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Macro Musings with David Beckworth

Mercatus Center

46
Followers
244
Plays
Macro Musings with David Beckworth

Macro Musings with David Beckworth

Mercatus Center

46
Followers
244
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

Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market

Carolyn Sissoko is an associate professor of economics at the University of the West of England, and she has written widely on shadow banking, money markets, and the plumbing of the financial system. Carolyn joins Macro Musings to talk about the evolution of money markets over the past few decades, and its implication for both monetary and fiscal policy. Specifically, David and Carolyn discuss the collateral supply effect, the consequences of moving from LIBOR to SOFR, and solutions to other money market concerns. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Carolyn’s Twitter: @csissoko Carolyn’s UWE Bristol profile: https://people.uwe.ac.uk/Person/CarolynSissoko Related Links: *The Collateral Supply Effect on Central Bank Policy* by Carolyn Sissoko https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3545546 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

61 min6 d ago
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Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market

Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

Robin Harding is the Tokyo Bureau chief for the Financial Times. Until 2015, he was based in Washington D.C., covering the U.S. Federal Reserve, the Treasury, and the IMF for the Financial Times. Robin Macro Musings to talk about the Japanese economy, Abenomics, and the evolution of monetary policy in advanced economies over the past decade. Specifically, Robin and David discuss what the Bank of Japan’s point inflation target has in common with the Fed’s average inflation target, how the Bank of Japan found itself on the frontlines of innovation in monetary policy, and what the legacy of Abenomics portends for the future of monetary policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Robin’s Twitter: @RobinBHarding Robin’s Financial Times profile: https://www.ft.com/robin-harding Related Links: *Six Abenomics Lessons for a World Struggling with ‘Japanification’* by Robin Harding https://www.ft.com/content/9f4b1656-95a2-41e0-9c86-70f5b063796d *Abe’s Tenure Marked by Trade Successes and Thwarted Ambitions* by Robin Harding https://www.ft.com/content/125378c8-073c-41b6-9aef-42b985c24784 *Leave Public Debt Worries for Another Day* by Robin Harding https://www.ft.com/content/691cb9f4-b53d-4429-bba4-03ca623c0077 *Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford https://www.kansascityfed.org/publicat/sympos/2012/mw.pdf?sm=jh083112-4 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

53 min1 w ago
Comments
Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. He joins again to talk about his views on the Fed’s new framework and his recent book titled, *The Menace of Fiscal QE.* Specifically, David and George discuss the Fed’s quantitative easing evolution, and how the move to a floor system helped pave the way for fiscal QE to become a more popular policy in the present. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings George’s Twitter: @GeorgeSelgin George’s Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *The Menace of Fiscal QE* by George Selgin https://www.cato.org/books/menace-fiscal-qe *Mission Creep at the Fed* by Greg Ip https://www.wsj.com/articles/mission-creep-at-the-fed-11598461446 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

65 min2 w ago
Comments
George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

Macro Musings is back with another bonus episode, as Sam Bell and Skanda Amarnath (Employ America) are joined by Julia Coronado (Macro Policy Perspectives) and David Beckworth (Macro Musings) to talk through the announcement of the Fed’s framework transition towards average inflation targeting. Specifically, this panel of guests discuss the implications of moving to an average inflation targeting regime, whether the shift may cause credibility problems for the central bank, how to continue to improve the Fed’s toolkit, and more. Special thanks to the Employ America team for allowing us to use their webcast audio for this special Macro Musings bonus content. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Employ America’s Twitter: @employamerica Employ America’s website: https://employamerica.org/ Sam Bell’s Twitter: @sam_a_bell Skanda Amarnath’s Twitter: @IrvingSwisher Julia’s Twitter: @jc_econ Julia’s Macro Policy Perspectives profile: https://www.macropolicyperspectives.com/team Related Links: *A New Way to Manage Inflation* by David Beckworth https://www.mercatus.org/bridge/commentary/new-way-manage-inflation *By Doubling Down On Inflation Targeting, the Fed Is At Risk of Forgetting Lessons from 2008 & 2011* by Skanda Amarnath https://medium.com/@skanda_97974/by-doubling-down-on-inflation-targeting-the-fed-is-at-risk-of-forgetting-lessons-from-2008-2011-f877f78acba2 *Securing Macroeconomic and Monetary Stability with a Federal Reserve–Backed Digital Currency* by Julia Coronado and Simon Potter https://www.piie.com/system/files/documents/pb20-4.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

58 min3 w ago
Comments
BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

Scott Lincicome is a senior fellow in Economic Studies at Cato Institute where he writes on international and domestic economic issues, including international trade, industrial policy and manufacturing and global supply chains. Scott joins David on Macro Musings to discuss what we've learned so far about the so-called China shock and where we are today in the trade war. Specifically, David and Scott discuss the historical rise of Chinese exports, its impact on US labor markets, how certain policies make it harder for US workers to adjust, and whether the Trump administration marks a genuine regime shift in international trade. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Scott’s Twitter: @scottlincicome Scott’s Cato Institute profile: https://www.cato.org/people/scott-lincicome Related Links: *Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?”*by Scott Lincicome https://www.cato.org/publications/policy-an...

