Himalaya: Listen. Learn. Grow.

4.8K Ratings
Open In App
title

Macro Musings with David Beckworth

Mercatus Center

46
Followers
199
Plays
Macro Musings with David Beckworth

Macro Musings with David Beckworth

Mercatus Center

46
Followers
199
Plays
OVERVIEWEPISODESYOU MAY ALSO LIKE

Details

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

Jon Sindreu on Global Financial Flows and the Balance of Trade

Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jon’s Twitter: @jonsindreu Jon’s Wall Street Journal profile: https://www.wsj.com/news/author/jon-sindreu?mod=rsswn Related Links: *Trade Wars Are Class Wars* by Matthew Klein and Michael Pettis https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars *Wages of Destruction* by Adam Tooze https://www.penguinrandomhouse.com/books/295490/the-wages-of-destruction-by-adam-tooze/ *Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market* by Zhimin Li, Leslie Sheng Shen, and Calvin Zhang https://www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

63 MIN3 d ago
Comments
Jon Sindreu on Global Financial Flows and the Balance of Trade

David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies. Special thank you to Claudia for letting us air this episode as a part of the Macro Musings catalog! Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/ David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth Claudia’s Twitter: @Claudia_Sahm Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/ Related Links: Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/ *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting *Measuring Monetary Policy: the NGDP Gap* by David Beckworth https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap *COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal *NGDP Targeting and the Public* by Carola Binder https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public

44 MIN1 w ago
Comments
David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest rates, and why makeup policy would be uniquely suited to the challenges presently facing the economy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Bill’s SIFMA profile: https://www.sifma.org/people/bill-nelson/ Bill’s BPI archive: https://bpi.com/tag/bill-nelson/ Bill’s American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618 Related Links: *Live Live Jay Powell, the New Monarch of the Bond Market* by Robin Wigglesworth https://www.ft.com/content/5db9d0f1-3742-49f0-a6cd-16c471875b5e *Federal Reserve’s “Strategies for Targeting Interest Rates Out the Yield Curve”* prepared by David Bowman, Christopher Erceg, and Mike Leahy, with contributions from William English, Edward Nelson, David Reifschneider, Nathan Sheets, and David Wilcox of Board staff and Brian Sack, Spence Hilton, Allan Malz, Frank Keane, Matt Raskin, Julie Remache, Josh Frost, Nate Wuerffel, Angela O’Connor and Richard Dzina of FRBNY staff https://www.federalreserve.gov/monetarypolicy/files/FOMC20101013memo08.pdf David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

59 MIN2 w ago
Comments
Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases.* He joins Macro Musings to talk about this article and some of his other work on central bank purchases and what it may mean for the Fed’s purchase of corporate bonds. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jens’s Twitter: @jvklooster Jens’s website: https://jensvantklooster.com/ Related Links: *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases* by Jens Van’t Klooster and Clement Fontan https://www.tandfonline.com/doi/full/10.1080/13563467.2019.1657077 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MIN3 w ago
Comments
Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

Matthew Klein on Global Trade, Inequality, and International Conflict

Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and the domestic roots of international trade conflicts – in the past as well as today. Specifically, David and Matthew also discuss the history of how industrialized strategies, in countries such as China, have set the stage for trade conflicts in the present day. Transcript for the episode: https://www.mercatus.org/bridge/tags/macro-musings Matthew’s Twitter: @M_C_Klein Matthew’s Barron’s profile: https://www.barrons.com/authors/8566 Related Links: *Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace* by Matthew Klein and Michael Pettis https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-...

