Avsnitt
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Yesha Yadav is a professor of law, the Milton R. Underwood Chair, the Associate Dean & Robert Belton Director of Culture & Community, and the Co-Faculty Director, Master of Laws (LL.M) Program at the Vanderbilt University Law School. Chris Odinet is a professor of law, Mosbacher Research Fellow, and Affiliate Professor of Finance at Texas A&M University School of Law. Andrea Tosato is professor of law at the Southern Methodist University Dedman School of Law. Yesha, Chris, and Andrea join the show to discuss their avenues into stablecoin regulation, their four-part definition of moneyness (nature of the claim, safety, discharge capacity, and negotiability), how Tether and Circle stack up to these definitions, the stablecoin bankruptcy conundrum, the progress the GENIUS Act made on closing legal loopholes, their prescriptions for policymakers, and much more.
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Recorded on May 20th, 2026
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Timestamps
00:00:00 - Intro
00:01:26 - Career Backgrounds of Chris, Yesha, and Andrea
00:02:35 - Background on the Paper
00:06:52 - Structure of Money
00:17:33 - Moneyness: Nature of the Claim
00:22:37 - Moneyness: Safety
00:23:45 - Moneyness: Discharge Capacity
00:30:50 - Moneyness: Negotiability
00:31:55 - How Stablecoins Currently Hold Up in Moneyness
00:58:18 - Recommendations to Policymakers
01:10:51 - Outro
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Jeffrey Lacker is the former president of the Richmond Federal Reserve Bank and is a senior affiliated scholar at the Mercatus Center. Jeff returns to the show to discuss the history of the Fed Treasury Accord, the state of fiscal dominance, his five proposals for a new Fed Treasury Accord, his calls for reform around the discount window, a memorial to his friend and colleague Charlie Plosser, and much more.
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Recorded on May 20th, 2026
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Timestamps
00:00:00 - Intro
00:00:56 - Fed Treasury Accord
00:18:26 - Fiscal Dominance
00:22:05 - Jeff's Five Proposals
00:49:05 - Charlie Plosser
00:55:49 - Outro
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Saknas det avsnitt?
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Nik Bhatia is an author of two economics books, a visiting fellow at the Bitcoin Policy Institute and the founder of The Bitcoin Layer. In Nik's first appearance on the podcast, he discusses his niche in the Bitcoin community, the role of Bitcoin as a transaction asset, the threat or lack thereof of quantum computing on Bitcoin, his issues with the current eurodollar market, his new proposal to use stablecoins as statecraft, and much more.
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Recorded on May 5th, 2026
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Timestamps
00:00:00 - Intro
00:01:49 - Nik's Career and Background
00:12:32 - Crypto Assets for Transactions
00:18:28 - Quantum Computing and Bitcoin
00:24:08 - Stablecoins as Statecraft
00:58:36 - Outro
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Bryan Cutsinger is an assistant professor of economics at the College of Business at Florida Atlantic University. Peter Ireland is a professor of Economics at Boston College. Will Luther is an associate professor of economics at the College of Business at Florida Atlantic University and is the director of the American Institute for Economic Research's Sound Money Project. Bryan, Peter, and Will return to the show to discuss the big takeaways from the 2025 Fed framework review, the flip flopping of FIT to FAIT back to FIT, the biggest lessons from the 2020 Fed framework review, the case for NGDP targeting at the Fed, hope for future reviews, and much more.
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Recorded on May 6th, 2026
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Timestamps
00:00:00 - Intro
00:00:51 - Origins of Bryan, Will, and Peter's Paper
00:03:40 - Big Takeaways
00:06:14 - The Fed's 2020 Framework Review
00:12:43 - Lessons Learned from 2020 Review
00:14:38 - Nominal GDP Targeting and Productivity Shocks
00:26:59 - Reviewing the Fed's 2025 Framework Review
00:57:20 - Hopes for the Future
01:03:06 - Outro
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Brendan Greeley is a veteran journalist from the Financial Times and current PhD student at Princeton studying monetary history. In Brendan's first appearance on the show, he discusses why he went for a PhD after being a journalist for 20 years, why the dollar's history goes far beyond America's founding, when America actually achieved a currency union, the untold origins of the dollar, how Herbert and Lou Hoover's date nights played a role in the history of the dollar, the crucial importance of Milton Friedman and Anna Schwartz in understanding the dollar's history, the happy accident of Eurodollars, what the future of dollars looks like, and much more.
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Recorded on May 4th, 2026
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Timestamps
00:00:00 - Intro
00:01:12 - Brendan's Career
00:06:27 - How Old Is the Dollar?
00:25:24 - Where Did the Dollar Start?
00:38:11 - The Modern Dollar
00:57:08 - Future of the Dollar
01:01:59 - Outro
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David Zaring is legal scholar and professor at the University of Pennsylvania. In David's first appearance on the show, he discusses the role the Great Financial Crisis played in FinReg scholarship, how he came up with the term "skinny" in the new skinny Fed master accounts, the tumultuous road of Custodia vs. the Fed, a reimagined way to look at federal bank charters, whether commerce and banking are actually still separate, Fed independence and how it functions in a more corporatist model, and much more.
