Macro Musings with David Beckworth

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.

Mark Koyama, an associate professor of economics, discusses the historical origins of economic growth and the key drivers throughout history. Topics include geography, institutions, the Protestant Reformation's influence, Malthusian theory, factors influencing the Industrial Revolution, Rome's lack of industrialization, and future economic growth challenges.

Gauti Eggertsson, professor of economics at Brown University, discusses the post-pandemic inflation surge and its implications for monetary policy. Topics covered include the Fed's FAIT framework, the return of the non-linear Phillips curve, policy suggestions for the Fed, inflation expectations, and various monetary policy approaches.

Jonathon Hazell, an assistant professor of economics at the London School of Economics, joins David Beckworth on Macro Musings to discuss Phillips curves, wage rigidity, and measuring R-star. They delve into topics such as viewing recent inflation, measuring the natural rate, downward wage rigidity, and more.

Skanda Amarnath and Preston Mui from Employ America discuss U.S. disinflation debates, future Fed policy, and the upcoming framework review. They explore the impact of energy prices, trade-offs in the inflation debate, and the complexities of rate normalization. Critiques of the Federal Reserve's approach and communication are also discussed.

Claudio Borio, Head of the Monetary and Economic Department at BIS, discusses the challenge of large balance sheets at central banks. They explore the shift from the pre-2008 scarce reserve system to the abundant reserve system. They also discuss the political pressure on central bank balance sheets and the implications for fiscal policy.