132 – Scott Sumner on the Lessons Learned for Monetary Policy, Ten Years Later after the Crisis
This week, Scott Sumner joins David Beckworth at the University of Texas at Austin for the Financial Crisis Symposium: “Ten Years Later: What Does the Data Say?” hosted by the Center for Enterprise and Policy Analytics at the McCombs School of Business. In this special live episode, Scott offers his thoughts on what the data tells us about the 2008 Financial Crisis from a monetary policy perspective. David and Scott also discuss using markets to guide monetary policy, why the Fed should conduct retrospective analyses, why we may want to replicate Australian monetary policy, and more. Transcript to this week's episode Scott’s Mercatus profile Scott’s blog Related Links: *Pause Interest-Rate Hikes to Help the Labor Force Grow* by Neel Kashkari David’s blog David’s Twitter: @DavidBeckworth Audio recording provided by the LAITS Audio Development Studio at the University of Texas at Austin
12 Nov 20181h 8min
131 – Mike Derby on Recent Economic Trends, Normalizing Monetary Policy and More
Mike Derby is a reporter for the Wall Street Journal who covers the Federal Reserve. He joins the show today to talk about his coverage of recent developments in the economy and in Fed policy. David and Mike also discuss the future of the Fed’s operating framework, what an inversion of the Treasury yield curve portends, and the normalization of monetary policy after the 2008 Financial Crisis. Mike’s Twitter: @michaelsderby Mike’s Wall Street Journal archive: http://www.wsj.com/news/author/8347 Related Links: * Fed’s Evans: U.S. Economy ‘Firing on All Cylinders’* by Michael Derby https://www.wsj.com/articles/feds-evans-u-s-economy-firing-on-all-cylinders-1536930039 *Derby’s Take: Watch Out, There’s a Fedspeak Storm Coming* by Michael Derby https://www.wsj.com/articles/derbys-take-watch-out-theres-a-fedspeak-storm-coming-1538386200 *Derby’s Take: Fed Rate-Range Settings Could See More Tweaks* by Michael Derby https://www.wsj.com/articles/derbys-take-fed-rate-range-settings-could-see-more-tweaks-1538127000 *Bank Sues New York Fed Over Lack of Account* by Michael Derby https://www.wsj.com/articles/bank-sues-new-york-fed-over-lack-of-account-1536185523 Transcript for the episode: https://www.mercatus.org/bridge/commentary/michael-derby-goes-behind-scenes-recent-fed-news David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
5 Nov 201857min
130 – Don Boudreaux on Free Trade, Protectionism, and the China Shock
Don Boudreaux is a professor of economics at George Mason University as well as the co-director of the Program on the American Economy and Globalization at the Mercatus Center. He joins the show today to talk about the future of trade and globalization. David and Don also discuss the history of protectionism in the US, President Trump’s trade policies, and why the China Shock thesis may signal bad economics. Don’s blog: https://cafehayek.com/ Don’s Mercatus Profile: https://www.mercatus.org/donald-j-boudreaux Related Links: *Clashing over Commerce: A History of U.S. Trade Policy* by Doug Irwin https://www.press.uchicago.edu/ucp/books/book/chicago/C/bo24475328.html *Tariffs, Immigration, and Economic Insulation: A New View of the U.S. Post-Civil War Era*by Cecil Bohanon and Norman Van Cott https://www.jstor.org/stable/24562083?seq=1#page_scan_tab_contents *The China Shock: Learning from Labor Market Adjustment to Large Changes in Trade* by David Autor, David Dorn, and Gordon Hanson https://www.nber.org/papers/w21906 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
29 Okt 201857min
129 – Nick Bunker on the Economic Recovery, Unemployment Measurement, and the U.S. Labor Market
Nick Bunker is an economist at the Indeed Hiring Lab where he focuses on the U.S. labor market and was previously a senior policy analyst at the Washington Center for Equitable Growth, an economics think tank. Nick joins the show today to talk about the U.S. labor market and how the government measures unemployment. David and Nick also discuss the decreasing trend of male participation in the labor force, declining labor mobility, and the importance of a larger public database for labor data. Nick’s Twitter: @nick_bunker Nick’s Indeed profile: https://www.hiringlab.org/author/nbunker/ Related Links: *Labor Force Participation: Recent Developments and Future Prospects* by Stephanie Aaronson et al. https://www.brookings.edu/wp-content/uploads/2016/07/Fall2014BPEA_Aaronson_et_al.pdf *The Long-Term Decline in Prime-Age Male Labor Force Participation* by the Council of Economic Advisers https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160620_cea_primeage_male_lfp.pdf David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
22 Okt 20181h
128 – Robert Kaplan on the FOMC, the Dallas Fed, and Lessons from the Great Recession
