- Business
- Non-Profit
- SEE MORE
- classical
- general
- talk
- News
- Family
- Bürgerfunk
- pop
- Islam
- soul
- jazz
- Comedy
- humor
- wissenschaft
- opera
- baroque
- gesellschaft
- theater
- Local
- alternative
- electro
- rock
- rap
- lifestyle
- Music
- como
- RNE
- ballads
- greek
- Buddhism
- deportes
- christian
- Technology
- piano
- djs
- Dance
- dutch
- flamenco
- social
- hope
- christian rock
- academia
- afrique
- Business
- musique
- ελληνική-μουσική
- religion
- World radio
- Zarzuela
- travel
- World
- NFL
- media
- Art
- public
- Sports
- Gospel
- st.
- baptist
- Leisure
- Kids & Family
- musical
- club
- Culture
- Health & Fitness
- True Crime
- Fiction
- children
- Society & Culture
- TV & Film
- gold
- kunst
- música
- gay
- Natural
- a
- francais
- bach
- economics
- kultur
- evangelical
- tech
- Opinion
- Government
- gaming
- College
- technik
- History
- Jesus
- Health
- movies
- radio
- services
- Church
- podcast
- Education
- international
- Transportation
- Other
- kids
- podcasts
- philadelphia
- Noticias
- love
- sport
- Salud
- film
- and
- 4chan
- Disco
- Stories
- fashion
- Arts
- interviews
- hardstyle
- entertainment
- humour
- medieval
- literature
- alma
- Cultura
- video
- TV
- Science
- en
Sam Schulhofer-Wohl on How to Improve Treasury Market Resiliency
Sam Schulhofer-Wohl is the Senior Vice President and the Senior Advisor to the President of the Dallas Fed, Lorie Logan. Sam is a longtime veteran of the Federal Reserve System and has also previously served at the Minneapolis and Chicago Federal Reserve banks. Sam joins David on Macro Musings to talk about Treasury market resiliency issues, the floor system, the Friedman Rule, bank deposits, the monetary policy implications of labor migration across the United States, and much more.
\xa0
Transcript for this week\u2019s episode.
\xa0
Sam\u2019s Dallas Fed profile
Sam\u2019s website
\xa0
David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
Follow us on Twitter:\xa0@Macro_Musings
\xa0
Check out our new AI chatbot: the\xa0Macro Musebot!
Join the new Macro Musings\xa0Discord server!
\xa0
Join the Macro Musings\xa0mailing list!
Check out our Macro Musings\xa0merch!
\xa0
Related Links:
\xa0
*The Customer Settlement Risk Externality at US Securities Central Counterparties* by Sam Schulhofer-Wohl
\xa0
*Deposit Convexity, Monetary Policy, and Financial Stability* by Emily Greenwald, Sam Schulhofer-Wohl, and Joshua Younger
\xa0
*Understanding the Long-Run Decline in Interstate Migration* by Greg Kaplan and Sam Schulhofer-Wohl
\xa0
*Is a Treasury Central Clearing Mandate the Path to Increased Central Clearing?* by Marta Chaffee and Sam Schulhofer-Wohl
\xa0
*The Netting Efficiencies of Marketwide Central Clearing* by Michael Fleming and Frank Keane
\xa0
*Ample Reserves and the Friedman Rule* - A speech by Dallas Fed President Lorie Logan at the 2023 European Central Bank Conference on Money Markets
\xa0
Timestamps:
\xa0
(00:00:00) \u2013 Intro
\xa0
(00:01:31) \u2013 Sam\u2019s Wide-Ranging Career Path
\xa0
(00:11:08) \u2013 The Customer Settlement Risk Externality
\xa0
(00:14:30) \u2013 Breaking Down the Treasury Market
\xa0
(00:18:38) \u2013 The Importance and Effectiveness of Central Clearing
\xa0
(00:26:50) \u2013 The History and Role of FICC
\xa0
(00:32:27) \u2013 All-to-all Trades as a Path to Reforming the Treasury Market
\xa0
(00:36:52) \u2013 The Future Timeline for Central Clearing
\xa0
(00:39:07) \u2013 *Ample Reserves and the Friedman Rule*
\xa0
(00:46:52) \u2013 *Deposit Convexity, Monetary Policy, and Financial Stability*
\xa0
(00:52:21) \u2013 The Importance of Labor Migration for Monetary Policy
\xa0
(00:59:42) \u2013 Outro