Macro Musings with David Beckworth

George Selgin on the New Deal and the History of Banking Crises

Erik Thedéen on QE, Central Bank Independence, and Digital Payments

Ellen Correia Golay on All-to-All Trading and Treasury Market Liquidity

Nellie Liang on Stablecoins After GENIUS, Private Money, and the Global Dollar

Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism

Donald Kohn on the Fed's Past, Present, and Future

Ben Harris on AI, Fiscal Sustainability, and the Resilience of the U.S. Economy

Bill Nelson on Shrinking the Fed's Balance Sheet and Reviving Interbank Markets

Central bank operating systems are shifting away from large-scale floor systems toward demand-driven models that prioritize interbank market activity and price discovery. Bill Nelson, Chief Economist at the Bank Policy Institute, argues that central banks must reduce their balance sheet footprints to restore market-bas...

Gianluca Benigno on Central Bank Balance Sheets, Stablecoins, and Nonlinear Inflation

Central bank balance sheets, stablecoin regulation, and the persistence of nonlinear inflation define the current macroeconomic landscape. Gianluca Benigno, a professor at the University of Lausanne, explains how the Swiss National Bank’s reliance on foreign currency assets creates a "fiscal scale trap," where currency...

Barry Eichengreen, Paul Blustein, and Brendan Greeley on Dollar Dominance

David Wessel on the Fed's Current Inflection Point

Sam Lyman on the Digital Payments Race Between the US and China

Stephan Luck on What History can Teach Us about Financial Stability

Barry Eichengreen on the History of Global Currencies

Yesha Yadav, Chris Odinet, and Andrea Tosato on the Moneyness of Stablecoins

Jeffery Lacker on What a New Fed Treasury Accord Might Look Like

Nik Bhatia on Bitcoin and the Case for Using Stablecoins for Statecraft

The offshore eurodollar market functions outside U.S. regulatory reach, creating systemic vulnerabilities that necessitate Federal Reserve intervention during financial crises. To reclaim financial sovereignty, stablecoins provide a mechanism to shift international trade settlements away from these unregulated banking ...

Bryan Cutsinger, Peter Ireland, and Will Luther on Lessons Learned from the Fed Framework Review

Brendan Greeley on the 500 Year History of the Dollar

The dollar’s 500-year history reveals that its global dominance stems from organic commercial utility and private credit rather than state-mandated sovereignty. Originating as the Joachimsthaler—a silver coin produced by private mining interests in Bohemia—the currency spread globally because of its reliability in trad...

David Zaring on Skinny Charters and the Future of Banking