Luca Fornaro is a senior researcher at CREI and professor at both UPF and the Barcelona School of Economics. In Luca’s first appearance on the show, he discusses his expansive work on, hysteresis, stagnation traps, endogenous growth, aggregate demand policies, the medium run, population growth and much more.

Check out the transcript for this week’s episode, now with links.

Recorded on April 23th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Follow Luca on X: @LucaFornaro3

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!

Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:00:51) – Luca’s Background

(00:03:19) – Hysteresis

(00:7:23) – Why Talk About Hysteresis Now?

(00:10:55) – Stagnation Trap

(00:16:07) – The Medium Run

(00:22:25) – Managing Expectations with Automatic Stabilizers

(00:28:48) – What About Population Growth?

(00:31:47) – The Empirical Side

(00:39:24) – Directing Capital Flows

(00:42:30) – The Scars of Supply Shocks

(00:48:57) – The Nominal GDP Targeting Solution

(00:51:28) – Fiscal Stagnation

(00:59:21) – Outro

Adam Ozimek is the Chief Economist at the Economic Innovation Group. Adam returns to the show to discuss the importance of reforming the high-skilled immigration process, the main bottlenecks with our current green card system, the glory days of economics blogging, how to revitalize the American heartland, Trump’s current trade war, and much more.

Check out the transcript for this week’s episode, now with links.

Recorded on April 15th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Follow Adam on X: @ModeledBehavior

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!

Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:00:50) – Blogging Days

(00:02:33) – How to Fix High-Skilled Immigration

(00:27:08) – Busting the Myths

(00:33:58) – Additional Parts of Adam’s Immigration Proposal

(00:40:13) – Trump’s Trade War

(00:58:25) – Outro

Skanda Amarnath is the executive director of Employ America. Skanda returns to the show to discuss the standing of Humphrey’s Executor, the prospects for the Fed’s Framework Review, the case for NGDP Targeting, and much more.

Check out the transcript for this week’s episode, now with links.

Recorded on April 16th, 2025

Subscribe to David's Substack: Macroeconomic Policy Nexus

Follow David Beckworth on X: @DavidBeckworth

Follow the show on X: @Macro_Musings

Follow Skanda on X: @IrvingSwisher

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!

Subscribe to David's new BTS YouTube Channel

Timestamps:

(00:00:00) – Intro

(00:02:01) – Humphrey’s Executor

(00:12:35) – The Fed’s Framework Review

(00:37:18) – Fed’s Communication

(00:47:36) – Productivity

(00:59:07) – Outro