64 MINJUL 6
Comments
Matthew Klein on Global Trade, Inequality, and International Conflict

Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades. Specifically, David and Stephen discuss the structure of the Reserve Bank of the Australia, the history of its inflation target, how Australia was able to avoid the worst of the Great Recession, and the actions they have taken to in response to the COVID crisis. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Stephen’s Twitter: @insteconomics Stephen’s US Studies Center profile: https://www.ussc.edu.au/people/stephen-kirchner Stephen’s Substack page: https://stephenkirchner.substack.com/ Related Links: *Money Too Tight to Mention: The Reserve Bank of Australia’s Financial Stability Mandate and Low Inflation* by Stephen Kirchner http://www.institutional-economics.com/images/uploads/EAP.pdf *Cost-Benefit Analysis of Leaning against the Wind* by Trent Saunders and Peter Tulip https://rba.gov.au/publications/rdp/2019/2019-05.html *Twenty-five Years of Inflation Targeting in Australia: Are There Better Alternatives for the Next 25 Years?* by Warwick McKibbin and Augustus Panton https://www.brookings.edu/research/twenty-five-years-of-inflation-targeting-in-australia-are-there-better-alternatives-for-the-next-25-years/ *The RBA Needs a New Post-virus Monetary Policy Game* by Richard Holden, Warwick McKibbin, and John Quiggin https://www.afr.com/policy/economy/the-rba-needs-a-new-post-virus-monetary-policy-game-20200505-p54ptw David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MINJUN 29
Comments
Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

Daniela Gabor is a professor of economics and macrofinance at the University of West England at Bristol, where she works on shadow banking, capital markets, and transnational banking. Daniela is also a returning guest to the podcast, and she has a new paper out on the burgeoning field of critical macrofinance and how it sheds light on the past great financial crisis (2007-2009) and the present COVID-19 crisis. She re-joins Macro Musings to discuss this paper and how it can offer important insight into the current global economic environment. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Daniela’s Twitter: @DanielaGabor Daniela’s UWE Bristol profile: https://people.uwe.ac.uk/Person/DanielaGabor Related Links: *Critical Macro-Finance: A Theoretical Lens* by Daniela Gabor http://financeandsociety.ed.ac.uk/article/view/4408 *The Role of Time-Critical Liquidity in Financial Markets* by David Marshall and Robert Steigerwald https://www.chicagofed.org/publications/economic-perspectives/2013/2q-marshall-steigerwald *The Growth of Financial Banking* by Anna Youngman https://www.journals.uchicago.edu/doi/abs/10.1086/251239?mobileUi=0& *Daniela Gabor on Safe Assets and Shadow Banking* https://macromusings.libsyn.com/103-daniela-gabor-on-safe-assets-and-shadow-banking David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

64 MINJUN 22
Comments
Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

Darrell Duffie is a professor of finance at Stanford University, and he joins Macro Musings to discuss the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future. Specifically, Darrell and David lay out the current state of financial markets, the ability of treasury markets, as currently designed, to handle demand shocks, and how central banking reforms can better ensure financial stability in the future. Register here for the Cato Institute/Mercatus Center Webinar Series - *AFed for Next Time: Ideas for aCrisis‐​Ready Central Bank*: https://www.cato.org/events/fed-next-time-ideas-crisis-ready-central-bank Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Darrell’s Twitter: @DuffieDarrell Darrell’s website: https://www.darrellduffie.com/ Darrell’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/darrell-duffie Related Links: Bonus segment with Darrell: https://you...

52 MINJUN 15
Comments
Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

Peter Stella is a former IMF official, where he led the Central Banking and Monetary and Foreign Exchange divisions, and he now hosts a webpage titled *Central Bank Archeology*. Peter is also a former guest of Macro Musings, and rejoins to talk about the COVID-19 crisis, central bank balance sheets, and more. David and Peter also discuss the dangers and challenges of the Fed’s off-balance sheet transactions, how the government should approach crisis financing, and who should be managing the country’s public debt. The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Peter’s Twitter: @Stellar_Consult Peter’s Voxeu profile:https://voxeu.org/users/peterstella0 Peter’s Research Gate archive:https://www.researchgate.net/profile/Peter_Stella Related Links: Peter's *Central Bank Archaeology* website: https://www.centralbankarchaeology.com/ *Macro Musings: Peter Stella on Debt, Safe Assets, and Central Bank Operations* https://macromusings...

