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Ethan Ilzetzki is an associate professor of economics at the London School of Economics and a research fellow with the Center for Economic Policy Research. Ethan is also a returning guest to the show, and he rejoins David on Macro Musings to talk about the international implications of Fed Policy and the strong dollars as well as Ethan's thoughts on business cycle theory in light of the recent inflation surge. David and Ethan also discuss Ethan's takeaways from the UK crisis, how to evaluate and contextualize monetary policy shocks, the contemporary applications of the fiscal theory of the price level, and more. Transcript for the episode can be found here. Check out our new Macro Musings merch here, and use the promo code NGDP for 10% off! Ethan's Twitter: @ilzetzki Ethan's website Ethan's LSE profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: *UK Financial Crisis of 2022: Retrospective Diagnosis and Policy Recommendations* by Ethan Ilzetzki *Exchange Arrangements Entering the Twenty-First Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff *Inflation as a Fiscal Limit* by Francesco Bianchi and Leonardo Melosi *The Global Financial Cycle* by Helene Rey and Silvia Miranda-Agrippino
Bill Nelson is the chief economist and executive vice president at the Bank Policy Institute. He previously worked as 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 has also worked closely with the BIS working groups on the design of liquidity regulations and is a returning guest of the podcast. He rejoins David on Macro Musings to talk about his new note that is titled, *Bank Examiner Preferences are Obstructing Monetary Policy*. David and Bill also discuss how the Fed's forward guidance is affecting recent market turmoil, how to change the mindset of bank examiners and the public, why the Fed should look into establishing a committed liquidity facility, and more. Transcript for the episode can be found here. Bill's BPI profile BPI's Twitter: @bankpolicy David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox Related Links: *Bank Examiner Preferences are Obstructing Monetary Policy* by Bill Nelson *Quantifying the Costs and Benefits of Quantitative Easing* by Andrew Levin, Brian Lu, and Bill Nelson FRED Graph: *Liabilities and Capital: Liabilities: Earnings Remittances Due to the U.S. Treasury: Wednesday Level* *The Global Financial Cycle* by Silvia Miranda-Agrippino and Helene Rey
Michael Dooley is a chief economist for Figure Technologies and a 20-year veteran of the Federal Reserve System and the IMF. Michael is also a professor emeritus in the department of economics at the University of California, Santa Cruz, and he joins Macro Musings to talk about the international monetary system and the future of the dollar. Specifically, David and Michael also discuss the original and revised Bretton Woods systems, the Fed's role as a monetary superpower, and what this means for the US as a provider of safe and unsafe assets. Transcript for the episode can be found here. Michael's UC Santa Cruz profile Michael's NBER archive David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Related Links: *US Sanctions Reinforce the Dollar's Dominance* by Michael Dooley, David Folkerts-Landau, and Peter Garber *Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?* by Ethan Ilzetzki, Carmen Reinhart, and Kenneth Rogoff *Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence* by Helene Rey *The Global Financial Cycle* by Helene Rey and Silvia Miranda-Agrippino
Eurozone economies are expanding but is it really time to celebrate? Professors Lucrezia Reichlin and Helene Rey warn of dangers ahead
What do we mean by 'emerging markets'? Helene Rey, Antonio Qintella, Stephen Olabisi Onasanya, HE Amr Abdullah Al-Dabbagh and Laura D'Andrea Tyson seek to define this term and further explore these markets as an economic phenomenon. The Global Leadership Summit is the London Business School's flagship event for its global community. http://www.london.edu
What do we mean by 'emerging markets'? Helene Rey, Antonio Qintella, Stephen Olabisi Onasanya, HE Amr Abdullah Al-Dabbagh and Laura D'Andrea Tyson seek to define this term and further explore these markets as an economic phenomenon. The Global Leadership Summit is the London Business School's flagship event for its global community. http://www.london.edu
What do we mean by 'emerging markets'? Helene Rey, Antonio Qintella, Stephen Olabisi Onasanya, HE Amr Abdullah Al-Dabbagh and Laura D'Andrea Tyson seek to define this term and further explore these markets as an economic phenomenon
Helene Rey, Professor of Economics, argues that the policy responses we have seen since the start of the current crisis are so big that they will shape the global business environment for the next five to ten years
Helene Rey, London Business School Chaired Professor of Economics, looks at the drop in international transactions and examines whether international trade flows and international financial flows point towards a collapse of globalisation
Helene Rey, Professor of Economics, examines the US current account deficit.