1 rich Libsyn https://www.libsyn.com 90 600 Gianluca Benigno is a professor of economics at the University of Lausanne. Previously, he was a senior economist at the Federal Reserve Bank of New York and an economist at the Bank of England. Gianluca returns to the program to discuss financial r-star, the changing landscape of central bank balance sheets, the unique challenges facing the Swiss National Bank, how stablecoins could affect Treasury markets and the demand for reserves, the return of nonlinear inflation, its implications for monetary policy, and much more. Watch&amp;nbsp;the full length video&amp;nbsp;on our new YouTube Channel! Check out the&amp;nbsp;transcript&amp;nbsp;for this week’s episode, now with links. Recorded on June 22nd, 2026 Subscribe to David's Substack:&amp;nbsp;Macroeconomic Policy Nexus Follow David Beckworth on X:&amp;nbsp;@DavidBeckworth Follow Gianluca Benigno on X:&amp;nbsp;@BenignoGianluca Follow the show on X:&amp;nbsp;@Macro_Musings Check out our Macro Musings&amp;nbsp;merch! Timestamps 00:00:00 - Intro 00:01:41 - R-Double-Star 00:04:10 - Central Bank Balance Sheets 00:09:22 - Swiss National Bank 00:32:05 - Working Paper on the Regulation of Stablecoins 00:45:41 - Inflation 00:53:19 - Outro Macro Musings with David Beckworth http://macromarketmusings.blogspot.com/ <iframe title="Libsyn Player" style="border: none" src="//html5-player.libsyn.com/embed/episode/id/42357850/height/90/theme/custom/thumbnail/yes/direction/forward/render-playlist/no/custom-color/88AA3C/" height="90" width="600" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> https://assets.libsyn.com/secure/content/204884780