Steven Kelly on the Challenges of Treasury Equity Funding for 13(3) Facilities

Liya Palagashvili is a senior research fellow and director of the Labor Policy Project at the Mercatus Center. In Liya’s first appearance on the show she explains federal and state level changes to labor regulations, who makes up the gig economy workforce, the role women play in the independent workforce, the novel concept of portable benefits, and much more. Check out the transcript for this week’s episode, now with links. Recorded on January 31st, 2025 Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Follow Liya on X: MissLiyaP 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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:37) – Liya’s Background and Interest in Labor Economics (00:03:18) – Labor Policy Project and Labor Market Matters (00:07:32) –Independent Contractors and the Gig Economy (00:17:20) – Independent Work as a Buffer from Shocks (00:23:40) – Women and Independent Work (00:31:01) – Men in the Independent Workforce (00:35:23) – Myths Surrounding the Gig Economy (00:39:36) – Portable Benefits for Independent Workers (00:49:48) – Port Strikes and Dynamic Labor Markets (01:02:36) – Outro

Evan Koenig is a former senior aide to the president of the Dallas Fed. Evan returns to the show to discuss, the ins and outs of nominal GDP targeting, the practical applications of NGDP targeting, the reasons the Fed should consider it for the framework review, and much more. Check out the transcript for this week’s episode, now with links. Recorded on October 29th, 2024 Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:06) – Evan Koenig at the Fed (00:02:04) – Nominal GDP Targeting (00:06:22) – Why the Fed Didn’t Consider Nominal GDP Targeting (00:17:25) – How to Explain Nominal GDP Targeting to the Public (00:23:10) – Main Arguments for Nominal GDP Targeting (00:33:52) – Practical Applications of Nominal GDP (00:47:19) – Nominal GDP Targeting and the Fed’s Upcoming Framework Review (00:50:57) – Outro

Steven Kelly is the associate director of research as the Yale Program on Financial Stability. Steven returns to the show to discuss his new model, the Treasury Equity Model of the Federal Reserve’s emergency lending. Check out the transcript for this week’s episode, now with links. Recorded on January 23rd, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Steven Kelly: @StevenKelly49 Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:47) – The Discount Window and Its Current Momentum (00:03:22) – Evaluating the Treasury-Equity Model of Fed Emergency Lending (00:07:33) – The Fed’s Section 13(3) Facilities (00:12:54) – Creation of Section 13(3) (00:16:46) – Currency Swap Lines (00:18:36) – Beginnings of the Treasury-Equity Model (00:28:16) – Treasury-Equity Model During COVID-19 Pandemic (00:40:12) – Banking Turmoil of 2023 (00:46:15) – Advice for the Fed (00:47:50) – Outro

Pat Toomey is a former senator from the state of Pennsylvania and served on the Committee on Banking, Housing, and Urban Affairs. In Pat’s first appearance on the show he discussed his career in public service, Fed master accounts, the future on monetary policy, his quest for Fed accountability, the looming debt issue, and much more. Check out the transcript for this week’s episode, now with links. Recorded on January 23rd, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Pat Toomey: @SenToomey Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:09) – Senator Toomey’s Committee Work (00:21:21) – Federal Reserve Master Accounts (00:27:07) – Accountability of the Fed (00:30:07) – Monetary Policy (00:45:19) – Debts, Deficits, and Fiscal Policy (00:57:22) – Outro

Brian Albrecht is the chief economist for the International Center for Law & Economics and is the coauthor of the economics newsletter Economic Forces. In Brian’s first appearance on the show, he discussed the data behind business dynamism, the notion of greedflation, the recent developments in antitrust, the update Econ 101 needs to make in regard to tariffs, and much more. Check out the transcript for this week’s episode, now with links. Recorded on January 6th, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Brian Albrecht: @BrianCAlbrecht Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:00:51) – Brian’s Education and Career (00:08:03) – Market Structure and Business Dynamism (00:31:07) – Greedflation (00:45:25) – Trump and Tariffs (00:55:51) – Outro

