144 – Peter Stella on Debt, Safe Assets, and Central Bank Operations

Josh Hendrickson is an associate professor of economics at the University of Mississippi, where he specializes in monetary economics. He also writes for his blog, The Everyday Economist. Josh is a returning guest to the show, and he joins today to talk about his new paper, *Monetary Policy as a Jobs Guarantee*. David and Josh discuss how monetary policy can be better outsourced to the market as well as the Fed’s past mistakes, and what it can do to improve in the future. Josh’s Twitter: @RebelEconProf Josh’s blog: https://everydayecon.wordpress.com/ Related Links: *Monetary Policy as a Jobs Guarantee* by Josh Hendrickson https://www.mercatus.org/publications/monetary-policy/monetary-policy-jobs-guarantee *What Measure of Inflation Should A Central Bank Target?* by Greg Mankiw and Ricardo Reis https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp170.pdf?5a6c189e978749a5299b76ab370771e5 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

17 Elo 201857min

Tim Lee is a senior reporter for Ars Technica covering tech policy, blockchain technologies, and the future of transportation. Tim was formerly with Vox, where he covered tech issues and the economy. He joins the show today to discuss technological innovation, economic growth, and implications for policy. David and Tim also discuss the radical changes coming to transportation, the uncertain future of productivity growth, and how society should respond to the structural changes that may accompany further technological advancement. Tim’s Twitter: @binarybits Tim’s Ars Technica profile: https://arstechnica.com/author/timlee/ Related Links: *9 Radical Changes that are Coming to Transportation* by Tim Lee https://www.vox.com/new-money/2017/4/26/15363592/tesla-uber-google-waymo-spacex-innovation *Self-driving Technology is Going to Change A Lot More Than Cars* by Tim Lee https://arstechnica.com/cars/2018/05/self-driving-technology-is-going-to-change-a-lot-more-than-cars/ *Electric, Self-flying, Vertical Takeoff Taxis are Coming to New Zealand* by Tim Lee https://arstechnica.com/cars/2018/03/flying-taxis-backed-by-larry-page-could-come-to-new-zealand-in-3-years/ *The Productivity Paradox: Why We’re Getting More Innovation but Less Growth* by Tim Lee https://www.vox.com/new-money/2016/10/24/13327014/productivity-paradox-innovation-growth *The End of the Internet Startup* by Tim Lee https://www.vox.com/new-money/2017/7/11/15929014/end-of-the-internet-startup *The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen https://read.macmillan.com/lp/the-complacent-class/ David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

13 Elo 20181h

Kevin Erdmann is an independent researcher and blogger at Idiosyncratic Whisk, where he explores economic and financial topics such as housing, investment, and speculation. He is also the author of an upcoming book titled, *Locked Out: How the Shortage of Urban Housing is Wrecking our Economy*, and he joins the show today to discuss it. Contrary to popular belief, Kevin argues we built too few houses not too many, during the housing bubble. David and Kevin break down this housing shortage problem, as they explore how the limited supply of housing in closed access cities may have helped fuel the Great Recession. Kevin’s Twitter: @KAErdmann Kevin’s blog: http://idiosyncraticwhisk.blogspot.com/ Related Links: *A Slide Deck on the Bubble and Crisis* by Kevin Erdmann http://idiosyncraticwhisk.blogspot.com/p/a-slide-deck-on-bubble-and-crisis.html *Housing: Part 238 – Home Price Changes Over Time* by Kevin Erdmann http://idiosyncraticwhisk.blogspot.com/2017/06/housing-part-238-home-price-changes.html *Housing Constraints and Spatial Misallocation* by Enrico Moretti & Chang-Tai Hsieh https://www.aeaweb.org/articles?id=10.1257/mac.20170388&&from=f David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

6 Elo 20181h 6min

Morgan Ricks is a law professor at Vanderbilt University and studies financial regulation. Between 2009 and 2010, he was a senior policy advisor and financial restructuring expert at the U.S. Department of Treasury, where he focused primarily on financial stability initiatives and capital market policy in response to the Financial Crisis. Morgan is a returning guest to Macro Musings, and he joins the show today to discuss his most recent paper, *Central Banking for All: A Public Option for Bank Accounts*. David and Morgan also discuss the features and changes that come with Fed bank accounts, how these accounts would positively affect low income families, and how this system could be created. Morgan’s Twitter: @MorganRicks1 Morgan’s Vanderbilt profile: https://law.vanderbilt.edu/bio/morgan-ricks Related Links: *Central Banking for All: A Public Option for Bank Accounts* by Morgan Ricks, John Crawford, and Lev Menand https://greatdemocracyinitiative.org/wp-content/uploads/2018/06/FedAccountsGDI.pdf David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

