Carola Binder on the History of Inflation, the Fed Framework Review, and the Promise of Nominal GDP Targeting

卡罗拉·宾德 (Carola Binder) 谈通胀历史、美联储框架审查以及名义 GDP 目标承诺

Macro Musings with David Beckworth

教育

2024-08-26

50 分钟
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Carola Binder is an associate professor of civic leadership and economics at the University of Texas at Austin, and she is the author of a new book titled, *Shock Values: Prices and Inflation in American Democracy.* Carola is also a returning guest to the podcast, and she rejoins David on Macro Musings to talk about this book and some recent work she has done on the Fed’s framework review. David and Carola specifically discuss the history of inflation in the US, the advantages of adopting a nominal GDP targeting regime, what to expect from the Fed’s upcoming framework review, and more.   Transcript for this week’s episode.   Carola’s Twitter: @cconces Carola’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:   *Shock Values: Prices and Inflation in American Democracy* by Carola Binder   *Why Do We Dislike Inflation?* by Stefanie Stantcheva   Timestamps:   (00:00:00) – Intro   (00:03:42) – *Nominal GDP Targeting: Lessons from Recent History*   (00:12:18) – NGDP Level Targeting: Looking Through Supply Shocks and Policy Communication   (00:17:16) – *Shock Values: Prices and Inflation in American Democracy*   (00:21:44) – The History of Inflation and Deflation in the US   (00:30:30) – Key Lessons from the Revolutionary War and Civil War Periods   (00:35:37) – The Impact of Price Controls During World War II   (00:40:42) – The Emergence of Price Stability: From the Great Inflation Period to the Present   (00:46:24) – The Direction of the Fed’s Framework Review   (00:49:22) – Outro
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  • Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckwourth, a senior research fellow at the Mercator center at George Mason University.

  • And I'm glad you decided to join us.

  • Our guest today is Carla Binder.

  • Carla is an associate professor of civic leadership and economics at the University of Texas at Austin.

  • Kerala is also the author of a new book titled Shock Prices and inflation in American democracy.

  • Carla joins us today to discuss her new book and some recent work she has done on the Fed's framework review.

  • It's great to have you on.

  • And last time you were on Carla, you actually had the other side of the hot seat.

  • You were interviewing me, and Pat ran on our paper the fate of faith.

  • So that was a lot of fun.

  • And you also are a colleague of mine of sorts.

  • You are a senior affiliated scholar at the Mercatus center, and you visited us for a while during sabbatical.

  • But it's great to be talking to you again with the release of your new book.

  • Very exciting.

  • So, Carla, last time we were together, you also were in Pennsylvania.

  • Now you're in Texas.

  • You're at UT Austin.

  • So congratulations on that move.

  • Very exciting.