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Macro Musings with David Beckworth

David Beckworth

17
Followers
42
Plays
Macro Musings with David Beckworth
Macro Musings with David Beckworth

Macro Musings with David Beckworth

David Beckworth

17
Followers
42
Plays
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About Us

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.

Latest Episodes

Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

Bill Nelson is a chief economist at the Bank Policy Institute and was previously 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 has written widely on the Fed’s operating system, and he joins the show today to talk about it, as well as the recent turmoil in money markets. David and Bill also discuss the possibility of the Fed moving back to a corridor system, the stigma surrounding banks using the discount window, and the story of recent supply and demand dislocation in repo markets. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10072019/bill-nelson-repo-market-stress-feds-operating-system-and-prospects-standing Related Links: Link to supply and demand curves mentioned in the episode: http://macromarketmusings.blogspot.com/2019/09/the-repo-man-cometh.html *Two Little-Noticed and Self-Inf...

58 MIN6 days ago
Comments
Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

Jim Dorn on the History of Monetary Policy in Washington D.C. and its Future

Jim Dorn is the Vice President for Monetary Studies at the Cato Institute and is the director of Cato’s annual Monetary Policy Conference. Jim has written widely on Federal Reserve policy and monetary reform, and has also edited more than 10 books including *The Search for Stable Money* and *The Future of Money in the Information Age*. He joins the show today to talk about the history of monetary policy in Washington D.C. over the past four decades as well as some of his own recent work. David and Jim also discuss the issues covered at the most recent Cato Institute monetary policy conference, the recent mystery of low inflation, and Jim’s idea of an optimal monetary policy regime. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10022019/jim-dorn-history-monetary-policy-washington-dc-and-its-future Jim’s Cato Institute profile: https://www.cato.org/people/james-dorn Related Links: Registration for the Cato Institute Monetary Policy Conference:https://www.cato...

56 MIN1 weeks ago
Comments
Jim Dorn on the History of Monetary Policy in Washington D.C. and its Future

Gregg Gelzinis on Reforming FSOC and How to Limit Future Financial Crises

Gregg Gelzinis is a policy analyst at the Center for American Progress where he focuses his work on financial institutions, financial markets, consumer finance policy, and financial regulation more broadly, and he joins the show today to talk about these issues. David and Gregg also discuss the Financial Stability Oversight Council’s (FSOC) inception, the tradeoffs between financial regulation and capital requirements, how the Fed could improve its stress testing. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09232019/gregg-gelzinis-reforming-fsoc-and-how-limit-future-financial-crises Gregg’s Twitter: @FinGregg Gregg’s Center for American Progress profile: https://www.americanprogress.org/about/staff/gelzinis-gregg/bio/ Related Links: *Strengthening the Regulation and Oversight of Shadow Banks: Revitalizing the Financial Stability Oversight Council* by Gregg Gelzinis https://www.americanprogress.org/issues/economy/reports/2019/07/18/471564/strengthening-reg...

62 MIN2 weeks ago
Comments
Gregg Gelzinis on Reforming FSOC and How to Limit Future Financial Crises

Soumaya Keynes on Trade, Dollar Dominance, and the Highlights of Jackson Hole

Soumaya Keynes is the US economics editor for The Economist magazine, and she is also the co-host of *Trade Talks*, a podcast on all things trade, including trade policy, trade wars, and the future of trade. Soumaya joins the show today to talk about the general topic of trade, but also some other recent economic developments. David and Soumaya also discuss dollar dominance, the effects of trade policy on economic uncertainty, and the highlights, and major themes of the Kansas City Fed’s Jackson Hole Economic Policy Symposium. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09162019/soumaya-keynes-trade-dollar-dominance-and-highlights-jackson-hole Soumaya’s Twitter: @SoumayaKeynes Soumaya’s website: https://soumayakeynes.com/ Soumaya’s Economist profile: https://mediadirectory.economist.com/people/soumaya-keynes/ Related Links: *Soumaya Keynes Says Trump Trade Tweets Have Unleashed 'Bigger Uncertainty' Beyond Tariffs* https://www.mercatus.org/bridge/commenta...

