Adam Millsap is an assistant director at the L. Charles Hilton Center at Florida State University and a senior affiliated scholar at the Mercatus Center. Today, he joins the show to discuss how different regional economies can lead to business cycles at the regional and state levels, rather than the federal level. This creates difficulty for monetary policy at the federal level as looser monetary policy may be appropriate for states like West Virginia, but may not be appropriate for states like California. He and David also discuss the decline of inter-state labor mobility and how bad regulation deters people from moving to areas with better job prospects. Description: David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com/ David’s Twitter: @DavidBeckworth Adam Millsap’s website: http://adammillsap9.wixsite.com/personal Adam Millsap’s Mercatus profile: https://www.mercatus.org/adam-millsap Adam Millsap’s Twitter: @AA_Millsap Related links: “Recessions Don’t Have the Same Impact on Every City” https://www.forbes.com/sites/adammillsap/2016/07/19/recessions-dont-have-the-same-impact-on-every-city/#58f3a28478d2 “State Fiscal Rankings https://www.mercatus.org/statefiscalrankings

Betsey Stevenson is an associate professor of public policy at the University of Michigan and previously served as the chief economist at the U.S. Labor Department. Today, she joins the show to discuss her experience working at the Labor Department at a time of high unemployment as well as her more recent research on challenges in the U.S. labor market. Specifically, she talks about the problem of decreased male labor force participation and why “manly men need to do more girly jobs.” David’s blog: http://macromarketmusings.blogspot.com/ Macro Musings podcast site: https://macromusings.com/ David’s Twitter: @DavidBeckworth Betsey Stevenson’s University of Michigan profile: http://fordschool.umich.edu/faculty/betsey-stevenson Betsey Stevenson’s Twitter: @BetseyStevenson Related links: “Manly Men Need to More Girly Jobs” by Betsey Stevenson https://www.bloomberg.com/view/articles/2016-12-07/manly-men-need-to-do-more-girly-jobs “Want to Help the Economy? Learn to Trust” by Betsey Stevenson https://www.bloomberg.com/view/articles/2016-07-05/want-to-help-the-economy-learn-to-trust “Trust in Public Institutions over the Business Cycle” by Betsey Stevenson and Justin Wolfers http://users.nber.org/~bstevens/Papers/TrustinPublicInstitutions.pdf

Greg Mankiw is a professor of economics at Harvard University and served as the chair of the Council on Economic Advisers under President George W. Bush. Today, he joins the show to discuss the history of macroeconomics and how macroeconomists function as both scientists, who formulate and test theories, and as engineers, who set out to solve real world problems. Greg also shares his thoughts on the debate between the New Keynesian School and New Classical School and how that debate has shaped how we think about economics. David’s blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com/ David’s Twitter: @DavidBeckworth Greg Mankiw’s Harvard profile: https://scholar.harvard.edu/mankiw/home Greg Mankiw’s blog: https://gregmankiw.blogspot.com/ Related links: “The Macroeconomist as Scientist and Engineer” by Greg Mankiw https://scholar.harvard.edu/files/mankiw/files/macroeconomist_as_scientist.pdf Macroeconomics by Greg Mankiw https://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/1464182892

Edward Harrison is a consultant with Global Macro Advisers and founder of the investment news blog *Credit Writedowns.* Today, he joins the show to discuss the political forces that led to the establishment of the Eurozone and the turmoil that has plagued it since the Great Recession. Edward also shares his thoughts on whether the Eurozone will survive. David’s blog: http://macromarketmusings.blogspot.com/ Macro Musings podcast site: https://macromusings.com/ Edward’s blog: https://pro.creditwritedowns.com/ David’s Twitter: @DavidBeckworth Edward Harrison’s Twitter: @edwardnh Related links: “Macron Will Need to Target Reforms Like a Laser” by Edward Harrison http://www.businessinsider.com/macron-will-need-to-target-reforms-like-a-laser-2017-5 “Some Pre-European Debt Crisis Signs are Popping Up Again” by Edward Harrison http://www.businessinsider.com/some-pre-european-debt-crisis-signs-are-popping-up-again-2017-4

In this week’s episode in front of a live audience, Scott Sumner, the director of the Program on Monetary Policy at the Mercatus Center and blogger at *The Money Illusion,* returns to the show to share his thoughts on the Federal Reserve’s performance from the Great Recession to the present. Scott explains how forecast targeting and price level targeting could have mitigated the economic decline in 2008 and 2009. He also shares his thoughts on how the cognitive biases of central bankers can cause them to make mistakes in evaluating the stance of monetary policy and offers some solutions to address this problem. Note: this episode was recorded as part of a special Mercatus Center event in June 2017. David’s Twitter: @DavidBeckworth David's blog: macromarketmusings.blogspot.com Scott’s Mercatus profile: https://www.mercatus.org/scott-sumner Scott's blog: www.themoneyillusion.com/ Related links: *The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression* by Scott Sumner https://www.amazon.com/Midas-Paradox-Financial-Government-Depression/dp/1598131508 “Nudging the Fed Toward a Rules-Based Policy Regime” by Scott Sumner https://www.mercatus.org/publication/nudging-fed-toward-rules-based-policy-regime “Demystifying the Fed” by Scott Sumner https://www.usnews.com/opinion/economic-intelligence/articles/2017-07-10/the-federal-reserve-needs-to-learn-from-its-monetary-mistakes “Inflation Forecasting Targeting: Implementing and Monitoring Inflation Targets” by Lars Svensson http://www.nber.org/papers/w5797

