2026-04-13
56 分钟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 with the Mercatus Center at George Mason University,
and I'm glad you decided to join us.
Our guest today is Chris Michener.
Chris is a professor of economics, Santa Clara University, and is an economic and monetary historian.
And he joins us today to help us think about what determines the price level.
Chris, welcome to the show.
Thank you so much.
It's a pleasure to be here.
Longtime listener and happy to finally join you on your show.
So thanks for the opportunity.
Well, it's great to have you on.
As I mentioned, you're an economic and monetary economist and historian.
You've done a lot of interesting work on the Great Depression.
You've done work on bimetallism, the silver standard.
These are all things we want to touch on briefly today.
But you also had a paper that was really fascinating about central bank operating losses.
And so listeners and watchers of the show know I 've spent a lot of time thinking about these losses recently,
not just at the Fed, but at other central banks.