49 MIN3 weeks ago
Comments
Soumaya Keynes on Trade, Dollar Dominance, and the Highlights of Jackson Hole

Alex Tabarrok on the Elements of Economic Growth and the Decline of Dynamism

Alex Tabarrok is a professor of economics at George Mason University and holds the Bartley J. Madden Chair in Economics at the Mercatus Center. Alex has written widely on long run economic growth and joins the show today to talk about it. David and Alex also discuss how capital relates to economic growth, the impact of regulation on dynamism, and the important distinction between “catch-up” and “cutting edge” growth. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09092019/alex-tabarrok-elements-economic-growth-and-decline-dynamism Alex’s Twitter: @ATabarrok Alex’s Mercatus profile: https://asp.mercatus.org/alexander-tabarrok Alex and Tyler’s blog: https://marginalrevolution.com/ Related Links: *Modern Principles of Economics* by Alex Tabarrok and Tyler Cowen https://www.macmillanlearning.com/college/us/product/Loose-leaf--Version-for--Modern-Principles-of-Economics-4E--FlipIt-for-Survey-of-Economics-Six-Months-Access-4E-Online/p/131909872X *Is Regulation...

57 MINSEP 9
Comments
Alex Tabarrok on the Elements of Economic Growth and the Decline of Dynamism

Judge Glock on the Riefler-Keynes Doctrine and Monetary Policy During the Great Depression

Judge Glock is an economic historian and a scholar at the Cicero Institute in San Francisco. Judge’s research is focused on the Great Depression, and he has recently published a paper on an important idea shaping Federal Reserve policy during this time; the Riefler-Keynes Doctrine. He joins the show today to talk about this paper and the Great Depression. David and Judge also discuss the key ideas behind the Riefler-Keynes Doctrine, how it differs from the Real Bills Doctrine, and how this relates to the Fed’s response to the Great Depression. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09022019/judge-glock-riefler-keynes-doctrine-and-monetary-policy-during-great Judge’s Twitter: @judgeglock Judge’s AIER profile: https://www.aier.org/staff/judge-glock Related Links: *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-Doctri...

59 MINSEP 2
Comments
Judge Glock on the Riefler-Keynes Doctrine and Monetary Policy During the Great Depression

Thomas Hoenig on the Federal Reserve and the State of Banking in the US

Thomas Hoenig was vice-chair of the FDIC from 2012-2018 and in the 20 years prior to that he was also president of the Kansas City Federal Reserve Bank. Thomas is currently a distinguished senior fellow at the Mercatus Center at George Mason University where he focuses on the long-term impact of the politicization of financial services, as well as the effects of government granted privileges and market performance. He joins the show today to talk about his career and some of the current issues in banking. David and Thomas also assess the effectiveness of quantitative easing, the advantages and disadvantages of opening up the Fed’s balance sheet to the public, and the debate between establishing an orderly liquidation authority vs a bankruptcy code. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08262019/thomas-hoenig-federal-reserve-and-state-banking-us Thomas’ Twitter: @tom_hoenig Thomas’ Mercatus profile: https://www.mercatus.org/people/thomas-hoenig Relat...

59 MINAUG 26
Comments
Thomas Hoenig on the Federal Reserve and the State of Banking in the US

Chris Crowe on Hedge Fund Perspectives and the Economic Implications of Brexit

Chris Crowe is head of economic research at Capula Investment Management, a London-based hedge fund, where he covers global economics, primarily the G10 countries plus China. Chris was previously UK economist at Barclays and prior to that he worked at the International Monetary Fund (IMF). He joins the show today to give us the perspective of a macroeconomist from inside a hedge fund on markets, Brexit, and other current events as well as some of his own research. David and Chris also discuss central bank independence, the overall economic impacts of Brexit, and the implications of Jay Powell’s testimony at the Humphrey Hawkins. Transcript for the episode:https://www.mercatus.org/bridge/podcasts/08192019/chris-crowe-hedge-fund-perspectives-and-economic-implications-brexit Related Links: *Safe Asset Supply Failing to Meet Demand, Economist Crowe Says* by Frank Fuhrig https://www.mercatus.org/bridge/commentary/safe-asset-supply-failing-meet-demand-economist-crowe-says *The Internatio...

