George Selgin on Contextualizing the Great Depression and its Implications on Monetary Policy Today

Heather Boushey is the executive director at the Washington Center for Equitable Growth, a think tank founded to accelerate cutting edge analysis into whether and how structural changes in the US economy affect economic growth. Heather recently co-edited a book titled, *Recession Ready: Fiscal Policies to Stabilize the American Economy,* and she joins the show today to discuss it. David and Heather also discuss income inequality, automatic stabilizers for fiscal policy, and how monetary policy intersects with these issues. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/07082019/income-inequality-and-automatic-stabilizers Heather's Twitter: @HBoushey Heather's Equitable Growth profile: https://equitablegrowth.org/people/heather-boushey/ Related Links: Equitable Growth's funded research page: https://equitablegrowth.org/elevating-research/funded-research/ *Recession Ready: Fiscal Policies to Stabilize the American Economy* by Heather Boushey, Ryan Nunn, and Jay Shambaugh https://www.brookings.edu/wp-content/uploads/2019/05/ES_THP_AutomaticStabilizers_FullBook_web_20190513.pdf *Public Infrastructure Investments, Productivity and Welfare in Fixed Geographic Areas* by Andrew Haughwout https://www.newyorkfed.org/research/staff_reports/sr104.html David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

8 Juli 201956min

Jeffry Frieden is a professor of government at Harvard University where he specializes in the politics of international monetary and financial relations. Jeff is the author of many articles and books including *Currency Politics: The Political Economy of Exchange Rate Policy* and *Lost Decades: The Making of America's Debt Crisis and the Long Recovery*. He joins the show today to talk about some of his work. David and Jeff also explore what has led to the recent rise in populism across the nation, the difficulty of interregional labor mobility and its economic effects, and current issues within the Eurozone. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/07012019/rise-populism-labor-mobility-and-eurozone Jeff's Twitter: @jafrieden Jeff's Harvard profile: https://scholar.harvard.edu/jfrieden Related Links: *Currency Politics: The Political Economy of Exchange Rate Policy* by Jeffry Frieden https://press.princeton.edu/titles/10364.html *Lost Decades: The Making of America's Debt Crisis and the Long Recovery* by Jeffry Frieden https://scholar.harvard.edu/jfrieden/publications/lost-decades-making-americas-debt-crisis-and-long-recovery *Populism in Place: The Economic Geography of the Globalization Backlash* by J. Lawrence Broz, Jeffry Frieden, and Stephen Weymouth https://scholar.harvard.edu/files/jfrieden/files/populism_in_place_v1.3_0.pdf *Wall Street is Desperate for Wonks Who Can Explain the Rise of Populism* by Craig Torres https://www.bloomberg.com/news/articles/2019-06-04/wall-street-is-desperate-for-wonks-who-can-explain-the-rise-of-populism *Why Has Regional Income Convergence in the U.S. Declined?* by Peter Ganong and Daniel Shoag https://www.nber.org/papers/w23609 *Going to Extremes: Politics After Financial Crises, 1870-2014* by Manuel Funke, Moritz Schularick, and Christoph Trebesch https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2688897 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

1 Juli 201952min

Salim Furth is a senior research fellow at the Mercatus Center where he studies regional, urban, and macroeconomic trends and policies. Salim joins the show today to talk about some of his work on housing supply in the United States and its implications for policy. David and Salim also discuss the problems that arise from rigid zoning laws, the rise of NIMBYism, and possible ways to conduct regulatory zoning reform. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/06242019/land-use-regulations-rise-nimbyism-and-options-reform Salim's Twitter: @salimfurth Salim's Mercatus profile: https://www.mercatus.org/people/salim-furth Related Links: *Housing Supply in the 2010s* by Salim Furth https://www.mercatus.org/publications/state-and-local-regulations/housing-supply-2010s *Do Minimum-Lot-Size Regulations Limit Housing Supply in Texas?* by Nolan Gray and Salim Furth https://www.mercatus.org/publications/urban-economics/do-minimum-lot-size-regulations-limit-housing-supply-texas *The Link Between Local Zoning Policy and Housing Affordability in America's Cities* by Kevin Erdmann, Salim Furth, and Emily Hamilton https://www.mercatus.org/publications/urban-economics/link-between-local-zoning-policy-and-housing-affordability-america%E2%80%99s David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

24 Juni 201959min

Sam Bell and Skanda Amarnath are a part of a new organization called Employ America, a new research and advocacy organization that aims to get better labor market outcomes. Sam is also known on "FOMC Twitter" as an influencer when it comes to nominations for the Federal Reserve Board of Governors, and Skanda is a former hedge fund economist and New York Federal Reserve research economist. Sam and Skanda join the show today to talk about gross labor income targeting and the future path of Federal Reserve policy. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/06172019/sam-bell-and-skanda-amarnath-gross-labor-income-targeting Sam's Twitter: @sam_a_bell Skanda's Twitter: @IrvingSwisher About Employ America: https://employamerica.org/about/ Related Links: *Floor It! Fixing the Fed's Framework with Paychecks, Not Prices* by Skanda Amarnath https://medium.com/@skanda_97974/floor-it-fixing-the-feds-framework-with-paychecks-not-prices-78171423e9c1 *The Quick and Dirty Case for Cutting 50bps at the June 2019 FOMC Meeting* by Skanda Amarnath https://medium.com/@skanda_97974/the-quick-and-dirty-case-for-cutting-50bps-at-the-june-2019-fomc-meeting-c0e06616f0ad *Fed Inches Toward Rate Cut as Trade War Frays Patience* by Christopher Condon and Steve Matthews https://www.bloomberg.com/news/articles/2019-06-05/fed-inches-toward-rate-cut-as-trump-s-trade-war-frays-patience David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

