Stephen Miran on Regulatory Dominance, Shrinking the Fed's Balance Sheet, and the Return of Monetarism

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  Welcome to Macro Musings, where each week we pull back the curtain

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  and take a closer look at the most important macroeconomic issues of the past, present, and future.

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  I am your host, David Beckworth, a senior research fellow with the Mercatus Center at George Mason University,

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  and I'm glad you decided to join us.

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  Our guest today is Steve Moran.

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  Steve is a former Federal Reserve governor, a former CEA chair, and a former two-time Macro Musing guest.

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  And he returns today to join us and discuss his work on the Fed's balance sheet as a governor

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  and also his recent work on the role of money in monetary policy.

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  Steve, welcome back to the podcast.

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  Thanks for having me, Dak.

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  It's great to see you again.

• 00:51

  It's great to have you on.

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  And if I have got my dates correct, the last time you were on the podcast was September

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  2024. So this show will be coming out in September 2026, so two years to the date.

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  And a lot has happened in your life since then.

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  A lot, right?

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  I mean, who knew?

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  Maybe you did know it was coming, but you were CEA chair.

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  Wow.

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  For the president, then you became a governor.

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