61 min3 w ago
Comments
Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

Jim Tankersley is a tax and economics reporter for the New York Times and has written a new book on the middle class titled, *The Riches of This Land: The Untold, True Story of the American Middle Class.* Jim joins Macro Musings to talk about this book, and the state of the middle class in the US. David and Jim also discuss the history and golden era of the middle class as well as the steps policymakers can take to ensure we return to a path of robust economic growth. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jim’s Twitter: @jimtankersley Jim’s New York Times archive: https://www.nytimes.com/by/jim-tankersley Related Links: *The Riches of This Land: The Untold, True Story of the American Middle Class* by Jim Tankersley https://www.publicaffairsbooks.com/titles/jim-tankersley/the-riches-of-this-land/9781541767836/ *The Allocation of Talent and U.S. Economic Growth* by Chang-Tai Hsieh, Erik Hurst, Charles Jones, and Peter Klenow https://www.nber.org/papers/w18693 *Populism in Place: The Economic Geography of the Globalization Backlash* by J. Lawrence Broz, Jeffry Freiden, and Stephen Weymouth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501263 *Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?* by Scott Lincicome https://www.cato.org/publications/policy-analysis/testing-china-shock-was-normalizing-trade-china-mistake *The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade* by David Autor, David Dorn, and Gordon Hanson https://economics.mit.edu/files/12751 *The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen https://us.macmillan.com/books/9781250108708 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

64 minAUG 24
Comments
Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

Vincent Grossmann-Wirth is the Deputy Head of Monetary Policy Implementation Division at the Banque de France. Vincent joins Macro Musings to discuss the European Central Bank’s response to the COVID-19 crisis and what may lie ahead for the central bank. Specifically, Vincent and David discuss how the ECB’s structure and operating system compares to the US Federal Reserve System, the various dimensions of the ECB’s response to COVID-19, and what the ECB’s review of its operating framework portends for the future of monetary policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Vincent’s Twitter: @VinceGW Vincent’s Banque de France profile: https://www.banque-france.fr/en/economics/economists-and-researchers/vincent-grossmann-wirth Related Links: *Monetary policy measures taken by the Eurosystem in response to COVID-19* by Vincent Grossmann-Wirth https://blocnotesdeleco.banque-france.fr/en/blog-entry/monetary-policy-measures-taken-eurosystem-response-covid-19 *What Monetary Policy Operational Frameworks in the New Financial Environment? A Comparison of the US Fed and the Eurosystem Perspectives, 2007–2019* by Vincent Grossmann-Wirth https://ideas.repec.org/a/mes/ijpoec/v48y2019i4p336-352.html David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

59 minAUG 17
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Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David’s Twitter: @ProfSchleich David’s Yale profile: https://law.yale.edu/david-n-schleicher Related Links: *Stuck! The Law and Economics of Residential Stagnation* by David Schleicher https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation *Hands On! Part I: The Trilemma Facing the Federal Government During State and Local Budget Crises* by David Schleicher https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3649278 *David Schleicher on Local and State Regulation and Declining Mobility* by Macro Musings https://macromusings.libsyn.com/58-david-schleicher-on-local-and-state-regulation-and-declining-mobility *The Future of Remote Work* by Adam Ozimek https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597 *States Continue to Face Large Shortfalls Due to COVID-19 Effects* by Elizabeth McNichol and Michael Leachman https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

64 minAUG 10
Comments
David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

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 minAUG 3
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 minJUL 27
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David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis

Latest Episodes

Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market

Carolyn Sissoko is an associate professor of economics at the University of the West of England, and she has written widely on shadow banking, money markets, and the plumbing of the financial system. Carolyn joins Macro Musings to talk about the evolution of money markets over the past few decades, and its implication for both monetary and fiscal policy. Specifically, David and Carolyn discuss the collateral supply effect, the consequences of moving from LIBOR to SOFR, and solutions to other money market concerns. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Carolyn’s Twitter: @csissoko Carolyn’s UWE Bristol profile: https://people.uwe.ac.uk/Person/CarolynSissoko Related Links: *The Collateral Supply Effect on Central Bank Policy* by Carolyn Sissoko https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3545546 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

