Macro Musings with David Beckworth

Arthur Turrell is the deputy director at the data science campus for the UK Office of National Statistics (ONS). Arthur is also a former researcher at the Bank of England and a nuclear fusion scientist. He joins Macro Musings to talk about his work at the Bank of England, the future of economic data, and his new book on nuclear fusion titled, *The Star Builders: Nuclear Fusion and the Race to Power the Planet*. Transcript for the episode can be found here. Arthur's Twitter: @arthurturrell Arthur's website: http://aeturrell.com/ Arthur's Bank of England profile: https://www.bankofengland.co.uk/research/researchers/arthur-turrell Related Links: *The Star Builders: Nuclear Fusion and the Race to Power the Planet* by Arthur Turrell https://www.simonandschuster.com/books/The-Star-Builders/Arthur-Turrell/9781982130664 *Coding for Economists* by Arthur Turrell https://aeturrell.github.io/coding-for-economists/intro.html *Why Software Is Eating The World* by Marc Andreessen https://www.wsj.com/articles/SB10001424053111903480904576512250915629460 *Solving Heterogeneous General Equilibrium Economic Models with Deep Reinforcement Learning* by Edward Hill, Marco Bardoscia, and Arthur Turrell https://arxiv.org/pdf/2103.16977.pdf Princeton's *Net-Zero America* Project: https://netzeroamerica.princeton.edu/?explorer=year&state=national&table=2020&limit=200 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Kathryn Judge is a professor of law at Columbia Law School and editor of the journal of Financial Regulation. Anil Kashyap is a professor of economics and finance at the University of Chicago and is a member of the Bank of England's financial policy committee. Kate and Anil join David on Macro Musings to discuss their work on the Task Force on Financial Stability that recently released a report on how to improve financial stability in the US. Specifically, they discuss the origins of the Task Force on Financial Stability, the dynamics of the Treasury Market over the past year, why money market funds are still vulnerable despite an evolving set of regulations, the importance of rich and timely data for regulatory bodies and Congress, normalizing a financial stability mandate across regulatory bodies, the outlook of financial stability over the next decade, and much more. Transcript for the episode can be found here. Kate's Twitter: @ProfKateJudge Kate's Columbia Law profile: https://www.law.columbia.edu/faculty/kathryn-judge Anil's UChicago profile: https://www.chicagobooth.edu/faculty/directory/k/anil-kashyap Anil's NBER archive: https://www.nber.org/people/anil_kashyap?page=1&perPage=50 Related Links: Report of the Task Force on Financial Stability: https://www.brookings.edu/research/report-of-the-task-force-on-financial-stability/ *Financial Stability Considerations and Monetary Policy* by Anil K. Kashyap and Caspar Siegert https://www.ijcb.org/journal/ijcb2002_5.htm *The Impact of Treasury Supply on Financial Sector Lending and Stability* by Arvind Krishnamurthy and Annette Vissing-Jorgensen https://www.sciencedirect.com/science/article/abs/pii/S0304405X15001518 *Reforming the Macroprudential Regulatory Architecture in the US* by Kathryn Judge and Anil Kashyap https://voxeu.org/article/reforming-macroprudential-regulatory-architecture-us David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Larry White, a professor of economics at George Mason University, discusses stablecoins, the history of free banking, and money market funds reform. They explore concerns and potential of stablecoins, dangers and concerns surrounding them, and the relationship between stablecoins and money market mutual funds. They also discuss proposals and debates for reforming money market funds and addressing risk in them.

