John Rolle is governor of the Central Bank of The Bahamas and is the second sitting central bank governor to appear on Macro Musings. In his first appearance on the show, John joins the program to discuss what it's like to manage a central bank in a small open economy with a fixed exchange rate, the economic vulnerabilities of a tourism-dependent economy, the SandDollar, the future of digital payments and financial resilience, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on September 8th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus
Follow David Beckworth on X: @DavidBeckworth
Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps
00:00:00 - Intro
00:02:02 - Central Bank of the Bahamas
00:18:02 - The Economy of the Bahamas
00:24:56 - Financial Stability in the Bahamas
00:39:29 - Dollar-Based Stablecoins in the Bahamas
00:42:50 - Tokenized Deposits in the Bahamas
00:44:14 - Future of the Financial System and Economy in the Bahamas
00:49:41 - Small Open Economy Central Banks
00:52:04 - Outro

George Selgin was a senior fellow and director emeritus at the Center for Monetary and Financial Alternatives at the Cato Institute and professor emeritus of economics at the University of Georgia. George returns to the show to discuss the New Deal's record on economic recovery, the Fed's balance sheet and operating system, the Main Street Lending Program, and the history of banking crises, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on July 28th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus
Follow David Beckworth on X: @DavidBeckworth
Follow George Selgin on X: @GeorgeSelgin
Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps
00:00:00 - Intro
00:01:35 - George's Book on the New Deal
00:03:31 - Fed's Balance Sheet Policy Task Force
00:25:59 - The Fed's Main Street Lending Program
00:32:58 - Myths and Fallacies
00:54:06 - Outro

Erik Thedéen is governor of Sweden's Riksbank, the world's oldest central bank, Chairman of the Executive Board, and the first sitting central bank governor to appear on Macro Musings. In his first appearance on the show, Erik joins to discuss the history and operation of the Riksbank, the lessons learned from QE, the future of digital payments, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on September 4th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus
Follow David Beckworth on X: @DavidBeckworth
Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps
00:00:00 - Intro
00:01:41 - Erik's Career
00:03:03 - History of the Riksbank
00:13:04 - Riksbank's Inflation Target
00:15:28 - Riksbank's Operating Framework
00:25:09 - Riksbank's Experiences with QE
00:30:26 - Deposit Facility at Riksbank
00:39:31 - Digital Payments
00:47:27 - Dollar-Based Stablecoins and Sweden
00:50:09 - Tokenization
00:52:37 - Outro

Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 "dash for cash," how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed's standing repo operations, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on August 19th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps
00:00:00 - Intro
00:01:20 - Ellen's Career and Responsibilities
00:09:29 - The Treasury Market
00:17:15 - All-to-All Trading
00:25:19 - Treasury Market Liquidity
00:32:59 - Treasury Borrowing Advisory Committee
00:39:28 - Central Clearing
00:44:51 - Ellen's Policy Wishes
00:46:20 - Outro

Nellie Liang is a former Treasury and Federal Reserve official and a senior fellow at the Brookings Institution. In Nellie's first appearance on the show, she discusses the future of stablecoins following the GENIUS Act, what stablecoins mean for private money and illicit finance, Fed master accounts, the global role of the dollar, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on August 18th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps

00:00:00 - Intro
00:01:23 - Nellie's Career
00:05:48 - The GENIUS Act
00:11:31 - Stablecoins as Private Money
00:27:32 - Fed Master Accounts
00:29:53 - Dollar as Global Reserve Currency
00:35:42 - Stablecoins and US Debt
00:46:49 - Nellie's Policy Recommendations
00:50:11 - Outro

Stephen Miran is a former governor of the Federal Reserve, a former chairman of the Council of Economic Advisers under President Donald J. Trump, and currently a senior strategist for Hudson Bay Capital Management. In Steve's third appearance on the show, he discusses his life as chair of the Council of Economic Advisers and as a Federal Reserve governor, the Fed's balance sheet, regulatory dominance, the future of the discount window, the possible return of monetarism, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on August 20th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow Stephen Miran on X: @SteveMiran

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps

00:00:00 - Intro
00:01:42 - Life as CEA Chair
00:08:40 - Reducing the Fed's Balance Sheet
00:42:23 - A Return to Monetarism?
00:54:32 - Outro

Donald Kohn is a 40-year veteran of the Federal Reserve System and a senior fellow in the Economic Studies program at the Brookings Institution. Don returns to the program to discuss the lessons of the Greenspan Fed, how Kevin Warsh should think about communication and forward guidance, why inflation remains a concern, the Fed's new task forces, the future of its monetary policy tools, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on July 22nd, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Check out our Macro Musings merch!

Timestamps

00:00:00 - Intro
00:01:25 - Working with Paul Volcker
00:08:22 - Working with Alan Greenspan
00:22:11 - The Kevin Warsh Fed
00:31:21 - Fighting Inflation
00:43:26 - Balance Sheet Task Force
01:08:21 - Outro

Ben Harris is vice president and director of economic studies at the Brookings Institution and previously served in senior economic policy roles at the Treasury Department and Council of Economic Advisers. Ben returns to the program to discuss why recent economic shocks have been less damaging than expected, the outlook for inflation and energy markets, whether AI can improve the U.S. fiscal outlook, why we should temper our AI optimism, how longer lifespans and higher interest rates could complicate the fiscal picture, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on July 20th, 2026

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Follow Ben on X: @econ_harris

Check out our Macro Musings merch!

Timestamps

00:00:00 - Intro
00:00:55 - Reasons We Were Wrong
00:11:58 - Stubborn Inflation
00:14:57 - Crude Is Not Really the Problem
00:20:12 - A Novel Sanctions Regime
00:30:35 - Temper Your AI Optimism
00:39:34 - Longer Lives, But Larger Debt
00:45:00 - AI and the Future of Interest Rates
00:49:24 - Policy Implications
00:56:26 - Outro