Marc Giannoni on the Fed's Framework Review, it's Independence, and the Future of R-Star — Macro Musings with David Beckworth

Marc Giannoni is a managing director and the chief US economist at Barclays Capital. In Marc's first appearance on the show he discusses working on the 2020 Fed Framework Review, the troubling issues of Fed independence and fiscal dominance, the future of long rates and r-star, his influential 2006 paper about what good monetary policy looks like, and much more.

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

Recorded on August 28th, 2025

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Timestamps

00:00:00 - Intro

00:01:35 - Marc's Career

00:06:41 - Fed's Framework Review

00:20:46 - Fed Independence

00:27:12 - Long-Term Rates

00:43:39 - Has Monetary Policy Become More Effective?

00:55:48 - Outro