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Macro Musings with David Beckworth

Mercatus Center

47
Followers
279
Plays
Macro Musings with David Beckworth

Macro Musings with David Beckworth

Mercatus Center

47
Followers
279
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

Bilal Hafeez on Inflation, Innovation, and Economic Recovery after COVID-19

Bilal Hafeez is the CEO and Founder of Macro Hive and previously worked at JP Morgan, Deutsche Bank and Nomura. Bilal joins Macro Musings to discuss recent economic developments and the outlook for inflation after the COVID-19 crisis. Specifically, Bilal and David discuss the prospects for a K-shaped US recovery, COVID-19’s impact on the Eurozone and the UK, how the launch of the EU’s recovery fund has fared, and how the pandemic has impacted the outlook for the services sector, inflation, and the US dollar. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Bilal’s Macro Hive profile: https://macrohive.com/researcher/bilal-hafeez/ Bilal’s website: http://bilalhafeez.com/ Bilal’s Twitter: @bilalhafeez123 Related Links: *The True Economic Consequences of the COVID Peace* by Bilal Hafeez https://macrohive.com/hive-exclusives/the-true-economic-consequences-of-the-covid-peace *EU Enjoys ‘Outrageous Demand’ for First Covid-related Bond* by Tommy Stubbington https://www.ft.com/content/e3553b68-22c8-487c-a7c0-7e1c6dc0ec4b David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

54 min10 h ago
Comments
Bilal Hafeez on Inflation, Innovation, and Economic Recovery after COVID-19

Adam Ozimek on the Past, Present, and Future of Remote Work in the Face of COVID-19

Adam Ozimek is the chief economist for Upwork, a global remote freelancing platform, and a returning guest to the podcast. Adam rejoins Macro Musings to talk about some of the lasting impacts of the pandemic on businesses; specifically its influence on remote work. David and Adam also discuss the results of the payment protection program, why the prime age employment to population ratio should become the most important employment measure, the economic geography of remote work, and more. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Adam’s Twitter: @ModeledBehavior Adam’s website: https://adamozimek.com/ Related Links: *The Future of Remote Work*by Adam Ozimek https://www.upwork.com/press/releases/the-future-of-remote-work *COVID-19 and Remote Work: An Early Look at US Data* by Erik Byrnjolfsson, John Horton, Adam Ozimek, Daniel Rock, Garima Sharma, and Hong-Yi TuYe https://www.nber.org/papers/w27344 *Where Remote Work Saves Commuters Most* by Adam Ozimek https://www.upwork.com/press/releases/where-remote-work-saves-commuters-most *When Work Goes Remote* by Adam Ozimek https://www.upwork.com/research/when-work-goes-remote *How Many Jobs can be Done at Home?* by Jonathan Dingel and Brent Neiman https://bfi.uchicago.edu/wp-content/uploads/BFI_White-Paper_Dingel_Neiman_3.2020.pdf *How Many U.S. Jobs Might be Offshorable?* by Alan Blinder https://www.princeton.edu/~ceps/workingpapers/142blinder.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

51 min1 w ago
Comments
Adam Ozimek on the Past, Present, and Future of Remote Work in the Face of COVID-19

Alan Cole on Monetary Policy for a Post-COVID Economy

Alan Cole is a senior economist at the Joint Economic Committee of Congress. Alan joins David on Macro Musings to discuss his work with the JEC and his thoughts on the economy. Specifically, Alan and David discuss the high savings rate during the COVID-19 crisis, the track record of US monetary policy from the 2008 financial crisis to the 2020 COVID-19 crisis, why the Fed’s commitment to average inflation targeting is an incremental step toward level targeting, and suggestions for the Fed moving forward. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Alan’s Twitter: @AlanMCole Related Links: The JEC’s Social Capital Project: https://www.jec.senate.gov/public/index.cfm/republicans/socialcapitalproject *Saving and COVID-19* by Alan Cole https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=754B52C6-04CD-458B-8755-98D1219398F1 *Stable Monetary Policy to Connect More Americans to Work* by Alan Cole https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=051267FC-0147-4E31-BE80-946E0543AF82 *Bullard May Be More Right Than Wrong* by Tim Duy https://blogs.uoregon.edu/timduyfedwatch/2020/09/28/bullard-may-be-more-right-than-wrong/ *The Fed’s Mistake* by Adam Ozimek and Michael Ferlez https://www.economy.com/home/products/samples/2018-11-20-Feds-Mistake.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

