# Gianluca Benigno on Central Bank Balance Sheets, Stablecoins, and Nonlinear Inflation

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Text version: https://stenobird.com/podcast/macro-musings-with-david-beckworth-574582/gianluca-benigno-on-central-bank-balance-sheets-stablecoins-and-nonlinear-inflation.md
Podcast: [Macro Musings with David Beckworth](https://stenobird.com/podcast/macro-musings-with-david-beckworth-574582)
Published: 2026-08-10T09:00:00+00:00
Episode link: https://macromusings.libsyn.com/gianluca-benigno-on-central-bank-balance-sheets-stablecoins-and-nonlinear-inflation
Audio file: https://traffic.libsyn.com/secure/macromusings/MM-555-GianlucaBenigno-Podcast-auphonic.mp3?dest-id=865793
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Duration seconds: 3244

## Resource

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 the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on June 22nd, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Gianluca Benigno on X: @BenignoGianluca Follow the show on X: @Macro_Musings Check out our Macro Musings 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

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