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
  • 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
  • Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework Review

    Tara Sinclair on Real-time Economic Analysis and the Fed’s Upcoming Framework Review
    Oct 28 2024
    Tara Sinclair is a professor of economics and international affairs at George Washington University, where she also directs the George Washington Center for Economic Research. From 2022 to 2024, Tara also served as the Deputy Assistant Secretary for Macroeconomics in the Office of Economic Policy at the US Department of Treasury. Tara joins David on Macro Musings to talk about her time at Treasury, real-time economic analysis, the Fed framework review, and much more. Transcript for this week’s episode. Tara’s Twitter: @TaraSinc Tara’s website Tara’s GWU 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: *Real Time Economics: Tales from the Trenches* - Remarks by Tara Sinclair at the 2024 RTE Conference *Labor Shortages and Job Mismatch* - Remarks by Tara Sinclair at the 66th NABE Annual Meeting *The Fed’s Strategic Approach to Monetary Policy Needs a Reboot* by Mickey Levy and Charles Plosser *The Inflation Surge of the 2020s: The Role of Monetary Policy* by Gauti Eggertsson and Don Kohn *Monetary Policy Strategies to Foster Price Stability and a Strong Labor Market* by Michael Kiley *Did the Federal Reserve’s 2020 Policy Framework Limit Its Response to Inflation? Evidence and Implications for the Framework Review* by Christina Romer and David Romer Timestamps: (00:00:00) – Intro (00:01:25) – Working as a Deputy Assistant Secretary at the Treasury Department (00:06:31) – Building a Better Economic Database (00:10:15) – Breaking Down Real-time Economics and Real-time Data (00:16:06) – *Real Time Economics: Tales from the Trenches* (00:21:37) – Solving Our Current Data Challenges (00:24:36) – *Labor Shortages and Job Mismatch* (00:32:08) – Breaking Down the Upcoming Fed Framework Review (00:37:56) – Addressing the Concerns and Issues Surrounding the Fed’s Framework (00:42:50) – Unpacking the Dual Mandate and the Fed’s Broad and Inclusive Goal (00:53:45) – Could AI Define Maximum Employment in the Future? (00:56:13) – Outro
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    57 mins

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