50 min2 w ago
Comments
Alan Cole on Monetary Policy for a Post-COVID Economy

David French on Political Polarization in America and Its Impact on the 2020 Elections

David French is a senior editor of The Dispatch and has written widely on American politics. David has a new book out on the polarization in the United States titled, *Divided We Fall: America’s Secession Threat and How to Restore our Nation.* He joins Macro Musings for another special presidential election episode to discuss this book as well as what political polarization means for the election, this country, and the economy. Specifically, both Davids talk about the political geography of polarization, the national red state versus blue state dynamics, and how instituting more federalism might be the solution. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David French’s Twitter: @DavidAFrench David French’s Dispatch archive: https://thedispatch.com/people/5849328-david-french Related Links: *Divided We Fall: America’s Secession Threat and How to Restore our Nation* by David French https://us.macmillan.com/books/9781250201973 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

58 min3 w ago
Comments
David French on Political Polarization in America and Its Impact on the 2020 Elections

Michael Strain on the Differing Economic Policies of Trump vs. Biden

Michael Strain is the Director of Economic Policy Studies at the American Enterprise Institute, and a previous guest of the show. Michael joins Macro Musings for a special presidential election episode to discuss President Trump's economic record and what a Biden presidency might mean for the economy compared to a second term for President Trump. Specifically, David and Michael discuss the presidential candidates’ past records and campaign goals for trade, taxes, regulations, immigration, and more. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Michael’s Twitter: @MichaelRStrain Michael’s AEI profile: https://www.aei.org/profile/michael-r-strain/ Related Links: The Mercatus Center’s RegData databse: https://www.mercatus.org/publications/regulation/regdata *The triumph of the Trump tax cuts* by Joshua McCabe https://thehill.com/opinion/finance/522813-the-triumph-of-the-trump-tax-cuts David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

38 min3 w ago
Comments
Michael Strain on the Differing Economic Policies of Trump vs. Biden

Matt Ygelsias on *One Billion Americans*: New Ideas to Revitalize the American Economy

Matt Yglesias is the co-founder of Vox, a senior correspondent who focuses on politics and economic policy, and a returning guest to the podcast. Matt once again joins Macro Musings to discuss his new book, *One Billion Americans: The Case for Thinking Bigger.* Specifically, David and Matt talk about how to reinvigorate the economy; through enacting better housing and transportation policies, dramatically increasing immigration, reviving America’s forgotten cities, and more. Finally, they also discuss the Fed’s new average inflation targeting regime, and what kind of direction the Fed will take over the new few years. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Matt’s Twitter: @mattyglesias Matt’s Vox profile: https://www.vox.com/authors/matthew-yglesias Matt’s podcast: https://www.vox.com/the-weeds Related Links: *One Billion Americans: The Case For Thinking Bigger* by Matt Yglesias https://www.penguinrandomhouse.com/books/6...

61 minOCT 26
Comments
Matt Ygelsias on *One Billion Americans*: New Ideas to Revitalize the American Economy

Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

Shruti Rajagopalan is a Senior Research Fellow at the Mercatus Center where she leads the programs Indian Political Economy Research and the Emergent Ventures India. Shruti joins David on Macro Musings to discuss the past, present and future of the Indian economy. Specifically, Shruti and David discuss India’s mid-20th century experiment with socialism, subsequent reforms from 1980 through the 2000s, and how further reforms to manufacturing and to land and labor markets can accelerate its economic development. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Shruti’s Twitter: @srajagopalan Shruti’s Mercatus profile: https://www.mercatus.org/scholars/shruti-rajagopalan Shruti’s podcast, *Ideas of India*: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/https://www.mercatus.org/tags/ideas-india Related Links: *India Grows at Night* by Gurcharan Das https://www.amazon.com/India-Grows-At-Night-Liberal/dp/0670084700 *In Indi...