17 Juni 201958min

Daniel Griswold is a research fellow and co-director of the Trade and Immigration Project at the Mercatus Center. Dan is a nationally recognized expert on trade and immigration policy and is a returning guest to Macro Musings. He joins the show today to help get us up to speed on the latest developments in issues on the ever-expanding US trade war with the rest of the world. David and Dan also discuss the USMCA, the negative aspects and seriousness of the trade war, and US intellectual property disputes with China. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/06112019/usmca-tariffs-and-us-trade-war Dan's Twitter: @DanielGriswold Dan's Mercatus profile: https://www.mercatus.org/daniel-griswold Dan's blog: https://madabouttrade.com/ Related Links: *Trump's China Trade War Meets the Retailpocalypse* by Felix Salmon https://www.axios.com/us-china-trade-war-retail-apocalypse-50f85f2a-e287-4f22-936c-ef1c39c8897c.html *The Impact of the 2018 Trade War on U.S. Prices and Welfare* by Mary Amiti, Stephen J. Redding, David Weinstein https://www.nber.org/papers/w25672 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

10 Juni 201958min

Mike Bird is a Hong Kong based reporter for the Wall Street Journal covering financial markets across Asia, and he previously worked in the Journal's London bureau. Mike is also a returning guest to Macro Musings, and he joins the show today to talk about some recent developments in the Asian economies. More specifically, David and Mike discuss Japan's activist monetary policy, yield curve control, and recent events within the Chinese economy. Transcript for the episode: (coming soon) Mike's Twitter: @birdyword Mike's Wall Street Journal profile: https://www.wsj.com/news/author/mike-bird Related Links: *Japan Is Giving Up on Activist Monetary Policy* by Mike Bird https://www.wsj.com/articles/japan-is-giving-up-on-activist-monetary-policy-11556271835 *The Fed Would Struggle to Match Japan's Bond Market Control* by Mike Bird https://www.wsj.com/articles/the-fed-would-struggle-to-match-japans-bond-market-control-11557480894 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

3 Juni 20191h 1min

Robert Samuelson is an economics columnist for the Washington Post and spent several decades working at Newsweek, where he wrote on various economic topics. Robert is the author of several books, including *The Good Life and Its Discontents: The American Dream in the Age of Entitlement* and *The Great Inflation and Its Aftermath: The Past and Future of American Affluence*. He joins the show today to talk about the latter and its implications for today. David and Robert go in-depth about the Great Inflation, as they discuss the disagreement within macroeconomics during the 60s and 70s, the history and significance of the period, and how Ronald Reagan and Paul Volcker sought to end the inflation. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/05282019/great-inflation-its-history-and-its-legacy Robert's Washington Post profile & bio: https://www.washingtonpost.com/people/robert-j-samuelson/?noredirect=on&utm_term=.6e300b47761d Related Links: *The Great Inflation and Its Aftermath: The Past and Future of American Affluence* by Robert J. Samuelson https://www.penguinrandomhouse.com/books/160295/the-great-inflation-and-its-aftermath-by-robert-j-samuelson/9780812980042/ *The Good Life and Its Discontents: The American Dream in the Age of Entitlement* by Robert J. Samuelson https://www.penguinrandomhouse.com/books/160294/the-good-life-and-its-discontents-by-robert-samuelson/9780679781523/ David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

27 Maj 201957min

Dylan Matthews is a senior correspondent with Vox where he covers a wide array of topics including immigration policy, universal basic income, education policy, effective altruism, animal welfare, and global development. Dylan is one of Vox's original founders and he has also previously worked for Wonkblog at the Washington Post. He joins the show today to discuss one of his most recent articles on business cycles, titled *The Government Failed to Stop the Last Recession. It Can Prevent the Next One*, as well as some of his other work on the subject. David and Dylan also discuss recessions at length, exploring what we know about them, why we should worry about them, and outlining 9 potential policy options to help prevent recessions in the future. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/05202019/nine-ways-prevent-future-recessions Dylan's Twitter: @dylanmatt Dylan's Vox profile: https://www.vox.com/authors/dylan Related Links: *Why I Gave My Kidney to a Stranger – and Why You Should Consider Doing it too* by Dylan Matthews https://www.vox.com/science-and-health/2017/4/11/12716978/kidney-donation-dylan-matthews *The Government Failed to Stop the Last Recession. It Can Prevent the Next One* by Dylan Matthews https://www.vox.com/future-perfect/2019/3/29/18279205/recession-unemployment-inverted-yield-curve-stimulus-policy David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

20 Maj 201958min