Macro Musings with David Beckworth Carola Binder on the History of Inflation, the Fed Framework Review, and the Promise of Nominal GDP Targeting
Aug 26, 2024
Carola Binder, an associate professor at the University of Texas at Austin and author of *Shock Values: Prices and Inflation in American Democracy*, joins the discussion on inflation's historical context. She delves into the implications of adopting nominal GDP targeting for monetary policy, emphasizing its potential to enhance stability. Carola also reflects on the Fed's upcoming framework review and shares insights from past economic struggles during the American Revolutionary and Civil Wars, revealing how these challenges have shaped contemporary monetary policy.
Chapters
Transcript
Episode notes
1 2 3 4 5 6 7
Intro
00:00 • 3min
Navigating Nominal GDP Targeting
02:32 • 17min
Historical Price Stability in the U.S.
19:33 • 11min
Monetary Struggles and Insights from the Revolutionary Era
30:23 • 2min
The Legal and Economic Dynamics of Greenbacks during the Civil War
32:07 • 2min
Evolving Approaches to Price Control and Monetary Policy
34:02 • 12min
Exploring the Evolution of the Federal Reserve's Framework
45:38 • 4min