{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed\u2019s QE Program","description":" Subscribe to the new Macro Musings YouTube Channel!  Raghuram Rajan is a finance professor at the University of Chicago and leads the Group of 30. Previously he was the chief economist at the IMF and the governor of the Reserve Bank of India. In Raghuram\u2019s first appearance on the show, he discusses his famous 2005 Jackson Hole speech, how he righted the ship on India\u2019s emerging economy, the consequences of zero-sum thinking, the differences between being a policymaker and an academic, the ratcheting effect of QE on the Fed\u2019s balance sheet, and much more. Check out the&amp;nbsp;transcript&amp;nbsp;for this week\u2019s episode, now with links. Recorded on January 20th, 2026 Subscribe to David's Substack:&amp;nbsp;Macroeconomic Policy Nexus Follow David Beckworth on X:&amp;nbsp;@DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings&amp;nbsp;merch! Timestamps 00:00:00 - Intro 00:01:58 - Raghu\u2019s Career 00:22:20 - Policymaker Versus Academic 00:29:00 - Ratcheting Effect of Quantitative Easing 01:01:06 - Outro ","author_name":"Macro Musings with David Beckworth","author_url":"http:\/\/macromarketmusings.blogspot.com\/","html":"<iframe title=\"Libsyn Player\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/40179415\/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>","thumbnail_url":"https:\/\/assets.libsyn.com\/secure\/content\/198798790"}