On this special greatest hits compilation episode our host David Beckworth primes listeners for the Fed Framework Review by highlighting the best snippets from past shows discussing nominal GDP targeting. This episode includes Mary Daly’s thoughts on NGDP targeting, Evan Koenig on the basics of NGDP targeting, George Selgin on Powell’s hesitations with NGDP targeting and how it responds to supply shocks, Jim Bullard on the financial stability of NGDP targeting, Eric Sims on the New Keynesian argument for NGDP targeting, Carola Binder on the benefits of NGDP targeting, Charlie Evans on the prospects of NGDP target, and much more.

Check out the transcript for this week’s episode, now with links.

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Timestamps:

(00:00:00) – Intro

(00:02:31) – Mary Daly on Nominal GDP Targeting Considerations for the 2024-25 Fed Framework Review

(00:06:13) – Evan Koenig on the Basics and Preferred Structure of a Nominal GDP Targeting Framework

(00:14:17) – George Selgin on Chair Powell’s Concerns About Nominal GDP Targeting

(00:21:35) – Jim Bullard on the Financial Stability Argument for Nominal GDP Targeting

(00:24:12) – Eric Sims on the New Keynesian Rationale for Nominal GDP Targeting

(00:28:23) – Carola Binder on Two Major Benefits of Nominal GDP Targeting

(00:33:40) – George Selgin on How Nominal GDP Targeting Would Handle Supply Shocks

(00:46:55) – Charlie Evans on the Prospects for Nominal GDP Targeting During the 2024-25 Fed Framework Review

(00:50:57) – Bonus Segment: Enhancing the Nominal GDP Targeting Framework

(00:53:08) – Gauti Eggertsson on the Merits of a Cumulative Nominal GDP Level Target

(00:55:50) – Scott Sumner on Targeting a Nominal GDP Futures Contract

(01:04:25) – Outro

Peter Conti-Brown is a historian and legal scholar of the Federal Reserve System and an associate professor at the Wharton School of Business at the University of Pennsylvania. Peter returns to the podcast to discuss the state of Federal Reserve leadership under the incoming Trump administration, expectations for Fed independence, a new proposal for limiting stigma at the discount window, stories about a life lead by faith, and much more.

Check out the transcript for this week’s episode, now with links.

Recorded on January 10th, 2025

Follow David Beckworth on X: @DavidBeckworth

Follow Peter Conti-Brown on BlueSky: @PeterContiBrown

Follow the show on X: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

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Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:01:23) – Reaching Audiences Through Various Forms of Media

(00:10:30) – Federal Reserve Under Trump 2.0

(00:21:33) – Jerome Powell

(00:25:56) – Michael Barr

(00:34:52) – New Discount Window Proposal

(00:40:27) – Faith Life

(00:56:28) – Radical Uncertainty

(01:00:15) – Outro

David Bahnsen is a Wall Street veteran and currently is the managing director of The Bahnsen Group. In David’s first appearance on the podcast, he talks through multiple questions about the incoming Trump Administration, the problem with the growing indebtedness of the US government, shifts in the Republican party, the notion of financialization of the US economy, and much more.

Check out the transcript for this week’s episode, now with links.

Follow David Beckworth on X: @DavidBeckworth

Follow David Bahnsen on X: @DavidBahnsen

Follow the show on X: @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!

Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:01:50) – David Bahnsen’s Career Path

(00:04:39) – Shifts in the Republican Party

(00:12:20) – Trump Administration 2.0 and Growth, the Fed, and the Financial Sector?

(00:33:38) – Financialization and Missed Boats

(00:54:02) – Outro