When a young Eva Kollisch arrives as a refugee in New York in 1940, she finds a community among socialists who share her values and idealism. She soon discovers ‘the cause’ isn’t as idyllic as it seems. Little does she know this is the beginning of a lifelong commitment to activism and her determination to create radical change in ways that include belonging, love and one's full self. In addition to Eva Kollisch’s memoirs Girl in Movement (2000) and The Ground Under My Feet (2014), LBI’s collections include an oral history interview with Eva conducted in 2014 and the papers of Eva’s mother, poet Margarete Kolllisch, which document Eva’s childhood experience on the Kindertransport. Learn more at www.lbi.org/kollisch . Exile is a production of the Leo Baeck Institute , New York | Berlin and Antica Productions . It’s narrated by Mandy Patinkin. Executive Producers include Katrina Onstad, Stuart Coxe, and Bernie Blum. Senior Producer is Debbie Pacheco. Associate Producers are Hailey Choi and Emily Morantz. Research and translation by Isabella Kempf. Sound design and audio mix by Philip Wilson, with help from Cameron McIver. Theme music by Oliver Wickham. Voice acting by Natalia Bushnik. Special thanks to the Kollisch family for the use of Eva’s two memoirs, “Girl in Movement” and “The Ground Under My Feet”, the Sophia Smith Collection at Smith College and their “Voices of Feminism Oral History Project”, and Soundtrack New York.…
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Ellen Correia Golay on the Keys to Improving Treasury Market Resiliency
Manage episode 451823348 series 3563504
Contenido proporcionado por David Beckworth and Mercatus Center at George Mason University. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente David Beckworth and Mercatus Center at George Mason University o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Ellen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more.
DISCLAIMER: Ellen Correia Golay’s views are her own, and they do not represent those of the Federal Reserve Bank of New York or the Federal Reserve System.
Transcript for this week’s episode.
Register now for Building a Better Fed Framework: The AIER Monetary Conference.
Ellen’s LinkedIn 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:
*Enhancing the Resilience of the U.S. Treasury Market: 2024 Staff Progress Report* by the Inter-Agency Working Group on Treasury Market Surveillance (IAWG)
*The 2024 U.S. Treasury Market Conference* — An event hosted by the Federal Reserve Bank of New York
Timestamps:
(00:00:00) – Intro
(00:03:09) – Ellen’s Career Journey and Role at the New York Fed
(00:17:13) – Breaking Down the Treasury Market
(00:20:38) – Current and Future Challenges in the Treasury Market
(00:29:54) – How Would Central Clearing Impact the Fed and the Treasury Market?
(00:31:47) – Explaining the Treasury Department Buyback Program
(00:36:12) – Commencement of Data Dissemination on Individual Nominal Coupon Treasury Transactions
(00:38:29) – Requiring the Reporting of Non-Centrally Cleared Bilateral Repos
(00:41:26) – The 2024 U.S. Treasury Market Conference
(00:43:50) – Future Areas for Reform in the Treasury Market
(00:46:43) – Outro
485 episodios
CompartirManage episode 451823348 series 3563504
Contenido proporcionado por David Beckworth and Mercatus Center at George Mason University. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente David Beckworth and Mercatus Center at George Mason University o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Ellen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more.
DISCLAIMER: Ellen Correia Golay’s views are her own, and they do not represent those of the Federal Reserve Bank of New York or the Federal Reserve System.
Transcript for this week’s episode.
Register now for Building a Better Fed Framework: The AIER Monetary Conference.
Ellen’s LinkedIn 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:
*Enhancing the Resilience of the U.S. Treasury Market: 2024 Staff Progress Report* by the Inter-Agency Working Group on Treasury Market Surveillance (IAWG)
*The 2024 U.S. Treasury Market Conference* — An event hosted by the Federal Reserve Bank of New York
Timestamps:
(00:00:00) – Intro
(00:03:09) – Ellen’s Career Journey and Role at the New York Fed
(00:17:13) – Breaking Down the Treasury Market
(00:20:38) – Current and Future Challenges in the Treasury Market
(00:29:54) – How Would Central Clearing Impact the Fed and the Treasury Market?