Lisa Cook is an Associate Professor of Economics at Michigan State University and formerly served as a senior economist at the Council of Economic Advisers under President Obama. Today, she joins the show to discuss her work on how the Great Recession affected households in the U.S. She also shares her thoughts on the prospects for economic development in Africa. Finally, she and David also discuss the U.S. patent system and whether the system is in need of reforms. (Note: We experienced some technical difficulties during the record of this episode. You’ll notice a slight change in audio quality around the 5 minute mark.) David’s blog: http://macromarketmusings.blogspot.com/ Lisa Cook’s profile: https://msu.edu/~lisacook/ David’s Twitter: @DavidBeckworth Lisa Cook’s Twitter: @drlisadcook Related links: “Consumer Finance and the Financial and Economic Crises: Implications from Household Surveys in Michigan” by Lisa Cook https://msu.edu/~lisacook/mich_cons_fin_jconed_022511.pdf “Were the Nigerian Banking Reforms of 2005 A Success ... And for the Poor?” by Lisa Cook http://www.nber.org/papers/w16890 “Violence and Economic Activity: Evidence from African American Patents, 1870-1940” by Lisa Cook http://lisadcook.net/wp-content/uploads/2014/02/pats_paper17_1013_final_web.pdf

Ryan Cooper is a national correspondent at *The Week.* He joins the show to discuss how bad economic policy has hindered strong economic recovery from the Great Recession. Furthermore, Ryan argues economic anxiety stemming from the Great Recession has given rise to populist and even extremist political movements throughout the world. Finally, Ryan and David discuss the folly of limiting population growth as a means of combating climate change and how slowing population growth presents many long-term economic challenges. David’s blog: http://macromarketmusings.blogspot.com/ Ryan Cooper’s *The Week* archive: http://theweek.com/authors/ryan-cooper David’s Twitter: @DavidBeckworth Ryan Cooper’s Twitter: @ryanlcooper “The Great Recession Clearly Gave Rise to Right-Wing Populism” by Ryan Cooper http://theweek.com/articles/685813/great-recession-clearly-gave-rise-rightwing-populism “The Federal Reserve is Still Wrecking America” by Ryan Cooper http://theweek.com/articles/696914/federal-reserve-still-wrecking-america “Why America is About to Start Freaking Out about Babies” by Ryan Cooper http://theweek.com/articles/625705/why-america-about-start-freaking-about-babies

Stephen Matteo Miller is a Senior Research Fellow at the Mercatus Center at George Mason University. He joins the show to discuss his work on the history of financial crises as well as the evolution of the U.S. banking system since the late 1800s. Steph stresses the importance of capital requirements (how much capital or equity a bank holds relative to its liabilities) in combating financial crises. Furthermore, he argues that higher and simpler capital requirements, rather than more regulation, are the keys to a more market-disciplined banking system. David’s blog: http://macromarketmusings.blogspot.com/ Stephen Miller’s Mercatus profile: https://www.mercatus.org/stephen-matteo-miller David’s Twitter: @DavidBeckworth Stephen Miller’s Twitter: @SMatteoMiller Related links: “Ending Too-Big-to-Fail May Require More Than the Minneapolis Fed Too-Big-to-Fail Plan” by Stephen Miller https://www.mercatus.org/publications/too-big-to-fail-minneapolis-fed “A Primer on the Evolution and Complexity of Bank Regulatory Capital Standards” by Stephen Miller and James Barth https://www.mercatus.org/publications/primer-bank-regulatory-capital-standards *“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision* by Eugene White http://www.nber.org/papers/w16825.pdf

Ricardo Reis is a professor of economics at the London School of Economics and the editor of the prominent Journal of Monetary Economics. He joins the show to discuss the state of macroeconomics, which has recently come under attack from many commentators who claim the discipline lacks empirical rigor and has failed to accurately forecast economic conditions. Ricardo gives a nuanced defense of macroeconomics, arguing macroeconomic research is, indeed, quite vibrant and empirical. Furthermore, he argues that although there have been shortcomings, macroeconomics has greatly improved over the past few decades in its ability to forecast and inform policy debates. David Beckworth’s blog: http://macromarketmusings.blogspot.com/ Ricardo Reis’s LSE profile: http://personal.lse.ac.uk/reisr/ David’s Twitter: @DavidBeckworth “Is Something Really Wrong with Macroeconomics?” by Ricardo Reis http://personal.lse.ac.uk/reisr/papers/17-wrong.pdf “Achieving Price Stability by Manipulating the Central Bank's Payment on Reserves” by Robert Hall and Ricardo Reis http://www.nber.org/papers/w22761 “When Economics Failed” by Noah Smith https://www.bloomberg.com/view/articles/2017-04-04/when-economics-failed

Matt Yglesias is a columnist and editor for the news website Vox, which he co-founded in 2014. Today, he joins the show to talk about the politics shaping Fed policy. Matt discusses why he thinks President Barack Obama’s biggest policy failure was in failing to appoint members to the Fed's Board of Governors. He also shares his thoughts on where the Left and Right currently stand on monetary issues. David’s blog: http://macromarketmusings.blogspot.com/ Matt Yglesias’s Vox archive: https://www.vox.com/authors/matthew-yglesias David’s Twitter: @DavidBeckworth Matt Yglesias’s Twitter: @MattYglesias Related links: “Obama’s Biggest Economic Policy Mistake” by Matt Yglesias https://www.vox.com/2014/9/17/6219247/obamas-biggest-economic-policy-mistake “Fed Up” by Matt Yglesias (Feature in *Democracy: A Journal of Ideas*) http://democracyjournal.org/magazine/20/fed-up/

