Laurence Bristow on What the Fed can Learn from the Reserve Bank of Australia
Laurence Bristow is a former staffer at the Reserve Bank of Australia and currently is a Vice President and Research Associate at the Bank Policy Institute. In Laurence's first appearance on the show, he discusses the differences between the Reserve Bank of Australia and the Fed, The RBA's change in operating systems, what a demand driven system actually looks like, the motivation for the RBA to make this change, calls for changes to the operating system within the Fed, and much more. Check out the transcript for this week's episode, now with links. Recorded on November 20th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:22 - Laurie's Career 00:05:15 - Reserve Bank of Australia 00:11:33 - RBA's New Monetary Policy Implementation System 00:17:28 - What Is a Demand-Driven System? 00:26:02 - Interbank Market 00:31:33 - Motivations for a Demand-Driven System 00:40:10 - Bank Policy Institute Money Market Symposium 00:52:36 - Outro
8 Joulu 53min
Mike Bird on the Land Trap and How the History of Housing Impacts the Global Economy
Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World's Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan's lost decade, the modern history of land in China, and much more. Check out the transcript for this week's episode, now with links. Recorded on November 4th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Mike on X: @Birdyword Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:27 - Abenomics 00:04:32 - Motivations for The Land Trap 00:7:58 - Land as a Different Kind of Asset 00:14:55 - COVID-19 Housing Prices 00:20:42 - Land as an Enduringly Important Asset 00:24:34 - Wolf Ladejinsky 00:37:14 - Japan from 1980s Onward 00:47:28 - Land in China 00:56:36 - Henry George 01:00:42 - Outro
24 Marras 1h 1min
Lukasz Rachel on Non-Ricardian Macroeconomic Policy and Its Implications for Inflation
Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz's first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more. Check out the transcript for this week's episode, now with links. Recorded on October 29th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Lukasz on X: @LukaszRachel Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:42 - Lukasz's Career 00:07:30 - Secular Stagnation in the Industrialized World 00:21:08 - What Next for R-Star? 00:36:11 - Brothers in Arms: Monetary-Fiscal Interactions 00:49:53 - Policy Recommendations 00:51:03 - Outro
17 Marras 51min
Tara Sinclair on Building a Synthetic FOMC Through AI
Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens with LLM models, the process of building sim FOMC members, the importance of publicly funding economic data, the future of AI and macroeconomics, and much more. Check out the transcript for this week's episode, now with links. Recorded on October 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Tara on X: @TaraSinc Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:44 - Data and Policymaking 00:05:28 - Federal Forecasters Conference 00:08:01 - FOMC in Silico 00:32:56 - Future Applications 00:38:29 - Broader Implications 00:42:57 - Central Bank Governance and AI 00:51:40 - Outro
10 Marras 52min
Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom
Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of growth driven deflation, the connection between the postbellum period and today, the potential of rapid productivity growth from AI, and much more. Check out the transcript for this week's episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Bryan on X: @BryanPCutsinger Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:04:41 - Rethinking Deflation 00:35:48 - Rapid Productivity Growth from AI 00:46:35 - Tolerating Deflation 00:55:28 - Outro
3 Marras 56min
Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam
Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve's first appearance on the show they discuss the historical significance of the Bank of Amsterdam, The use of ledger at the Bank of Amsterdam, It's use of repo and open market operations, it's connection to central banking today, and much more. Check out the transcript for this week's episode, now with links. Recorded on September 23rd, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:00:53 - Bank of Amsterdam 00:10:31 - Bank of Amsterdam's Ledger 00:32:09 - Motivations 00:36:49 - Seven Years' War 00:40:53 - The Repo Versus the Open Market 00:56:30 - Outro
27 Loka 57min
Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World
Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim's first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz's calls to end interest on reserves, and much more. Check out the transcript for this week's episode, now with links. Recorded on September 11th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:03:16 - Jim's Career 00:05:38 - Monetary Rules at the Fed 00:09:12 - Increasing Transparency at the Fed 00:17:25 - Y2K and the Fed 00:26:19 - Discount Window 00:32:21 - Global Financial Crisis 00:39:10 - Covid Pandemic 00:46:10 - Jim's Current Research 01:00:31 - Outro
20 Loka 1h 1min
