11 - Robert Hetzel on Milton Friedman, the Monetarist-Keynesian Debate, and the 2008 Crisis

11 - Robert Hetzel on Milton Friedman, the Monetarist-Keynesian Debate, and the 2008 Crisis

Robert Hetzel is a senior economist and research advisor at the Richmond Federal Reserve Bank where he has worked since 1975. He joins the show to discuss the rise of monetarism and how Milton Friedman, his dissertation advisor, shaped his thinking on macroeconomics. Monetarism challenged the conventional Keynesian consensus in the 1970s and caused Keynesians to reformulate their views into a new doctrine called, "New Keynesianism." However, in the wake of the Great Recession, "Old Keynesianism" has made a comeback. Hetzel pushes back against the Keynesian resurgence and explores other explanations of the 2008 crisis. David's blog: http://macromarketmusings.blogspot.com/ David's Twitter: https://twitter.com/DavidBeckworth Robert Hetzel's biography: https://www.richmondfed.org/research/economists/bios/hetzel_bio Related links: https://www.richmondfed.org/~/media/richmondfedorg/publications/research/economic_quarterly/2012/q2/pdf/hetzel.pdf https://www.richmondfed.org/~/media/richmondfedorg/publications/research/economic_quarterly/2009/spring/pdf/hetzel2.pdf https://www.amazon.com/Program-Monetary-Stability-Milton-Friedman/dp/0823203719

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Tara Sinclair on Building a Synthetic FOMC Through AI

Tara Sinclair on Building a Synthetic FOMC Through AI

Tara Sinclair is a professor and chair of the economics department at George Washington University. Tara returns to the show to discuss her ambitious paper simulating an FOMC meeting before it happens...

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Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom

Bryan Cutsinger on the What the History of Growth Driven Deflation Can Teach us about a Potential AI Boom

Bryan Cutsinger is a monetary historian and an assistant professor of economics at Florida Atlantic University. Bryan returns to the show to discuss how we think about deflation, the history of grow...

3 Nov 202556min

Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam

Will Roberds and Steve Quinn on the Original Central Bank: the Bank of Amsterdam

Will Roberds is an economist emeritus of the research department of the Federal Reserve Bank of Atlanta. Steve Quinn is a professor of economics at Texas Christian University. In Will and Steve's firs...

27 Okt 202557min

Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World

Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World

Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim's first appearance on the show, he discusses the evolution of monetary rules at the Fe...

20 Okt 20251h 1min

Manmohan Singh on the Meaning of Money after the GENIUS Act

Manmohan Singh on the Meaning of Money after the GENIUS Act

Manmohan Singh is the editor-in-chief of the Journal of Financial Markets Infrastructure. Manmohan returns to the show to discuss whether money still matters, the impacts of the GENIUS ACT, the lobbyi...

13 Okt 202553min

Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review

Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review

Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic's first appearance on the show, he discusses his love of birding, what that teac...

6 Okt 202542min

Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star

Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star

Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central ban...

29 Sep 20251h 4min

Marc Giannoni on the Fed's Framework Review, it's Independence, and the Future of R-Star

Marc Giannoni on the Fed's Framework Review, it's Independence, and the Future of R-Star

Marc Giannoni is a managing director and the chief US economist at Barclays Capital. In Marc's first appearance on the show he discusses working on the 2020 Fed Framework Review, the troubling issues ...

22 Sep 202556min

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