Macro Musings with David Beckworth

Josh Hendrickson, chair of the economics department at the University of Mississippi, discusses the Treasury Standard and global dollar dominance. Topics include state monopoly over money, dollar system path dependency, and the evolution of the U.S. dollar as the global currency.

Julia Coronado, President of MacroPolicy Perspectives, discusses productivity surge prospects, the Fed's soft landing, and commercial real estate market state. Topics include economic forecasting challenges, inflation analysis, economic trends, monetary policy dynamics, Texas's renewable energy growth, and the Federal Reserve's global implications.

Isabel Schnabel, Member of the Executive Board of the European Central Bank, discusses the ECB's new operational framework with David Beckworth. Topics include ECB structure, decision-making, asset purchase programs, central bank asset purchases, operational framework evolution, and rate anchoring strategies.

Andy Levin and Christina Parajon Skinner discuss the Fed's accountability to Congress, constitutional authority, need for diverse viewpoints, implications of Fed's balance sheet on national debt, recommendations for enhancing transparency, and importance of public confidence in Fed's independence.

Anat Admati discusses the US banking system, Basel III Endgame, post-financial crisis regulations, regional banking crisis fallout, and more. They explore the risks of 'too big to fail' institutions, teaching financial crisis concepts, balancing equity and insolvency, regulatory failures, liquidity and capital requirements, and corporate accountability in banking.

Experts Steven Kamin and Mark Sobel discuss dollar dominance in the global economy, touching on debates around dollarization, China's threat, and the weaponization of the dollar. They explore the implications of dollar dominance on international finance, trade, and the sustainability of the US dollar as the primary reserve currency.

Explore the market perspective on interest rates, term premiums, and monetary policy with Peter Williams. Learn about estimating term premiums, the future of R-star, the importance of inflation expectations, and more in this insightful discussion.

Exploring recent proposals to strengthen the Federal Reserve's role as a lender of last resort and updates on the Fed's balance sheet. Proposals for destigmatizing the discount window, revisiting liquidity regulations, and addressing Federal Reserve's operational challenges. Delving into the significance of modern liquidity requirements, collateral pledging, and the Fed's balance sheet evolution amidst economic challenges.

David Beckworth hosts economist Eric Leeper as they discuss the fiscal accounting of COVID inflation, touching on fiscal dominance, fiscal theory of the price level, backward and forward-looking fiscal accounting exercises, and more. They explore the role of federal COVID-related spending, transfer payments, nominal GDP, fiscal policy, pay go laws, fiscal dominance, interest rate risks, US fiscal policy challenges, and CBO projections.

Former president of the Federal Reserve Bank of Richmond, Jeffrey Lacker, talks about Fed governance issues including its evolving nature, increasing politicization, relationship with Congress, impact of governance practices on inflation surge, concerns about political influence and communication norms, effect of policy framework and forward guidance, integrity and active listening at the Fed, differentiation of credit operations and monetary policy, and regulatory limitations in the global dollar system.