Macro Musings with David Beckworth

By: Mercatus Center at George Mason University
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  • Summary

  • Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.
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Economics
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Episodes
  • Emil Verner on Banking Crises, Credit Booms, and the Rise of Populism

    Emil Verner on Banking Crises, Credit Booms, and the Rise of Populism
    Nov 18 2024
    Emil Verner is an associate professor of finance at MIT Sloan and is a research fellow at the National Bureau of Economic Research. Emil has written widely on financial stability, banking panics, and credit booms, and he joins David on Macro Musings to talk about these issues. Specifically, David and Emil also discuss the causes and policy implications of bank failures, the shortcomings of the Diamond-Dybvig model of bank runs, how financial crises spur the rise of populism, and much more. Transcript for this week’s episode. Register now for Building a Better Fed Framework: The AIER Monetary Conference. Emil’s Twitter: @EmilVerner Emil’s website David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Failing Banks* by Sergio Correia, Stephan Luck, and Emil Verner *Banking Crises Without Panics* by Matthew Baron, Emil Verner, and Wei Xiong *Financial Crisis, Creditor-Debor Conflict, and Populism* by Gyozo Gyongyosi and Emil Verner *Fragile by Design: The Political Origins of Banking Crises and Scarce Credit* by Charles Calomiris and Stephen Haber *Going to Extremes: Politics After Financial Crises, 1870-2014* by Manuel Funke, Moritz Schularick, and Christoph Trebesch Timestamps: (00:00:00) – Intro (00:03:45) – Why Do We Care About Banking Panics and Financial Stability? (00:05:42) – Breaking Down the Causes of Bank Failures and its Policy Implications (00:13:38) – Exploring the Historical Banking Data (00:15:59) – *Failing Banks*: Key Findings and Takeaways (00:24:00) – *Banking Crises Without Panics* (00:28:05) – Responding to the Diamond-Dybvig Model of Bank Runs (00:33:29) – Applying the Bank Solvency Story to the Great Financial Crisis (00:36:16) – The Impact of Credit Booms (00:40:56) – What Are the Necessary Policy Prescriptions? (00:43:08) – Why is Diamond-Dybvig So Popular? (00:47:01) – *Financial Crisis, Creditor-Debtor Conflict, and Populism* (00:52:55) – How Do We Stem the Tide of Populism in the Future? (00:54:36) – Outro
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    55 mins
  • Loretta Mester on How to Improve the Fed’s Operating Framework

    Loretta Mester on How to Improve the Fed’s Operating Framework
    Nov 11 2024

    Loretta Mester was president and CEO of the Federal Reserve Bank of Cleveland from 2014 through June of 2024, and she is a 39-year veteran of the Federal Reserve System. Loretta is also currently an adjunct professor of finance at the Wharton School at the University of Pennsylvania. She joins David on Macro Musings to talk about her time Fed president and a recent paper she delivered on the Fed’s operating system. David and Loretta also discuss the ongoing battle against inflation, what to expect from the upcoming Fed framework review, and much more.

    Transcript for this week’s episode.

    Register now for Building a Better Fed Framework: The AIER Monetary Conference.

    Loretta’s Cleveland Fed profile

    Loretta’s Wharton profile

    David Beckworth’s Twitter: @DavidBeckworth

    Follow us on Twitter: @Macro_Musings

    Check out our new AI chatbot: the Macro Musebot!

    Join the new Macro Musings Discord server!

    Join the Macro Musings mailing list!

    Check out our Macro Musings merch!

    Related Links:

    *The Fed’s Ample Reserves Monetary Policy Operating Framework: It Isn’t as Simple as it Looks* – Remarks by Loretta Mester for the Panel on The Conduct of Monetary Policy: Evolution from Free Reserves to the Corridor and Floor Systems at the Shadow Open Market Committee 50th Anniversary Conference

    *Reserve Demand Elasticity (RDE)* by the Federal Reserve Bank of New York

    Timestamps:

    (00:00:00) – Intro

    (00:02:18) – Loretta’s Career Path and Tenure at the Cleveland Fed

    (00:10:42) – The Ongoing Battle Against Inflation

    (00:17:53) – Evaluating FAIT and What to Expect from the 2024-25 Fed Framework Review

    (00:26:03) – Corridor vs. Floor: The Evolution of the Fed’s Operating System and its Policy Implications

    (00:41:31) – Estimating the Demand for Bank Reserves

    (00:45:57) – Addressing Over-reliance on the Fed in the Interbank Market

    (00:52:45) – Loretta’s Thoughts on Central Clearing and Increased Use of the Discount Window

    (00:55:23) – Outro
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    56 mins
  • Jon Hartley on the Shadow Open Market Committee and Macroeconomic Policy

    Jon Hartley on the Shadow Open Market Committee and Macroeconomic Policy
    Nov 4 2024
    Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center, and he is also the host of a Hoover Institution podcast titled, *Capitalism and Freedom in the 21st Century.* Jon joins David on Macro Musings to talk about the Hoover Institution’s recent monetary policy conference, *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* as well as some of his own related work. Specifically, Jon and David also discuss the origins, purpose, and influence of the Shadow Open Market Committee, the tension between the fiscal theory of the price level and Fed policy, the significance of government debt management, and more. DISCLAIMER: The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. Transcript for this week’s episode. Register now for Building a Better Fed Framework: The AIER Monetary Conference. Jon’s podcast: Capitalism and Freedom in the 21st Century Jon’s Twitter: @Jon_Hartley_ Jon’s website David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* - An event hosted by the Hoover Institution *The International Public Debt Valuation Puzzle: Testing the Fiscal Theory of the Price Level Across Countries and Time* by Jon Hartley, Matyas Farkas, and J.R. Scott *Does Government Debt Management Matter? High Frequency Identification from U.S. Treasury Quarterly Refunding Announcements* by Jon Hartley and Lorenzo Rigon *The U.S. Public Debt Valuation Puzzle* by Hanno Lustig, Zhengyang Jiang, Stijn Van Nieuwerburgh, and Mindy Xiaolan *The Real Effects of Monetary Expansions: Evidence from a Large-scale Historical Experiment* by Nuno Palma *Chronicle of a Deflation Unforetold* by Francois Velde Timestamps: (00:00:00) – Bumper (00:00:41) – Intro (00:04:50) – The Origins, Purpose, and Influence of the Shadow Open Market Committee (00:13:18) – Why Has Money Fallen Out of Favor? (00:22:31) – How Well Does the Fiscal Theory of the Price Level Hold Up? (00:34:58) – The Tension Between the Fiscal Theory of the Price Level and Fed Policy (00:40:58) – Does Government Debt Management Matter? (00:51:10) – The Floor System, Quantitative Easing, and the Keys to Economic Growth (00:59:41) – Outro
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    1 hr

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