Robert McCauley is a senior fellow at the Global Development Policy Center at Boston University, an Associate Member of the Faculty of History at the University of Oxford, and was formerly at the Bank of International Settlements for 25 years and the New York Federal Reserve Bank for 14 years. Robert is also a returning guest to the show, and he rejoins Macro Musings to talk about his recent article titled, *Bond Market Crisis and the International Lender of Last Resort* David and Robert also discuss the basics of a bond market run, the policy reaction and implications of the 2020 “Dash for Cash”, the possible concerns with corporate bond facilities, and a lot more.   Transcript for this week’s  episode.   Register now for the Bennett McCallum Monetary Policy  Conference!   Robert’s Boston University profile Robert’s BIS archive   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our new Macro Musings merch!   Related Links:   *Bond Market Crises and the International Lender of Last Resort* by Robert McCauley    *Manias, Panics, and Crashes: A History of Financial Crises, 8th Edition* by Robert Aliber, Charles Kindleberger and Robert McCauley     *Robert McCauley on the Global Domain of the Dollar and Threats to its Dominance* by the Macro Musings Podcast

Robert McCauley on Bond Market Crises and the International Lender of Last Resort

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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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

Saleha Mohsin on *Paper Soldiers: How the Weaponization of the Dollar Changed the World Order*

Josh Hendrickson is the chair of the department of economics at the University of Mississippi and is the author of a new paper that looks at dollar dominance through the broad historical perspective of what is called the “Treasury Standard.” Josh is also a returning guest to Macro Musings, and he rejoins the podcast to talk about this paper and the Treasury Standard concept. David and Josh also discuss the state’s monopoly over money, the path to global dollar dominance, the path dependency of the dollar system, and a lot more.   Transcript for this week’s  episode.   Josh’s Twitter:  @RebelEconProf Josh’s Ole Miss profile Josh’s joint Substack   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *The Treasury Standard: Causes and Consequences* by Joshua Hendrickson    *If Things Are So Great, Why Don’t People Think So?* by Josh Hendrickson    *The Cost of Money is Part of the Cost of Living: New Evidence on the Consumer Sentiment Anomaly* by Marijn Bolhuis, Judd Cramer, Karl Schulz, and Lawrence Summers    *On a Correct Measure of Inflation* by Armen Alchian and Benjamin Klein

Robert McCauley on Bond Market Crises and the International Lender of Last Resort

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