The Capitalism and Freedom in the Twenty-First Century Podcast

Economic Growth, De-Population, and Macroeconomics with UPenn Econ Professor Jesus Fernández-Villaverde

Jon Hartley and Jesus Fernandez-Villaverde discuss Jesus’s career, schools of economic thought and the role of institutions in economic history, economic growth (including recent declining GDP growth rates and declining fertility), business cycles, drivers of the early 2020s inflation, dynamic stochastic general equilibrium (DSGE) and vector autoregressive (VAR) models, schools of economic thought and the role of institutions in economic history.

Recorded on November 1, 2024.

ABOUT THE SPEAKERS:

Jesus Fernandez-Villaverde is a Professor of Economics at the University of Pennsylvania, director of the Penn Institute for the Study of Markets (PISM), a Research Associate of the National Bureau of Economic Research (NBER_, and Research Affiliate of the Center for Economic and Policy Research (CEPR). He has also been a visiting Professor at Harvard, Yale, Princeton, Oxford, and Cambridge and a visiting scholar at several Federal Reserve Banks, the European Central Bank, and the Bank of Spain. His research agenda focuses on economic history, macroeconomics, and econometrics, with a focus on the computation and estimation of dynamic stochastic general equilibrium (DSGE) models.

Jon Hartley is a Research Assistant at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada. 

Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

The Early 2020s: Former World Bank President David Malpass on COVID, Inflation, China, and Climate

Jon Hartley and David Malpass discuss David’s career, and his service in government, including his time as president of the World Bank Group. They also discuss the changing role of China in international finance as well as the IMF and World Bank responses to the COVID-19 pandemic, the global distribution of COVID-19 vaccines, COVID-19 sovereign debt relief (Debt Service Suspension Initiative or DSSI)),and  how the early 2020s inflation has impacted developing countries, economic growth, and climate policy.

Recorded on September 20, 2024.

ABOUT THE SPEAKERS:

David Malpass served as the 13th president of the World Bank Group. Prior to his appointment at the World Bank, David served as Undersecretary of the US Treasury for international affairs during the Trump administration. Before joining the US Treasury, David founded and led a macroeconomics research firm based in New York City.  He has also served as chief economist of Bear Stearns, where conducted financial analyses of countries around the world. Earlier in his career, David served in various roles at the Treasury during the Reagan and George H.W. Bush administrations as well as in the US Senate working on the Budget Committee and Joint Economic Committee.

Jon Hartley is a Research Assistant at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada. 

Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

Former Fed Vice Chair Richard Clarida Talks Pandemic Monetary Policy and Inflation

Jon Hartley and Richard Clarida discuss the latter’’s career, academic contributions and government service, including his time as vice chair of the Federal Reserve. Their conversation covers key topics such as inflation in the early 2020s, monetary policy during the COVID-19 pandemic, and the upcoming Federal Reserve monetary policy framework review. They also discuss the legacy of the Fed’s flexible average inflation targeting (FAIT) enacted under Clarida’s leadership, the utility of DSGE models at the Federal Reserve and other central banks around the world, and the early origins of “nowcasting”.

Recorded on September 20, 2024.

ABOUT THE SPEAKERS:

Richard Clarida served as vice chairman of the Board of Governors of the US Federal Reserve System from September 2018 to January 2022. Clarida is also the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University. He was assistant secretary of the Treasury for economic policy, serving two secretaries of the Treasury. Clarida is also a managing director of Pacific Investment Management Company’s (PIMCO) New York office and that firm’s global economic advisor. Prior to rejoining PIMCO in 2022, he was the firm's global strategic advisor from 2006 to 2018. Earlier in his career, Clarida was with Credit Suisse and Grossman Asset Management. He holds a PhD and a master's degree in economics from Harvard University. He received an undergraduate degree with Bronze Tablet Honors from the University of Illinois.

Jon Hartley is a Research Assistant at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada. Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

Edward Glaeser on Zoning, Land Use Regulation, and Urban Economics

Jon Hartley and Edward Glaeser discuss the latter’s seminal work on urban economics, zoning, land use regulation, and economic growth. They also discuss industrial policy, the important role of human capital and education in economic growth, as well as why crime has rebounded in recent years.

Recorded on August 26, 2024.