Rob Kaplan is the President and CEO of the Federal Reserve Bank of Dallas. Previously, he was a professor and associate dean at Harvard Business School and a vice chairman at Goldman Sachs. Rob joins the show today to talk about his career, the Dallas Fed, and U.S. monetary policy. David and Rob also discuss the inner workings of the FOMC, the future of the Fed’s operating system, and lessons to be learned from the 2008 Financial Crisis. Rob also shares his thoughts on alternative monetary regimes, including nominal GDP targeting. Rob’s Twitter: @RobSKaplan Rob’s Dallas Fed profile: https://www.dallasfed.org/en/fed/bios/kaplan.aspx David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth Transcript to this week's episode: https://www.mercatus.org/bridge/commentary/robert-kaplan-fomc-dallas-fed-and-lessons-great-recession
15 Okt 201846min
127 – Jared Bernstein on Fiscal Reform, Trade, and the Financial Crisis
Jared Bernstein is a senior fellow at the Center on Budget and Policy Priorities and previously served as chief economist and economic advisor to Vice President Joe Biden in the Obama Administration. Jared also writes regularly for the Washington Post. David and Jared discuss a wide range of topics including fiscal stimulus, the relationship between fiscal and monetary policy, subsidized employment programs, Trump’s trade agenda, and the direction of economic policy after the 2018 midterm elections. Jared’s Twitter: @econjared Jared’s Washington Post profile: https://www.washingtonpost.com/people/jared-bernstein/?utm_term=.23a83717b1c3 Related Links: *Populism and the Economics of Globalization* by Dani Rodrik https://drodrik.scholar.harvard.edu/files/dani-rodrik/files/populism_and_the_economics_of_globalization.pdf *Going to Extremes: Politics after Financial Crises, 1870-2014* by Manuel Funke, Moritz Schularick, & Christoph Trebesch https://www.hoover.org/sites/default/files/1115_eer_slides_sep2016_short.pdf *The New Rules of the Road: A Progressive Approach to Globalization* by Jared Bernstein and Lori Wallach http://jaredbernsteinblog.com/wp-content/uploads/2016/09/The-New-Rules-of-the-Road.pdf *Crashed: How a Decade of Financial Crises Changed the World* by Adam Tooze https://www.penguinrandomhouse.com/books/301357/crashed-by-adam-tooze/9780670024933/ David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
8 Okt 201846min
126 – Will Luther on Cash, “Supernotes,” and Cryptocurrencies
Will Luther is an assistant professor of economics at Florida Atlantic University and is the director of the Sound Money Project at the American Institute for Economic Research. Will is also an adjunct scholar at the Cato Institute and is a returning guest to Macro Musings. He joins today to talk about a recent debate over the future of cash and the current state of cryptocurrencies. David and Will also discuss the implications of issuing “supernotes” (like $500 and $1000 bills), the existence of stable coins as cryptocurrencies, and opening up the Fed’s balance sheet to the general public. Will’s Twitter: @WilliamJLuther Will’s website: http://www.wluther.com/ Related Links: *Cash, Crime, and Civil Liberties*, A collection of essays by J.P. Koning, Joshua Hendrickson, Will Luther, and James McAndrews https://www.cato-unbound.org/issues/august-2018/cash-crime-civil-liberties *Moneyness*, J.P. Koning’s blog http://jpkoning.blogspot.com/ *The Stable Coin Myth* by Barry Eichengreen https://www.project-syndicate.org/commentary/stable-coins-unviable-cryptocurrencies-by-barry-eichengreen-2018-09 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
1 Okt 201857min
125 – Sam Hammond on Co-Determination, Corporate Governance, and the Accountable Capitalism Act
Sam Hammond is a policy analyst and covers topics in poverty and welfare for the Niskanen Center. Sam is a previous guest on Macro Musings, and he joins the show today to talk about his new article in National Review which addresses Senator Elizabeth Warren’s new proposal, the Accountable Capitalism Act, and its potentially negative effects. David and Sam also discuss the problematic stereotypes surrounding ‘corporate bigness’, the positive and negative features of co-determination, and why we need universal safety nets. Sam’s Twitter: @hamandcheese Sam’s Medium profile: https://medium.com/@hamandcheese Related Links: *Elizabeth Warren’s Corporate Catastrophe* by Sam Hammond https://www.nationalreview.com/2018/08/elizabeth-warren-accountable-capitalism-act-terrible-idea/ *Big is Beautiful: Debunking the Myth of Small Business* by Robert Atkinson and Michael Lind https://mitpress.mit.edu/books/big-beautiful *Concentration in US Labor Markets: Evidence from Online Vacancy Data* by Ioana Marinescu, Marshall Steinbaum, Bledi Taska & Jose Azar https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3133344 David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth
24 Sep 201857min