(00:31:47) – Explaining the Treasury Department Buyback Program
(00:36:12) – Commencement of Data Dissemination on Individual Nominal Coupon Treasury Transactions
(00:38:29) – Requiring the Reporting of Non-Centrally Cleared Bilateral Repos
(00:41:26) – The 2024 U.S. Treasury Market Conference
(00:43:50) – Future Areas for Reform in the Treasury Market
(00:46:43) – Outro
485 episodios
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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…
1 The Fed Framework Review: Macro Musings’ Greatest NGDP Targeting Hits 1:05:05
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Reproducir más Tarde Reproducir más Tarde Listas Me gusta Me gustaOn 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…
1 Peter Conti-Brown on the Fed under Trump 2.0, Reforming the Discount Window, and Providential Moments 1:00:56
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Reproducir más Tarde Reproducir más Tarde Listas Me gusta Me gustaPeter 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…
1 David Bahnsen on the Incoming Trump Administration and the Financialization of the US Economy 54:43
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…
1 George Selgin on Strategic Bitcoin Reserves, Debanking, and the Fed’s Framework Review 1:00:53
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Reproducir más Tarde Reproducir más Tarde Listas Me gusta Me gustaGeorge Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a returning guest to the program, and he rejoins David on Macro Musings to talk about crypto, strategic Bitcoin reserves, and the Fed’s framework review. Specifically, David and George also discuss George’s outlook for a strategic Bitcoin reserve in the US, the significance of the debanking problem, the path to adopting a nominal GDP targeting framework, and much more. Transcript for this week’s episode. George’s Twitter: @GeorgeSelgin George’s Cato 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: *The ‘Digital Gold’ Fallacy, or Why Bitcoin Can’t Save the US Dollar* by George Selgin *The Fed’s 2024-25 Framework Review: Optimizing the Dual Mandate Through Nominal GDP Level Targeting* by David Beckworth *Building a Better Fed Framework* – A monetary policy conference hosted by the American Institute for Economic Research (AIER) Caitlin Long’s X thread on debanking David Marcus’s X thread on how Libra was killed *Does Sovereign Default Risk Explain Cryptocurrency Adoption? International Evidence from Mobile Apps* by Rashad Ahmed, Stephen Karolyi, and Leili Pour Rostami *Digital Gold: Evaluating a Strategic Bitcoin Reserve for the United States* by the Bitcoin Policy Institute *Trump Likes the Idea of a Federal Bitcoin Reserve. Don’t Laugh.* by Tyler Cowen Timestamps: (00:00:00) – Intro (00:01:34) – Evaluating the Strategic Bitcoin Reserve and Digital Gold (00:26:22) – George’s Outlook for the Strategic Bitcoin Reserve (00:34:16) – The Significance of the Debanking Problem and the Case of Libra (00:43:18) – *Building a Better Fed Framework*: George’s Takeaways (00:49:16) – The Path to Nominal GDP Targeting: Incremental vs. Radical (00:54:10) – Characterizing a Fed Framework Consensus (01:00:13) – Outro…
Joey Politano is an economist and a commentator who writes a popular Substack newsletter on economics. Joey is also a returning guest to Macro Musings, and he rejoins David to talk about the AI investment boom and broader economic growth trends. Specifically, David and Joey also discuss generational differences in economic perspectives, the increased demand for nuclear energy, the importance of AI in driving scientific research, and much more. Transcript for this week’s episode. Joey’s X: @JosephPolitano Joey’s Bluesky: @josephpolitano.bsky.social Joey’s Substack 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: *The AI Investment Boom* by Joey Politano Timestamps: (00:00:00) – Intro (00:03:09) – The Competition Between X and Bluesky (00:10:55) – The Generational Differences in Economic Perspectives (00:16:23) – Breaking Down the AI Investment Boom (00:23:55) – Have We Left Behind the World of Secular Stagnation? (00:27:47) – Did ChatGPT Kickstart the Next Chapter of Growth? (00:34:35) – AI and Increased Demand for Nuclear Energy (00:39:45) – The Importance of AI in Driving Scientific Research and Growth (00:44:34) – The Current State of Economic Growth (00:53:40) – Outro…
Jeffrey Lacker is a senior affiliated scholar at the Mercatus Center, and he previously worked at the Federal Reserve Bank of Richmond, where he served as its president from 2004 to 2017. Jeff is also a returning guest to the podcast, and he rejoins David on Macro Musings to talk about the history of the Federal Reserve’s credit policy, as well as a recent Shadow Open Market Committee conference. Transcript for this week’s episode. Jeffrey’s website Jeffrey’s Mercatus 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: *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* — A conference hosted by the Hoover Institution *From the “Lender of Last Resort” to “Too Big to Fail” to “Financial System Savior”: Federal Reserve Credit Policy and the Shadow Open Market Committee* by Jeffrey Lacker *Last Resort Lending: Classical Thought vs. Modern Federal Reserve Practice* by Jeffrey Lacker Timestamps: (00:00:00) – Intro (00:01:47) – The Shadow Open Market Committee and its Contributions Throughout Time (00:05:32) – Highlights from the Recent Shadow Open Market Committee Conference (00:10:17) – From FAIT Back to FIT? (00:14:07) – *Federal Reserve Credit Policy and the Shadow Open Market Committee*: Motivation and Summary (00:16:05) – Breaking Down the Difference Between Credit Policy and Monetary Policy (00:22:10) – The Four Doctrines of Fed Lending: The Monetary Stability Doctrine (00:28:56) – The Four Doctrines of Fed Lending: The Real Bills Doctrine (00:34:49) – The Four Doctrines of Fed Lending: Warburg’s Mercantilism (00:39:11) – The Four Doctrines of Fed Lending: Too-big-to-fail and the Reluctant Samaritan (00:47:45) – Solutions for Improving the System Moving Forward (00:55:25) – Outro…
