Jerry Dwyer on the History of Free Banking and the Future of Bitcoin

Nathan Tankus is the director of research at the Modern Money Network, and a research fellow at the Global Institute for Sustainable Prosperity. Nathan is also the author of a number of articles on the Fed's recent activity at his Substack page titled “Notes on the Crises.” Nathan joins Macro Musings to talk about the post-Keynesian view of money, central bank independence, and the consolidated view of public finance, as well as evaluate the policy responses by the Fed and Congress to COVID-19.   Transcript for the episode can be found here.   Nathan’s Twitter: @NathanTankus Nathan’s Substack page: https://nathantankus.substack.com/   Related Links:   Bonus segment with Nathan: https://youtu.be/VPl0LYgttYI   *Monetary, Credit, and Fiscal Policies: A Collection of Statements Submitted to the Subcommittee on Monetary, Credit, and Fiscal Policies by Government Officials, Bankers, Economists, and Others (specifically a comment made by Albert G. Hart) by the Joint Committee on the Economic Report https://fraser.stlouisfed.org/files/docs/historical/congressional/1949jec_mcfpstate.pdf#page=332   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

11 Mai 202053min

Anat Admati is a professor of finance and economics at Stanford University, and is well-known for her work on leveraging debt in our financial system and how it makes our economy more susceptible to shocks. She’s also a co-author of the popular book, *The Banker’s New Clothes: What Went Wrong with Banking and What to Do About It*. Anat joins Macro Musings again to talk about the COVID-19 crisis from the debt perspective, how the Fed and Congress have responded so far, and how their relief efforts should have been focused differently.      The transcript for the episode can be found here.   Anat’s Twitter: @anatadmati Anat’s website: https://admati.people.stanford.edu/   Related Links:   Bonus segment with Anat: https://youtu.be/4xHmmgoURqg   *The Banker’s New Clothes: What’s Wrong with Banking and What to Do about It* by Anat Admati and Martin Hellwig https://press.princeton.edu/books/paperback/9780691162386/the-bankers-new-clothes   *The Leverage Ratchet Effect* by Anat Admati, Peter DeMarzo, Martin Hellwig, and Paul Pfleiderer https://onlinelibrary.wiley.com/doi/abs/10.1111/jofi.12588   *Macrofinancial History and the New Business Cycle Facts* by Oscar Jorda, Mortiz Schularick, and Alan Taylor https://www.frbsf.org/economic-research/files/wp2016-23.pdf   *Coronavirus Crisis Lays Bare the Risks of Financial Leverage, Again” by Martin Wolf https://www.ft.com/content/098dcd60-8880-11ea-a01c-a28a3e3fbd33   *House of Debt: How They (And You) Caused the Great Recession, and How We Can Prevent It from Happening Again* by Atif Mian and Amir Sufi https://press.uchicago.edu/ucp/books/book/chicago/H/bo20832545.html   *Collateral Frameworks: The Open Secret of Central Banks* by Kjell Nyborg https://www.cambridge.org/core/books/collateral-frameworks/DE8BACD87F364A66DD496F601BE92FE7   *Bankruptcy for Banks: A Sound Concept That Needs Fine-Tuning* by Mark Roe and David Skeel https://www.nytimes.com/2016/08/17/business/dealbook/bankruptcy-for-banks-a-sound-concept-that-needs-fine-tuning.html   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

6 Mai 202043min

Kathryn Judge is the Harvey J. Goldschmid Professor of Law at Columbia Law School, the editor of the Journal of Financial Regulation, and an expert on financial markets, financial regulation, and regulatory architecture. Kathryn joins Macro Musings to discuss the CARES Act, the Fed's role and its limitations regarding COVID-19 relief efforts, and the political implications of relief effort performance.   Transcript for the episode can be found here.   Kathryn's Twitter: @ProfKateJudge Kathryn's Columbia profile: https://www.law.columbia.edu/faculty/kathryn-judge   Related Links:   Bonus segment with Kathryn: https://youtu.be/iFub37lpq2c   *The Design Flaw at the Heart of the CARES Act* by Kathryn Judge   https://www.forbes.com/sites/kathrynjudge/2020/04/20/the-design-flaw-at-the-heart-of-the-cares-act/#21495f0e6bed   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