66 minOCT 19
Comments
Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

Roberto Perli on Average Inflation Targeting and Improving the Fed’s Framework

Roberto Perli is a partner and the head of global policy at Cornerstone Macro and is formerly a senior staffer at the Federal Reserve Board of Governors. Roberto joins Macro Musings to discuss the Fed’s new average inflation targeting framework and what it means for monetary policy, markets, and the economy going forward. Specifically, David and Roberto also discuss the current vague nature of FOMC forward guidance, the challenges and credibility concerns of AIT, and how to further improve the Fed’s framework in the future. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Roberto’s Twitter: @R_Perli Roberto’s Cornerstone Macro profile: https://www.cornerstonemacro.com/people/ Related Links: FOMC September meeting press release: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm *Temporary Price-level Targeting: An Alternative Framework for Monetary Policy* by Ben Bernanke https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/ David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

52 minOCT 12
Comments
Roberto Perli on Average Inflation Targeting and Improving the Fed’s Framework

Megan Greene and Eric Lonergan on Dual Interest Rates and the Prospects of Average Inflation Targeting

Megan Greene is a global economist and Senior Fellow at Harvard University School, and Eric Lonergan is an economist and macro fund manager at M&G Investments. Both Megan and Eric are returning guests of the show, and they re-join Macro Musings to discuss dual interest rates and the potential power it brings to central banks. Specifically, they discuss the current constraints on central banks’ toolkit, how the example of the ECB targeting TLTRO’s illustrates the potential of dual interest rates, why the concern over fiscal versus monetary policy is misunderstood, and whether the Fed’s new average inflation targeting mandate can be successfully implemented. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Megan’s Twitter: @economistmeg Megan’s website: https://economistmeg.com/about/ Megan’s Financial Times archive: https://www.ft.com/megan-greene Eric’s Twitter: @ericlonners Eric’s blog: https://www.philosophyofmoney.net/ Eric’s M&G Investments profile: https://www.mandg.co.uk/investor/fund-managers/eric-lonergan/ Related Links: *Dual Interest Rates Give Central Banks Limitless Firepower* by Eric Lonergan and Megan Greene https://voxeu.org/article/dual-interest-rates-give-central-banks-limitless-fire-power *A Misplaced Faith in the Power of Central Banks* by Greg Ip https://www.wsj.com/articles/a-misplaced-faith-in-the-power-of-central-banks-11583256163 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

57 minOCT 5
Comments
Megan Greene and Eric Lonergan on Dual Interest Rates and the Prospects of Average Inflation Targeting

Thorvald Grung Moe on the Life of Marriner Eccles and His Lasting Macroeconomic Legacy

Thorvald Grung Moe is a 30 year veteran is of the Norges Bank, the central bank of Norway, and has also worked in the Norwegian Ministry of Finance, the World Bank, and the IMF. Thorvald joins Macro Musings to talk about Marriner Eccles and a paper he has written on him title, *Marriner Eccles in the 1950 Treasury-Federal Reserve Accord: Lessons for Central Bankers.* David and Thorvald specifically discuss Eccles’ views on countercyclical monetary policy and government finance, his role in reforming and centralizing the Fed, and the many other lessons that can be learned from his life, particularly in the realm of macroeconomics. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Thorvald’s Twitter: @finstab Thorvald’s Levy Economics Institute profile: http://www.levyinstitute.org/scholars/thorvald-grung-moe Related Links: *Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence* by Thorvald Grung Moe http://www.levyinstitute.org/pubs/wp_747.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

62 minSEP 28
Comments
Thorvald Grung Moe on the Life of Marriner Eccles and His Lasting Macroeconomic Legacy

