Emilio Ocampo is a professor of finance and economic history at UCEMA. He has written widely on the Argentine economy and has advised President Javier Milei on economic policy. Emilio joins David on Macro Musings to talk about the current state of the Argentine economy, the present and ongoing reforms of President Milei, and the prospects for dollarization in Argentina.

Transcript for this week’s episode.

Emilio’s Twitter: @ocampo_emilio

Emilio’s Substack

Emilio’s UCEMA 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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Related Links:

*Commitment Devices with Time Inconsistency Disease and Institutional Anomie: The Case of Argentina* by Emilio Ocampo

*Dollarization: A Solution for Argentina* by Emilio Ocampo and Nicolas Cachanosky

*Argentina Scrapped Its Rent Controls. Now the Market is Thriving* by Ryan Dube

Timestamps:

(00:00:00) – Intro

(00:03:58) – Assessing Argentina’s Progress on Lowering Inflation

(00:11:12) – Exploring the Causes of Argentina’s Poor Economic Performance

(00:15:20) – *Commitment Devices with Time Inconsistency Disease and Institutional Anomie*

(00:26:29) – Javier Milei’s Plan to Revive Argentina

(00:31:39) – The Next Steps for Argentine Economic Reform

(00:39:56) – Defining Dollarization and Exploring its Historical Cases

(00:49:33) – Transitioning to Dollarization in Argentina

(00:55:12) – Dollarization Concerns and the Prospects for Dollarization Moving Forward

(00:58:48) – Outro

Jonathon Hazell is an assistant professor of economics at the London School of Economics and is a returning guest to the podcast. He rejoins David on Macro Musings to talk about the costs of inflation, the Phillips curve Debate, and the lessons learned from the post-pandemic inflation surge.

Transcript for this week’s episode.

Jonathon’s Twitter: @JADHazell

Jonathon’s website

Jonathon’s LSE 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!

Join the Macro Musings mailing list!

Check out our Macro Musings merch!

Related Links:

*Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs* by Jonathon Hazell, Joao Guerreiro, Chen Lian, and Christina Patterson

*Do Deficits Cause Inflation? A High Frequency Narrative Approach* by Jonathon Hazell and Stephan Hobler

*Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star* by Macro Musings

*The Dominant Role of Expectations and Broad-Based Supply Shocks in Driving Inflation* by Paul Beaudry, Chenyu Hou, and Franck Portier

Timestamps:

(00:00:00) – Intro

(00:05:27) – Breaking Down the Costs of Inflation

(00:08:45) – *Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs*

(00:21:12) – Outlining the Policy Implications

(00:27:24) – The Recent Phillips Curve Conversation: What Have We Learned?

(00:34:43) – *Do Deficits Cause Inflation? A High Frequency Narrative Approach*

(00:46:39) – Navigating the Alternative Macroeconomics Perspectives

(00:51:33) – Evaluating the Supply vs Demand Story for the Post-Pandemic Inflation

(00:55:09) – Outro

Thomas Drechsel is an assistant professor of economics at the University of Maryland. He joins David on Macro Musings to talk about the political pressure on the Fed and the new ways to measure monetary policy shocks. Thomas and David also discuss fiscal and monetary dominance, the impact of political pressure on inflation, why we should care about central bank independence, and more.

Transcript for this week’s episode.

Thomas’s website

Thomas’s Twitter: @td_econ

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:

*Estimating the Effects of Political Pressure on the Fed: A Narrative Approach with New Data* by Thomas Drechsel

*Identifying Monetary Policy Shocks: A Natural Language Approach* by S. Boragan Aruoba and Thomas Drechsel

*Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence* by Alberto Alesina and Lawrence Summers

*Narrative Sign Restrictions for SVARs* by Juan Antolin-Diaz and Juan Rubio-Ramirez

*Threats to Central Bank Independence: High-Frequency Indentifcation with Twitter* by Francesco Bianchi, Thilo Kind, and Howard Kung

*A New Measure of Monetary Shocks: Derivation and Implications* by Christina Romer and David Romer

Timestamps:

(00:00:00) – Intro

(00:04:47) – Why Should We Care About Central Bank Independence?

(00:08:01) – Fiscal and Monetary Dominance

(00:12:41) – Estimating the Effects of Political Pressure on the Fed

(00:27:14) – Breaking Down the Research Results

(00:36:46) – The Impact of Political Pressure on Inflation

(00:43:07) – Identifying Monetary Policy Shocks: Background, Methodology, and Results

(00:59:45) – Outro