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Recorded on April 24th, 2026
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Timestamps
00:00:00 - Intro
00:02:04 - The Great Financial Crisis and FinReg Scholarship
00:04:58 - David's Experience with Fintech Charter Litigation
00:17:18 - Skinny Charters
00:37:16 - How to Govern the Fed
00:55:10 - Outro
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Bill Beach is the former commissioner of the US Bureau of Labor Statistics and the current executive director of the Fiscal Lab on Capitol Hill. In Bill's first appearance on the show he discusses a career in and around public service, the important niche his new organization fills, the frightening fiscal outlook of the United States, exactly how long we have before Social Security runs out, why he believes it will take lots of small changes instead of a big one to fix our fiscal outlook, the important role of the BLS, why our statistical methods needs reform, the most underrated economic statistical indicators, and much more.
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Recorded on April 15th, 2026
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Timestamps
00:00:00 - Intro
00:01:25 - Bill's Career
00:10:11 - Fiscal Lab on Capitol Hill
00:17:23 - Fiscal Challenges of the United States
00:30:05 - Surveys from Bureau of Labor Statistics
00:43:12 - Challenges to Survey Work
00:52:13 - Outro
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Tyler Goodspeed is the former chairman of the Council of Economic Advisors and is currently a chief economist in the private sector. In Tyler's first appearance on the podcast he discusses his new book highlighting a different way of looking at recessions, the challenge of breaking away from the human inclination of ascribing patterns to random phenomena, whether recessions are more Dorian Gray or Peter Pan, what history and stories like Jay Cooke tell us about recessions, how to evaluate supply side shocks and the 2008 Financial Crisis, why Milton Friedman's Plucking model might be the best we have at modeling recessions, and much more.
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Recorded on April 15th, 2026
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Timestamps
00:00:00 - Intro
00:00:43 - Recessions
00:07:07 - Epiphanies or Apophanies
00:26:40 - Peter Pan vs. Dorian Gray
00:33:40 - Jay Cooke and the Railroad
00:39:00 - Models of Recessions
00:47:55 - Supply Shocks
00:50:12 - Recessions in Different Places
01:00:25 - Outro
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Recorded live in front of the Wharton Financial Regulation Conference, former guest Peter Conti-Brown joins David Beckworth as a Macro Musings co-host on this week's episode. Peter and David discuss the inflection point of 2008 in FinReg scholarship, how Macro Musings has become just as much a show about financial regulation as about macro, what to make of the Trump administrations changes to bank supervision, whether we should be enthusiastic about the GENIUS Act and digital assets, the true identity of Satoshi Nakamoto, the crisis that could become Claude Mythos, why networks and Substacks are becoming more important, and much more.
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Recorded on April 10th, 2026
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Timestamps
00:00:00 - Intro
00:01:29 - History of Financial Regulation
00:04:23 - Monetary Policy vs. Financial Regulation
00:07:48 - Bank Supervision
00:11:59 - Digital Assets
00:22:48 - Claude Mythos and Banking
00:30:35 - The Market Argument for the Discount Window
00:35:44 - Academia vs. Real-World Impact
00:40:28 - Audience Q&A
00:54:16 - Outro
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Basil Halperin is an assistant professor of economics at the University of Virginia. In Basil's first appearance on the show he discusses the famous but flawed Citrini essay, why Silicon Valley's growth expectations aren't showing up yet in interest rates, the impact of Less Than Zero by George Selgin, what the true frictions in the economy are, the differences between Calvo and menu-cost pricing, the impact of transformational AI on emerging economies and the housing market, and much more.
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Recorded on March 27th, 2026
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Timestamps
00:00:00 - Intro
00:02:20 - Global Intelligence Crisis
00:07:04 - Transformative AI and Interest Rates
00:21:05 - Optimal Monetary Policy Under Menu Costs
00:48:13 - Transformative AI and its Macro Implications
00:55:41 - Outro
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Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed's balance sheet, why a synthetic FOMC could help the real FOMC, and much more.
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Recorded on March 31st, 2026
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Timestamps
00:00:00 - Intro
00:03:59 - Persistent Inflation
00:11:14 - Inflation Expectations
00:18:34 - Responding to Negative Supply Shocks
00:29:38 - Nominal GDP
00:34:59 - Fed's Balance Sheet
00:45:20 - Synthetic FOMCs
00:51:36 - Outro
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Kris Mitchener is a professor of economics at Santa Clara University and is an economic and monetary historian. In Kris's first appearance on the show, he discusses how he fell in love with building data sets out of old dusty archives, the origins and fall of bimetallism, the pros and cons of the gold standard, the problem of operating losses on the Fed's balance sheet, what truly anchors the price level, and much more.