61 min6 d ago
Comments
Carolyn Sissoko on the Collateral Supply Effect and Other Concerns in the Money Market

Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

Robin Harding is the Tokyo Bureau chief for the Financial Times. Until 2015, he was based in Washington D.C., covering the U.S. Federal Reserve, the Treasury, and the IMF for the Financial Times. Robin Macro Musings to talk about the Japanese economy, Abenomics, and the evolution of monetary policy in advanced economies over the past decade. Specifically, Robin and David discuss what the Bank of Japan’s point inflation target has in common with the Fed’s average inflation target, how the Bank of Japan found itself on the frontlines of innovation in monetary policy, and what the legacy of Abenomics portends for the future of monetary policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Robin’s Twitter: @RobinBHarding Robin’s Financial Times profile: https://www.ft.com/robin-harding Related Links: *Six Abenomics Lessons for a World Struggling with ‘Japanification’* by Robin Harding https://www.ft.com/content/9f4b1656-95a2-41e0-9c86-70f5b063796d *Abe’s Tenure Marked by Trade Successes and Thwarted Ambitions* by Robin Harding https://www.ft.com/content/125378c8-073c-41b6-9aef-42b985c24784 *Leave Public Debt Worries for Another Day* by Robin Harding https://www.ft.com/content/691cb9f4-b53d-4429-bba4-03ca623c0077 *Methods of Policy Accommodation at the Interest-Rate Lower Bound* by Michael Woodford https://www.kansascityfed.org/publicat/sympos/2012/mw.pdf?sm=jh083112-4 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

53 min1 w ago
Comments
Robin Harding on Abenomics and the ‘Japanification’ of Monetary Policy

George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

George Selgin is the director of the Cato Institute’s Center for Monetary and Financial Alternatives and is a returning guest to Macro Musings. He joins again to talk about his views on the Fed’s new framework and his recent book titled, *The Menace of Fiscal QE.* Specifically, David and George discuss the Fed’s quantitative easing evolution, and how the move to a floor system helped pave the way for fiscal QE to become a more popular policy in the present. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings George’s Twitter: @GeorgeSelgin George’s Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *The Menace of Fiscal QE* by George Selgin https://www.cato.org/books/menace-fiscal-qe *Mission Creep at the Fed* by Greg Ip https://www.wsj.com/articles/mission-creep-at-the-fed-11598461446 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

65 min2 w ago
Comments
George Selgin on Average Inflation Targeting and *The Menace of Fiscal QE*

BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

Macro Musings is back with another bonus episode, as Sam Bell and Skanda Amarnath (Employ America) are joined by Julia Coronado (Macro Policy Perspectives) and David Beckworth (Macro Musings) to talk through the announcement of the Fed’s framework transition towards average inflation targeting. Specifically, this panel of guests discuss the implications of moving to an average inflation targeting regime, whether the shift may cause credibility problems for the central bank, how to continue to improve the Fed’s toolkit, and more. Special thanks to the Employ America team for allowing us to use their webcast audio for this special Macro Musings bonus content. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Employ America’s Twitter: @employamerica Employ America’s website: https://employamerica.org/ Sam Bell’s Twitter: @sam_a_bell Skanda Amarnath’s Twitter: @IrvingSwisher Julia’s Twitter: @jc_econ Julia’s Macro Policy Perspectives profile: https://www.macropolicyperspectives.com/team Related Links: *A New Way to Manage Inflation* by David Beckworth https://www.mercatus.org/bridge/commentary/new-way-manage-inflation *By Doubling Down On Inflation Targeting, the Fed Is At Risk of Forgetting Lessons from 2008 & 2011* by Skanda Amarnath https://medium.com/@skanda_97974/by-doubling-down-on-inflation-targeting-the-fed-is-at-risk-of-forgetting-lessons-from-2008-2011-f877f78acba2 *Securing Macroeconomic and Monetary Stability with a Federal Reserve–Backed Digital Currency* by Julia Coronado and Simon Potter https://www.piie.com/system/files/documents/pb20-4.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

58 min3 w ago
Comments
BONUS: Employ America’s Webcast Panel on the Federal Reserve’s Updated Framework and Its Implications for Monetary Policy

Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

Scott Lincicome is a senior fellow in Economic Studies at Cato Institute where he writes on international and domestic economic issues, including international trade, industrial policy and manufacturing and global supply chains. Scott joins David on Macro Musings to discuss what we've learned so far about the so-called China shock and where we are today in the trade war. Specifically, David and Scott discuss the historical rise of Chinese exports, its impact on US labor markets, how certain policies make it harder for US workers to adjust, and whether the Trump administration marks a genuine regime shift in international trade. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Scott’s Twitter: @scottlincicome Scott’s Cato Institute profile: https://www.cato.org/people/scott-lincicome Related Links: *Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?”*by Scott Lincicome https://www.cato.org/publications/policy-an...

