Macro Musings with David Beckworth

Paul Krugman is a Nobel Laureate in economics, a columnist at *The New York Times,* and a Distinguished Professor of Economics at the Graduate Center of the City University of New York. He joins the show to discuss his work on liquidity traps, Japan's Lost Decade, and lessons from the Great Recession. Paul also explains how Isaac Asimov's science fiction inspired him to become an economist. David'...

Ethan Ilzetzki is an assistant professor of economics at the London School of Economics and a research affiliate at the Centre for Economic Policy Research. He joins the show to discuss exchange rate regimes, anchor currencies, and the new Triffin dilemma. Ethan points out how the U.S. dollar is connected to a staggering 70 percent of global GDP. David and Ethan discuss what the dollar's dominant...

Daniel Griswold is a Mercatus Center Senior Research Fellow and Co-Director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University. He joins the show to discuss the theory of trade, dating back to Adam Smith, and his work on current US trade policy. Daniel and David discuss some of the misconceptions surrounding trade and why Americans should emb...

Josh Zumbrun is a national economics correspondent for the Wall Street Journal. David and Josh discuss what seems to be the diminished status of economists in a populist era and what role economists will play in the Trump Administration. Josh also shares his thoughts on life as an economics journalist in the digital age. David's blog: http://macromarketmusings.blogspot.com/ Josh Zumbrun's WSJ arch...

In this week's episode, Jim Bullard, the president and CEO of the Federal Reserve Bank of St. Louis, joins the show to discuss his work as a Federal Reserve executive and as a researcher in monetary policy. Bullard shares his thoughts on why inflation has been so persistently low since 2008 and whether the Fed should pursue a more symmetric inflation target. He and David also discuss the Fed's pla...

Tyler Cowen is a professor of economics at George Mason University as well as the general director of the Mercatus Center at George Mason University. He joins the show to discuss his new book, *The Complacent Class: The Self-Defeating Quest for the American Dream.* Tyler argues that restlessness and willingness to take risks have been key traits throughout American history. However, in the last fe...

George Selgin, director of the Cato Institute's Center for Monetary and Financial Alternatives, returns to *Macro Musings* to discuss his new proposal to reform how the Fed conducts open-market operations. He proposes abolishing the current primary dealer system and expanding the Fed's number of counterparties. David and George also discuss the Fed's plans for 2017 and whether it will seek to redu...

Steve Hanke is a professor of applied economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is also a senior fellow and director of the Troubled Currencies Project at the Cato Institute. Steve joins the show to discuss his work on the history of hyperinflations. David and Steve discuss...

Jeffrey Frankel is a professor and economist at Harvard University and the director of the Program in International Finance and Macroeconomics at the National Bureau of Economic Research (NBER). He joins the show to discuss serving on the NBER's Business Cycle Dating Committee, which officially declares the start and end of recessions. David and Jeff also discuss the monetary history of the Plaza...

Jason Furman is a senior fellow at the Peterson Institute for International Economics. Previously, he served as the Chairman of the Council of Economic Advisers under President Obama. He joins the show to reflect on his time in the Obama Administration. Among other things, Jason and David discuss the efficacy of fiscal policy, the fiscal multiplier, and whether the platinum coin was ever seriously...

Larry White is a professor of economics at George Mason University and has written widely on monetary theory, free banking, and the Austrian School of Economics. Today, he joins the show to discuss the recent demonetization efforts in India to crack down on corruption. White argues that India's efforts to end the circulation of large notes and begin the circulation of new notes is having perniciou...

Tim Duy is a professor of economics at the University of Oregon and a widely read "Fed Watcher." Today, he joins the show to discuss writing on the Federal Reserve and how to interpret statements from Fed officials. In particular, Tim stresses the importance of the Fed Chair's post-FOMC meeting press conferences. He also warns against taking too much stock in FOMC minutes. David and Tim also discu...

Hester Peirce is a Senior Research Fellow at the Mercatus Center at George Mason University and director of Mercatus' Financial Markets Working Group. She joins the show to discuss the new Mercatus book, *Reframing Financial Regulation: Enhancing Stability and Protecting Consumers*, which she coedited. The book examines the problems with the United States' current financial regulation regime (incl...

