Macro Musings with David Beckworth

David Wilcox is a non-resident senior fellow at the Peterson Institute for International Economics and is the Director of Economic Research at Bloomberg Economics. Previously, David served for many years on the staff of the Federal Reserve Board, as deputy director from 2001 to 2011 and as director from 2011 to 2018 of the Division of Research and Statistics. In the latter role, he functioned as the chief economist of the division, a senior advisor to three successive chairs of the board, and the division leader for strategic direction as well as chief manager. David joins Macro Musings to talk about a recent article he wrote titled, *The Cost of the US Going Over the Fiscal Cliff is Trauma, Then Unending Pain.* David and David also discuss the debt ceiling issue more broadly, including the severity and timing of a technical default, the two big economic shocks that would result from a default, the possible solutions to pursue in the face of the this debacle, and more.   Transcript for the episode can be found here.   David Wilcox’s Twitter: @D_W_Wilcox David Wilcox’s PIIE profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *The Cost of US Going Over Fiscal Cliff Is Trauma Then Unending Pain* by David Wilcox   *Fiscal Policy Under Low Interest Rates* by Olivier Blanchard   *Mint the Coin? Buy Back Bonds? 7 ‘Gimmicks’ for Dodging the Debt Limit* by Jeff Stein

20 Helmi 202351min

Julie Hill is a professor of law at the University of Alabama’s School of Law and she specializes in the study of the regulation of financial institutions. Julie also has a new paper out titled, *Opening a Federal Reserve Account,* and she joins Macro Musings to talk about the history and recent developments surrounding Fed master accounts. David and Julie also discuss the legal basis for these accounts and the numerous case studies surrounding them, including the Narrow Bank, Reserve Trust, Custodia, and more.   Transcript for the episode can be found here.   Julie’s Twitter: @ProfJulieHill Julie’s Alabama Law profile   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Opening a Federal Reserve Account* by Julie Hill

13 Helmi 20231h

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest on Macro Musings and he rejoins the podcast to talk about some recent developments in the monetary and fiscal policy space. Specifically, David and George discuss new narratives around shadow banking and the financial crisis, the fiscal cost of large central bank balance sheets, the return of secular stagnation, and a lot more.   Transcript for the episode can be found here.   George’s Twitter: @GeorgeSelgin George’s Cato profile   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *A Monetary Policy Primer: Parts 1-12* by George Selgin   *Why Shadow Banking Didn’t Cause the Financial Crisis* by Norbert Michel   *The Federal Reserve’s Balance Sheet: Costs to Taxpayers of Quantitative Easing* by Andy Levin and Bill Nelson   *The Monetary Executive* by Christina Parajon Skinner   *Secular Stagnation is Not Over* by Olivier Blanchard   *The Hard Road to a Soft Landing: Evidence from a (Modestly) Nonlinear Structural Model* by Randal Verbrugge and Saeed Zaman   *Brazil and Argentina to Start Preparations for a Common Currency* by Michael Stott and Lucinda Elliott   *Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic* by Aleksander Berentsen, Christopher Waller, and Alessandro Marchesiani   *Fallen Heroes: Central Banks Face Credibility Crisis as Losses Pile Up* by Johanna Treeck   *SNB Will Shrink Balance Sheet After Record Loss, Citigroup Says* by Bastian Benrath   *George Selgin on False Dawn: The New Deal and the Promise of Recovery* by Macro Musings

6 Helmi 202349min

Michael Strain is the Director of Economic Policy Studies and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute and is a returning guest to Macro Musings. Michael rejoins the podcast to talk about the looming debt ceiling crisis and his recent article on the issue titled, *Averting a Debt-Ceiling Disaster.* David and Michael specifically discuss the background, history and recent events leading up to the current crisis, how to impose fiscal discipline in a low interest rate world, solutions the US government could pursue, and more.   Transcript for the episode can be found here.   Michael’s Twitter: @MichaelRStrain Michael’s website Michael’s AEI profile   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Averting a Debt-Ceiling Disaster* by Michael Strain     *House Republicans Prepare Emergency Plan for Breaching Debt Limit* by Jeff Stein, Leigh Ann Caldwell, and Theodoric Meyer   *Extraordinary Measures* by the Bipartisan Policy Center

30 Tammi 202347min

John Roberts is a 36-year veteran of the Federal Reserve Board and mostly recently was the Deputy Associate Director in the Division of Research and Statistics, overseeing the board’s domestic macroeconomic modeling efforts. From 2017-2019, John also served as a special advisor to Federal Reserve Governor Lael Brainard, where his responsibilities includes preparation of speeches, providing advice on monetary policy, macroeconomic forecasting, and regulatory attending FOMC meetings. John joins Macro Musings to talk about his time at the Fed, macroeconomic modeling at the institution, his work on the zero lower bound, and current Fed policy. Specifically, David and John also discuss the art of interpreting the Fed’s Summary of Economic Projections, the future of modeling for policymakers at the Fed, the state of FAIT at the central bank, and a lot more.   Transcript for the episode can be found here.   John’s blog John’s paper archive   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Monetary Policy in a Low Interest Rate World* by Michael Kiley and John Roberts   *Monetary Policy Strategies for a Low-Rate Environment* by Ben Bernanke, Michael Kiley, and John Roberts   *Unconventional Monetary Policy According to HANK* by Eric Sims, Jing Cynthia Wu, & Ji Zhang

23 Tammi 202355min

Paul Tucker is a 33-year veteran of the Bank of England, where among other positions, he served as both a member and deputy governor of the Monetary Policy Committee. Currently, Paul is a research fellow at the Mossavar-Rahmani Center for Business and Government at Harvard. He is also a returning guest to the podcast, and rejoins Macro Musings to talk about his new book, *Global Discord: Values and Power in a Fractured World.* Specifically, David and Paul also discuss China’s push for reserve currency status, how to sell international legitimacy to the general public, the geopolitical advantage of trade deals, and much more.   Transcript for the episode can be found here.   Paul’s Harvard profile Paul’s website   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Global Discord: Values and Power in a Fractured World Order* by Paul Tucker   *Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State* by Paul Tucker   *Quantitative Easing, Monetary Policy Implementation, and the Public Finances* by Paul Tucker   *Biden Needs Allies to Keep China and Russia in Check. Here’s How to Do it.* by Sebastian Mallaby

16 Tammi 202358min

Victoria Guida is an economics reporter for Politico where she covers monetary policy and financial regulatory policy. Victoria is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the big developments at the Fed and in the financial regulatory policy space in 2022 and what we can expect in 2023. Specifically, David and Victoria discuss personnel changes and trading scandals at the Fed, the debate surrounding Fed Master Accounts, how to improve the liquidity of the Treasury market, and a lot more.   Transcript for the episode can be found here.   Victoria’s Politico profile Victoria’s Twitter: @vtg2   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Victoria Guida on the Politics of Monetary Policy* by the Macro Musings podcast

9 Tammi 202355min

Martin Chorzempa is a senior fellow with the Peterson Institute for International Economics and is the author of a new book titled, *The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology.* Martin joins Macro Musings to talk about this book as well as the history of Chinese fintech development, the basics of super apps in China, challenges to the Chinese fintech revolution, and more.   Transcript for the episode can be found here.   Martin’s PIIE profile Martin’s Twitter: @ChorzempaMartin   David’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology* by Martin Chorzempa   *Letter From Apple Supplier Foxconn’s Founder Prodded China to Ease Zero-Covid Rules* by Keith Zhai and Yang Jie

2 Tammi 202359min