61 min3 w ago
Comments
Scott Lincicome on the China Shock, Trade Policy, and US Labor Markets

Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

Jim Tankersley is a tax and economics reporter for the New York Times and has written a new book on the middle class titled, *The Riches of This Land: The Untold, True Story of the American Middle Class.* Jim joins Macro Musings to talk about this book, and the state of the middle class in the US. David and Jim also discuss the history and golden era of the middle class as well as the steps policymakers can take to ensure we return to a path of robust economic growth. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Jim’s Twitter: @jimtankersley Jim’s New York Times archive: https://www.nytimes.com/by/jim-tankersley Related Links: *The Riches of This Land: The Untold, True Story of the American Middle Class* by Jim Tankersley https://www.publicaffairsbooks.com/titles/jim-tankersley/the-riches-of-this-land/9781541767836/ *The Allocation of Talent and U.S. Economic Growth* by Chang-Tai Hsieh, Erik Hurst, Charles Jones, and Peter Klenow https://www.nber.org/papers/w18693 *Populism in Place: The Economic Geography of the Globalization Backlash* by J. Lawrence Broz, Jeffry Freiden, and Stephen Weymouth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501263 *Testing the ‘China Shock’: Was Normalizing Trade with China a Mistake?* by Scott Lincicome https://www.cato.org/publications/policy-analysis/testing-china-shock-was-normalizing-trade-china-mistake *The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade* by David Autor, David Dorn, and Gordon Hanson https://economics.mit.edu/files/12751 *The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen https://us.macmillan.com/books/9781250108708 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

64 minAUG 24
Comments
Jim Tankersley on the State of the Middle Class and How to Boost Economic Growth

Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

Vincent Grossmann-Wirth is the Deputy Head of Monetary Policy Implementation Division at the Banque de France. Vincent joins Macro Musings to discuss the European Central Bank’s response to the COVID-19 crisis and what may lie ahead for the central bank. Specifically, Vincent and David discuss how the ECB’s structure and operating system compares to the US Federal Reserve System, the various dimensions of the ECB’s response to COVID-19, and what the ECB’s review of its operating framework portends for the future of monetary policy. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Vincent’s Twitter: @VinceGW Vincent’s Banque de France profile: https://www.banque-france.fr/en/economics/economists-and-researchers/vincent-grossmann-wirth Related Links: *Monetary policy measures taken by the Eurosystem in response to COVID-19* by Vincent Grossmann-Wirth https://blocnotesdeleco.banque-france.fr/en/blog-entry/monetary-policy-measures-taken-eurosystem-response-covid-19 *What Monetary Policy Operational Frameworks in the New Financial Environment? A Comparison of the US Fed and the Eurosystem Perspectives, 2007–2019* by Vincent Grossmann-Wirth https://ideas.repec.org/a/mes/ijpoec/v48y2019i4p336-352.html David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

59 minAUG 17
Comments
Vincent Grossmann-Wirth on the ECB in a Post-COVID Economy

David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David’s Twitter: @ProfSchleich David’s Yale profile: https://law.yale.edu/david-n-schleicher Related Links: *Stuck! The Law and Economics of Residential Stagnation* by David Schleicher https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation *Hands On! Part I: The Trilemma Facing the Federal Government During State and Local Budget Crises* by David Schleicher https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3649278 *David Schleicher on Local and State Regulation and Declining Mobility* by Macro Musings https://macromusings.libsyn.com/58-david-schleicher-on-local-and-state-regulation-and-declining-mobility *The Future of Remote Work* by Adam Ozimek https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597 *States Continue to Face Large Shortfalls Due to COVID-19 Effects* by Elizabeth McNichol and Michael Leachman https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

64 minAUG 10
Comments
David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis

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 minAUG 3
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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 minJUL 27
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David Beckworth on Nominal GDP Targeting in the Wake of the COVID-19 Crisis
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