30 Heinä 201855min

Ashoka Mody is a professor of international economic policy at Princeton University and formerly worked at the IMF and the World Bank. He joins the show today to discuss his new book, *EuroTragedy: A Drama in Nine Acts*. David and Ashoka also delve deep into the history of the Euro, as they discuss its complicated political origins and why its creation may have been a mistake. Ashoka’s Twitter: @AshokaMody Ashoka’s Princeton profile: https://scholar.princeton.edu/amody/home Related Links: *EuroTragedy: A Drama in Nine Acts* by Ashoka Mody https://global.oup.com/academic/product/eurotragedy-9780199351381?cc=us&lang=en& *EMU and International Conflict* by Martin Feldstein https://www.foreignaffairs.com/articles/europe/1997-11-01/emu-and-international-conflict David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

19 Heinä 20181h 1min

Monica de Bolle is a senior fellow at the Peterson Institute for International Economics and an associate professor at Johns Hopkins University. Monica is published widely on the subject of Latin American economies, and she joins the show today to explain some of the recent financial and economic developments in Argentina and Venezuela. David and Monica also analyze the political atmosphere and policy environment that led to Argentina’s current economic hardships and discuss where the country might be if they had not pursued such policies. Monica’s Twitter: @bollemdb Monica’s PIIE profile: https://piie.com/experts/senior-research-staff/monica-de-bolle Related Links: *Argentina: Back to the Brink* by Monica de Bolle https://piie.com/blogs/realtime-economic-issues-watch/argentina-back-brink David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

16 Heinä 201857min

Mark Copelovitch is an associate professor of political science at the University of Wisconsin-Madison and studies the politics of international trade, money, and finance. He joins the show today to discuss the politics of the global recession and the Eurozone Crisis. David and Mark dive deep into these topics, as they examine how policymakers failed during the Great Recession, and how effects of the Eurozone crisis varied across Europe. They also discuss whether the recent Italian elections can be viewed as a consequence of Eurozone failures. Mark’s Twitter: @mcopelov Mark’s University of Wisconsin-Madison profile: https://polisci.wisc.edu/people/faculty/mark-copelovitch Related Links: *This Time Should Have Been Different: The Causes and Consequences of Macroeconomic Policy Failure in the Great Recession* by Mark Copelovitch https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3059991 *The Monetary Policy Origins of the Eurozone Crisis* by David Beckworth https://www.mercatus.org/system/files/Beckworth-Eurozone-Crisis-v1.pdf *A Plan to Save the Euro* by Jeffry Frieden https://voxeu.org/article/plan-save-euro *Going to Extremes: Politics After Financial Crises, 1870–2014* by Manuel Funke, Moritz Schularick & Christoph Trebesch https://www.sciencedirect.com/science/article/pii/S0014292116300587 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

9 Heinä 20181h 5min

Dan Griswold is a research fellow and co-director for the Program on the American Economy and Globalization at the Mercatus Center. He is a nationally recognized expert on trade and immigration and is a previous guest on Macro Musings. He joins the show today to discuss his recent policy brief, *The Benefits of Immigration: Addressing the Key Myths* in addition to some of his other work on the issue. Some of the topics Dan and David explore include immigration’s positive effects on economic growth, the importance of immigrants in maintaining demographic stability, and other false narratives surrounding their perceived fiscal impact. Dan’s Twitter: @DanielGriswold Dan’s Mercatus profile: https://www.mercatus.org/daniel-griswold Related Links: *The Benefits of Immigration: Addressing the Key Myths* by Dan Griswold https://www.mercatus.org/publications/benefits-of-immigration-key-myths *The Economic and Fiscal Consequences of Immigration* by the National Academies of Sciences https://www.nap.edu/catalog/23550/the-economic-and-fiscal-consequences-of-immigration *The Integration of Immigrants into American Society* by the National Academies of Sciences https://www.nap.edu/catalog/21746/the-integration-of-immigrants-into-american-society *Reforming the U.S. Immigration System to Promote Growth* by Dan Griswold https://www.mercatus.org/publications/reforming-us-immigration-system-economic-growth *Immigrants and Conservatives are Cut from the Same Cloth* by Dan Griswold https://townhall.com/columnists/danielgriswold/2018/04/25/immigrants-and-conservatives-are-cut-from-the-same-cloth-n2474499 *What the June Rate Hikes Mean for the Future of the Fed* by David Beckworth https://www.mercatus.org/bridge/podcasts/06262018/what-june-rate-hikes-mean-future-fed?utm_source=soundcloud&utm_medium=referral&utm_campaign=macromusings David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

2 Heinä 201858min