In this week’s episode, David is joined by two guests, who make a case for economic optimism. Michael Mandel, chief economist at the Progressive Policy Institute, and Bret Swanson, president of Entropy Economics and visiting scholar at the American Enterprise Institute, are the co-authors of the new paper, “The Coming Productivity Boom: Transforming the Physical Economy with Information.” Michael and Bret argue that, despite the slowdown in productivity of the last few decades, innovations in information technology such as artificial intelligence are going remake our economy for the better. David’s blog: http://macromarketmusings.blogspot.com/ Michael Mandel’s homepage: http://www.progressivepolicy.org/author/mmandel/ Brett Swanson’s homepage: http://www.bretswanson.com/ David’s Twitter: @DavidBeckworth Michael Mandel’s Twitter: @MichaelMandel Bret Swanson’s Twitter: @JBSay Related links: “The Coming Productivity Boom: Transforming the Physical Economy with Information” by Michael Mandel and Bret Swanson http://www.techceocouncil.org/clientuploads/reports/TCC%20Productivity%20Boom%20FINAL.pdf

Steven Horwitz is a professor of economics at Ball State University and a senior affiliated scholar at the Mercatus Center at George Mason University. He joins the show to discuss monetary disequilibrium (the condition when the supply and demand for money are not aligned, which leads to either inflation or deflation). David and Steve also examine Austrian Business Cycle Theory – a theory of how “malinvestment” caused by bad policy leads to an unsustainable boom and inevitable bust. Steve also explains how monetary disequilibrium led to the Great Recession and offers some solutions for minimizing business cycles in the future. David’s blog: http://macromarketmusings.blogspot.com/ Steve Horwitz’s personal website: http://myslu.stlawu.edu/~shorwitz/ Steve Horwitz’s Mercatus profile: https://www.mercatus.org/steven-horwitz David’s Twitter: @DavidBeckworth Related links: *Microfoundations and Macroeconomics: An Austrian Perspective* by Steven Horwitz https://www.amazon.com/Microfoundations-Macroeconomics-Perspective-Steven-Horwitz/dp/0415569575 “An Introduction to U.S. Monetary Policy* by Steven Horwitz https://www.mercatus.org/publication/introduction-us-monetary-policy

Matt Klein is a columnist for the Financial Times and blogger at FT Alphaville. Today, he joins the show to discuss his work on the Eurozone, optimal currency areas, and safe assets. David and Matt examine the monetary policy problems and debt burdens facing the Eurozone area and Greece, in particular. They also chat about the possibility of the United States becoming less of an optimal currency, which would make Fed policy more challenging. David’s blog: http://macromarketmusings.blogspot.com/ Matt Klein’s bio: https://ftalphaville.ft.com/meet-the-team#matthew-c-klein David’s Twitter: @DavidBeckworth Matt Klein’s Twitter: @M_C_Klein Related links: “Is the United States Becoming Less of an Optimal Currency Area?” by David Beckworth http://macromarketmusings.blogspot.com/2017/05/is-united-states-becoming-less-of.html “Will Nevada Ever Recover from the Housing Boom?” by Matt Klein https://ftalphaville.ft.com/2017/03/06/2185515/will-nevada-ever-recover-from-the-housing-bust/ “The IMF Implies Greece Should Have Left the Euro Long Ago” by Matt Klein https://ftalphaville.ft.com/2017/02/07/2184043/the-imf-implies-greece-should-have-the-left-the-euro-long-ago/

Jay Shambaugh is a professor of economics and international affairs at The George Washington University and a former member on the Council of Economic Advisers (CEA). Today, he joins the show to discuss his work on the “Macroeconomic Trilemma” (or “Impossible Trinity”): the problem that a country cannot maintain a fixed exchange rate, free movement of capital, and an independent monetary policy all at once. He also shares stories from his time at the CEA as well as thoughts on current monetary policy both for the U.S. and the Eurozone. David’s blog: http://macromarketmusings.blogspot.com/ Jay Shambaugh’s GW profile: https://www2.gwu.edu/~iiep/about/faculty/jshambaugh/ David’s Twitter: @DavidBeckworth Jay Shambaugh’s Twitter: @JayCShambaugh Related links: “The Euro’s Three Crises” by Jay C. Shambaugh https://www.brookings.edu/bpea-articles/the-euros-three-crises/ “Financial Stability, the Trilemma, and International Reserves” by Maurice Obstfeld, Jay C. Shambaugh, & Alan M. Taylor http://www.nber.org/papers/w14217

David Schleicher is an Associate Professor of Law at Yale Law School and is an expert in election law, land use, local government law, urban development, transportation, and local regulation of the sharing economy. He joins the show to discuss his new journal article, “Stuck! The Law and Economics of Residential Stability,” which argues that government regulations, such as occupational licensing and land-use laws, have led to a significant decline in inter-state mobility. Schleicher describes the negative macroeconomic implications of this trend and explains how we can reverse it. David’s blog: http://macromarketmusings.blogspot.com/ David Schleicher’s Yale profile: https://law.yale.edu/david-n-schleicher David Beckworth’s Twitter: @DavidBeckworth David Schleicher’s Twitter: @ProfSchleich Related links: “Stuck! The Law and Economics of Residential Stability” by David Schleicher https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2896309

