2026-08-10
54 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 at the Mercatus Center at George Mason University,
and I'm glad you decided to join us.
Our guest today is Gianluca Benigno.
Gianluca is a professor of economics at the University of Lausanne and formerly was a senior economist
at the Federal Reserve Bank of New York and also worked as an economist at the Bank of England.
Gianluca joins us today to discuss central bank balance sheets, stable coins and their implications for balance sheets,
and the current debate over inflation and why it will not come down.
Gianluca, welcome back to the podcast.
Thank you, David.
It's a pleasure, of course, to join your podcast and looking forward to our conversation.
Yes, thanks for coming back on.
And for those who have listened for a long time, you may remember Jean-Luc's previous appearance.
That was in 2023. We had a great conversation there.
We talked about a number of interesting topics, including the financial resource curse, the dollar's imperial cycle,
and financial R-star, or what you call R-double star.
On that last point, financial R-star, because that is still a topic today, you know, is the Fed neutral or not?
Maybe give us a quick update.
Where does your really innovative and cool measure financial R-star stand?