Macro Musings

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Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet

• November 27, 2023

Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

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David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules

• November 20, 2023

Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

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Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election

• November 13, 2023

As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

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Will Bateman on the History and Evolving Nature of the Fiscal Fed

• November 6, 2023

Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.

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PJ Glandon on the State of Macroeconomics: Research and Pedagogy

• October 30, 2023

Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.

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Ed Nelson on the Life, Work, and Legacy of Bennett McCallum

• October 23, 2023

In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.

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Sam Hammond on AI, Techno-Feudalism, and the Future of the State

• October 16, 2023

As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.

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Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies

• October 9, 2023

In order to help secure the long-term health of the US economy, policymakers must begin to grapple with the harsh realities of entitlements reform.

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Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*

• October 2, 2023

After its near collapse in March of 2020, robust legal reforms are needed ensure increased liquidity and stability in the Treasury market moving forward.

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Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System

• September 25, 2023

As high interest rates continue to persist, a possible collapse of the commercial real estate market may be a stern warning about the health of the US banking system.