Sam Schulhofer-Wohl on How to Improve Treasury Market Resiliency

Macro Musings with David Beckworth

David Beckworth and Mercatus Center at George Mason University द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री David Beckworth and Mercatus Center at George Mason University या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।

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Sam Schulhofer-Wohl is the Senior Vice President and the Senior Advisor to the President of the Dallas Fed, Lorie Logan. Sam is a longtime veteran of the Federal Reserve System and has also previously served at the Minneapolis and Chicago Federal Reserve banks. Sam joins David on Macro Musings to talk about Treasury market resiliency issues, the floor system, the Friedman Rule, bank deposits, the monetary policy implications of labor migration across the United States, and much more.

Transcript for this week’s episode.

Sam’s Dallas Fed profile

Sam’s website

David Beckworth’s Twitter: @DavidBeckworth

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*Deposit Convexity, Monetary Policy, and Financial Stability* by Emily Greenwald, Sam Schulhofer-Wohl, and Joshua Younger

*Understanding the Long-Run Decline in Interstate Migration* by Greg Kaplan and Sam Schulhofer-Wohl

*Is a Treasury Central Clearing Mandate the Path to Increased Central Clearing?* by Marta Chaffee and Sam Schulhofer-Wohl

*The Netting Efficiencies of Marketwide Central Clearing* by Michael Fleming and Frank Keane

*Ample Reserves and the Friedman Rule* - A speech by Dallas Fed President Lorie Logan at the 2023 European Central Bank Conference on Money Markets

Timestamps:

(00:00:00) – Intro

(00:01:31) – Sam’s Wide-Ranging Career Path

(00:11:08) – The Customer Settlement Risk Externality

(00:14:30) – Breaking Down the Treasury Market

(00:18:38) – The Importance and Effectiveness of Central Clearing

(00:26:50) – The History and Role of FICC

(00:32:27) – All-to-all Trades as a Path to Reforming the Treasury Market

(00:36:52) – The Future Timeline for Central Clearing

(00:39:07) – *Ample Reserves and the Friedman Rule*

(00:46:52) – *Deposit Convexity, Monetary Policy, and Financial Stability*

(00:52:21) – The Importance of Labor Migration for Monetary Policy

(00:59:42) – Outro

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#Economics #Business Disciplines #Macroeconomics #Monetary #Policy #David Beckworth #Business #Mercatus Center at George Mason University #Podcasting Education