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’s blog: http://macromarketmusings.blogspot.com/ Paul Krugman’s CUNY profile: https://www.gc.cuny.edu/stonecenter/Paul-Krugman Paul Krugman’s blog: https://krugman.blogs.nytimes.com/ Paul Krugman’s NYT archive: https://www.nytimes.com/column/paul-krugman David’s Twitter: @DavidBeckworth Paul Krugman’s Twitter: @paulkrugman Related links: “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap” by Kathryn M. Dominguez, Kenneth S. Rogoff, and Paul R. Krugman https://www.brookings.edu/bpea-articles/its-baaack-japans-slump-and-the-return-of-the-liquidity-trap/ "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo approach" by Gauti Eggertsson and Paul Krugman https://www.gc.cuny.edu/CUNY_GC/media/LISCenter/pkrugman/The-Quarterly-Journal-of-Economics-2012-Eggertsson-1469-513.pdf “The New York Economic Geography, Now Middle-Aged” by Paul Krugman https://www.princeton.edu/~pkrugman/aag.pdf *Global Inequality: A New Approach for the Age of Globalization* by Branko Milanovic http://www.hup.harvard.edu/catalog.php?isbn=9780674737136

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 role in the global economy means for U.S. monetary policy, both at home and abroad. David’s blog: http://macromarketmusings.blogspot.com/ Ethan Ilzetzki’s LSE profile: http://personal.lse.ac.uk/ilzetzki/index.htm/ David’s Twitter: @DavidBeckworth Ethan Ilzetzki’s Twitter: @ilzetzki Related links: “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?” by Ethan Ilzetzki (with Carmen Reinhart and Kenneth Rogoff) http://personal.lse.ac.uk/ilzetzki/index.htm/Research/Ilzetzki&Reinhart&Rogoff.pdf “How Big (Small?) are Fiscal Multipliers?” by Ethan Ilzetzki (with Enrique G. Mendoza and Carlos A. Vegh) http://www.sciencedirect.com/science/article/pii/S030439321200116X

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 embrace free trade instead of protectionism. David’s blog: http://macromarketmusings.blogspot.com/ Daniel Griswold’s blog: https://madabouttrade.com/ David’s Twitter: @DavidBeckworth Daniel Griswold’s Twitter: @DanielGriswold Related links: “Plumbing America’s Balance of Trade” by Daniel Griswold https://www.mercatus.org/publications/american-balance-of-trade *Mad About Trade: Why Main Street America Should Embrace Globalization* by Daniel Griswold https://www.amazon.com/Mad-About-Trade-America-Globalization/dp/193530819X “The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade” by David Autor, David Dorn, & Gordon Hanson http://www.ddorn.net/papers/Autor-Dorn-Hanson-ChinaShock.pdf

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 archive: http://topics.wsj.com/person/Z/josh-zumbrun/7972 David’s Twitter: @DavidBeckworth Josh Zumbrun’s Twitter: @JoshZumbrun Related links: “How to Restore Faith in Economics” by Noah Smith https://www.bloomberg.com/view/articles/2017-03-15/how-to-restore-faith-in-economics “Donald Trump’s Cabinet Won’t Include Chairman of CEA” by Josh Zumbrun https://www.wsj.com/articles/donald-trumps-cabinet-wont-include-chairman-of-cea-1486670755?tesla=y

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 plans for monetary policy in 2017. In Bullard’s view, the Fed should focus on reducing its balance sheet before it turns to raising rates further. (Note: this episode was recorded on April 5, 2017) Interview transcript: https://www.mercatus.org/podcasts/04172017/macro-musings-53-james-bullard-federal-reserve David’s blog: http://macromarketmusings.blogspot.com/ Jim Bullard’s Federal Reserve profile: https://www.stlouisfed.org/from-the-president David’s Twitter: @DavidBeckworth St. Louis Fed’s Twitter: @stlouisfed Related links: “Comments on the FOMC's Amendments to Its Statement on Longer-Run Goals” by James Bullard https://www.stlouisfed.org/on-the-economy/2016/february/bullard-comments-fomc-amendments-statement-longer-run-goals “Current Monetary Policy, the New Fiscal Policy and the Fed’s Balance Sheet” by James Bullard https://www.stlouisfed.org/~/media/Files/PDFs/Bullard/remarks/Bullard_Economic_Club_of_Memphis_24_Mar_2017.pdf?la=en “Everything the Market Thinks About Inflation Might be Wrong” by Jon Sindreu (Wall Street Journal) https://www.wsj.com/articles/everything-the-market-thinks-about-inflation-might-be-wrong-1488796206 “As Debate Rages, Simple Analogy Shows How Fed Controls Inflation” by David Beckworth (The Hill) http://thehill.com/blogs/pundits-blog/economy-budget/324054-as-debate-rages-simple-analogy-shows-how-central-banks-still-control The Dallas Fed Trimmed Mean Inflation Rate https://www.dallasfed.org/research/pce

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 few decades, American society has become more risk-averse. While we may have become more comfortable with less risk-taking, this complacency has led to less innovation and dynamism in the economy. Such stasis is causing economic stagnation and other woes throughout the United States. David’s blog: http://macromarketmusings.blogspot.com/ Tyler Cowen’s blog: http://marginalrevolution.com/ David’s Twitter: @DavidBeckworth Tyler Cowen’s Twitter: @tylercowen Related links: *The Complacent Class: The Self-Defeating Quest for the American Dream* by Tyler Cowen https://www.amazon.com/Complacent-Class-Self-Defeating-Quest-American/dp/1250108691 *How Complacent Are You? Take the Quiz!* http://tylercowen.com/complacent-class-quiz/ “Why the Global Shortage of Safe Assets Matters” by David Beckworth http://macromarketmusings.blogspot.com/2011/12/why-global-shortage-of-safe-assets.html "The Making of Hawks and Doves: Inflation Experiences on the FOMC" by Ulrike Malmendier, Stefan Nagel, and Zhen Yan http://www.nber.org/papers/w23228

