Macro Musings with David Beckworth
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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Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates
<p> Scott Sumner is the Ralph G. Hawtrey Chair Emeritus of Monetary Policy and the founder of the Monetary Policy Program at Mercatus. Scott returns to the show, to discuss his life post Mercatus, nominal GDP counterfactuals of the pandemic and the Great Financial Crisis, the role of QE in inflation, the fears about Fed independence, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on January 15th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Follow the show on X...
Tyler Muir on How to Understand the Fed's Quantitative Easing
<p> Tyler Muir is a professor of finance at UCLA. In Tyler's first appearance on the show, he discusses how he became a leading scholar on quantitative easing, what things the Fed can learn in responding to crises, why QE matters, how QE transformed the bond market, the new "Tyler Rule", QE's role in the COVID Pandemic, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on January 8th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Follow Tyler Muir...
Richard Berner on Growth of the Private Credit and the Role of Fiscal Dominance on Treasury Markets
<p> Richard Berner is the former director of the Office of Financial Research and was a counselor of the Treasury Secretary. In Richard's first appearance on the show, he discusses a career that included public service and Wall Street, the fragility of global liquidity, the implications of fiscal dominance, the expansion of private credit, the 2023 SVB banking turmoil, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on January 7th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Follow the...
Aaron Klein on the US's Real-Time Payments Problem and the Impact of Covid Era Quantitative Easing
<p> Aaron Klein is a senior fellow in economic studies at the Brookings Institution. Aaron returns to the show to discuss his paper with George Selgin calling for real time payments, the inequality caused by the Fed's current payment processes, the results of Covid time QE, recommendations for dealing with future crises, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on December 11th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Follow Aaron Klein on X: @AarondKlein</p> <p >F...
Per Åsberg Sommar on the State of the Riksbank and Operating Systems Around the World
<p> Per Åsberg Sommar is a senior advisor in the markets department at the Swedish central bank. In Per's first appearance on the show, he discusses his career as a central banker, the history of the Riksbank, evolutions in inflation targeting at the Riksbank, changes in the Sweden's central banks operating system, its new tool called the Deposit Requirement Facility, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on December 12th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Fo...
2025 Macro Musings Retrospective
<p> David Beckworth and producer Sam Alburger dive into the last year of Macro Musings. They discuss David's foray into Substack, their favorite episodes of the year, the most popular episodes of 2025, David's push for NGDP targeting, this year's most hotly contested episode, how the year 2025 will be remembered in macro history, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on December 10th, 2025</p> <p >Subscribe to David's Substack: Macroeconomic Policy Nexus</p> <p >Follow David Beckworth on X: @DavidBeckworth</p> <p >Follow the show on X: @Macro_Musings</p> <...
Veronique de Rugy on the Impending American Fiscal Crisis
<p> Veronique de Rugy is the George Gibbs Chair in Political Economy and a Senior Research Fellow at the Mercatus Center at George Mason University. In Veronique's first appearance on Macro Musings she discusses her career as a think tanker's think tanker, what the difference is between classical liberals and libertarians, how America's mindset has shifted on trade and immigration, the fiscal health of the United States, the US's impending debt crises, solutions for fixing the fiscal health of the United States, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Re...
Martha Gimbel on the Impact of AI and the Trade War on Labor Markets
<p> Martha Gimbel is the executive director and co-founder of the Budget Lab at Yale. In Martha's first appearance on the show, she discusses the missing BLS job market data, the consequences of losing two months of labor market data, the impact of AI on the labor market in the short and long term, why it is hard to determine which job sectors AI will impact first, why people will keep learning foreign languages, the future impact tariffs will have on the economy, why US treasuries might get left for the hometown guy in a Hallmark Christmas movie, and much...
Laurence Bristow on What the Fed can Learn from the Reserve Bank of Australia
<p> Laurence Bristow is a former staffer at the Reserve Bank of Australia and currently is a Vice President and Research Associate at the Bank Policy Institute. In Laurence's first appearance on the show, he discusses the differences between the Reserve Bank of Australia and the Fed, The RBA's change in operating systems, what a demand driven system actually looks like, the motivation for the RBA to make this change, calls for changes to the operating system within the Fed, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on No...
Austin Campbell on the Rise and Regulation of Dollar Backed Stablecoins
<p> Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University's Stern School of Business. In Austin's first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller's proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more.</p> <p >Check out the transcript for this week's episode, now with links.</p> <p >Recorded on November 14th, 2025</p>...
