episode-header-image

Sep 22

56m 29s

Marc Giannoni on the Fed’s Framework Rev...

MERCATUS CENTER AT GEORGE MASON UNIVERSITY

About this episode

Marc Giannoni is a managing director and the chief US economist at Barclays Capital. In Marc’s first appearance on the show he discusses working on the 2020 Fed Framework Review, the troubling issues of Fed independence and fiscal dominance, the future of long rates and r-star, his influential 2006 paper about what good monetary policy looks like, and much more.

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

Recorded on August 28th, 2025

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!

Subscribe to David's new BTS YouTube Channel

Timestamps

00:00:00 - Intro

00:01:35 - Marc’s Career

00:06:41 - Fed’s Framework Review

00:20:46 - Fed Independence

00:27:12 - Long-Term Rates

00:43:39 - Has Monetary Policy Become More Effective?

00:55:48 - Outro

Up next

Raphael Bostic on Life as a Regional Fed President, the Responsibilities of a Dual Mandate, and the Results of the 2025 Framework Review

Raphael Bostic is the president and chief executive officer of the Federal Reserve Bank of Atlanta. In President Bostic’s first appearance on the show, he discusses his love of birding, what that teaches him about central banking, the unique role of the Federal Reserve Bank of At ... Show More

Jon Hartley on the Legacy of John Taylor and his New Measure of R-Star

Jon Hartley is a macroeconomist and affiliated scholar at the Mercatus Center. Jon returns to the show to discuss the most recent Hoover Monetary Conference, the legacy of John Taylor, why central banks should be using his new measure of r-star, the status of debt management at t ... Show More

Samim Ghamami on the Treasury Markets Impact on the Future Path of Interest Rates and Inflation

Samim Ghamami is former SEC economist. Samim returns to the show to discuss the fiscal trajectory of the US, the outlook of interest rates, the US Treasury market’s impact on inflation, potential reforms to the Treasury market and much more. Check out the transcript for this week ... Show More

Recommended Episodes

Prof G Markets: Takeaways from the Second Debate + Does the US Need a Sovereign Wealth Fund?

Follow Prof G Markets: Apple Podcasts Spotify Scott and Ed open the show by discussing recent inflation data, Oracle’s earnings, Wall Street’s decision to curb working hours for young bankers, and Open AI’s newest model. Then Scott shares his reactions to the President debate an ... Show More

Ask Us Anything — Forgiveness, The Manosphere, Parasocial Relationships & More

Scott and Ed answer listener-submitted questions about everything from the origins of Ed’s accent to how they feel about parasocial relationships. They address why they look similar, talk about how to maintain friendships and give tips for improving storytelling. Plus, Ed discuss ... Show More

Prof G Markets: The TikTok Showdown, UnitedHealth’s First Earnings Post-Shooting, and a Banking Boom

Follow Prof G Markets: Apple Podcasts Spotify Scott and Ed open the show by discussing the latest inflation report, Meta’s next round of layoffs, and the uncertain future of TikTok. Then Scott breaks down United Health’s first earnings call since the killing of executive Brian T ... Show More

Are we getting inflation right? With Neel Kashkari

Today on the show Soumaya Keynes talks about macroeconomic mistakes and the interest rate outlook with Neel Kashkari, president of the Federal Reserve Bank of Minneapolis. FT economics commentator Chris Giles joins them to discuss what the Fed got right and wrong about inflation, ... Show More

The Wolf-Krugman Exchange: The future of the postwar system

In the fifth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way American politics is crashing against both the guardrails of a stable, democratic system and the rules and ... Show More

Meta’s AI Promise, Microsoft’s Disappointing Beat & Why Google Should Spin Youtube

Scott and Ed open the show by discussing the U.S.’s GDP growth, Reddit’s earnings, Eli Lilly’s third quarter drug sales, and xAI’s new funding round. Then Scott and Ed break down big tech’s earnings and discuss how the tech companies are using capital as a weapon. They also exami ... Show More

Prof G Markets: Ask Us Anything — Forgiveness, The Manosphere, Parasocial Relationships & More

Follow Prof G Markets: Apple Podcasts Spotify Scott and Ed answer listener-submitted questions about everything from the origins of Ed’s accent to how they feel about parasocial relationships. They address why they look similar, talk about how to maintain friendships and give ti ... Show More

The Fed Makes Its Biggest Mistake Yet - Ep 976

Market Turmoil, Political Drama, and Economic ForecastsPeter delves into a tumultuous week in the markets and politics. He covers key events including Jerome Powell's Jackson Hole speech and its implications for interest rate cuts, the Democratic National Convention, and Robe ... Show More

The Wolf-Krugman Exchange: The economy in an uncertain world

In the third of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the dangers facing the world economy and wonder what outcomes are possible at summits such as the G7 in times of p ... Show More

Is Reddit Undervalued? + Netflix Goes After Podcasts

Scott and Ed open the show by discussing the latest inflation report, the rise of tuition at private schools and the EU’s investment in AI. Then they break down Reddit’s earnings, explaining why the company has significant room for growth. Scott and Ed also discuss Netflix's pote ... Show More

Listen to millions of songs and podcasts on Anghami