Macro Musings with David Beckworth

Latest Episodes:

Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review Oct 06, 2025

Show notes

Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic's first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of Atlanta, switching for FIT to FAIT back to FIT, what to do about inflation, the importance of globalization, rising fiscal pressures, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on September 23rd, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow President Raphasel Bostic on X: @RaphaelBostic

Follow the Federal Reserve Bank of Atlanta on X: @AtlantaFed

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:34 - Birding

00:06:07 - Birding's Connection to Central Banking

00:09:05 - Atlanta Fed

00:15:27 - Fed Framework Revisions

00:24:31 - Inflation

00:32:23 - Forecasted Long-Run Federal Funds Rate

00:37:43 - Globalization

00:39:13 - Fiscal Pressures

01:03:39 - Outro

Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star Sep 29, 2025

Show notes

Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central banks should be using his new measure of r-star, the status of debt management at the US Treasury, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on August 26th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Jon Hartley on X: @Jon_Hartley_

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:05:56 - John Taylor's Contributions to Economics

00:34:10 - Better Measure of R-Star

00:48:11 - The Government's Debt Management Policy

01:03:39 - Outro

Marc Giannoni on the Fed's Framework Review, it's Independence, and the Future of R-Star Sep 22, 2025

Show notes

Marc Giannoni is a managing director and the chief US economist at Barclays Capital. In Marc's first appearance on the show he discusses working on the 2020 Fed Framework Review, the troubling issues of Fed independence and fiscal dominance, the future of long rates and r-star, his influential 2006 paper about what good monetary policy looks like, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on August 28th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:35 - Marc's Career

00:06:41 - Fed's Framework Review

00:20:46 - Fed Independence

00:27:12 - Long-Term Rates

00:43:39 - Has Monetary Policy Become More Effective?

00:55:48 - Outro

Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation Sep 15, 2025

Show notes

Samim Ghamami is former SEC economist. Samim returns to the show to discuss the fiscal trajectory of the US, the outlook of interest rates, the US Treasury market's impact on inflation, potential reforms to the Treasury market and much more.

Check out the transcript for this week's episode, now with links.

Recorded on August 5th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Samim on X: @GhamamiSamim

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:42 - Fiscal Trajectory of the US

00:3:55 - Interest Rates

00:21:28 - Inflation

00:39:53 - Treasury Market Reform

00:48:05 - Outro

Jerry Dwyer on the History of Free Banking and the Future of Bitcoin Sep 08, 2025

Show notes

Jerry Dwyer is a professor emeritus of economics at Clemson, a vice president at the Federal Reserve Bank of Atlanta and is currently a senior fellow at the Bitcoin Policy Institute. In Jerry's first appearance on the show, he discusses what it was like having Milton Friedman as a mentor, the history of free banking, the status of cryptocurrencies including Bitcoin, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on July 22nd, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Jerry on X: @GPDwyer

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:24 - Jerry's Career

00:12:01 - Free Banking Period

00:28:37 - Bitcoin and Stablecoins

00:55:44 - Outro

Hester Peirce on the role of the SEC, Financial Surveillance, and Crypto Sep 01, 2025

Show notes

Hester Peirce is a current commissioner at the Securities and Exchange Commission and serves on its crypto task force. Hester returns to the show to discuss her time and role at the SEC, the SEC evolving role in the regulation landscape, the problems with our current state of the financial surveillance, the state of crypto for a regulator's perspective, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on August 11th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Hester on X: @HesterPeirce

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:56 - Hester's Career

00:07:57 - Peanut Butter and Watermelon

00:17:37 - Crypto Mom

00:20:49 - GENIUS Act and CLARITY Act

00:22:47 - Crypto Task Force

00:24:04 - Feedback

00:26:53 - Being an SEC Commissioner

00:31:24 - Lane Drifting

00:37:31 - Dissent

00:40:20 - SEC Moving Forward

00:47:03 - Outro

Robin Brooks on the Dollar, Fiscal Dominance, and Geoeconomics Aug 25, 2025

Show notes

Robin Brooks is a senior fellow at the Brookings Institution. Robin returns to the show to discuss his previous appearance in March of 2020, life at a think tank, the changing or not-so-much status of the dollar, Trump's trade war, the current landscape of geoeconomics and much more.

Check out the transcript for this week's episode, now with links.

Recorded on August 7th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Robin on X: @Robin_J_Brooks

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:00:50 - Looking Back at the Pandemic War and Fiscal Dominance

00:07:07 - Robin's Career: From Wall Street to Think Tank

00:18:53 - The Status of the US Dollar

00:27:28 - The Trade War

00:32:40 - Deglobalization

00:39:29 - Geoeconomics

00:47:28 - Secondary Sanctions

00:55:23 - Outro

Aditi Sahasrabuddhe on the Role Central Banker Relationships Play in Economic Crises Aug 18, 2025

Show notes

Aditi Sahasrabuddhe is a political scientist at Brown University and the author of the new book, Banker's Trust: How Social Relations Avert Global Financial Collapse. In Aditi's first appearance on the show, she discusses how central bankers' relationships in the 1920's impacted the global economy, how the ending of those relationships played a part in the Great Depression, how we can apply those principles to the Great Recession and the present, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on July 30th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:00:50 - Aditi's Intellectual Journey

00:03:57 - Louis Franck at the National Bank of Belgium

00:05:46 - Relationships and Crisis

00:11:07 - Central Bank Club

00:17:06 - Central Bankers and the Butterfly Effect

00:22:33 - Montagu Norman and Benjamin Strong

00:32:06 - Émile Moreau

00:34:48 - Japan

00:38:11 - Benjamin Strong and the Great Depression

00:48:55 - Great Financial Crisis

00:51:18 - India

00:55:25 - Jerome Powell the Central Banker

00:58:23 - Outro

Will Luther and Josh Hendrickson on the Future of Bitcoin Aug 11, 2025

Show notes

Will Luther is an associate professor of economics at Florida Atlantic University and a fellow at the Bitcoin Policy Institute. Josh Hendrickson is a professor of economics and the chair of the economics department at the University of Mississippi. Josh is also a fellow at BPI. Will and Josh return to the show to defend the idea of a strategic Bitcoin reserve, discuss the future of Bitcoin, and contend with the problem of Bitcoiners, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on June 25th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Will Luther on X: @WilliamJLuther

Follow Josh Hendrickson on X: @RebelEconProf

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:39 - Strategic Bitcoin Reserve

00:23:33 - Future of Bitcoin

00:45:07 - Scaling Bitcoin

00:50:46 - Outro

Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption Aug 04, 2025

Show notes

Rashad Ahmed is a former Treasury and Office of the Comptroller of the Currency financial economist and is currently an economist at the upstart Andresen Institute for Finance and Economics. In Rashad's first appearance on the show, he discusses the real-world impacts of the GENIUS Act, what US stablecoin regulation means for the rest of the world, the state of crypto adoption, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on June 27th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Rashad Ahmed on X: @VARshad_

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Bumper

00:00:31 - Intro

00:01:44 - Rashad's Career