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!

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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

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

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

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

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!

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

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

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

Steven Kamin is a senior fellow at the American Enterprise Institute, was previously the director of the Division of International Finance at the Federal Reserve Board, and is a returning guest to the podcast. Mark Sobel is the US Chairman at the Official Monetary and Financial Institutions Forum, and he previously served at the US Department of the Treasury for nearly four decades, including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015. Also, from 2015 through 2018, Mark served as a US representative at the IMF. Steven and Mark join Macro Musings to talk about dollar dominance and whether or not it is here to stay. Specifically, Steven and Mark also discuss current debates surrounding dollarization, the threat that China poses to dollar dominance, the weaponization of the dollar in the global economy, and a lot more.

Transcript for this week’s episode.

Steven’s Twitter: @steven_kamin

Steven’s AEI profile

Mark’s Twitter: @sobel_mark

Mark’s CSIS 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:

*Dollar Dominance is Here to Stay for the Foreseeable Future—the Real Issue for the Global Economy is How and Why* by Steven Kamin and Mark Sobel

*Steven Kamin on the Global Influence of Fed Policy and the U.S. Dollar* by Macro Musings

*US Sanctions Reinforce the Dollar’s Dominance* by Michael Dooley, David Folkerts-Landau, and Peter Garber

Peter Williams is a managing director of macroeconomic research at 22V Research and was formerly at the IMF and the World Bank. Peter joins David on Macro Musings to provide a market perspective on interest rates, Treasury markets, and monetary policy. Specifically, David and Peter discuss the dos and don’ts of estimating term premiums, the importance and future of R-star, the usefulness of inflation expectations, and a lot more.

Transcript for this week’s episode.

Peter's Twitter: @peterdwilliams

Peter’s LinkedIn profile

Peter’s 22V bio

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:

*A Macroeconomic Approach to the Term Premium* by Emanuel Kopp and Peter Williams

*Reading the Stars* by Peter Williams, Yasser Abdih, and Emanuel Kopp

*Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses* by Peter Williams

Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed’s lender of last resort role via the discount window, as well as recent developments related to the Fed’s balance sheet.

Transcript for this week’s episode.

Bill’s BPI profile

BPI’s Twitter: @bankpolicy

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:

*Comment on the New G30 Report* by Bill Nelson

*Bank Failures and Contagion: Lenders of Last Resort, Liquidity, and Risk Management* by the Group of Thirty