ABOUT THE SPEAKERS:

Edward L. Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard University, where he has taught economic theory and urban economics since 1992. He also leads the Urban Economics Working Group at the National Bureau of Economics Research, co-leads the Cities Programme of the International Growth Centre, and co-edits the Journal of Urban Economics. He has written hundreds of papers on cities, infrastructure and other topics, and has written, co-written and co-edited many books including Triumph of the City, Survival of the City (with David Cutler) and Fighting Poverty in the U.S. and Europe: A World of Difference (with Alberto Alesina).

Ed has served as director of the Taubman Center for State and Local Government and the Rappaport Institute for Greater Boston, editor of the Quarterly Journal of Economics, and chair of Harvard’s Economics Department. He is a fellow of the National Academy of Sciences, the American Academy of Arts and Sciences, the American Academy of Political and Social Science, and the Econometric Society. He received the Albert O. Hirschman prize from the Social Science Research Council. He earned his A.B. from Princeton University in 1988 and his Ph.D. in Economics from the University of Chicago in 1992.   

Jon Hartley is a Research Associate at the Hoover Institution and an economics PhD Candidate at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a Research Fellow at the Foundation for Research on Equal Opportunity (FREOPP) and a Senior Fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists, and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, IMF, Committee on Capital Markets Regulation, US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada. 
Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC, and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

RELATED RESOURCES:

• Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier by Edward Glaeser 
• Survival of the City: The Future of Urban Life In An Age of Isolation by Edward Glaeser and David Cutler 

Steven Davis (Hoover Institution) on Job Flows, Policy Uncertainty and Work From Home

Jon Hartley and Steven Davis discuss Steven’s research career and seminal work on job flows, including the legacy of his classic book Job Creation and Destruction, co-authored with John Haltiwanger and Scott Schuh. They also discuss how we should think about full employment, how significant economic policy uncertainty is, and how important the shift to work from home has been and may continue to be in the future.

Recorded on August 27, 2024.

ABOUT THE SPEAKERS:

Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution, and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He was on the faculty at the University of Chicago Booth School of Business for more than 35 years, including service as deputy dean of the faculty. 

He is also a research associate of the National Bureau of Economic Research, visiting scholar at the Federal Reserve Bank of Atlanta, senior adviser to the Brookings Papers on Economic Activity, advisor to the Monetary Authority of Singapore, elected fellow of the Society of Labor Economists,IZA Research Fellow, and senior academic fellow of the Asian Bureau of Finance and Economic Research. He hosts Economics, Applied – a video podcast series sponsored by the Hoover Institution.

Davis is a co-creator of the Economic Policy Uncertainty Indices, the Survey of Business Uncertainty, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Work-from-Home Map project, and the Stock Market Jumps project. He cofounded and co-organizes the Asian Monetary Policy Forum, held annually in Singapore.

Jon Hartley is a Research Associate at the Hoover Institution and an PhD candidate in economics at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a research fellow at the Foundation for Research on Equal Opportunity and a senior fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, the International Monetaty Fund, the Committee on Capital Markets Regulation, the US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.

Jon has also been a regular economics contributor for National Review Online, Forbes, and the Huffington Post and has contributed to the Wall Street Journal, the  New York Times, USA Today, the Globe and Mail, the National Post, and the Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 under 30 Law & Policy list and the 2017 Wharton 40 under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

RELATED RESOURCES:

• Steven Davis Website

Bob Litterman (Kepos Capital) on Quantitative Investing, Liquidity Risk and Climate Policy

Bob and Jon discuss Bob’s role in the history of the development of quantitative finance at Goldman Sachs, including his seminal work with Fischer Black, along with the carry trade liquidity crisis of August 2024 and its similarities to the quant crisis of 2007. They also discuss the case for quantitative investing and its ability to ride out risky environments. They also discuss a risk management approach to climate policy, Bob’s E-Z climate carbon pricing model, as well Bob’s advocacy for carbon taxes.

Recorded on August 9, 2024.