Latest Episodes

Bilal Hafeez on Inflation, Innovation, and Economic Recovery after COVID-19

Bilal Hafeez is the CEO and Founder of Macro Hive and previously worked at JP Morgan, Deutsche Bank and Nomura. Bilal joins Macro Musings to discuss recent economic developments and the outlook for inflation after the COVID-19 crisis. Specifically, Bilal and David discuss the prospects for a K-shaped US recovery, COVID-19’s impact on the Eurozone and the UK, how the launch of the EU’s recovery fund has fared, and how the pandemic has impacted the outlook for the services sector, inflation, and the US dollar. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Bilal’s Macro Hive profile: https://macrohive.com/researcher/bilal-hafeez/ Bilal’s website: http://bilalhafeez.com/ Bilal’s Twitter: @bilalhafeez123 Related Links: *The True Economic Consequences of the COVID Peace* by Bilal Hafeez https://macrohive.com/hive-exclusives/the-true-economic-consequences-of-the-covid-peace *EU Enjoys ‘Outrageous Demand’ for First Covid-related Bond* by Tommy Stubbington https://www.ft.com/content/e3553b68-22c8-487c-a7c0-7e1c6dc0ec4b David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

54 min10 h ago
Comments
Bilal Hafeez on Inflation, Innovation, and Economic Recovery after COVID-19

Adam Ozimek on the Past, Present, and Future of Remote Work in the Face of COVID-19

Adam Ozimek is the chief economist for Upwork, a global remote freelancing platform, and a returning guest to the podcast. Adam rejoins Macro Musings to talk about some of the lasting impacts of the pandemic on businesses; specifically its influence on remote work. David and Adam also discuss the results of the payment protection program, why the prime age employment to population ratio should become the most important employment measure, the economic geography of remote work, and more. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Adam’s Twitter: @ModeledBehavior Adam’s website: https://adamozimek.com/ Related Links: *The Future of Remote Work*by Adam Ozimek https://www.upwork.com/press/releases/the-future-of-remote-work *COVID-19 and Remote Work: An Early Look at US Data* by Erik Byrnjolfsson, John Horton, Adam Ozimek, Daniel Rock, Garima Sharma, and Hong-Yi TuYe https://www.nber.org/papers/w27344 *Where Remote Work Saves Commuters Most* by Adam Ozimek https://www.upwork.com/press/releases/where-remote-work-saves-commuters-most *When Work Goes Remote* by Adam Ozimek https://www.upwork.com/research/when-work-goes-remote *How Many Jobs can be Done at Home?* by Jonathan Dingel and Brent Neiman https://bfi.uchicago.edu/wp-content/uploads/BFI_White-Paper_Dingel_Neiman_3.2020.pdf *How Many U.S. Jobs Might be Offshorable?* by Alan Blinder https://www.princeton.edu/~ceps/workingpapers/142blinder.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

51 min1 w ago
Comments
Adam Ozimek on the Past, Present, and Future of Remote Work in the Face of COVID-19

Alan Cole on Monetary Policy for a Post-COVID Economy

Alan Cole is a senior economist at the Joint Economic Committee of Congress. Alan joins David on Macro Musings to discuss his work with the JEC and his thoughts on the economy. Specifically, Alan and David discuss the high savings rate during the COVID-19 crisis, the track record of US monetary policy from the 2008 financial crisis to the 2020 COVID-19 crisis, why the Fed’s commitment to average inflation targeting is an incremental step toward level targeting, and suggestions for the Fed moving forward. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Alan’s Twitter: @AlanMCole Related Links: The JEC’s Social Capital Project: https://www.jec.senate.gov/public/index.cfm/republicans/socialcapitalproject *Saving and COVID-19* by Alan Cole https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=754B52C6-04CD-458B-8755-98D1219398F1 *Stable Monetary Policy to Connect More Americans to Work* by Alan Cole https://www.jec.senate.gov/public/index.cfm/republicans/analysis?ID=051267FC-0147-4E31-BE80-946E0543AF82 *Bullard May Be More Right Than Wrong* by Tim Duy https://blogs.uoregon.edu/timduyfedwatch/2020/09/28/bullard-may-be-more-right-than-wrong/ *The Fed’s Mistake* by Adam Ozimek and Michael Ferlez https://www.economy.com/home/products/samples/2018-11-20-Feds-Mistake.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

