Macro Musings with David Beckworth21 Feb 2022

Will Diamond on Safe Assets, Risk-Free Rates, and Convenience Yields and their Implications for Policy

William Diamond is an Assistant Professor of Finance at the Wharton School of Business at the University of Pennsylvania. Will joins David on Macro Musings to discuss safe assets, convenience yields, bubbles and public debt and the implications for policy. Specifically, David and Will get into competing theories of interest rates and the rise of New Keynesian thinking, the role of the dollar in the global financial system, the drivers behind the growth in US debt, how the construction of risk-free interest rates unaffected by convenience yields on safe assets can improve our understanding of the financial system in times of stress, and much more.

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Transcript for the episode can be found here.

Will's Twitter: @wdiamond_econ

Will's Wharton profile: https://fnce.wharton.upenn.edu/profile/diamondw/#research

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