Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed's QE Program

拉古拉姆·拉詹论美联储量化宽松计划滚动效应的影响

Macro Musings with David Beckworth

2026-02-23

1 小时 1 分钟
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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. Check out the transcript for this week's episode, now with links. Recorded on January 20th, 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 00:01:58 - Raghu's Career 00:22:20 - Policymaker Versus Academic 00:29:00 - Ratcheting Effect of Quantitative Easing 01:01:06 - Outro
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  • Hey, Macro Musing listeners.

  • This is your host, David Beckworth, with some really exciting news.

  • This episode is the very first Macro Musing's episode with full-length video.

  • Yes, you heard that right.

  • We are now doing the podcast in video as well as audio formats.

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  • and it would mean the world to me if you subscribed to it and shared it with others.

  • Not only will that channel have full-length videos,

  • but it will also have some fun behind-the-scenes content.

  • Additionally,

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  • We are so happy to be giving you even more macro bang for your buck.

  • Now on to the show.

  • 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,