4 Mai 202057min

Jesus Fernandez-Villaverde is a professor of economics at the University of Pennsylvania, a research associate with the National Bureau of Economic Research, a research affiliate with the Center for Economic Policy Research, and a returning guest to the podcast. Jesus specializes in macroeconomic modeling and economic history among other topics, and he joins Macro Musings to talk about COVID-19, central bank digital currency, and developments in the Eurozone. David and Jesus also discuss the history of central banks and the interacting public, how threatening inflation could become a useful tool for a central bank, and the value economic modeling could add to the epidemiological field.   Transcript for the episode can be found here.   Jesus’s UPenn profile: https://www.sas.upenn.edu/~jesusfv/ Jesus’s NBER archive: https://www.nber.org/people/jesus_fernandez-villaverde   Related Links:   Bonus segment with Jesus: https://youtu.be/CA6y9LqjDwQ   *Estimating and Simulating a SIRD Model of COVID-19 for Many Countries, States, and Cities* by Jesus Fernandez-Villaverde & Charles Jones https://web.stanford.edu/~chadj/sird-paper.pdf   *Central Bank Digital Currency: Central Banking For All?* by Jesus Fernandez-Villaverde, Daniel Sanches, Linda Schilling, & Harald Uhlig https://bfi.uchicago.edu/working-paper/central-bank-digital-currency-central-banking-for-all/   *Central Bank Digital Currency in a Nominal World* by Jesus Fernandez-Villaverde, Daniel Sanches, Linda Schilling, & Harald Uhlig https://www.sas.upenn.edu/~jesusfv/CBDC_Nominal.pdf   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

29 Apr 20201h 1min

George Selgin is the Director of the Cato Institute Center for Monetary and Financial Alternatives and a returning guest to Macro Musings. He joins David to break down recent policy actions by the Federal Reserve and some of the resulting challenges, as they break down the Treasury’s recent $454 billion backstop on Federal Reserve lending, the complex array of new Fed lending facilities in response to COVID-19, and the Fed’s evolving role in the global economy.   The transcript for the episode can be found here.   George’s Twitter: @GeorgeSelgin George’s Cato profile: https://www.cato.org/people/george-selgin   Related Links:   Bonus segment with George: https://youtu.be/Q73pWOeldf4   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

27 Apr 20201h 4min

Mehrsa Baradaran is a professor of law at the University of California Irvine and researches banking law, financial inclusion, inequality, and the racial wealth gap. Her scholarship includes the books, *How the Other Half Banks* and *The Color of Money: Black Banks and the Racial Wealth Gap.* Mehrsa joins Macro Musings to talk about the impact of COVID-19 and how existing wealth conditions and financial access challenges are exacerbating the crisis. David and Mehrsa also discuss the historical context for the racial wealth gap, why banking deserts are so consequential, and how a postal savings system may be a solution to the financial inclusion problem.   Transcripts for the episode can be found here.   Mehrsa’s Twitter: @MehrsaBaradaran Mehrsa’s UCI profile: https://www.law.uci.edu/faculty/full-time/baradaran/   Related Links:   Link to bonus segment with Mehrsa: https://youtu.be/AcH3c89ZtKY   *How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy* by Mehrsa Baradaran https://www.hup.harvard.edu/catalog.php?isbn=9780674983960   *The Color of Money: Black Banks and the Racial Wealth Gap* by Mehrsa Baradaran https://www.hup.harvard.edu/catalog.php?isbn=9780674237476   *The U.S. Should Just Send Checks – But Won’t* by Mehrsa Baradaran https://www.theatlantic.com/ideas/archive/2020/04/the-us-should-just-write-checksbut-wont/609637/   *Rethinking Financial Inclusion: Designing an Equitable Financial System with Public Policy* by Mehrsa Baradaran https://rooseveltinstitute.org/rethinking-financial-inclusion-equitable-financial-system-public-policy/   *The Coronavirus Will Be a Catastrophe for the Poor* by Derek Thompson https://www.theatlantic.com/ideas/archive/2020/03/coronavirus-will-supercharge-american-inequality/608419/   Link to Aaron Klein Macro Musings episode: https://macromusings.libsyn.com/aaron-klein-on-real-time-payments-and-financial-regulation   Link to *Mapping Inequality* from the Digital Scholar Lab at the University of Richmond: https://dsl.richmond.edu/panorama/redlining/#loc=5/40.464/-94.592   JPMorgan Research: *Racial Gaps in Financial Outcomes* https://institute.jpmorganchase.com/institute/research/household-income-spending/report-racial-gaps-in-financial-outcomes#finding-1   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