Jerusalem Demsas is a policy reporter for Vox and joins David on Macro Musings to discuss the state of housing in America and its implications for policy. Specifically, Jerusalem and David discuss the current state of the housing market, whether there is a housing bubble, how the housing shortage creates avenues for discrimination, the dynamics of racism in the US housing market, the impact of zoning laws, and much more. Transcript for the episode can be found here. Jerusalem's Twitter: @JerusalemDemsas Jerusalem's Vox archive: https://www.vox.com/authors/jerusalem-demsas Related Links: *Housing Constraints and Spatial Misallocation* by Chang-Tai Hsieh and Enrico Moretti https://www.aeaweb.org/articles?id=10.1257/mac.20170388 *Is There a Housing Bubble?* by Jerusalem Demsas https://www.vox.com/22464801/housing-bubble-market-crash-supply-shortage-great-recession *Stuck! The Law and Economics of Residential Stagnation* by David Schleicher https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation *The Housing Shortage Makes Housing Discrimination Much Easier* by Jerusalem Demsas https://www.vox.com/2021/5/26/22453293/housing-supply-shortage-discrimination-real-estate-cover-letters *America's Racist Housing Rules Really Can Be Fixed* by Jerusalem Demsas https://www.vox.com/22252625/america-racist-housing-rules-how-to-fix *The Fight Over Housing Segregation is Dividing one of America's Most Liberal States* by Jerusalem Demsas https://www.vox.com/22335749/housing-prices-connecticut-segregation-zoning-reform-democrats-adu-parking-minimum *Why Does it Cost so Much to Build Things in America* by Jerusalem Demsas https://www.vox.com/22534714/rail-roads-infrastructure-costs-america David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott joins David on Macro Musings to discuss Milton Friedman's views and what he might say about some of the recent developments in monetary policy. Specifically, Scott and David talk about nominal interest rates as indicators of the stance of monetary policy, fiscal austerity as means of reducing excessive aggregate demand, Friedman's critique of the Phillips curve and wage and price controls, what Friedman might have said about the recent inflation numbers, and much more. Transcript for the episode can be found here. Scott's automated Twitter: @MoneyIllusion Scott's blog: https://www.themoneyillusion.com/ Scott's Mercatus profile: https://www.mercatus.org/scholars/scott-sumner Related Links: *Friedman's Smashing Success­­* by Scott Sumner https://www.econlib.org/friedmans-smashing-success/ *Inflation is a Nominal Phenomenon* by Scott Sumner https://www.econlib.org/inflation-is-a-nominal-phenomenon/ *The Role of Monetary Policy* (1968) by Milton Friedman https://link.springer.com/chapter/10.1007/978-1-349-24002-9_11 *What Would Milton Friedman Have Thought of Market Monetarism?* by Scott Sumner https://oxford.universitypressscholarship.com/view/10.1093/acprof:oso/9780198704324.001.0001/acprof-9780198704324-chapter-15 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Skanda Amarnath is the executive director of Employ America and a former hedge fund economist. He rejoins Macro Musings to talk about the fate of the Phillips Curve, the inflation outlook, the Fed's new framework, and his vision for a better monetary policy future. David and Skanda also discuss the Fed's flawed assessment of maximum employment, how to modify the central bank's Summary of Economic Projections, and the significance of capacity constraints vs labor utilization. Transcript for the episode can be found here. Skanda's Twitter: @IrvingSwisher Skanda's Employ America archive: https://employamerica.org/author/skandaamarnath/ Skanda's Medium profile: https://medium.com/@skanda_97974 Related Links: *Beyond the Phillips Curve: A Dynamic Approach to Communicating Assessments of 'Maximum Employment'* by Skanda Amarnath and Alex Williams https://employamerica.medium.com/beyond-the-phillips-curve-a-dynamic-approach-to-communicating-assessments-of-maximum-employment-c3eff48b2fcf David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Agustin Carstens leads the Bank for International Settlements or the BIS in his role as general manager and previously served as the governor of the Bank of Mexico. He also served as the deputy managing director of the International Monetary Fund. Agustin joins David on Macro Musings to discuss the new BIS 2021 annual report. Specifically, David and Agustin