Ep19 “The Future of Money: Central Bank Digital Currency?” with Kevin Warsh

For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with Mohamed El-Erian on the intricacies of national debt and the best ways to measure it. Mohamed, Jonathan, and Jules explore the broader macroeconomic and geopolitical factors at play. They discuss the importance of demographic shifts as well as recent technological advancements (AI) for economic growth and our fiscal future.El-Erian is the former chair of President Obama's Global Development Council and former CEO of PIMCO. He is a Senior Fellow at the Lauder Institute. You can read Jonathan and Jules’ paper on national debt, “Why Care About Debt-to-GDP?” published May 27, 2025, here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5271557Find All Else Equal on the web: https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

4 Jun 202536min

Is the emperor wearing clothes?  Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification. This 30-year-old book explains the social phenomenon where people express preferences they do not have.   As political and social tensions have risen in the U.S., the freedom to express views that go against the status quo has become more difficult.  Jonathan, Jules, and Timur discuss what preference falsification is and why people engage in it, historical and contemporary examples, the implications of this behavior in various domains, including politics, business, and academia, and insights into how societies can counteract it. The conversation also addresses the importance of fostering environments, particularly in universities, where open and honest discourse is encouraged.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

22 Mai 202533min

If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richard Saller, an American classist and former interim president of Stanford University, to discuss whether or not the government has the right to intervene in university affairs and the hypocrisy that sometimes surrounds these issues. The conversation covers the recent statement signed by 562 university presidents advocating for academic freedom, examples of academic censorship, and the impact of federal funding on universities. They also raise questions about what true academic freedom means as universities have grown increasingly homogenous, and propose solutions to how universities can live up to their mission of being a place where all viewpoints can be expressed.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

7 Mai 202530min

What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better referred to as a capital surplus.  As a continuation of the tariffs discussion in the last episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by John Cochrane, an economist at Stanford University and the Hoover Institution.   The conversation covers how trade deficits actually work, their implications on global and domestic economies, and how current trade policies may impact economic growth, inflation, and international relations.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

23 Apr 202528min

With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and author Dani Rodrik. Rodrik is  the Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane World Economy. Beginning with the historical context and purpose of tariffs, the conversation covers how the political and social dissatisfaction with hyperglobalization opened the door for these extreme tariffs, whether or not they’re an effective tool in modern trade policy, and what alternative strategies exist to rebuild America’s middle class.  Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

9 Apr 202532min

The recent crackdown on federal spending has universities sweating despite the fact that many of them boast huge billion-dollar endowments. So what gives? Why would less money from the federal government be a cause for concern? Where does all that money go? And could there be more to this budget picture than meets the eye? In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen delve into the inner workings of university endowments and how these institutions are balancing their budgets in a way that’s leaving themselves vulnerable to dire financial situations. Read John Cambell, Jeremy Stein, and Alex Wu’s paper, “Economic Budgeting for Endowment-Dependent Universities” here. Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

26 Mar 202524min

All Else Equal is taking a little spring break, so on this episode we’re revisiting a fascinating conversation on what happens when universities step off the sidelines and take a stance on contentious issues. Are they boarding a roller coaster that they can’t ever get off? Hosts and finance professors Jonathan Berk and Jules van Binsbergen chat with John Etchemendy, former Provost of Stanford University, for a discussion about institutional neutrality and the long-term unseen costs of any stance institutions elect to take. Submit your questions to the show here: https://bit.ly/AllElseEqualFind All Else Equal on the web: https://www.gsb.stanford.edu/business-podcasts/all-else-equal-making-better-decisionsAll Else Equal: Making Better Decisions Podcast is a production of Stanford Graduate School of Business and is produced by University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

12 Mar 202525min

One key to effective negotiation is to keep your opponent guessing by randomizing your strategy. And right now, there might not be a more prolific example of this kind of strategy than President Donald Trump’s communication style.  In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Peter Robinson, a research fellow at the Hoover Institution and former speechwriter for President Ronald Reagan.  Together, they examine Trump’s communication style by comparing and contrasting it with Reagan’s. They also discuss the effectiveness of an unpredictable communication strategy, whether Trump’s off-the-cuff remarks are calculated or mere chaos, and Peter shares behind-the-scenes details of the Reagan administration including how Peter came to write the famous line, “Mr. Gorbachev, tear down this wall.”    Find All Else Equal on the web:  https://lauder.wharton.upenn.edu/allelse/All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

26 Feb 202536min