61 MINJUN 8
Comments
Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Adam’s Twitter: @adam_tooze Adam’s Columbia profile: https://history.columbia.edu/faculty/adam-tooze/ Adam’s website: https://adamtooze.com/ Related Links: *How Coronavirus Almost Brought Down the Global Financial System* by Adam Tooze https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system) *The Death of the Central Bank Myth* by Adam Tooze https://foreignpolicy.com/2020/05/13/european-central-bank-myth-monetary-policy-german-court-ruling/ *Still the World's Safe Haven?* by Darrell Duffie https://www.brookings.edu/wp-content/uploads/2020/05/WP62_Duffie_updated.pdf *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff https://www.nber.org/papers/w23134 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MINJUN 1
Comments
Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

Latest Episodes

Jon Sindreu on Global Financial Flows and the Balance of Trade

Jon Sindreu is a reporter for the Wall Street Journal where he covers financial markets and the global transportation industry for the Heard on the Street column. Jon joins David on Macro Musings to discuss the role of global financial flows in driving global trade patterns. Specifically, Jon and David discuss the Bernanke view, loanable funds view, and money view of global financial system, as well as the implications for policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jon’s Twitter: @jonsindreu Jon’s Wall Street Journal profile: https://www.wsj.com/news/author/jon-sindreu?mod=rsswn Related Links: *Trade Wars Are Class Wars* by Matthew Klein and Michael Pettis https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars *Wages of Destruction* by Adam Tooze https://www.penguinrandomhouse.com/books/295490/the-wages-of-destruction-by-adam-tooze/ *Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market* by Zhimin Li, Leslie Sheng Shen, and Calvin Zhang https://www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

63 MIN3 d ago
Comments
Jon Sindreu on Global Financial Flows and the Balance of Trade

David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

In this special Macro Musings episode, David is back in the spotlight, as he is interviewed by Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth, as a guest on her *Stay-at-Home Macro Podcast*. David and Claudia discuss nominal GDP targeting at length, as they dive into what it is, why it’s important, and how it could be implemented in the wake of COVID-19. They also talk about the communication problems related to introducing NGDP targeting as well as David’s proposal for reforming the Fed’s current policies. Special thank you to Claudia for letting us air this episode as a part of the Macro Musings catalog! Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/ David’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth Claudia’s Twitter: @Claudia_Sahm Claudia’s Equitable Growth profile: https://equitablegrowth.org/people/claudia-sahm/ Related Links: Link to the original podcast: https://www.youtube.com/watch?v=1rHBQ-o8vDA Homepage for Claudia’s podcast: http://macromomblog.com/sahmpodcast/ *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth https://www.mercatus.org/publications/monetary-policy/facts-fears-and-functionality-ngdp-level-targeting *Measuring Monetary Policy: the NGDP Gap* by David Beckworth https://www.mercatus.org/publications/monetary-policy/measuring-monetary-policy-ngdp-gap *COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve* by David Beckworth https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal *NGDP Targeting and the Public* by Carola Binder https://www.cato.org/cato-journal/spring/summer-2020/ngdp-targeting-public

44 MIN1 w ago
Comments
David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Bill Nelson is a Chief Economist and Executive Vice President at the Bank Policy Institute, and formerly a Deputy Director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window analysis, and financial institution supervision. Bill also worked closely with the Bank for International Settlements on liquidity regulations. Bill is a previous guest of Macro Musings, and he returns to the podcast to discuss the Fed’s increasing role in credit policy, the prospects for yield curve control and negative interest rates, and why makeup policy would be uniquely suited to the challenges presently facing the economy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Bill’s SIFMA profile: https://www.sifma.org/people/bill-nelson/ Bill’s BPI archive: https://bpi.com/tag/bill-nelson/ Bill’s American Banker archive: https://www.americanbanker.com/author/william-nelson-ab3618 Related Links: *Live Live Jay Powell, the New Monarch of the Bond Market* by Robin Wigglesworth https://www.ft.com/content/5db9d0f1-3742-49f0-a6cd-16c471875b5e *Federal Reserve’s “Strategies for Targeting Interest Rates Out the Yield Curve”* prepared by David Bowman, Christopher Erceg, and Mike Leahy, with contributions from William English, Edward Nelson, David Reifschneider, Nathan Sheets, and David Wilcox of Board staff and Brian Sack, Spence Hilton, Allan Malz, Frank Keane, Matt Raskin, Julie Remache, Josh Frost, Nate Wuerffel, Angela O’Connor and Richard Dzina of FRBNY staff https://www.federalreserve.gov/monetarypolicy/files/FOMC20101013memo08.pdf David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