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 reduce its large balance sheet. David’s blog: macromarketmusings.blogspot.com/ George Selgin’s Cato archive: www.cato.org/people/george-selgin George Selgin’s Alt-M archive: https://www.alt-m.org/author/selgin/ (contains George’s monetary policy primer posts) David’s Twitter: twitter.com/DavidBeckworth George Selgin’s Twitter: twitter.com/georgeselgin Related links: *Money: Free and Unfree* by George Selgin https://www.amazon.com/Money-Free-Unfree-George-Selgin/dp/1944424296 “Reforming Last-Resort Lending: The Flexible Open-Market Alternative” by George Selgin (as part of *Prosperity Unleashed: Smarter Financial Regulation* published by the Heritage Foundation) http://www.heritage.org/sites/default/files/2017-02/13_ProsperityUnleashed_Chapter13.pdf

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 what exactly constitutes hyperinflation as well as historical examples of hyperinflation from 1940s Hungary to present-day Venezuela. David’s blog: http://macromarketmusings.blogspot.com/ Steve Hanke’s Cato profile: https://www.cato.org/people/steve-hanke David’s Twitter: @DavidBeckworth Steve Hanke’s Twitter: @steve_hanke Related links: Venezuela Enters the Record Book: the 57th Entry in the Hanke-Krus World Hyperinflation Table (contains full list of world hyperinflations) https://object.cato.org/sites/cato.org/files/articles/hanke-sae-december-2016.pdf

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 Accord, an international agreement in 1985 to devalue the U.S. dollar. Jeff also shares his thoughts on globalization in the past few decades and current-day challenges facing it. David’s blog: http://macromarketmusings.blogspot.com/ Jeff Frankel’s Harvard profile: https://www.hks.harvard.edu/about/faculty-staff-directory/jeffrey-frankel Jeff Frankel’s NBER publications: http://www.nber.org/authors/jeffrey_frankel David’s Twitter: @DavidBeckworth Related links: “Globalization of the Economy” by Jeffrey Frankel https://www.hks.harvard.edu/fs/jfrankel/NyeGlobWPwFigPost.pdf “Globalization and Chinese Growth: End of Trends” by Jeffrey Frankel http://scholar.harvard.edu/frankel/publications/globalization-and-chinese-growth-ends-trends “The Plaza Accord: 30 Years Later” by Jeffrey Frankel https://www.hks.harvard.edu/fs/jfrankel/PlazaAccord-PIIE2016.pdf

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 considered. They also discuss the problem of declining male labor force participation, its causes, and possible solutions. David’s blog: http://macromarketmusings.blogspot.com/ Jason Furman’s PIIE profile: https://piie.com/experts/senior-research-staff/jason-furman David’s Twitter: @davidbeckworth Jason Furman’s Twitter: @jasonfurman Related links: “The New View of Fiscal Policy and Its Application” by Jason Furman http://voxeu.org/article/new-view-fiscal-policy-and-its-application “The Long-Term Decline in US Prime-Age Male Labor Force Participation” by Jason Furman http://voxeu.org/article/long-term-decline-us-prime-age-male-labour-force-participation-and-policies-address-it

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 pernicious effects on the Indian population. He and David also discuss Austrian Business Cycle Theory, how this theory was developed by great economists such as Ludwig von Mises, and how the theory may have played a role in the lead up to the Great Recession. David’s blog: http://macromarketmusings.blogspot.com/ Larry White’s GMU profile: http://economics.gmu.edu/people/lwhite11 Larry White’s Alt-M archive: https://www.alt-m.org/author/white/ David’s Twitter: @davidbeckworth Larry White’s Twitter: @lawrencehwhite1 Related links: “India’s Currency Cancellation: Seigniorage and Cantillon Effects” by Larry White and Shruti Rajagopalan https://www.alt-m.org/2016/11/28/indias-currency-cancellation-seigniorage-and-cantillon-effects/ *Free Banking in Britain: Theory, Experience and Debate 1800-1845* by Larry White https://www.amazon.com/Free-Banking-Britain-Experience-1800-1845/dp/0255363753 *The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years* by Larry White https://www.amazon.com/Clash-Economic-Ideas-Debates-Experiments/dp/110762133X *The Theory of Money and Credit* by Ludwig von Mises https://www.amazon.com/Theory-Money-Credit-Ludwig-Mises/dp/1442175958

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 discuss the proper role of the Fed’s balance sheet in stabilizing monetary policy. David’s blog: http://macromarketmusings.blogspot.com/ Tim Duy’s homepage: http://pages.uoregon.edu/duy/ Tim’s “Fed Watch” blog: http://economistsview.typepad.com/timduy/ Tim’s Bloomberg archive: https://www.bloomberg.com/view/contributors/AC6KX2KfHjM/timothy-a-duy David’s Twtter: @davidbeckworth Tim’s Twitter: @TimDuy

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 (including the Dodd-Frank Act) and offers alternative policies that rely less on a centralized regulation and more on market discipline. David’s blog: http://macromarketmusings.blogspot.com/ Hester’s Mercatus profile: https://www.mercatus.org/hester-peirce David’s Twitter: @davidbeckworth Hester’s Twitter: @HesterPeirce *Reframing Financial Regulation: Enhancing Stability and Protecting Consumers* edited by Hester Peirce and Benjamin Klutsey https://www.mercatus.org/publications/reframing-financial-regulation

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 and Sebastian discuss the degree to which Greenspan should be praised for the economic stability of the Great Moderation and blamed for the Great Recession. They also chat about Greenspan’s musical talents, his relationship with Ayn Rand, and his reputation as a “ladies man.” David’s blog: http://macromarketmusings.blogspot.com/ Sebastian’s bio: http://www.cfr.org/experts/financial-crises-regional-security-economics/sebastian-mallaby/b4452 Sebastian’s Washington Post archive: http://www.cfr.org/experts/financial-crises-regional-security-economics/sebastian-mallaby/b4452 David’s Twitter: @davidbeckworth Sebastian Mallaby: @scmallaby *The Man Who Knew: the Life and Times of Alan Greenspan* by Sebastian Mallaby http://www.cfr.org/international-finance/man-knew/p37530

