Ricardo Reis

Ricardo Reis is a professor of economics at the London School of Economics and is the co-author of a new book titled, *A Crash Course on Crises: Macroeconomic Concepts for Run-ups, Collapses, and Recoveries.* Ricardo is also a previous guest of Macro Musings and he rejoins the podcast to talk about his new book as well as his overall assessment of the inflation surge of the past few years. David and Ricardo specifically discuss what constitutes a bubble, the Eurozone crisis as a story of capital inflows and misallocation, shadow banking and systemic risk during the 2008 financial crisis, Ricardo’s view of the Phillips curve, and a lot more.   Transcript for this week’s episode.   Ricardo’s Twitter: @R2Rsquared Ricardo’s LSE profile Ricardo’s website   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our new Macro Musings merch!   *A Crash Course on Crises: Macroeconomic Concepts for Run-Ups, Collapses, and Recoveries* by Ricardo Reis and Markus Brunnermeier   *Ricardo Reis on Central Bank Swap Lines, Fiscal Sustainability, and Outlooks for Inflation* by Macro Musings

With inflation unfettered, Luigi and Bethany sit down with economist Ricardo Reis to discuss the Federal Reserve’s role. Contrary to our hosts’ views, Reis argues that while the Fed has made mistakes, they are largely understandable. Together, they chart why it took so long to pivot policies, how central banks responded to supply and energy shocks, how much the Fed – or Chair Jay Powell – is to blame, and what they should be doing to control inflation. Plus, Bethany and Luigi discuss The Guardian exposé on the Uber Files, and what it teaches us about academic and journalistic accountability when it comes to corporate lobbying.

Ricardo Reis, a professor at the London School of Economics and editor of the Journal of Monetary Economics, defends the vitality of macroeconomics despite its criticisms. He highlights innovations sparked by the Great Recession and the importance of nuanced economic forecasting, comparing it to the work of doctors. The conversation delves into the challenges of quantitative easing, the role of bank reserves in economic stability, and the need for reforms in macroeconomic education. Reis advocates for new approaches while navigating inflation and central banking complexities.