On this special greatest hits compilation episode our host David Beckworth primes listeners for the Fed Framework Review by highlighting the best snippets from past shows discussing nominal GDP targeting. This episode includes Mary Daly’s thoughts on NGDP targeting, Evan Koenig on the basics of NGDP targeting, George Selgin on Powell’s hesitations with NGDP targeting and how it responds to supply shocks, Jim Bullard on the financial stability of NGDP targeting, Eric Sims on the New Keynesian argument for NGDP targeting, Carola Binder on the benefits of NGDP targeting, Charlie Evans on the prospects of NGDP target, and much more. Check out the transcript for this week’s episode, now with links. Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:02:31) – Mary Daly on Nominal GDP Targeting Considerations for the 2024-25 Fed Framework Review (00:06:13) – Evan Koenig on the Basics and Preferred Structure of a Nominal GDP Targeting Framework (00:14:17) – George Selgin on Chair Powell’s Concerns About Nominal GDP Targeting (00:21:35) – Jim Bullard on the Financial Stability Argument for Nominal GDP Targeting (00:24:12) – Eric Sims on the New Keynesian Rationale for Nominal GDP Targeting (00:28:23) – Carola Binder on Two Major Benefits of Nominal GDP Targeting (00:33:40) – George Selgin on How Nominal GDP Targeting Would Handle Supply Shocks (00:46:55) – Charlie Evans on the Prospects for Nominal GDP Targeting During the 2024-25 Fed Framework Review (00:50:57) – Bonus Segment: Enhancing the Nominal GDP Targeting Framework (00:53:08) – Gauti Eggertsson on the Merits of a Cumulative Nominal GDP Level Target (00:55:50) – Scott Sumner on Targeting a Nominal GDP Futures Contract (01:04:25) – Outro

Peter Conti-Brown is a historian and legal scholar of the Federal Reserve System and an associate professor at the Wharton School of Business at the University of Pennsylvania. Peter returns to the podcast to discuss the state of Federal Reserve leadership under the incoming Trump administration, expectations for Fed independence, a new proposal for limiting stigma at the discount window, stories about a life lead by faith, and much more.   Check out the transcript for this week’s episode, now with links. Recorded on January 10th, 2025 Follow David Beckworth on X: @DavidBeckworth Follow Peter Conti-Brown on BlueSky: @PeterContiBrown Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:23) – Reaching Audiences Through Various Forms of Media (00:10:30) – Federal Reserve Under Trump 2.0 (00:21:33) – Jerome Powell (00:25:56) – Michael Barr (00:34:52) – New Discount Window Proposal (00:40:27) – Faith Life (00:56:28) – Radical Uncertainty (01:00:15) – Outro

David Bahnsen is a Wall Street veteran and currently is the managing director of The Bahnsen Group. In David’s first appearance on the podcast, he talks through multiple questions about the incoming Trump Administration, the problem with the growing indebtedness of the US government, shifts in the Republican party, the notion of financialization of the US economy, and much more. Check out the transcript for this week’s episode, now with links. Follow David Beckworth on X: @DavidBeckworth Follow David Bahnsen on X: @DavidBahnsen Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:50) – David Bahnsen’s Career Path (00:04:39) – Shifts in the Republican Party (00:12:20) – Trump Administration 2.0 and Growth, the Fed, and the Financial Sector? (00:33:38) – Financialization and Missed Boats (00:54:02) – Outro

Marijn Bolhuis is an economist in the World Economic Studies Division of the IMF’s research department. In Marijn’s first appearance on the podcast he discusses his new paper, which introduces the idea of a fiscal r-star, and expands on another paper which helps economists understand why consumer sentiment is so depressed, despite relatively low unemployment and inflation coming back to target. Check out the transcript for this week’s episode, now with links. Follow David on X: @DavidBeckworth Follow Marijn on X: @MA_Bolhuis Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:38) – Marijn Bolhuis’ Career Path (00:06:02) – Fiscal R-Star (00:45:30) – Cost of Money and Consumer Sentiment (00:51:43) – Outro

David Beckworth and producer Sam Alburger dive into the last year of Macro Musings. They pick their favorite episodes, discuss how the year 2024 will be remembered in the macroeconomic history, highlight stories about the making of the show, combine David’s love for basketball and economics, and much more. Check out the transcript for this week’s episode, now with links. Follow David on X: @DavidBeckworth Follow the show on X: @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! Subscribe to David's new BTS YouTube Channel  Timestamps: (00:00:00) – Intro (00:01:18) – Year in Review (00:11:48) – New Macro Musings Content (00:15:13) – NGDP Level Targeting vs. FAIT (00:18:43) – Preparing for Macro Musings Interviews (00:24:23) – Macro Musings and AI (00:26:17) – Looking Back at 2024 in Macroeconomic History (00:30:27) – Combing David’s Love for Economics and Basketball (00:34:34) – Thank You’s (01:00:13) – Outro