Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth's first appearance on the show she discusses her career at the Fed, field trips tracking counterfeit dollars around the global, how we know how much currency is held overseas, why money doesn't matter anymore, the problem with cashless societies, how to understand TIC data, the promise of dollar backed stablecoins, and much more.

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Recorded on March 4th, 2026

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Timestamps

00:00:00 - Intro

00:01:13 - Ruth at the Fed

00:08:09 - Currency

00:31:29 - Counterfeits

00:39:00 - TIC Data and Safe Assets

00:44:18 - Dollar-Based Stablecoins

00:49:55 - Outro

Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill's 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his congressional testimony, the BPI's Bank Treasurers Survey, how he thinks the Fed should shrink the balance sheet, whether the Fed is profitable, and much more.

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Recorded on March 3rd, 2026

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Timestamps

00:00:00 - Intro

00:02:00 - Quantitative Easing Ratchet Effect

00:16:31 - Bill's Congressional Testimony

00:31:12 - BPI's Bank Treasurers Survey

00:37:37 - How To Shrink the Balance Sheet

00:48:44 - The Fed's Profits

00:54:50 - Outro

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Neha Narula is the director of the Digital Currency Initiative which is based out of the Media Lab at MIT. Anders Brownworth is veteran software engineer in the crypto space and is a Senior Research Advisor at DCI. Daniel Aronoff is Research Affiliate in the MIT Department of Economics and a Collaborator at DCI. Neha, Anders, and Daniel join the show to discuss their work at DCI, the current state of stablecoins, their paper on the hidden plumbing of stablecoins, the basic mechanics of stablecoins, the technical and operational risks of stablecoins, the implications for the treasury market, interoperability between blockchains, and much more.

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Recorded on February 27th, 2026

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Timestamps

00:00:00 - Intro

00:01:41 - Background of the Group

00:03:11 - Digital Currency Initiative

00:05:36 - State of Stablecoins

00:10:42 - Hidden Plumbing of Stablecoins

00:15:42 - Basic Mechanics of Stablecoins

00:26:07 - Technical and Operational Risks of Stablecoins

00:39:09 - Implications for the Treasury Market

00:48:18 - Business Model of Stablecoins

00:49:24 - Interoperability Between Blockchains

00:52:53 - What's the Deal with Tether?

00:56:23 - Outro

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Jesús Fernández-Villaverde is a professor of economics at the University of Pennsylvania. Jesús returns to the show to discuss his rise on X, how to frame global demographic decline, the three accelerants of demographic decline, the role of housing in family size, how AI will play a role in global demographics, what we know about AGI, the question of dollar dominance, and much more.

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Recorded on February 20th, 2026

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Timestamps

00:00:00 - Intro

00:07:22 - Demographics

00:39:28 - Artificial Intelligence

00:54:07 - Currency Dominance

01:03:20 - Outro

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Chris Meissner is a professor of economics at University of California at Davis and is the author of the recent book One from the Many: The Global Economy Since 1850. In Chris's first appearance on the podcast he discusses the historical bend towards greater globalization, how we should really define the global economy, the impact of the Great Financial Crisis on globalization and populism, the scope of globalization from the 1820's to today, the validity of the China Shock, the United States' current move away from globalization, and much more.

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Recorded on February 19th, 2026

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Timestamps

00:00:00 - Intro

00:01:50 - History Tends Toward Globalization

00:05:55 - What Is the Global Economy?

00:19:08 - Great Financial Crisis

00:22:15 - First Wave of Globalization: 1820–1914

00:29:42 - Interwar Period: 1918–1938

00:40:51 - Post-War Bretton Woods Arrangement

00:49:36 - The China Shock

00:55:40 - Detour from Globalization

00:59:44 - Outro

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Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram's first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India's emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed's balance sheet, and much more.

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Recorded on January 20th, 2026

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Timestamps

00:00:00 - Intro

00:01:58 - Raghu's Career

00:22:20 - Policymaker Versus Academic

00:29:00 - Ratcheting Effect of Quantitative Easing

01:01:06 - Outro

Andrew Martinez is a former Treasure economist and currently is an assistant professor of economics at American University. In Andrew's first appearance on the show, he discusses his career as a forecaster, the current state of forecasting, the intersection of AI and forecasting, the role of the SEP and monetary policy surprises, his work with David on the NGDP Gap measure, 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

00:01:20 - Andrew's Career

00:08:36 - State of Forecasting

00:20:19 - AI and Forecasting

00:29:34 - The SEP and Monetary Policy Surprises

00:41:07 - Nominal GDP/Expectations Gap

00:54:56 - Outro

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