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 reserve currency, but it will not challenge the US dollar’s dominance as a safe haven currency. David and Eswar also discuss China’s interesting history as the first country with paper money and a fiat currency. David’s blog: http://macromarketmusings.blogspot.com/ Eswar’s Cornell homepage: http://prasad.dyson.cornell.edu/ Eswar’s Brookings homepage: https://www.brookings.edu/experts/eswar-prasad/ David’s Twitter: @davidbeckworth Eswar’s Twitter: @EswarSPrasad Related links: *Gaining Currency: The Rise of the Renminbi* by Eswar S. Prasad https://global.oup.com/academic/product/gaining-currency-9780190631055?cc=us&lang=en&

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 events such as the struggles facing the Eurozone. They also discuss debates surrounding the usefulness of current-day macroeconomic models. David’s blog: http://macromarketmusings.blogspot.com/ Jesus’ webpage: http://economics.sas.upenn.edu/~jesusfv/ David’s Twitter: @davidbeckworth Related links: “The econometrics of DSGE models” by Jesus Fernandez-Villaverde http://economics.sas.upenn.edu/~jesusfv/econometricsDSGE.pdf “Computing DSGE Models with Recursive Preferences and Stochastic Volatility” by Dario Caldara, Jesus Fernandez-Villaverde, Juan Rubio-Ramirez, and Wen Yao https://www.federalreserve.gov/pubs/feds/2012/201204/201204pap.pdf “The Trouble with Macroeconomics” by Paul Romer https://paulromer.net/wp-content/uploads/2016/09/WP-Trouble.pdf

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 today. Gauti also shares his thoughts on the Fed’s quantitative easing (QE) program and why it failed to return the economy back to normal. David’s blog: http://macromarketmusings.blogspot.com/ Gauti’s Brown University homepage: https://sites.google.com/site/gautieggertsson/home David’s Twitter: @davidbeckworth Related links: “The Zero Bound on Interest Rates and Optimal Monetary Policy” by Gauti Eggertsson and Michael Woodford https://www.brookings.edu/bpea-articles/the-zero-bound-on-interest-rates-and-optimal-monetary-policy/ “Great Expectations and the End of the Depression” by Gauti Eggertsson https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr234.pdf “The Fed’s Dirty Little Secret” by David Beckworth http://people.wku.edu/david.beckworth/fed_dirty.pdf “Japan’s Trap” by Paul Krugman https://www.princeton.edu/~pkrugman/japans_trap.pdf

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 argues that banks take on too much leverage and that they should be required to hold more equity. David’s blog: http://macromarketmusings.blogspot.com/ Anat’s Stanford profile: https://www.gsb.stanford.edu/faculty-research/faculty/anat-r-admati David’s Twitter: @davidbeckworth Anat’s Twitter: @anatadmati Related: *The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It* by Anat Admati and Martin Hellwig http://bankersnewclothes.com/ Anat’s paper, “It Takes a Village to Maintain a Dangerous Financial System” http://bankersnewclothes.com/wp-content/uploads/2016/06/Takes-a-Village-May-2016.pdf

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 and abroad, and how monetary policy can become more rules-based. Finally, Allan also argues many of our current economic problems are real, not nominal, and he hopes a Trump Administration can address some of these woes. Note: this episode took place before the December 2016 interest rate hike by the Federal Reserve. David’s blog: http://macromarketmusings.blogspot.com/ Allan Meltzer’s bio: http://tepper.cmu.edu/our-faculty-and-research/about-our-faculty/faculty-profiles/am05/meltzer-allan David’s Twitter: @DavidBeckworth Related links: “A History of the Federal Reserve (Volumes I and II)” by Allan Meltzer (University of Chicago Press) http://www.press.uchicago.edu/ucp/books/book/chicago/H/bo3634061.html http://www.press.uchicago.edu/ucp/books/book/chicago/H/bo6887672.html “Keynes’s Monetary Theory: A Different Interpretation” by Allan Meltzer (Cambridge University Press) https://www.amazon.com/Keyness-Monetary-Theory-Different-Interpretation/dp/0521022754

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. David’s blog: http://macromarketmusings.blogspot.com/ Ylan’s archive: https://www.washingtonpost.com/people/ylan-q-mui/ David's Twitter: @davidbeckworth Ylan's Twitter: @ylanmui

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 secularization on Christmas celebrations. [Note: We will be taking a break next week for the holidays, but we will be back the following Monday, January 2, with the Washington Post’s Ylan Mui!] David’s blog: macromarketmusings.blogspot.com/ David’s Twitter: @davidbeckworth Anna’s VoxEU profile: http://voxeu.org/users/annagoeddeke0 Anna’s Twitter: @annagoeddeke Laura’s University of Goettingen profile: https://www.uni-goettingen.de/en/362254.html Related links: “Christmas Economics – A Sleigh Ride” by Laura Birg and Anna Goeddke (2014) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2526055 “The Seasonal Cycle and the Business Cycle” by Robert Barsky and Jeffrey Miron (1988) http://www.nber.org/papers/w2688 “The Business Cycle Effects of Christmas” by YI Wen (2001) https://www.discuto.io/sites/default/files/christmas2010.pdf We Wish you a Merry Christmas Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License http://creativecommons.org/licenses/by/3.0/