1 Zachary Mazlish on the Political Implications of Inflation and the Impact of Transformative AI 50:02
Zachary Mazlish is an economist at the University of Oxford, and he joins David on Macro Musings to explain some recent and important macroeconomic developments, specifically the inflation linkages to the 2024 presidential election and the macroeconomic implications of transformative AI. David and Zach also discuss transformative AI’s impact on asset pricing, optimal monetary policy in world of high growth, the causes of the slowdown in trend productivity, and more. Transcript for this week’s episode. Zach’s Twitter: @ZMazlish Zach’s Substack Zach’s website 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: *Yes, Inflation Made the Median Voter Poorer* by Zachary Mazlish *Transformative AI, Existential Risk, and Real Interest Rates* by Trevor Chow, Basil Halperin, and Zachary Mazlish *Decomposing the Great Stagnation: Baumol’s Cost Disease vs. “Ideas Are Getting Hard to Find”* by Basil Halperin and Zachary Mazlish *The Unexpected Compression: Competition at Work in the Low Wage Labor Market* by David Autor, Arin Dube, and Annie McGrew Timestamps: (00:00:00) – Intro (00:04:03) – Inflation Made the Median Voter Poorer: Comparing Periods of Wage Growth (00:15:26) – Inflation Made the Median Voter Poorer: The Median Change in the Wage (00:22:19) – Assessing the Feedback to Zachary’s Article (00:25:05) – The Significance of Transformative AI and its Double-Edged Sword (00:27:02) – The Impact of Transformative AI on Asset Pricing and its Policy Challenges (00:38:07) – The Broader Macroeconomic Effects of Rapid Growth (00:41:05) – Optimal Monetary Policy in a World of High Growth (00:43:19) – Exploring the Causes of the Productivity Slowdown (00:49:21) – Outro…
Ellen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more. DISCLAIMER: Ellen Correia Golay’s views are her own, and they do not represent those of the Federal Reserve Bank of New York or the Federal Reserve System. Transcript for this week’s episode. Register now for Building a Better Fed Framework: The AIER Monetary Conference . Ellen’s LinkedIn 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: *Enhancing the Resilience of the U.S. Treasury Market: 2024 Staff Progress Report* by the Inter-Agency Working Group on Treasury Market Surveillance (IAWG) *The 2024 U.S. Treasury Market Conference* — An event hosted by the Federal Reserve Bank of New York Timestamps: (00:00:00) – Intro (00:03:09) – Ellen’s Career Journey and Role at the New York Fed (00:17:13) – Breaking Down the Treasury Market (00:20:38) – Current and Future Challenges in the Treasury Market (00:29:54) – How Would Central Clearing Impact the Fed and the Treasury Market? (00:31:47) – Explaining the Treasury Department Buyback Program (00:36:12) – Commencement of Data Dissemination on Individual Nominal Coupon Treasury Transactions (00:38:29) – Requiring the Reporting of Non-Centrally Cleared Bilateral Repos (00:41:26) – The 2024 U.S. Treasury Market Conference (00:43:50) – Future Areas for Reform in the Treasury Market (00:46:43) – Outro…
Emil Verner is an associate professor of finance at MIT Sloan and is a research fellow at the National Bureau of Economic Research. Emil has written widely on financial stability, banking panics, and credit booms, and he joins David on Macro Musings to talk about these issues. Specifically, David and Emil also discuss the causes and policy implications of bank failures, the shortcomings of the Diamond-Dybvig model of bank runs, how financial crises spur the rise of populism, and much more. Transcript for this week’s episode. Register now for Building a Better Fed Framework: The AIER Monetary Conference . Emil’s Twitter: @EmilVerner Emil’s website 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: *Failing Banks* by Sergio Correia, Stephan Luck, and Emil Verner *Banking Crises Without Panics* by Matthew Baron, Emil Verner, and Wei Xiong *Financial Crisis, Creditor-Debor Conflict, and Populism* by Gyozo Gyongyosi and Emil Verner *Fragile by Design: The Political Origins of Banking Crises and Scarce Credit* by Charles Calomiris and Stephen Haber *Going to Extremes: Politics After Financial Crises, 1870-2014* by Manuel Funke, Moritz Schularick, and Christoph Trebesch Timestamps: (00:00:00) – Intro (00:03:45) – Why Do We Care About Banking Panics and Financial Stability? (00:05:42) – Breaking Down the Causes of Bank Failures and its Policy Implications (00:13:38) – Exploring the Historical Banking Data (00:15:59) – *Failing Banks*: Key Findings and Takeaways (00:24:00) – *Banking Crises Without Panics* (00:28:05) – Responding to the Diamond-Dybvig Model of Bank Runs (00:33:29) – Applying the Bank Solvency Story to the Great Financial Crisis (00:36:16) – The Impact of Credit Booms (00:40:56) – What Are the Necessary Policy Prescriptions? (00:43:08) – Why is Diamond-Dybvig So Popular? (00:47:01) – *Financial Crisis, Creditor-Debtor Conflict, and Populism* (00:52:55) – How Do We Stem the Tide of Populism in the Future? (00:54:36) – Outro…
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