Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more.

Transcript for this week’s episode.

Mary’s Twitter: @MaryDalyEcon

Mary’s San Francisco Fed profile

David Beckworth’s Twitter: @DavidBeckworth

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Related Links:

*Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth

Timestamps:

(00:00:00) – Intro

(00:01:30) – Mary Daly’s Background

(00:06:09) – Recent Inflationary Trends and the Future of Fed Policy

(00:15:39) – The Trajectory of R-Star Over the Medium to Long-Run

(00:19:06) – The Long-Term Economic Impacts of AI

(00:29:51) – Expectations for the Upcoming Fed Framework Review

(00:33:35) – Prospects for Nominal GDP Targeting at the Fed

(00:36:58) – Fed Policymaking During an Election Year

(00:38:16) – Audience Q&A Period

(01:01:09) – Outro

Dan Katz and Stephen Miran are former senior advisors for the US Treasury Department and are currently adjunct fellows at the Manhattan Institute. Dan and Stephen have also written a new paper titled, *Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes,* and they join Macro Musings to talk about this paper and the proposed reforms for the Federal Reserve outlined in it. Specifically, Dan, Steve, and David discuss the ever-expanding reach of the Fed, its role as debt manager and bank regulator, the current issue with the central bank’s personnel, and a lot more.

Transcript for this week’s episode.

Stephen’s Twitter: @SteveMiran

Stephen’s Manhattan Institute profile

Dan’s Twitter: @DanielScottKatz

Dan’s Manhattan Institute profile

David Beckworth’s Twitter: @DavidBeckworth

Follow us on Twitter: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

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Check out our Macro Musings merch!

Related Links:

*Reform the Federal Reserve’s Governance to Deliver Better Monetary Outcomes* by Dan Katz and Stephen Miran

Timestamps:

(00:00:00) – Intro

(00:04:20) – The Fed’s Issue of Picking Winners and Losers

(00:09:17) – The Fed’s Role as Bank Regulator

(00:12:53) – The Ever-Expanding Reach of the Fed

(00:17:50) – The Fed as a Debt Manager

(00:23:33) – What Should the Fed Do in a Zero Lower Bound Environment

(00:27:26) – Personnel is Policy: The Issue with Fed Personnel

(00:29:55) – Options for Personnel Reform at the Fed

(00:38:22) – Making the Fed President Selection Process More Robust

(00:47:28) – The Nature of Debate at the Fed

(00:50:53) – The Scope for Change at the Fed

(00:53:21) – Outro

Richard Clarida is a professor of economics at Columbia University, a managing director at PIMCO, and was most recently the Vice Chair of the Federal Reserve Board of Governors. Richard rejoins David for this special bonus segment to talk about his interest in music and his first studio album, *Time No Changes.*

Richard’s Federal Reserve profile

Richard’s PIMCO archive

David Beckworth’s Twitter: @DavidBeckworth

Follow us on Twitter: @Macro_Musings

Check out our new AI chatbot: the Macro Musebot!

Join the new Macro Musings Discord server!

Join the Macro Musings mailing list!

Check out our Macro Musings merch!

Related Links:

*Time No Changes* by Richard Clarida

*Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework* by Macro Musings