David Beckworth on the Safe Asset Theory of Inflation, Comparing Central Bank Frameworks, and a Year of Macro Musings in Review

In this special end-of-the-year episode of Macro Musings, David Beckworth joins guest host David Andolfatto of the St. Louis Fed to discuss a wide range of macroeconomic topics, including podcast highlights from the whole of 2021. More specifically, both Davids talk about the similarities and differences between average inflation targeting and NGDP targeting, the recent inflation puzzles that have plagued the macroeconomy, David’s safe asset theory of inflation, and more.   Want to support the show? Visit donate.mercatus.org/podcasts   Transcript for the episode can be found here.   David Beckworth’s Twitter: @DavidBeckworth David Beckworth’s blog: http://macromarketmusings.blogspot.com/ David Beckworth’s Mercatus profile: https://www.mercatus.org/scholars/david-beckworth   David Andolfatto’s Twitter: @dandolfa David Andolfatto’s St. Louis Fed profile: https://www.stlouisfed.org/about-us/leadership-governance/bank-officers/executive-bios/david-andolfatto   Related Links:   *The Safe Asset Shortage and the Low Inflation of 2010-2019: A Money Demand View* by David Beckworth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992846   *The Prospect of Fiscal Dominance in the United States: A New Quantity Theory Perspective* by David Beckworth https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3969473   *The Fiscal Theory of Price Level with a Bubble* by Markus Brunnermeier, Sebastian Merkel, and Yuliy Sannikov https://www.nber.org/papers/w27116