58 MINAUG 19
Comments
Chris Crowe on Hedge Fund Perspectives and the Economic Implications of Brexit

Aaron Klein on Real-time Payments and Financial Regulation

Aaron Klein is the director of the Center on Markets and Regulations at the Brookings Institution where, among other things, he focuses on financial regulations and real time payments. Aaron has written widely on real time payments and he joins the show today to talk about this issue, as they discuss the definition of real-time payments, how they could have a positive impact on limiting income inequality, and why the Fed is now interested in setting up its own real-time payments system. David and Aaron also discuss banking reform after the recession, the shadow banking system, and why a lack of bank failures may be a worrying signal. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08122019/aaron-klein-real-time-payments-and-financial-regulation Aaron’s Twitter: @Aarondklein Aaron’s Brookings profile: https://www.brookings.edu/experts/aaron-klein/ Related Links: *Is China’s New Payment System the Future?* by Aaron Klein https://www.brookings.edu/research/is-ch...

58 MINAUG 12
Comments
Aaron Klein on Real-time Payments and Financial Regulation

Bonus Episode – Watch Party for the Fed’s Historic Interest Rate Cut

In this special bonus episode of Macro Musings, David Beckworth joins Employ America and several other monetary policy enthusiasts on the day of the July FOMC meeting to discuss what would be an historic event – the first interest rate cut executed by the Fed since December 2008, and the market reactions to this event. In addition to their discussion of this eventual rate cut, David and the other Fed watchers also get a chance to talk about Judy Shelton’s nomination to the Fed Board of Governors, the significance and aftermath of the recent Humphrey Hawkins hearing, how the Fed’s decision to cut parallels the European Central Bank, and more. Transcript for the episode:https://www.mercatus.org/bridge/podcasts/08072019/bonus-episode-watch-party-fed%E2%80%99s-historic-interest-rate-cut Related Links: Employ America’s home page: https://employamerica.org/ Sam Bell’s Twitter: @sam_a_bell Skanda Amarnath’s Twitter: @IrvingSwisher Sam & Skanda’s bios: https://employamerica.org/about/ Soumaya Keynes’ Twitter: @SoumayaKeynes Soumaya’s website: https://soumayakeynes.com/ Soumaya’s Economist profile: http://mediadirectory.economist.com/people/soumaya-keynes/ Ryan Avent’s Twitter: @ryanavent Ryan’s Economist profile: https://mediadirectory.economist.com/people/ryan-avent/ Nick Bunker’s Twitter: @nick_bunker Nick’s Indeed profile: https://www.hiringlab.org/author/nbunker/ David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

37 MINAUG 8
Comments
Bonus Episode – Watch Party for the Fed’s Historic Interest Rate Cut

Latest Episodes

Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

Bill Nelson is a chief economist at the Bank Policy Institute and was previously 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 has written widely on the Fed’s operating system, and he joins the show today to talk about it, as well as the recent turmoil in money markets. David and Bill also discuss the possibility of the Fed moving back to a corridor system, the stigma surrounding banks using the discount window, and the story of recent supply and demand dislocation in repo markets. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10072019/bill-nelson-repo-market-stress-feds-operating-system-and-prospects-standing Related Links: Link to supply and demand curves mentioned in the episode: http://macromarketmusings.blogspot.com/2019/09/the-repo-man-cometh.html *Two Little-Noticed and Self-Inf...

58 MIN6 days ago
Comments
Bill Nelson on the Repo Market Stress, the Fed's Operating System, and the Prospects for a Standing Repo Facility

Jim Dorn on the History of Monetary Policy in Washington D.C. and its Future

Jim Dorn is the Vice President for Monetary Studies at the Cato Institute and is the director of Cato’s annual Monetary Policy Conference. Jim has written widely on Federal Reserve policy and monetary reform, and has also edited more than 10 books including *The Search for Stable Money* and *The Future of Money in the Information Age*. He joins the show today to talk about the history of monetary policy in Washington D.C. over the past four decades as well as some of his own recent work. David and Jim also discuss the issues covered at the most recent Cato Institute monetary policy conference, the recent mystery of low inflation, and Jim’s idea of an optimal monetary policy regime. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/10022019/jim-dorn-history-monetary-policy-washington-dc-and-its-future Jim’s Cato Institute profile: https://www.cato.org/people/james-dorn Related Links: Registration for the Cato Institute Monetary Policy Conference:https://www.cato...

