Jim Clouse on the Last 4 Decades at the Most Powerful Central Bank in the World

吉姆·克劳斯谈过去40年在世界最具影响力的中央银行的经历

Macro Musings with David Beckworth

2025-10-20

1 小时 1 分钟
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Jim Clouse is a veteran of the Federal Reserve System and is currently a fellow at the Andersen Institute. In Jim’s first appearance on the show, he discusses the evolution of monetary rules at the Fed, what happened at the Fed during Y2K, 9/11, the Great Financial Crisis, and the COVID Pandemic, the ever changing stigma of the discount window, Ted Cruz’s calls to end interest on reserves, and much more. Check out the transcript for this week’s episode, now with links. Recorded on September 11th, 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 00:03:16 - Jim’s Career 00:05:38 - Monetary Rules at the Fed 00:09:12 - Increasing Transparency at the Fed 00:17:25 - Y2K and the Fed 00:26:19 - Discount Window 00:32:21 - Global Financial Crisis 00:39:10 - Covid Pandemic 00:46:10 - Jim’s Current Research 01:00:31 - Outro
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  • Welcome to Macro Musings,

  • where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,

  • present, and future.

  • I am your host, David Beckworth,

  • a Senior Research Fellow at the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guest today is James Klaus.

  • Jim is a fellow at the Anderson Institute for Economics and Finance and a longtime veteran of the Federal Reserve System,

  • including serving as the Deputy Director of the Monetary Affairs Division and the FOMC Secretariat.

  • Jim joins us today to discuss his time at the Fed as well as some of his recent work.

  • Jim, welcome to the show.

  • Thanks for having me, David.

  • Well, it's great to have you on.

  • I followed you from a distance,

  • and I was real excited to learn that you would be willing to join us.

  • You have just stepped down from the Federal Reserve.

  • And I have to say, you have an amazing career, 36 years at the Fed.

  • A year at Treasury, managing our debt, and four years in the Army.

  • You are a true American hero.

  • You know, some American heroes wear camouflage, black jackets, and carry rifles.