Dan Awrey is a professor of Law at Cornell University and the author of the new book Beyond Banks: Technology, Regulation, and the Future of Money. Dan returns to the show to discuss his new book, the shadow monetary system, the case for markets to correct this problem, Gresham's new law, his proposals for fixing the payments system, and much more.

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

Recorded on January 13th, 2025

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Timestamps

00:00:00 - Intro

00:01:16 - Beyond Banks

00:16:04 - Shadow Monetary System

00:26:07 - Can't Markets Solve Payment Problems?

00:28:16 - Gresham's New Law

00:40:27 - Dan's Proposal for Money and Payments

00:55:51 - Outro

Scott Sumner is the Ralph G. Hawtrey Chair Emeritus of Monetary Policy and the founder of the Monetary Policy Program at Mercatus. Scott returns to the show, to discuss his life post Mercatus, nominal GDP counterfactuals of the pandemic and the Great Financial Crisis, the role of QE in inflation, the fears about Fed independence, and much more.

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

Recorded on January 15th, 2025

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Timestamps

00:00:00 - Intro

00:01:34 - Scott's Life Post Mercatus

00:05:28 - Nominal GDP Targeting

00:19:53 - Quantitative Easing

00:38:28 - Fed Framework Review

00:42:36 - Fed Independence

01:04:33 - Outro

Tyler Muir is a professor of finance at UCLA. In Tyler's first appearance on the show, he discusses how he became a leading scholar on quantitative easing, what things the Fed can learn in responding to crises, why QE matters, how QE transformed the bond market, the new "Tyler Rule", QE's role in the COVID Pandemic, and much more.

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

Recorded on January 8th, 2025

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Timestamps

00:00:00 - Intro

00:01:33 - Tyler's Background

00:08:36 - Financial Crisis and Risk Premium

00:14:40 - Intermediaries and Asset Prices

00:22:18 - QE and Why It Matters

00:28:40 - QE and the Bond Market

00:32:38 - The Tyler Rule

00:37:51 - When Selling Goes Viral

00:41:01 - QE During COVID

00:49:26 - Shrinking the Fed's Balance Sheet

00:55:03 - Outro