56 MIN1 weeks ago
Comments
Jim Dorn on the History of Monetary Policy in Washington D.C. and its Future

Gregg Gelzinis on Reforming FSOC and How to Limit Future Financial Crises

Gregg Gelzinis is a policy analyst at the Center for American Progress where he focuses his work on financial institutions, financial markets, consumer finance policy, and financial regulation more broadly, and he joins the show today to talk about these issues. David and Gregg also discuss the Financial Stability Oversight Council’s (FSOC) inception, the tradeoffs between financial regulation and capital requirements, how the Fed could improve its stress testing. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09232019/gregg-gelzinis-reforming-fsoc-and-how-limit-future-financial-crises Gregg’s Twitter: @FinGregg Gregg’s Center for American Progress profile: https://www.americanprogress.org/about/staff/gelzinis-gregg/bio/ Related Links: *Strengthening the Regulation and Oversight of Shadow Banks: Revitalizing the Financial Stability Oversight Council* by Gregg Gelzinis https://www.americanprogress.org/issues/economy/reports/2019/07/18/471564/strengthening-reg...

62 MIN2 weeks ago
Comments
Gregg Gelzinis on Reforming FSOC and How to Limit Future Financial Crises

Soumaya Keynes on Trade, Dollar Dominance, and the Highlights of Jackson Hole

Soumaya Keynes is the US economics editor for The Economist magazine, and she is also the co-host of *Trade Talks*, a podcast on all things trade, including trade policy, trade wars, and the future of trade. Soumaya joins the show today to talk about the general topic of trade, but also some other recent economic developments. David and Soumaya also discuss dollar dominance, the effects of trade policy on economic uncertainty, and the highlights, and major themes of the Kansas City Fed’s Jackson Hole Economic Policy Symposium. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09162019/soumaya-keynes-trade-dollar-dominance-and-highlights-jackson-hole Soumaya’s Twitter: @SoumayaKeynes Soumaya’s website: https://soumayakeynes.com/ Soumaya’s Economist profile: https://mediadirectory.economist.com/people/soumaya-keynes/ Related Links: *Soumaya Keynes Says Trump Trade Tweets Have Unleashed 'Bigger Uncertainty' Beyond Tariffs* https://www.mercatus.org/bridge/commenta...

49 MIN3 weeks ago
Comments
Soumaya Keynes on Trade, Dollar Dominance, and the Highlights of Jackson Hole

Alex Tabarrok on the Elements of Economic Growth and the Decline of Dynamism

Alex Tabarrok is a professor of economics at George Mason University and holds the Bartley J. Madden Chair in Economics at the Mercatus Center. Alex has written widely on long run economic growth and joins the show today to talk about it. David and Alex also discuss how capital relates to economic growth, the impact of regulation on dynamism, and the important distinction between “catch-up” and “cutting edge” growth. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09092019/alex-tabarrok-elements-economic-growth-and-decline-dynamism Alex’s Twitter: @ATabarrok Alex’s Mercatus profile: https://asp.mercatus.org/alexander-tabarrok Alex and Tyler’s blog: https://marginalrevolution.com/ Related Links: *Modern Principles of Economics* by Alex Tabarrok and Tyler Cowen https://www.macmillanlearning.com/college/us/product/Loose-leaf--Version-for--Modern-Principles-of-Economics-4E--FlipIt-for-Survey-of-Economics-Six-Months-Access-4E-Online/p/131909872X *Is Regulation...

57 MINSEP 9
Comments
Alex Tabarrok on the Elements of Economic Growth and the Decline of Dynamism

Judge Glock on the Riefler-Keynes Doctrine and Monetary Policy During the Great Depression

Judge Glock is an economic historian and a scholar at the Cicero Institute in San Francisco. Judge’s research is focused on the Great Depression, and he has recently published a paper on an important idea shaping Federal Reserve policy during this time; the Riefler-Keynes Doctrine. He joins the show today to talk about this paper and the Great Depression. David and Judge also discuss the key ideas behind the Riefler-Keynes Doctrine, how it differs from the Real Bills Doctrine, and how this relates to the Fed’s response to the Great Depression. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/09022019/judge-glock-riefler-keynes-doctrine-and-monetary-policy-during-great Judge’s Twitter: @judgeglock Judge’s AIER profile: https://www.aier.org/staff/judge-glock Related Links: *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-Doctri...