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 eliminate scarcity. David’s blog: http://macromarketmusings.blogspot.com/ David’s Twitter: @davidbeckworth Manu’s *Trekonomics* website: https://trekonomics.tumblr.com/ (you can order the book, *Trekonomics,* here as well) Manu’s Twitter: @trekonomics Zach’s faculty profile: https://sites.wustl.edu/fictionomics/ Zach’s Twitter: @FictionomicsWU Related links: “It’s a Trap: Emperor Palpatine’s Poison Pill” by Zachary Feinstein https://arxiv.org/pdf/1511.09054.pdf “The Case for the Empire” by Jonathan Last http://www.weeklystandard.com/the-case-for-the-empire/article/2540

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: http://macromarketmusings.blogspot.com/ Peter’s UPenn bio: https://lgst.wharton.upenn.edu/profile/30645/ David’s Twitter: @davidbeckworth Peter’s Twitter: @PeterContiBrown Related links: *The Power and Independence of the Federal Reserve* by Peter Conti-Brown https://www.amazon.com/Power-Independence-Federal-Reserve/dp/0691164002 *America’s Bank: The Epic Struggle to Create the Federal Reserve* by Roger Lowenstein https://www.amazon.com/Americas-Bank-Struggle-Federal-Reserve/dp/1594205493

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 Twitter: @davidbeckworth JP’s Twitter: @JP_Koning Related links: “What Happens When a Central Bank Splits in Two?” by JP Koning http://jpkoning.blogspot.com/2016/06/what-happens-when-central-bank-is-split.html “A Modern Example of Gresham’s Law” by JP Koning http://jpkoning.blogspot.com/2016/11/a-modern-example-of-greshams-law.html “Fedcoin” by JP Koning http://jpkoning.blogspot.ca/2014/10/fedcoin.html

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 economics suggest monetary policy should be more rules-based. David’s blog: macromarketmusings.blogspot.com/ Mark’s Cato Institute profile: https://www.cato.org/people/mark-calabria Mark’s Alt-M archive: http://www.alt-m.org/author/calabria/ David’s Twitter: @davidbeckworth Mark’s Twitter: @markcalabria Related links: “Yes, the Fed has a Diversity Problem” by Mark Calabria https://www.cato.org/blog/yes-federal-reserve-has-diversity-problem “Behavioral Economics and Fed Policymaking” by Mark Calabria https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/9/cj-v36n3-6.pdf

Roger Farmer is a Distinguished Professor of Economics at UCLA. He joins the show to discuss his new book, Prosperity for All: How to Prevent Financial Crises. He and David also discuss his criticism of the natural rate of unemployment hypothesis, an important proposition in mainstream macroeconomics. David’s blog: http://macromarketmusings.blogspot.com/ Roger’s personal website: http://www.rogerfarmer.com/ David’s Twitter: @davidbeckworth Roger’s Twitter: @farmerrf Related links: Roger’s UCLA profile http://www.econ.ucla.edu/faculty/regular/Farmer.html Prosperity for All: How to Prevent Financial Crises by Roger Farmer https://global.oup.com/academic/product/prosperity-for-all-9780190621438?cc=us&lang=en& “The Natural Rate Hypthesis: An Idea Past Its Sell-by Date” by Roger Farmer http://www.nber.org/papers/w19267

Mark Koyama is an Assistant Professor of Economics at George Mason University and a Senior Fellow at George Mason University’s Mercatus Center. He joins the show to discuss his research on the economic history of ancient Rome from the rise of the Roman Republic to the transition to the Roman Empire to the Empire’s eventual fall. David’s blog: http://macromarketmusings.blogspot.com/ Mark’s Medium page: https://medium.com/@MarkKoyama Mark’s GMU profile: http://economics.gmu.edu/people/mkoyama2 David’s Twitter: @DavidBeckworth Mark’s Twitter: @MarkKoyama Related links: “The Roman Market Economy” by Peter Temin (2012, Princeton University Press) http://press.princeton.edu/titles/9896.html “Peter Temin and the Malthusian Hypothesis for the Limits of Roman Growth” by Mark Koyama https://medium.com/@MarkKoyama/peter-temin-and-the-malthusian-hypothesis-for-the-limits-of-roman-growth-12489edce93a#.ijytapey2 “Why did the Roman Economy Decline?” by Mark Koyama https://medium.com/art-marketing/why-did-the-roman-economy-decline-225deada66ea#.xnwksin86

Rüdiger (Rudi) Bachmann is a Stepan Family Associate Professor of Economics at the University of Notre Dame. He joins the show to discuss the economic history of his native Germany. David and Rudi also discuss how the German approach to macroeconomics is distinctly different from the approach taken in the United States. David’s blog: macromarketmusings.blogspot.com/ Rudi’s Notre Dame webpage: https://www3.nd.edu/~rbachman/ David’s Twitter: @DavidBeckworth Related links: Rudi on his work on economic uncertainty: https://www.youtube.com/watch?v=6XDlzBgf1uE NYT Upshot Article: “How Economists Came to Dominate the Conversation” http://www.nytimes.com/2015/01/24/upshot/how-economists-came-to-dominate-the-conversation.html?_r=0 Peter Bofinger’s Vox EU article: “German Macroeconomics: The Long Shadow of Walter Eucken” http://voxeu.org/article/german-macroeconomics-long-shadow-walter-eucken