50 min2 w ago
Comments
Alan Cole on Monetary Policy for a Post-COVID Economy

David French on Political Polarization in America and Its Impact on the 2020 Elections

David French is a senior editor of The Dispatch and has written widely on American politics. David has a new book out on the polarization in the United States titled, *Divided We Fall: America’s Secession Threat and How to Restore our Nation.* He joins Macro Musings for another special presidential election episode to discuss this book as well as what political polarization means for the election, this country, and the economy. Specifically, both Davids talk about the political geography of polarization, the national red state versus blue state dynamics, and how instituting more federalism might be the solution. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings David French’s Twitter: @DavidAFrench David French’s Dispatch archive: https://thedispatch.com/people/5849328-david-french Related Links: *Divided We Fall: America’s Secession Threat and How to Restore our Nation* by David French https://us.macmillan.com/books/9781250201973 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

58 min3 w ago
Comments
David French on Political Polarization in America and Its Impact on the 2020 Elections

Michael Strain on the Differing Economic Policies of Trump vs. Biden

Michael Strain is the Director of Economic Policy Studies at the American Enterprise Institute, and a previous guest of the show. Michael joins Macro Musings for a special presidential election episode to discuss President Trump's economic record and what a Biden presidency might mean for the economy compared to a second term for President Trump. Specifically, David and Michael discuss the presidential candidates’ past records and campaign goals for trade, taxes, regulations, immigration, and more. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Michael’s Twitter: @MichaelRStrain Michael’s AEI profile: https://www.aei.org/profile/michael-r-strain/ Related Links: The Mercatus Center’s RegData databse: https://www.mercatus.org/publications/regulation/regdata *The triumph of the Trump tax cuts* by Joshua McCabe https://thehill.com/opinion/finance/522813-the-triumph-of-the-trump-tax-cuts David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

38 min3 w ago
Comments
Michael Strain on the Differing Economic Policies of Trump vs. Biden

Matt Ygelsias on *One Billion Americans*: New Ideas to Revitalize the American Economy

Matt Yglesias is the co-founder of Vox, a senior correspondent who focuses on politics and economic policy, and a returning guest to the podcast. Matt once again joins Macro Musings to discuss his new book, *One Billion Americans: The Case for Thinking Bigger.* Specifically, David and Matt talk about how to reinvigorate the economy; through enacting better housing and transportation policies, dramatically increasing immigration, reviving America’s forgotten cities, and more. Finally, they also discuss the Fed’s new average inflation targeting regime, and what kind of direction the Fed will take over the new few years. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Matt’s Twitter: @mattyglesias Matt’s Vox profile: https://www.vox.com/authors/matthew-yglesias Matt’s podcast: https://www.vox.com/the-weeds Related Links: *One Billion Americans: The Case For Thinking Bigger* by Matt Yglesias https://www.penguinrandomhouse.com/books/6...

61 minOCT 26
Comments
Matt Ygelsias on *One Billion Americans*: New Ideas to Revitalize the American Economy

Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

Shruti Rajagopalan is a Senior Research Fellow at the Mercatus Center where she leads the programs Indian Political Economy Research and the Emergent Ventures India. Shruti joins David on Macro Musings to discuss the past, present and future of the Indian economy. Specifically, Shruti and David discuss India’s mid-20th century experiment with socialism, subsequent reforms from 1980 through the 2000s, and how further reforms to manufacturing and to land and labor markets can accelerate its economic development. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Shruti’s Twitter: @srajagopalan Shruti’s Mercatus profile: https://www.mercatus.org/scholars/shruti-rajagopalan Shruti’s podcast, *Ideas of India*: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/https://www.mercatus.org/tags/ideas-india Related Links: *India Grows at Night* by Gurcharan Das https://www.amazon.com/India-Grows-At-Night-Liberal/dp/0670084700 *In Indi...