59 MIN2 w ago
Comments
Bill Nelson on the Fed’s Policy Tools in the Post-COVID Economy

Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

Jens Van’t Klooster is a postdoctoral fellow at KU Leuven and is also a member of the research group, A New Normative Framework for Financial Debt at the University of Amsterdam. Jens has recently coauthored an article titled *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases.* He joins Macro Musings to talk about this article and some of his other work on central bank purchases and what it may mean for the Fed’s purchase of corporate bonds. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jens’s Twitter: @jvklooster Jens’s website: https://jensvantklooster.com/ Related Links: *The Myth of Market Neutrality: A Comparative Study of the European Central Bank’s and Swiss National Bank’s Corporate Security Purchases* by Jens Van’t Klooster and Clement Fontan https://www.tandfonline.com/doi/full/10.1080/13563467.2019.1657077 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MIN3 w ago
Comments
Jens Van’t Klooster on ECB Bond Purchasing and the Myth of Central Bank Neutrality

Matthew Klein on Global Trade, Inequality, and International Conflict

Matthew Klein is an economics commentator at Barron’s and is the author of a new book with Michael Pettis titled, *Trade Wars are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace.* Matthew is a returning guest to Macro Musings and he joins once again to talk about his book and the domestic roots of international trade conflicts – in the past as well as today. Specifically, David and Matthew also discuss the history of how industrialized strategies, in countries such as China, have set the stage for trade conflicts in the present day. Transcript for the episode: https://www.mercatus.org/bridge/tags/macro-musings Matthew’s Twitter: @M_C_Klein Matthew’s Barron’s profile: https://www.barrons.com/authors/8566 Related Links: *Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace* by Matthew Klein and Michael Pettis https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-...

64 MINJUL 6
Comments
Matthew Klein on Global Trade, Inequality, and International Conflict

Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

Stephen Kirchner is a program director for trade and investment at the United States Center at the University of Sydney, and he was written widely on financial markets and economy policy in Australia. Stephen joins Macro Musings to talk about the journey of monetary policy in Australia that has transpired throughout the last few decades. Specifically, David and Stephen discuss the structure of the Reserve Bank of the Australia, the history of its inflation target, how Australia was able to avoid the worst of the Great Recession, and the actions they have taken to in response to the COVID crisis. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Stephen’s Twitter: @insteconomics Stephen’s US Studies Center profile: https://www.ussc.edu.au/people/stephen-kirchner Stephen’s Substack page: https://stephenkirchner.substack.com/ Related Links: *Money Too Tight to Mention: The Reserve Bank of Australia’s Financial Stability Mandate and Low Inflation* by Stephen Kirchner http://www.institutional-economics.com/images/uploads/EAP.pdf *Cost-Benefit Analysis of Leaning against the Wind* by Trent Saunders and Peter Tulip https://rba.gov.au/publications/rdp/2019/2019-05.html *Twenty-five Years of Inflation Targeting in Australia: Are There Better Alternatives for the Next 25 Years?* by Warwick McKibbin and Augustus Panton https://www.brookings.edu/research/twenty-five-years-of-inflation-targeting-in-australia-are-there-better-alternatives-for-the-next-25-years/ *The RBA Needs a New Post-virus Monetary Policy Game* by Richard Holden, Warwick McKibbin, and John Quiggin https://www.afr.com/policy/economy/the-rba-needs-a-new-post-virus-monetary-policy-game-20200505-p54ptw David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MINJUN 29
Comments
Stephen Kirchner on Australian Monetary Policy in the Wake of the Great Recession

Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

Daniela Gabor is a professor of economics and macrofinance at the University of West England at Bristol, where she works on shadow banking, capital markets, and transnational banking. Daniela is also a returning guest to the podcast, and she has a new paper out on the burgeoning field of critical macrofinance and how it sheds light on the past great financial crisis (2007-2009) and the present COVID-19 crisis. She re-joins Macro Musings to discuss this paper and how it can offer important insight into the current global economic environment. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Daniela’s Twitter: @DanielaGabor Daniela’s UWE Bristol profile: https://people.uwe.ac.uk/Person/DanielaGabor Related Links: *Critical Macro-Finance: A Theoretical Lens* by Daniela Gabor http://financeandsociety.ed.ac.uk/article/view/4408 *The Role of Time-Critical Liquidity in Financial Markets* by David Marshall and Robert Steigerwald https://www.chicagofed.org/publications/economic-perspectives/2013/2q-marshall-steigerwald *The Growth of Financial Banking* by Anna Youngman https://www.journals.uchicago.edu/doi/abs/10.1086/251239?mobileUi=0& *Daniela Gabor on Safe Assets and Shadow Banking* https://macromusings.libsyn.com/103-daniela-gabor-on-safe-assets-and-shadow-banking David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

