Steven Kelly is the associate director of research as the Yale Program on Financial Stability. Steven returns to the show to discuss his new model, the Treasury Equity Model of the Federal Reserve’s emergency lending.

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

Recorded on January 23rd, 2025

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Timestamps:

(00:00:00) – Intro

(00:00:47) – The Discount Window and Its Current Momentum

(00:03:22) – Evaluating the Treasury-Equity Model of Fed Emergency Lending

(00:07:33) – The Fed’s Section 13(3) Facilities

(00:12:54) – Creation of Section 13(3)

(00:16:46) – Currency Swap Lines

(00:18:36) – Beginnings of the Treasury-Equity Model

(00:28:16) – Treasury-Equity Model During COVID-19 Pandemic

(00:40:12) – Banking Turmoil of 2023

(00:46:15) – Advice for the Fed

(00:47:50) – Outro

Pat Toomey is a former senator from the state of Pennsylvania and served on the Committee on Banking, Housing, and Urban Affairs. In Pat’s first appearance on the show he discussed his career in public service, Fed master accounts, the future on monetary policy, his quest for Fed accountability, the looming debt issue, and much more.

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

Recorded on January 23rd, 2025

Follow David Beckworth on X: @DavidBeckworth

Follow Pat Toomey: @SenToomey

Follow the show on X: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

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Timestamps:

(00:00:00) – Intro

(00:01:09) – Senator Toomey’s Committee Work

(00:21:21) – Federal Reserve Master Accounts

(00:27:07) – Accountability of the Fed

(00:30:07) – Monetary Policy

(00:45:19) – Debts, Deficits, and Fiscal Policy

(00:57:22) – Outro

Brian Albrecht is the chief economist for the International Center for Law & Economics and is the coauthor of the economics newsletter Economic Forces. In Brian’s first appearance on the show, he discussed the data behind business dynamism, the notion of greedflation, the recent developments in antitrust, the update Econ 101 needs to make in regard to tariffs, and much more.

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

Recorded on January 6th, 2025

Follow David Beckworth on X: @DavidBeckworth

Follow Brian Albrecht: @BrianCAlbrecht

Follow the show on X: @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!

Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:00:51) – Brian’s Education and Career

(00:08:03) – Market Structure and Business Dynamism

(00:31:07) – Greedflation

(00:45:25) – Trump and Tariffs

(00:55:51) – Outro