Sebastian Mallaby is a senior fellow at the Council on Foreign Relations and a contributing columnist for the Washington Post. Today, he joins the show to discuss his new book, *The Man Who Knew: the Life and Times of Alan Greenspan,* a biography of the former Fed Chairman. Sebastian describes Greenspan's humble origins, his rise to power, and his public career that spanned several decades. David...

Eswar Prasad is the Tolani Senior Professor of Trade Policy and Professor of Economics at Cornell University and a senior fellow at the Brookings Institution. He joins the show to discuss his new book, *Gaining Currency: The Rise of the Renminbi,* which examines the rise of China's currency, the renminbi (RMB), and its role in global finance. Prasad argues that the RMB is on the road to becoming a...

Jesus Fernandez-Villaverde is a professor of economics and director of graduate studies of economics at the University of Pennsylvania. He joins the show to discuss both his extensive work in economic history as well as macroeconomic modeling. David and Jesus discuss the economic history of Germany in the 1920s and 1930s and the events that led to the rise of the Nazis as well as more recent event...

Gauti Eggertsson is a professor of economics at Brown University. Previously, he worked at the research departments at the International Monetary Fund and the Federal Reserve Bank of New York. He joins the show to discuss his work on the history of liquidity traps and extremely low and even negative interest rates. He and David discuss examples from the Great Depression to Japan in the 1990s to to...

Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University's Graduate School of Business and co-author of the book, *The Bankers' New Clothes: What's Wrong with Banking and What to Do About It.* She joins the show to discuss her book, which argues that America's banking system continues to be dangerously fragile even in the aftermath of the Dodd-Frank Act. Anat...

In this week's special episode recorded in front of a live audience, David interviews the renowned monetary economist, Allan Meltzer. Meltzer, a professor of political economy at Carnegie Mellon University and one of the founders of the monetarist school of thought discusses his long career in academia and policy. David and Allan also discuss current central bank policy, both in the United States...

Ylan Mui covers White House economic policy for the Washington Post. Previously, she covered the Federal Reserve. Today, she joins the show to discuss what it is like to attend Fed press conferences and write on the technical nuances of Fed policy. David and Ylan also discuss what a Trump Administration might mean for economic issues ranging from trade to infrastructure spending to monetary policy...

In this week's special episode, David discusses the economics of Christmas with Laura Birg, a post-doctoral researcher at the University of Goettingen, and Anna Goeddke, a professor of economics at the ESB Business School at Reutlingen University. Topics include the dead-weight loss of gift-giving, Christmas' effects on seasonal GDP, increases in alcohol consumption, and the effect of secularizati...

In this week's special episode, David compares and contrasts the economics of the Star Wars and Star Trek universes. He is joined by Zachary Feinstein, an Assistant Professor at Washington University in St. Louis, and Manu Saadia, author of *Trekonomics.* Topics include the economic fallout from the destruction of the Death Star, the absence of money in Star Trek, and whether a universe can really...

Peter Conti-Brown is an Assistant Professor at The Wharton School of the University of Pennsylvania. He joins the show to discuss his new book, *The Power and Independence of the Federal Reserve,* which exams the evolution of the Federal Reserve and what central bank independence really means. Peter also shares his thoughts on what a Trump presidency might mean for monetary policy. David's bio: ht...

JP Koning is an economic consultant and writer. He joins the show to discuss fascinating stories in monetary history in Libya, Zimbabwe, and Switzerland. He also shares his thoughts on Blockchain technology and Fedcoin, a hypothetical cryptocurrency stabilized by the Federal Reserve. David's blog: http://macromarketmusings.blogspot.com/ JP's blog "Moneyness": http://jpkoning.blogspot.com/ David's...

Mark Calabria is the director of Financial Regulation Studies at the Cato Institute. Before joining Cato in 2009, he worked as a member of the senior staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He joins the show to discuss working on Capitol Hill amidst the 2008 financial crisis. Mark also discusses his recent Cato paper where he argues insights from behavioral econo...