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Jon Hartley and Stephen Miran discuss Stephen’s new paper on strategies to reduce the Federal Reserve’s balance sheet, the state of inflation and the labor market in the US economy, estimating the neutral rate of interest and the stance of current monetary policy, and how the rise of AI and the public debt may influence monetary policy going forward.
Recorded on March 26, 2026.
ABOUT THE SPEAKERS
Stephen I. Miran took office as a member of the Board of Governors of the Federal Reserve System on September 16, 2025, to fill an unexpired term ending January 31, 2026. Prior to his appointment to the board, Dr. Miran served as chairman of the Council of Economic Advisers under President Donald J. Trump. He previously worked as a senior strategist at Hudson Bay Capital Management and a senior fellow at the Manhattan Institute for Policy Research. From 2020 to 2021, Dr. Miran served as senior adviser for economic policy at the US Department of the Treasury. He worked in financial markets for a decade before joining the Treasury. Dr. Miran received a BA in economics, philosophy, and mathematics from Boston University. He earned a PhD in economics from Harvard University.
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Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon also is the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami.
Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. 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.
RELATED SOURCES
- Alyssa G. Anderson, Alessandro Barbarino, Anthony M. Diercks, and Stephen Miran. A User’s Guide to Reducing the Federal Reserve’s Balance Sheet (March 2025).
ABOUT THE SERIES
Each episode of Capitalism and Freedom in the 21st 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/
