Derek Tang is the CEO and co-founder of LH Meyer, and is part of the research team based in Washington, D.C. where he forecasts Fed policy developments, provides bespoke policy analysis to institutional investors, and also closely monitors and forecasts the Fed’s balance sheet. Derek joins David on Macro Musings to talk about Fed policy, Fed politics, and what to expect in 2023 and 2024. Specifically, David and Derek discuss numerous personnel changes at the Fed, the future of the central bank’s balance sheet, the upcoming Congressional agenda for the Fed, what the next framework review has in store, and more.   Transcript for the episode can be found  here.   Derek’s Twitter:  @macroderek Derek’s LH Meyer bio   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *The Federal Reserve’s Current Framework for Monetary Policy: A Review and Assessment* by Janice Eberly, James Stock, and Jonathan Wright     *The Federal Reserve’s Balance Sheet: Costs to Taxpayers of Quantitative Easing* by Andy Levin and Bill Nelson

Derek Tang on the Present and Future Landscape for Fed Policy and Politics

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.

Education

Training

Language Courses

Higher Education

K-12

Educational Technology

Business

Investing

Careers

Management & Marketing

Business News

Shopping

Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more.   Transcript for this week’s  episode.   Mary’s Twitter: @MaryDalyEcon Mary’s San Francisco Fed  profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:    *Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth   Timestamps:   (00:00:00) – Intro   (00:01:30) – Mary Daly’s Background   (00:06:09) – Recent Inflationary Trends and the Future of Fed Policy   (00:15:39) – The Trajectory of R-Star Over the Medium to Long-Run   (00:19:06) – The Long-Term Economic Impacts of AI   (00:29:51) – Expectations for the Upcoming Fed Framework Review   (00:33:35) – Prospects for Nominal GDP Targeting at the Fed   (00:36:58) – Fed Policymaking During an Election Year   (00:38:16) – Audience Q&A; Period    (01:01:09) – Outro

Mary Daly on Fed Policy, the Economic Impacts of AI, and the Future of the Fed’s Framework

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more.   Transcript for this week’s  episode.   Stephen’s Twitter:  @SteveMiran Stephen’s Manhattan Institute profile   Dan’s Twitter: @DanielScottKatz Dan’s Manhattan Institute profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:    *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran   Timestamps:   (00:00:00) – Intro   (00:04:20) – The Fed’s Issue of Picking Winners and Losers   (00:09:17) – The Fed’s Role as Bank Regulator   (00:12:53) – The Ever-Expanding Reach of the Fed   (00:17:50) – The Fed as a Debt Manager   (00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment   (00:27:26) – Personnel is Policy: The Issue with Fed Personnel   (00:29:55) – Options for Personnel Reform at the Fed   (00:38:22) – Making the Fed President Selection Process More Robust   (00:47:28) – The Nature of Debate at the Fed   (00:50:53) – The Scope for Change at the Fed    (00:53:21) – Outro

Dan Katz and Stephen Miran on Reforming the Federal Reserve’s Governance

Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.*   Richard’s Federal Reserve profile Richard’s PIMCO archive   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:    *Time No Changes* by Richard Clarida     *Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework* by Macro Musings

BONUS: Richard Clarida on His Musical Interests and *Time No Changes*

Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more.   Transcript for this week’s  episode.   Richard’s Federal Reserve profile Richard’s PIMCO archive   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *How the Bundesbank Conducts Monetary Policy* by Richard Clarida and Mark Gertler   *The Science of Monetary Policy: A New Keynesian Perspective* by Richard Clarida, Jordi Gali, and Mark Gertler   *Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* by Richard Clarida, Jordi Gali, and Mark Gertler    *Monetary Policy Rules in Practice: Some International Evidence* by Richard Clarida, Jordi Gali, and Mark Gertler   Timestamps:   (00:00:00) – Intro   (00:03:04) – Richard Clarida’s Background   (00:11:37) – Bridging the Gap Between Academic Economics and Real-World Markets   (00:21:50) – Richard’s Journey Through the Policy World   (00:36:29) – Constructing the Fed’s FAIT Framework   (00:40:53) – Evaluating the Results of the FAIT Framework   (00:54:17) – The Future of the Fed’s Framework   (00:57:08) – The Future of R-Star    (01:00:50) – Outro

Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework

Saleha Mohsin is a senior Washington correspondent for Bloomberg News, where she covers policy, politics, and power in Washington, DC. Saleha is also the author of a new book titled, *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order,* and she joins David on Macro Musings to talk about it. Specifically, David and Saleha also discuss the intelligence and enforcement tools of the US Treasury, the basics and importance of SWIFT, the effectiveness of US sanctions, and a lot more.   Transcript for this week’s  episode.   Saleha’s Twitter:  @SalehaMohsin Saleha’s Bloomberg archive   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:    *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order* by Saleha Mohsin   *The Big Take* hosted by Saleha Mohsin   Timestamps:   (00:00:00) – Intro   (00:03:43) – The Weaponization of the Dollar on the Global Stage   (00:08:55) – The Intelligence and Enforcement Tools of the US Treasury Department   (00:13:10) – Breaking Down SWIFT and Its Importance   (00:18:27) – Sanctioning Russian Oligarchs   (00:22:42) – The Importance and Significance of Robert Rubin   (00:25:29) – The George W. Bush of the Treasury Department   (00:37:42) – Breaking Down the Joint Comprehensive Plan of Action   (00:41:06) – The Trump Administration, China, and the Rise of Populism   (00:45:30) – Evaluating the Effectiveness of the Russia Sanctions   (00:51:18) – Threats to the US in the Future    (00:52:48) – Outro

Derek Tang on the Present and Future Landscape for Fed Policy and Politics

Download our free app to listen on your phone