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Peter Stella is the former head of the IMF\\u2019s Central Banking Division and has researched and written extensively on safe assets, collateral, and central bank operations. He now hosts the website, Central Banking Archaeology and continues to consult with the IMF on central bank balance sheet issues. Peter is also a returning guest to the podcast, and he rejoins Macro Musings to talk about the quasi-fiscal implications of central bank crisis intervention over the past few years. David and Peter also discuss the losses on the Fed\\u2019s balance sheet, using market value versus the par value of debt, the Fed\\u2019s debt management issues with mortgage backed securities, and more.
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Transcript for this week\\u2019s episode.
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Peter\\u2019s Twitter: @Stellar_Consult
Peter\\u2019s website
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David Beckworth\\u2019s Twitter:\\xa0@DavidBeckworth
Follow us on Twitter:\\xa0@Macro_Musings
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Related Links:
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*Quasi-Fiscal Implications of Central Bank Crisis Interventions: Case Studies* by Peter Stella, John Hooley, and Claney Lattie
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*Do Central Banks Need Capital?* by Peter Stella
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*Exiting Well* by Peter Stella
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