden in the Obama Administration. Jared also writes regularly for the Washington Post. David and Jared discuss a wide range of topics including fiscal stimulus, the relationship between fiscal and monetary policy, subsidized employment programs, Trump's trade agenda, and the direction of economic policy after the 2018 midterm elections. Jared's Twitter: @econjared Jared's Washington Post profile: https://www.washingtonpost.com/people/jared-bernstein/?utm_term=.23a83717b1c3 Related Links: *Populism and the Economics of Globalization* by Dani Rodrik https://drodrik.scholar.harvard.edu/files/dani-rodrik/files/populism_and_the_economics_of_globalization.pdf *Going to Extremes: Politics after Financial Crises, 1870-2014* by Manuel Funke, Moritz Schularick, & Christoph Trebesch https://www.hoover.org/sites/default/files/1115_eer_slides_sep2016_short.pdf *The New Rules of the Road: A Progressive Approach to Globalization* by Jared Bernstein and Lori Wallach http://jaredbernsteinblog.com/wp-content/uploads/2016/09/The-New-Rules-of-the-Road.pdf *Crashed: How a Decade of Financial Crises Changed the World* by Adam Tooze https://www.penguinrandomhouse.com/books/301357/crashed-by-adam-tooze/9780670024933/ David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

126 – Will Luther on Cash, "Supernotes," and Cryptocurrencies Oct 01, 2018

Show notes

Will Luther is an assistant professor of economics at Florida Atlantic University and is the director of the Sound Money Project at the American Institute for Economic Research. Will is also an adjunct scholar at the Cato Institute and is a returning guest to Macro Musings. He joins today to talk about a recent debate over the future of cash and the current state of cryptocurrencies. David and Will also discuss the implications of issuing "supernotes" (like $500 and $1000 bills), the existence of stable coins as cryptocurrencies, and opening up the Fed's balance sheet to the general public. Will's Twitter: @WilliamJLuther Will's website: http://www.wluther.com/ Related Links: *Cash, Crime, and Civil Liberties*, A collection of essays by J.P. Koning, Joshua Hendrickson, Will Luther, and James McAndrews https://www.cato-unbound.org/issues/august-2018/cash-crime-civil-liberties *Moneyness*, J.P. Koning's blog http://jpkoning.blogspot.com/ *The Stable Coin Myth* by Barry Eichengreen https://www.project-syndicate.org/commentary/stable-coins-unviable-cryptocurrencies-by-barry-eichengreen-2018-09 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Our TOPPODCAST Picks

Follow Us

Stay Connected

Macro Musings with David Beckworth

Related Podcasts

Links

Stay Connected