66 minOCT 19
Comments
Shruti Rajagopalan on the Past, Present, and Future of the Indian Economy

Roberto Perli on Average Inflation Targeting and Improving the Fed’s Framework

Roberto Perli is a partner and the head of global policy at Cornerstone Macro and is formerly a senior staffer at the Federal Reserve Board of Governors. Roberto joins Macro Musings to discuss the Fed’s new average inflation targeting framework and what it means for monetary policy, markets, and the economy going forward. Specifically, David and Roberto also discuss the current vague nature of FOMC forward guidance, the challenges and credibility concerns of AIT, and how to further improve the Fed’s framework in the future. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Roberto’s Twitter: @R_Perli Roberto’s Cornerstone Macro profile: https://www.cornerstonemacro.com/people/ Related Links: FOMC September meeting press release: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm *Temporary Price-level Targeting: An Alternative Framework for Monetary Policy* by Ben Bernanke https://www.brookings.edu/blog/ben-bernanke/2017/10/12/temporary-price-level-targeting-an-alternative-framework-for-monetary-policy/ David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

52 minOCT 12
Comments
Roberto Perli on Average Inflation Targeting and Improving the Fed’s Framework

Megan Greene and Eric Lonergan on Dual Interest Rates and the Prospects of Average Inflation Targeting

Megan Greene is a global economist and Senior Fellow at Harvard University School, and Eric Lonergan is an economist and macro fund manager at M&G Investments. Both Megan and Eric are returning guests of the show, and they re-join Macro Musings to discuss dual interest rates and the potential power it brings to central banks. Specifically, they discuss the current constraints on central banks’ toolkit, how the example of the ECB targeting TLTRO’s illustrates the potential of dual interest rates, why the concern over fiscal versus monetary policy is misunderstood, and whether the Fed’s new average inflation targeting mandate can be successfully implemented. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Megan’s Twitter: @economistmeg Megan’s website: https://economistmeg.com/about/ Megan’s Financial Times archive: https://www.ft.com/megan-greene Eric’s Twitter: @ericlonners Eric’s blog: https://www.philosophyofmoney.net/ Eric’s M&G Investments profile: https://www.mandg.co.uk/investor/fund-managers/eric-lonergan/ Related Links: *Dual Interest Rates Give Central Banks Limitless Firepower* by Eric Lonergan and Megan Greene https://voxeu.org/article/dual-interest-rates-give-central-banks-limitless-fire-power *A Misplaced Faith in the Power of Central Banks* by Greg Ip https://www.wsj.com/articles/a-misplaced-faith-in-the-power-of-central-banks-11583256163 David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

57 minOCT 5
Comments
Megan Greene and Eric Lonergan on Dual Interest Rates and the Prospects of Average Inflation Targeting

Thorvald Grung Moe on the Life of Marriner Eccles and His Lasting Macroeconomic Legacy

Thorvald Grung Moe is a 30 year veteran is of the Norges Bank, the central bank of Norway, and has also worked in the Norwegian Ministry of Finance, the World Bank, and the IMF. Thorvald joins Macro Musings to talk about Marriner Eccles and a paper he has written on him title, *Marriner Eccles in the 1950 Treasury-Federal Reserve Accord: Lessons for Central Bankers.* David and Thorvald specifically discuss Eccles’ views on countercyclical monetary policy and government finance, his role in reforming and centralizing the Fed, and the many other lessons that can be learned from his life, particularly in the realm of macroeconomics. Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings Thorvald’s Twitter: @finstab Thorvald’s Levy Economics Institute profile: http://www.levyinstitute.org/scholars/thorvald-grung-moe Related Links: *Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence* by Thorvald Grung Moe http://www.levyinstitute.org/pubs/wp_747.pdf David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

62 minSEP 28
Comments
Thorvald Grung Moe on the Life of Marriner Eccles and His Lasting Macroeconomic Legacy
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