Episode description

Megan Greene is a global economist and Senior Fellow at Harvard University School, and Eric Lonergan is an economist and macro fund manager at M&G Investments. Both Megan and Eric are returning guests of the show, and they re-join Macro Musings to discuss dual interest rates and the potential power it brings to central banks. Specifically, they discuss the current constraints on central banks’ toolkit, how the example of the ECB targeting TLTRO’s illustrates the potential of dual interest rates, why the concern over fiscal versus monetary policy is misunderstood, and whether the Fed’s new average inflation targeting mandate can be successfully implemented.

Transcript for the episode can be found here.

Megan’s Twitter: @economistmeg

Megan’s website: https://economistmeg.com/about/

Megan’s Financial Times archive: https://www.ft.com/megan-greene

Eric’s Twitter: @ericlonners

Eric’s blog: https://www.philosophyofmoney.net/

Eric’s M&G Investments profile: https://www.mandg.co.uk/investor/fund-managers/eric-lonergan/

Related Links:

*Dual Interest Rates Give Central Banks Limitless Firepower* by Eric Lonergan and Megan Greene

https://voxeu.org/article/dual-interest-rates-give-central-banks-limitless-fire-power

*A Misplaced Faith in the Power of Central Banks* by Greg Ip

https://www.wsj.com/articles/a-misplaced-faith-in-the-power-of-central-banks-11583256163

David’s Twitter: @DavidBeckworth

David’s blog: http://macromarketmusings.blogspot.com/