Lev Menand is an associate professor of law at Columbia University and Josh Younger is a senior policy advisor at the Federal Reserve Bank of New York and a lecturer at Columbia Law School. Lev and Josh also recently co-authored a paper titled, *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon.* They are also returning guests to Macro Musings, and rejoin the podcast to talk about this paper and its implications for the Treasury market. Lev, Josh, and David also discuss the transition from bank to market financing, whether an increasing level of debt is leading to more instability, the impact of recent regulations on the primary dealer system, how to restore the balance between public debt and money creation, and a lot more.

Transcript for this week’s episode.

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Josh’s Columbia Law profile

Lev’s Columbia Law profile

Lev’s Twitter: @LevMenand

David Beckworth’s Twitter: @DavidBeckworth

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Related Links:

*Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon* by Lev Menand and Josh Younger

*The Fed Unbound: Central Banking in a Time of Crisis* by Lev Menand