Richard Berner is the former director of the Office of Financial Research and was a counselor of the Treasury Secretary. In Richard's first appearance on the show, he discusses a career that included public service and Wall Street, the fragility of global liquidity, the implications of fiscal dominance, the expansion of private credit, the 2023 SVB banking turmoil, and much more.

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Recorded on January 7th, 2025

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Timestamps

00:00:00 - Intro

00:01:57- Dick's Career

00:07:46 - Fragility of Global Liquidity

00:17:29 - Post-GFC Regulations

00:25:29 - Fiscal Dominance

00:36:23 - Private Credit

00:48:09 - Banking Turmoil of 2023

01:01:149 - Outro

Aaron Klein is a senior fellow in economic studies at the Brookings Institution. Aaron returns to the show to discuss his paper with George Selgin calling for real time payments, the inequality caused by the Fed's current payment processes, the results of Covid time QE, recommendations for dealing with future crises, and much more.

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Recorded on December 11th, 2025

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Timestamps

00:00:00 - Intro

00:01:06- Faster Payments

00:29:09 - Fed Governance

00:30:35 - Quantitative Easing and Housing Inflation Post-COVID

00:52:16 - Fed Assets

01:01:149 - Outro

Per Åsberg Sommar is a senior advisor in the markets department at the Swedish central bank. In Per's first appearance on the show, he discusses his career as a central banker, the history of the Riksbank, evolutions in inflation targeting at the Riksbank, changes in the Sweden's central banks operating system, its new tool called the Deposit Requirement Facility, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on December 12th, 2025

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Timestamps

00:00:00 - Intro

00:02:08 - Per's Career

00:04:02 - Riksbank

00:09:07 - Inflation Targeting at Riksbank

00:11:56 - Riksbank's Operating System

00:15:39 - Certificate of Deposits

00:33:42 - Quantitative Tightening

00:36:42 - The Deposit Requirement Facility

00:45:38 - Other Central Banks and Demand-Driven Systems

00:58:16 - Outro

David Beckworth and producer Sam Alburger dive into the last year of Macro Musings. They discuss David's foray into Substack, their favorite episodes of the year, the most popular episodes of 2025, David's push for NGDP targeting, this year's most hotly contested episode, how the year 2025 will be remembered in macro history, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on December 10th, 2025

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Timestamps

00:00:00 - Intro

00:01:16 - Macroeconomic Policy Nexus

00:12:24 - David's All-Star AI FOMC

00:14:46 - Most Entertaining Economist Debate

00:16:46 - Underrated or Favorite Episodes

00:24:30 - Most Popular Episodes

00:26:15 - The Push for Nominal GDP Targeting

00:32:10 - Accountability at the Fed

00:36:23 - Bitcoin Policy Summit

00:40:28 - Macro Musings at the Atlanta Federal Reserve

00:44:32 - Review of 2024 in Macro

00:47:17 - Macro in 2025

00:51:40 - Thank You

00:55:48 - Outro

Veronique de Rugy is the George Gibbs Chair in Political Economy and a Senior Research Fellow at the Mercatus Center at George Mason University. In Veronique's first appearance on Macro Musings she discusses her career as a think tanker's think tanker, what the difference is between classical liberals and libertarians, how America's mindset has shifted on trade and immigration, the fiscal health of the United States, the US's impending debt crises, solutions for fixing the fiscal health of the United States, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 18th, 2025

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Timestamps

00:00:00 - Intro

00:01:18 - Vero's Career

00:17:35 - Vero's Career

00:24:32 - Fiscal Policy at Mercatus

00:40:59 - Steps Toward a Sustainable Fiscal Path

00:48:34 - Flattening the Debt Curve

00:59:13- Outro

Martha Gimbel is the executive director and co-founder of the Budget Lab at Yale. In Martha's first appearance on the show, she discusses the missing BLS job market data, the consequences of losing two months of labor market data, the impact of AI on the labor market in the short and long term, why it is hard to determine which job sectors AI will impact first, why people will keep learning foreign languages, the future impact tariffs will have on the economy, why US treasuries might get left for the hometown guy in a Hallmark Christmas movie, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 19th, 2025

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Timestamps

00:00:00 - Intro

00:01:48 - The Budget Lab at Yale

00:05:34 - Missing Government Data

00:14:21 - Artificial Intelligence

00:44:49 - Trade Wars

00:54:51 - Outro

Laurence Bristow is a former staffer at the Reserve Bank of Australia and currently is a Vice President and Research Associate at the Bank Policy Institute. In Laurence's first appearance on the show, he discusses the differences between the Reserve Bank of Australia and the Fed, The RBA's change in operating systems, what a demand driven system actually looks like, the motivation for the RBA to make this change, calls for changes to the operating system within the Fed, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 20th, 2025

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Timestamps

00:00:00 - Intro

00:01:22 - Laurie's Career

00:05:15 - Reserve Bank of Australia

00:11:33 - RBA's New Monetary Policy Implementation System

00:17:28 - What Is a Demand-Driven System?

00:26:02 - Interbank Market

00:31:33 - Motivations for a Demand-Driven System

00:40:10 - Bank Policy Institute Money Market Symposium

00:52:36 - Outro

Austin Campbell runs Zero Knowledge Group, a consulting and advising firm in the digital assets space and is an adjunct professor at New York University's Stern School of Business. In Austin's first appearance on the show, he discusses what comes next after the GENIUS Act, the debate with interest-on-reserves when it comes to stablecoins, the future of Tether, Governor Waller's proposal of skinny master accounts, the larger macro implications of stablecoins in Europe and the global South, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 14th, 2025

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Timestamps

00:00:00 - Intro

00:01:38 - Austin's Career

00:04:10 - What Comes After GENIUS?

00:7:26 - Interest and Stablecoins

00:12:30 - Tokenized Deposits

00:17:01 - Future of Tether

00:29:27 - Skinny Master Account

00:35:23 - Stablecoin Regulation

00:48:46 - Macro Implications

00:54:58 - Future of the Financial System

00:57:58 - Outro

Mike Bird is the Wall Street editor for The Economist magazine and is the author of The Land Trap: A New History of the World's Oldest Asset. Mike returns to the show to discuss the conclusion of Abenomics, the origins of land as an asset, the surge in housing prices during the COVID-19 Pandemic, the unsuspecting story of Wolf Ladejinsky, how housing impacted Japan's lost decade, the modern history of land in China, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on November 4th, 2025

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Timestamps

00:00:00 - Intro

00:01:27 - Abenomics

00:04:32 - Motivations for The Land Trap

00:7:58 - Land as a Different Kind of Asset

00:14:55 - COVID-19 Housing Prices

00:20:42 - Land as an Enduringly Important Asset

00:24:34 - Wolf Ladejinsky

00:37:14 - Japan from 1980s Onward

00:47:28 - Land in China

00:56:36 - Henry George

01:00:42 - Outro

Lukasz Rachel is a former Bank of England economist and currently is an assistant professor of economics at the University College of London. In Lukasz's first appearance on the show he discusses his big career breaks, the implications of secular stagnation in the industrialized world, what is next for R-star, what non-Ricardian macro policy looks like, his policy prescriptions for the US, and much more.

Check out the transcript for this week's episode, now with links.

Recorded on October 29th, 2025

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Timestamps

00:00:00 - Intro

00:01:42 - Lukasz's Career

00:07:30 - Secular Stagnation in the Industrialized World

00:21:08 - What Next for R-Star?

00:36:11 - Brothers in Arms: Monetary-Fiscal Interactions

00:49:53 - Policy Recommendations

00:51:03 - Outro