discuss the macroeconomic developments of the past year, the distributional footprint of monetary policy, the evolving role of central banking, and the outlook for central bank digital currency (CBDC). Transcript for the episode can be found here. Agustin's BIS profile: https://www.bis.org/author/agust%C3%ADn_carstens.htm Related Links: *Annual Economic Report 2021* by the BIS https://www.bis.org/publ/arpdf/ar2021e.htm U.S. Monetary Policy and the Global Financial Cycle* by Silvia Miranda-Agrippino and Hélène Rey https://academic.oup.com/restud/article/87/6/2754/5834728?login=true David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Jason Furman is a former chair of the Council of Economic Advisers and is currently a senior fellow at the Peterson Institute for International Economics. Jason is also a professor at Harvard University and he rejoins Macro Musings to talk about overheating, the inflation outlook, and the right way to think about fiscal policy in an era of low interest rates. Transcript for the episode can be found here. Jason's Twitter: @jasonfurman Jason's Harvard profile: https://www.hks.harvard.edu/faculty/jason-furman Jason's PIIE profile: https://www.piie.com/experts/senior-research-staff/jason-furman Related Links: *A Reconsideration of Fiscal Policy in the Era of Low Interest Rates* by Jason Furman and Larry Summers https://www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/reconsideration-fiscal-policy-era-low-interest-rates-jason David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Steffen Murau is a political economist at the Global Development Policy Center at Boston University and specializes in international money and finance. He joins Macro Musings to talk about the Eurozone, its role within international monetary architecture, and the future of the dollar zone. They also discuss balance sheet hierarchies, the roles of European banks compared to their American counterparts, and the fiscal ecosystem present within the Eurozone. Transcript for the episode can be found here. Steffen's Twitter: @steffenmurau Steffen's website: https://steffenmurau.com/ Steffen's GDPC profile: https://www.bu.edu/gdp/profile/steffen-murau/ Related Links: *A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System* by Steffen Murau https://www.bu.edu/gdp/files/2020/07/Murau-Eurozone-architecture.pdf *The Hierarchy of the Offshore US-Dollar System: On Swap Lines, the FIMA Repo Facility and Special Drawing Rights* by Steffen Murau, Fabian Paper, and Tobias Pforr https://www.bu.edu/gdp/files/2021/02/Steffen-Murau-GEGI-Study-2-Feb-2021.pdf *The Evolution of the Offshore US-Dollar System: Past, Present, and Four Possible Futures* by Steffen Murau, Joe Rini, and Armin Haas https://www.cambridge.org/core/journals/journal-of-institutional-economics/article/evolution-of-the-offshore-usdollar-system-past-present-and-four-possible-futures/B36ED9082CECE54F3F5B8E8F40D15148 David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

Dan Smith is an associate professor of economics at Middle Tennessee State University and directs the Political Economy Research Institute at MTSU. Alex Salter is an associate professor of economics at Texas Tech University. Dan and Alex join David on a special live episode of Macro Musings to discuss their new book, Money and the Rule of Law: Generality and Predictability in Monetary Institutions. Specifically, they discuss knowledge and incentive problems in setting monetary policy, what is meant by "rule of law," how to make monetary policy accountable, centralized versus decentralized forms of digital currencies, thoughts on free banking, and much more. Transcript for the episode can be found here. Alex's Twitter: @alexwsalter Alex's website: https://www.awsalter.com/ Alex's Free Market Institute profile: https://www.depts.ttu.edu/freemarketinstitute/people/salter.php Daniel's Twitter: @smithdanj1 Daniel's website: http://www.danieljosephsmith.com/about.html Daniel's MTSU profile: https://www.mtsu.edu/faculty/daniel-j-smith Related Links: *Seigniorage in a Cross-Section of Countries* by Reid W. Click https://www.jstor.org/stable/2601207 *Money and the Rule of Law: Generality and Predictability in Monetary Institutions* by Peter J. Boettke, Alexander William Salter, and Daniel J. Smith https://www.cambridge.org/core/books/money-and-the-rule-of-law/C825E982EDE5BD2BE41A99464DC885DB David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth