Jeanna Smialek covers the Federal Reserve and the economy for The New York Times, and joins Macro Musings to recap and summarize the highs and lows of US monetary policy during 2020. Specifically, David and Jeanna discuss the recent histories of Federal Reserve rate hikes and the persistence of low inflation, the nascent optimism about the economy at the start of 2020, the Fed’s policy response to COVID, and what lessons the Fed will be taking into the future.   Transcript for the episode can be found  here.   Jeanna’s Twitter: @jeannasmialek Jeanna’s New York Times archive: https://www.nytimes.com/by/jeanna-smialek   Related Links:   *Janet Yellen's Lift Off (CMFA Working Paper No. 001)* by George Selgin  https://www.alt-m.org/2020/12/04/janet-yellens-lift-off-cmfa-working-paper-no-001/   *Measuring the Natural Rate of Interest: International Trends and Determinants* by Kathryn Holston and Thomas Laubach https://www.frbsf.org/economic-research/files/wp2016-11.pdf   David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

Jeanna Smialek on the Year-End Review of 2020 Financial Markets, the Fed, and US Monetary Policy

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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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

Josh Hendrickson on the Treasury Standard and Global Dollar Dominance

Julia Coronado is the president and founder of MacroPolicy Perspectives, a Wall Street research firm. Julia was also recently the president of the National Association of Business Economists, and she has served as an economist on Wall Street and at the Federal Reserve Board of Governors. Julia is also a returning guest to Macro Musings, and she rejoins the podcast to talk about the prospects of a productivity surge, the Fed’s journey to a soft landing, the state of the commercial real estate market, and more.   Transcript for this week’s  episode.   Julia’s Twitter:  @jc_econ Julia’s MacroPolicy Perspectives profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our Macro Musings merch!

Julia Coronado on Productivity, Commercial Real Estate, and the Fed’s Soft Landing

Isabel Schnabel is a Member of the Executive Board of the European Central Bank, and she joins David on Macro Musings to talk about the ECB and its new operational framework. Specifically, David and Isabel also discuss the structure, operations, and monetary policy instruments of the ECB, the history of its operating framework, the details surrounding its new regime, and more.   Transcript for this week's  episode.   Isabel’s Twitter: @Isabel_Schnabel Isabel’s ECB profile   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 Eurosystem’s Operational Framework* - Speech by Isabel Schnabel at the Money Market Contact Group meeting    Slides for *The Eurosystem’s Operational Framework* by Isabel Schnabel    *Back to Normal?* Balance Sheet Size and Interest Rate Control* - Speech by Isabel Schnabel at an event organized by Columbia University and SGH Macro Advisors     Slides for *Back to Normal? Balance Sheet Size and Interest Rate Control* by Isabel Schnabel

Isabel Schnabel on the ECB and its New Operational Framework

Andy Levin is a professor of economics at Dartmouth University and a former senior staffer at the Federal Reserve Board of Governors. Christina Parajon Skinner is a legal scholar at the University of Pennsylvania and formerly was legal counsel to the Bank of England. Andy and Christina have co-authored a new article titled, *Central Bank Undersight: Assessing the Fed’s Accountability to Congress,* and they rejoin David on Macro Musings to talk about it. Specifically, they discuss the Fed’s power under a constitutional authority, the three sources of Fed undersight, proposals for reform, and more.   Transcript for this week’s  episode.   Andrew’s Twitter: @andrewtlevin Andrew’s Dartmouth profile   Christina’s Twitter: @CParaSkinner Christina’s UPenn profile   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:    *Central Bank Undersight: Assessing the Fed’s Accountability to Congress* by Andrew Levin and Christina Parajon Skinner     *Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed’s Balance Sheet* by Macro Musings

Andrew Levin and Christina Parajon Skinner on *Central Bank Undersight: Assessing the Fed’s Accountability to Congress*

Anat Admati is a professor of finance and economics at Stanford University and is the coauthor of the 2013 book, *The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.* Anat is also a returning guest to Macro Musings and she rejoins the podcast to talk about the 2024 expanded edition of the same book, as well as the most recent developments in banking. David and Anat also discuss the effectiveness of post-financial crisis regulations, the design and impact of Basel III Endgame, the fallout from the most recent regional banking crisis, and a lot more.   Transcript for this week’s  episode.   Anat’s Twitter:  @anatadmati Anat’s Stanford  profile   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 Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It – New and Expanded Edition* by Anat Admati and Martin Hellwig    *The Parade of Bankers’ New Clothes Continues: 34 Flawed Claims Debunked* by Anat Admati and Martin Hellwig    *Anat Admati on Debt, Equity, and Financial Instability* by Macro Musings    *Anat Admati on the Perils of Corporate Debt and How COVID-19 Relief Efforts Have Gone Wrong* by Macro Musings     *Why the Innocent Plead Guilty and the Guilty Go Free: And Other Paradoxes of Our Broken Legal System* by Jed Rakoff

Jeanna Smialek on the Year-End Review of 2020 Financial Markets, the Fed, and US Monetary Policy

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