Narayana Kocherlakota is the Lionel W. McKenzie Professor of Economics at the University of Rochester, and he previously served as president and CEO of the Federal Reserve Bank of Minneapolis. He joins the show to discuss to discuss what it is like working as a Fed president and a member of the Federal Open Market Committee. He also shares some of his thoughts on the drawbacks of current proposals on establishing monetary rules. David’s blog: macromarketmusings.blogspot.com/ Narayana’s website: https://sites.google.com/site/kocherlakota009/ David’s Twitter: @davidbeckworth Narayana’s Twitter: @kocherlakota009 Related links: Narayana’s profile, speeches, and articles as Fed president: https://www.minneapolisfed.org/about/more-about-the-fed/presidents-of-the-minneapolis-fed/narayana-kocherlakota Narayana’s Bloomberg archive: https://www.bloomberg.com/view/contributors/APvwpZqjDaA/narayana-kocherlakota/articles Narayana’s Brookings article: Rules vs. Discretion: A Reconsideration https://www.brookings.edu/bpea-articles/rules-versus-discretion-a-reconsideration/ Responses to the Brookings article by John Taylor and George Selgin: https://economicsone.com/2016/09/17/kocherlakota-on-the-fed-and-the-taylor-rule/ http://www.alt-m.org/2016/09/22/rules-discretion-audacity-critique-kocherlakota/

Izabella Kaminska is a writer for the Financial Times at its premier blog, FT Alphaville. She joins the show to discuss her work on blockchain technology as well as current proposals on monetary and fiscal policy. Finally, Izabella and David, who are both big sci-fi fans, talk about economics in the Star Trek and Star Wars sagas. David’s Twitter: @DavidBeckworth Izabella Kaminska’s Twitter: @izakaminska David’s blog: http://macromarketmusings.blogspot.com/ Izabella Kaminska’s FT bio and archive: http://ftalphaville.ft.com/meet-the-team/izabella-kaminska/ Related links: “You see, money doesn’t exist in the 24th century” – Izabella Kaminska http://ftalphaville.ft.com/2015/10/12/2142030/you-see-money-doesnt-exist-in-the-24th-century/ Even lower rates? “Thanks but no thanks” say banks everywhere – Izabella Kaminska http://ftalphaville.ft.com/2016/07/11/2168870/even-lower-rates-thanks-but-no-thanks-say-banks-everywhere/ Trekonomics: The Economics of Star Trek – Manu Saadia https://www.amazon.com/Trekonomics-Economics-Star-Manu-Saadia/dp/1941758754 It’s a Trap: Emperor Palpatine’s Poison Pill – Zachary Feinstein https://arxiv.org/pdf/1511.09054.pdf

Claudio Borio is the director of the monetary and economic department at the Bank for International Settlements (BIS). He joins the show to discuss his career in monetary policy, banking, and macroprudential regulation. In particular, he and David discuss problems afflicting the Eurozone and how to address massive financial imbalances across the world. David’s Twitter: @DavidBeckworth Claudio’s bio and research: https://www.bis.org/author/claudio_borio.htm David’s blog: macromarketmusings.blogspot.com/ Related links: “Revisiting Three Intellectual Pillars of Monetary Policy” by Claudio Borio http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/5/cj-v36n2-1.pdf

Andrew Levin is a professor of economics at Dartmouth College and a former Federal Reserve Board economist. For two years, he worked as a special adviser to Chairman Ben Bernanke and Vice Chair Janet Yellen. He joins the podcast to discuss his experiences at the Fed  and the need for more accountability. His ideas include increasing transparency, setting term limits, and fostering diversity of thought and background among its members.    David’s Twitter: @DavidBeckworth Andy Levin’s Twitter: @AndrewTLevin David’s blog: http://macromarketmusings.blogspot.com/ Andy Levin’s bio: http://www.dartmouth.edu/~alevin/   Related links: Dartmouth College Q&A with Professor Andy Levin http://www.thedartmouth.com/article/2016/09/qa-with-economics-professor-andrew-levin     How Andy proposes to reform the Fed: http://www.businessinsider.com/andrew-levins-4-radical-fed-changes-2016-4  http://www.bloomberg.com/politics/articles/2016-04-11/former-yellen-adviser-proposes-sweeping-reform-of-fed-system http://www.wsj.com/articles/former-fed-adviser-activists-lay-out-a-plan-for-change-at-the-fed-1460400788 https://www.federalreserve.gov/monetarypolicy/fomchistorical2008.htm 

Morgan Ricks is a law professor at Vanderbilt University and an expert on financial regulation. From 2009-2010, he was a senior policy adviser at the U.S. Treasury Department where he focused on financial stability initiatives. Morgan joins the show to discuss his new book, “The Money Problem: Rethinking Financial Regulation,” which argues that shadow banking institutions create large sums of private sector money through issuing short-term debt. This rapid expansion creates instability to the financial system and to the broader economy. To solve this problem, Morgan proposes that only properly chartered, FDIC-insured banks be allowed to issue short-term liabilities. Although there may be more bureaucracy in insuring the financial system under this proposal, Morgan argues there would be less need for higher capital requirements and other regulations. David’s blog: http://macromarketmusings.blogspot.com/ Morgan Ricks’ Vanderbilt profile: http://law.vanderbilt.edu/bio/morgan-ricks David’s Twitter: @DavidBeckworth Morgan Ricks’ Twitter: @MorganRicks1 Related links: The Money Problem: Rethinking Financial Regulation https://www.amazon.com/Money-Problem-Rethinking-Financial-Regulation/dp/022633032X David’s review of The Money Problem in National Review (gated) https://www.nationalreview.com/magazine/2016-09-12-0100/morgan-ricks-the-money-problem “A Simpler Approach to Financial Reform” by Morgan Ricks http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2316900 “A Former Treasury Adviser on How to Really Fix Wall Street” by Morgan Ricks in The New Republic https://newrepublic.com/article/98659/wall-street-term-out-panic