ABOUT THE SPEAKERS:

Robert Litterman is the Chairman of the Risk Committee at Kepos Capital LP. Prior to joining Kepos Capital in 2010, Litterman enjoyed a 23-year career at Goldman, Sachs & Co., where he served in research, risk management, investments, and thought leadership roles. While at Goldman, Litterman also spent six years as one of three external advisors to Singapore’s Government Investment Corporation (GIC). Bob was named a partner of Goldman Sachs in 1994 and became head of the firm-wide risk function; prior to that role, he was co-head of the Fixed Income Research and Model Development Group with Fischer Black. During his tenure at Goldman, Bob researched and published a number of groundbreaking papers in asset allocation and risk management. He is the co-developer of the Black-Litterman Global Asset Allocation Model, a key tool in investment management, and has co-authored books including The Practice of Risk Management and Modern Investment Management: An Equilibrium Approach (Wiley & Co.).

Litterman earned a Ph.D. in economics from the University of Minnesota and a B.S. in human biology from Stanford University. He is also the inaugural recipient of the S. Donald Sussman Fellowship at MIT’s Sloan School of Management and serves on a number of boards, including Commonfund, the Robert Wood Johnson Foundation, the Sloan Foundation, and World Wildlife Fund. He is also currently serving as the chair of the CFTC Climate-Related Market Risk Subcommittee.

Jon Hartley is a Research Associate at the Hoover Institution and an PhD candidate in economics at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a research fellow at the Foundation for Research on Equal Opportunity and a senior fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, the International Monetaty Fund, the Committee on Capital Markets Regulation, the US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.

Jon has also been a regular economics contributor for National Review Online, Forbes, and the Huffington Post and has contributed to the Wall Street Journal, the  New York Times, USA Today, the Globe and Mail, the National Post, and the Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 under 30 Law & Policy list and the 2017 Wharton 40 under 40 list, and was previously a World Economic Forum Global Shaper.

ABOUT THE SERIES:

Each episode of Capitalism and Freedom in the 21^st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

For more information, visit: capitalismandfreedom.substack.com/

Greg Mankiw (Harvard Econ Prof) on New Keynesian Macro, Growth and Econ Policy

Greg and Jon discuss Greg’s career and main contributions to economics. This includes the development and limitations of New Keynesian models in the 1980s and 1990s as a tool for central banks to understand how the macroeconomy works. Jon and Greg also discuss economic growth, growth accounting and the Solow model. They conclude by talking about Greg’s time in government, including his time leading the White House Council of Economic Advisors under President George W. Bush as well as Greg’s advocacy for carbon taxes.

ABOUT THE SPEAKERS:

Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. As a student, he studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics, and principles of economics. He even spent one summer long ago as a sailing instructor on Long Beach Island.

Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals, such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more widely accessible forums, such as The New York Times, The Washington Post, and The Wall Street Journal.

He has written two popular textbooks—the intermediate-level textbook Macroeconomics (Worth Publishers) and the introductory textbook Principles of Economics (Cengage Learning). Principles of Economics has sold over two million copies and has been translated into twenty languages.

In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Congressional Budget Office and the Federal Reserve Banks of Boston and New York, and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005 he served as Chairman of the President's Council of Economic Advisers.

Professor Mankiw lives in Boston with his wife, Deborah. They have three adult children.

Jon Hartley is a Research Associate at the Hoover Institution and an PhD candidate in economics at Stanford University, where he specializes in finance, labor economics, and macroeconomics. He is also currently a research fellow at the Foundation for Research on Equal Opportunity and a senior fellow at the Macdonald-Laurier Institute. Jon is also a member of the Canadian Group of Economists and serves as chair of the Economic Club of Miami.

Jon has previously worked at Goldman Sachs Asset Management as well as in various policy roles at the World Bank, the International Monetaty Fund, the Committee on Capital Markets Regulation, the US Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.

Jon has also been a regular economics contributor for National Review Online, Forbes, and the Huffington Post and has contributed to the Wall Street Journal, the  New York Times, USA Today, the Globe and Mail, the National Post, and the Toronto Star among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 under 30 Law & Policy list and the 2017 Wharton 40 under 40 list, and was previously a World Economic Forum Global Shaper.

Daron Acemoglu (MIT Economics Prof) on Institutions, Economic Growth, and AI

Daron Acemoglu and Jon Hartley discuss Daron’s career and main contributions to economics, including the study of institutions as a fundamental contributor to economic growth. Jon raises the question of how regulation holds back growth, and by how much, and whether liberal vs. illiberal economic institutions might be a better taxonomy than inclusive versus extractive institutions. Other economic growth components such as culture and geography are discussed as well. They conclude by talking about artificial intelligence and the future of work.