22 Apr 20201h 1min

Nicholas Bloom is a professor of economics at Stanford University and a leading scholar on management, productivity, innovation and economic uncertainty. Nick is a previous guest of Macro Musings and returns to share his thoughts on COVID-19 and what it means for the US economy, both in the short-run and in the long-run. David and Nick also discuss the impact of the virus on the future of urban living, on the economics profession as a whole, and who will bear the biggest brunt of these impacts.   Transcript for the episode can be found here.   Nick’s NBER archive: https://www.nber.org/people/nick_bloom Nick’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/nicholas-bloom   Related Links:   Bonus segment with Nick: https://youtu.be/q2M0TLwV_Xw   *COVID-Induced Economic Uncertainty* by Scott R. Baker, Nicholas Bloom, Steven J. Davis, and Stephen J. Terry. https://www.nber.org/papers/w26983   *U.S. Economic Activity During the Early Weeks of the SARS-Cov-2 Outbreak* by Daniel J. Lewis, Karel Mertens, and Jim Stock. https://www.newyorkfed.org/research/staff_reports/sr920   *Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?* by Ulrike Malmendier and Stefan Nagel. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1369049   *Managing with Style* by Marianne Bertrand and Antoinette Schoar. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=376880   *Are Ideas Getting Harder to Find?* by Nicholas Bloom, Charles I. Jones, John Van Reenen, and Michael Webb. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3039019   *Does Working from Home Work? Evidence from a Chinese Experiment* by Nicholas A. Bloom, James Liang, John Roberts, Zhichun Jenny Ying https://nbloom.people.stanford.edu/sites/g/files/sbiybj4746/f/wfh.pdf   *How Many Jobs Can be Done at Home?* by Jonathan I. Dingel and Brent Neiman. https://bfi.uchicago.edu/wp-content/uploads/BFI_White-Paper_Dingel_Neiman_3.2020.pdf   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

20 Apr 202053min

Brad Setser is a senior fellow for international economics at the Council on Foreign Relations, where he works on macroeconomics, global capital flows, and financial crisis issues. Brad has previously served as the deputy assistant secretary at the U.S. Treasury, working on Europe’s financial crisis, currency policy, financial sanctions, commodity shocks, and Puerto Rico’s debt crisis, and was the director for international economics on the staff of the National Economic Council and the National Security Council. As a returning guest to the show, Brad joins Macro Musings once again to discuss dollars swap lines and other solutions to the global dollar shortage, the recent implications of COVID-19 on global trade imbalances, and how China should respond to the effects of this crisis.   Transcript for the episode can be found here.   Brad’s Twitter: @Brad_Setser Brad’s CFR profile: https://www.cfr.org/expert/brad-w-setser   Related Links:   Bonus segment with Brad Setser: https://youtu.be/YsdynQgWHFg   *Addressing the Global Dollar Shortage: More Swap Lines? A New Repo Facility for Central Banks? More IMF Lending?* by Brad Setser https://www.cfr.org/blog/addressing-global-dollar-shortage-more-swap-lines-new-fed-repo-facility-central-banks-more-imf   *Why the Dollar Crunch is (mostly) a Rich World Problem* by Claire Jones https://ftalphaville.ft.com/2020/03/24/1585041854000/Why-the-dollar-crunch-is--mostly--a-rich-world-problem/   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth

15 Apr 202049min