Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed's QE Program

Christina Skinner is a legal and financial scholar at the University of Pennsylvania, a former Bank of England official, and recently stepped down from her role as deputy assistant secretary in the FSOC office at the Treasury. Christina returns to the program to discuss her work with FSOC, the relationship between economic growth and financial stability, AI and financial regulation, central bank independence, the importance of democratic accountability, 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 10th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Christina Skinner on X: @CParaSkinner Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:04:33 - Financial Stability Oversight Council 00:21:32 - Priority Workstreams 00:28:29 - AI and Financial Stability 00:34:59 - Real-World Experience and Teaching 00:40:44 - Central Bank Independence 2.0 00:56:07 - Outro

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