64 MINJUN 22
Comments
Daniela Gabor on Financial Globalization, Capital Controls, and the Critical Macrofinance Framework

Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

Darrell Duffie is a professor of finance at Stanford University, and he joins Macro Musings to discuss the treasury market problems that emerged in March 2020 and what can be done to avoid them in the future. Specifically, Darrell and David lay out the current state of financial markets, the ability of treasury markets, as currently designed, to handle demand shocks, and how central banking reforms can better ensure financial stability in the future. Register here for the Cato Institute/Mercatus Center Webinar Series - *AFed for Next Time: Ideas for aCrisis‐​Ready Central Bank*: https://www.cato.org/events/fed-next-time-ideas-crisis-ready-central-bank Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Darrell’s Twitter: @DuffieDarrell Darrell’s website: https://www.darrellduffie.com/ Darrell’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/darrell-duffie Related Links: Bonus segment with Darrell: https://you...

52 MINJUN 15
Comments
Darrell Duffie on Treasury Markets and the Post-COVID Path to Financial Stability

Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

Peter Stella is a former IMF official, where he led the Central Banking and Monetary and Foreign Exchange divisions, and he now hosts a webpage titled *Central Bank Archeology*. Peter is also a former guest of Macro Musings, and rejoins to talk about the COVID-19 crisis, central bank balance sheets, and more. David and Peter also discuss the dangers and challenges of the Fed’s off-balance sheet transactions, how the government should approach crisis financing, and who should be managing the country’s public debt. The transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Peter’s Twitter: @Stellar_Consult Peter’s Voxeu profile:https://voxeu.org/users/peterstella0 Peter’s Research Gate archive:https://www.researchgate.net/profile/Peter_Stella Related Links: Peter's *Central Bank Archaeology* website: https://www.centralbankarchaeology.com/ *Macro Musings: Peter Stella on Debt, Safe Assets, and Central Bank Operations* https://macromusings...

61 MINJUN 8
Comments
Peter Stella on the Fed’s Off-Balance Sheet Transactions and Public Financing of the COVID-19 Crisis

Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance

Adam Tooze is a professor of history at Columbia University, and is the author of many books, including his popular account of the 2007-2009 crisis, titled Crashed: How a Decade of Financial Crisis Changed the World. Adam joins David on Macro Musings to discuss the COVID-19 crisis, the Eurozone, and the future of central banking. Specifically, Adam and David break down recent events and risks in the global financial system, the future of the dollar as reserve currency, and the implications of the recent German-Franco debt deal for the Eurozone. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Adam’s Twitter: @adam_tooze Adam’s Columbia profile: https://history.columbia.edu/faculty/adam-tooze/ Adam’s website: https://adamtooze.com/ Related Links: *How Coronavirus Almost Brought Down the Global Financial System* by Adam Tooze https://www.theguardian.com/business/2020/apr/14/how-coronavirus-almost-brought-down-the-global-financial-system) *The Death of the Central Bank Myth* by Adam Tooze https://foreignpolicy.com/2020/05/13/european-central-bank-myth-monetary-policy-german-court-ruling/ *Still the World's Safe Haven?* by Darrell Duffie https://www.brookings.edu/wp-content/uploads/2020/05/WP62_Duffie_updated.pdf *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen M. Reinhart, Kenneth S. Rogoff https://www.nber.org/papers/w23134 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

60 MINJUN 1
Comments
Adam Tooze on Dollar Dominance, the Eurozone, and the Future of Global Finance
hmly
Welcome to Himalaya LearningDozens of podcourses featuring over 100 experts are waiting for you.