2024-11-04
1 小时 0 分钟Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center, and he is also the host of a Hoover Institution podcast titled, *Capitalism and Freedom in the 21st Century.* Jon joins David on Macro Musings to talk about the Hoover Institution’s recent monetary policy conference, *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* as well as some of his own related work. Specifically, Jon and David also discuss the origins, purpose, and influence of the Shadow Open Market Committee, the tension between the fiscal theory of the price level and Fed policy, the significance of government debt management, and more. DISCLAIMER: The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management. Transcript for this week’s episode. Register now for Building a Better Fed Framework: The AIER Monetary Conference. Jon’s podcast: Capitalism and Freedom in the 21st Century Jon’s Twitter: @Jon_Hartley_ Jon’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: *A 50-Year Retrospective on the Shadow Open Market Committee and its Role in Monetary Policy* - An event hosted by the Hoover Institution *The International Public Debt Valuation Puzzle: Testing the Fiscal Theory of the Price Level Across Countries and Time* by Jon Hartley, Matyas Farkas, and J.R. Scott *Does Government Debt Management Matter? High Frequency Identification from U.S. Treasury Quarterly Refunding Announcements* by Jon Hartley and Lorenzo Rigon *The U.S. Public Debt Valuation Puzzle* by Hanno Lustig, Zhengyang Jiang, Stijn Van Nieuwerburgh, and Mindy Xiaolan *The Real Effects of Monetary Expansions: Evidence from a Large-scale Historical Experiment* by Nuno Palma *Chronicle of a Deflation Unforetold* by Francois Velde Timestamps: (00:00:00) – Bumper (00:00:41) – Intro (00:04:50) – The Origins, Purpose, and Influence of the Shadow Open Market Committee (00:13:18) – Why Has Money Fallen Out of Favor? (00:22:31) – How Well Does the Fiscal Theory of the Price Level Hold Up? (00:34:58) – The Tension Between the Fiscal Theory of the Price Level and Fed Policy (00:40:58) – Does Government Debt Management Matter? (00:51:10) – The Floor System, Quantitative Easing, and the Keys to Economic Growth (00:59:41) – Outro
Hey Macro Museum listeners, this is your host, David Beckwourth, and I wanted to briefly let you know about an upcoming conference called Building a Better fed framework on December 2nd in Washington, D.C.
i will be participating at the conference along with some other great guests like Athanasius Orphanedes, Carola Binder, Bill Nelson, and George Selgin.
The keynote speaker will be Fed Governor Chris Waller.
We're going to have some great conversation on the Fed's Framework review, which presumably will be happening by that time.
It would be a great opportunity also to meet you, the listener, in person, so I hope you can make it.
See the show notes for a link to the conference registration page.
Now on to the show.
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 Mercada center at George Mason University, and I'm glad you decided to join us.
Our guest today is John Hartley.
John is a macroeconomist and affiliated scholar at the Mercatus Center.
That makes John a colleague of mine.
John is also the host of a Hoover Institution podcast titled Capitalism and freedom in the 21st century.
John joins us today to discuss a recent monetary policy conference held at the Hoover Institution, as well as some of his own related work.
John, welcome to the show.
Thanks so much for having me.
David.
It's great to have you on.
Now, John, you have your own podcast, as I just highlighted.
Tell us a little bit about it.