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Recorded on March 4th, 2026
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Timestamps
00:00:00 - Intro
00:01:33 - Kris' Career Path
00:06:32 - What Is Bimetallism?
00:14:41 - The Gold Standard
00:28:55 - Disinflation Policies and Central Bank Finances
00:49:25 - What Anchors the Price Level
00:55:22 - Outro
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Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more.
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Recorded on March 5th, 2026
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Timestamps
00:00:00 - Intro
00:02:26 - Termites Eating Away at Dollar Dominance
00:16:52 - Future Threats to Dollar Dominance
00:19:47 - Stablecoins and Dollar Dominance
00:33:40 - Treasury Foreign Exchange Report
00:44:28 - Tariff Policy
00:53:25 - Second China Shock?
01:00:38 - Outro
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Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth's first appearance on the show she discusses her career at the Fed, field trips tracking counterfeit dollars around the global, how we know how much currency is held overseas, why money doesn't matter anymore, the problem with cashless societies, how to understand TIC data, the promise of dollar backed stablecoins, and much more.
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Recorded on March 4th, 2026
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Timestamps
00:00:00 - Intro
00:01:13 - Ruth at the Fed
00:08:09 - Currency
00:31:29 - Counterfeits
00:39:00 - TIC Data and Safe Assets
00:44:18 - Dollar-Based Stablecoins
00:49:55 - Outro
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Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill's 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his congressional testimony, the BPI's Bank Treasurers Survey, how he thinks the Fed should shrink the balance sheet, whether the Fed is profitable, and much more.
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Recorded on March 3rd, 2026
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Timestamps
00:00:00 - Intro
00:02:00 - Quantitative Easing Ratchet Effect
00:16:31 - Bill's Congressional Testimony
00:31:12 - BPI's Bank Treasurers Survey
00:37:37 - How To Shrink the Balance Sheet
00:48:44 - The Fed's Profits
00:54:50 - Outro
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Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications for the treasury market, interoperability between blockchains, and much more.
Check out the transcript for this week's episode, now with links.
Recorded on February 27th, 2026
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Timestamps
00:00:00 - Intro
00:01:41 - Background of the Group
00:03:11 - Digital Currency Initiative
00:05:36 - State of Stablecoins
00:10:42 - Hidden Plumbing of Stablecoins
00:15:42 - Basic Mechanics of Stablecoins
00:26:07 - Technical and Operational Risks of Stablecoins
00:39:09 - Implications for the Treasury Market
00:48:18 - Business Model of Stablecoins
00:49:24 - Interoperability Between Blockchains
00:52:53 - What's the Deal with Tether?
00:56:23 - Outro
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Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how to frame global demographic decline, the three accelerants of demographic decline, the role of housing in family size, how AI will play a role in global demographics, what we know about AGI, the question of dollar dominance, and much more.
Check out the transcript for this week's episode, now with links.
Recorded on February 20th, 2026
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Timestamps
00:00:00 - Intro
00:07:22 - Demographics
00:39:28 - Artificial Intelligence
00:54:07 - Currency Dominance
01:03:20 - Outro
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Chris Meissner is a professor of economics at University of California at Davis and is the author of the recent book One from the Many: The Global Economy Since 1850. In Chris's first appearance on the podcast he discusses the historical bend towards greater globalization, how we should really define the global economy, the impact of the Great Financial Crisis on globalization and populism, the scope of globalization from the 1820's to today, the validity of the China Shock, the United States' current move away from globalization, and much more.
Check out the transcript for this week's episode, now with links.
Recorded on February 19th, 2026
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Timestamps
00:00:00 - Intro
00:01:50 - History Tends Toward Globalization
00:05:55 - What Is the Global Economy?
00:19:08 - Great Financial Crisis
00:22:15 - First Wave of Globalization: 1820–1914
00:29:42 - Interwar Period: 1918–1938
00:40:51 - Post-War Bretton Woods Arrangement
00:49:36 - The China Shock
00:55:40 - Detour from Globalization
00:59:44 - Outro
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Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram's first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India's emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed's balance sheet, and much more.
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Recorded on January 20th, 2026
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Timestamps
00:00:00 - Intro
00:01:58 - Raghu's Career
00:22:20 - Policymaker Versus Academic
00:29:00 - Ratcheting Effect of Quantitative Easing
01:01:06 - Outro
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Andrew Martinez is a former Treasure economist and currently is an assistant professor of economics at American University. In Andrew's first appearance on the show, he discusses his career as a forecaster, the current state of forecasting, the intersection of AI and forecasting, the role of the SEP and monetary policy surprises, his work with David on the NGDP Gap measure, and much more.
Check out the transcript for this week's episode, now with links.
Recorded on January 13th, 2025
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Timestamps
00:00:00 - Intro
00:01:20 - Andrew's Career
00:08:36 - State of Forecasting
00:20:19 - AI and Forecasting
00:29:34 - The SEP and Monetary Policy Surprises
00:41:07 - Nominal GDP/Expectations Gap
00:54:56 - Outro
- Visa fler