59 MINSEP 2
Comments
Judge Glock on the Riefler-Keynes Doctrine and Monetary Policy During the Great Depression

Thomas Hoenig on the Federal Reserve and the State of Banking in the US

Thomas Hoenig was vice-chair of the FDIC from 2012-2018 and in the 20 years prior to that he was also president of the Kansas City Federal Reserve Bank. Thomas is currently a distinguished senior fellow at the Mercatus Center at George Mason University where he focuses on the long-term impact of the politicization of financial services, as well as the effects of government granted privileges and market performance. He joins the show today to talk about his career and some of the current issues in banking. David and Thomas also assess the effectiveness of quantitative easing, the advantages and disadvantages of opening up the Fed’s balance sheet to the public, and the debate between establishing an orderly liquidation authority vs a bankruptcy code. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08262019/thomas-hoenig-federal-reserve-and-state-banking-us Thomas’ Twitter: @tom_hoenig Thomas’ Mercatus profile: https://www.mercatus.org/people/thomas-hoenig Relat...

59 MINAUG 26
Comments
Thomas Hoenig on the Federal Reserve and the State of Banking in the US

Chris Crowe on Hedge Fund Perspectives and the Economic Implications of Brexit

Chris Crowe is head of economic research at Capula Investment Management, a London-based hedge fund, where he covers global economics, primarily the G10 countries plus China. Chris was previously UK economist at Barclays and prior to that he worked at the International Monetary Fund (IMF). He joins the show today to give us the perspective of a macroeconomist from inside a hedge fund on markets, Brexit, and other current events as well as some of his own research. David and Chris also discuss central bank independence, the overall economic impacts of Brexit, and the implications of Jay Powell’s testimony at the Humphrey Hawkins. Transcript for the episode:https://www.mercatus.org/bridge/podcasts/08192019/chris-crowe-hedge-fund-perspectives-and-economic-implications-brexit Related Links: *Safe Asset Supply Failing to Meet Demand, Economist Crowe Says* by Frank Fuhrig https://www.mercatus.org/bridge/commentary/safe-asset-supply-failing-meet-demand-economist-crowe-says *The Internatio...

58 MINAUG 19
Comments
Chris Crowe on Hedge Fund Perspectives and the Economic Implications of Brexit

Aaron Klein on Real-time Payments and Financial Regulation

Aaron Klein is the director of the Center on Markets and Regulations at the Brookings Institution where, among other things, he focuses on financial regulations and real time payments. Aaron has written widely on real time payments and he joins the show today to talk about this issue, as they discuss the definition of real-time payments, how they could have a positive impact on limiting income inequality, and why the Fed is now interested in setting up its own real-time payments system. David and Aaron also discuss banking reform after the recession, the shadow banking system, and why a lack of bank failures may be a worrying signal. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/08122019/aaron-klein-real-time-payments-and-financial-regulation Aaron’s Twitter: @Aarondklein Aaron’s Brookings profile: https://www.brookings.edu/experts/aaron-klein/ Related Links: *Is China’s New Payment System the Future?* by Aaron Klein https://www.brookings.edu/research/is-ch...

58 MINAUG 12
Comments
Aaron Klein on Real-time Payments and Financial Regulation

Bonus Episode – Watch Party for the Fed’s Historic Interest Rate Cut

In this special bonus episode of Macro Musings, David Beckworth joins Employ America and several other monetary policy enthusiasts on the day of the July FOMC meeting to discuss what would be an historic event – the first interest rate cut executed by the Fed since December 2008, and the market reactions to this event. In addition to their discussion of this eventual rate cut, David and the other Fed watchers also get a chance to talk about Judy Shelton’s nomination to the Fed Board of Governors, the significance and aftermath of the recent Humphrey Hawkins hearing, how the Fed’s decision to cut parallels the European Central Bank, and more. Transcript for the episode:https://www.mercatus.org/bridge/podcasts/08072019/bonus-episode-watch-party-fed%E2%80%99s-historic-interest-rate-cut Related Links: Employ America’s home page: https://employamerica.org/ Sam Bell’s Twitter: @sam_a_bell Skanda Amarnath’s Twitter: @IrvingSwisher Sam & Skanda’s bios: https://employamerica.org/about/ Soumaya Keynes’ Twitter: @SoumayaKeynes Soumaya’s website: https://soumayakeynes.com/ Soumaya’s Economist profile: http://mediadirectory.economist.com/people/soumaya-keynes/ Ryan Avent’s Twitter: @ryanavent Ryan’s Economist profile: https://mediadirectory.economist.com/people/ryan-avent/ Nick Bunker’s Twitter: @nick_bunker Nick’s Indeed profile: https://www.hiringlab.org/author/nbunker/ David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

37 MINAUG 8
Comments
Bonus Episode – Watch Party for the Fed’s Historic Interest Rate Cut