# Kris Mitchener on What Actually Anchors the Price Level

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Text version: https://stenobird.com/podcast/macro-musings-with-david-beckworth-574582/kris-mitchener-on-what-actually-anchors-the-price-level.md
Podcast: [Macro Musings with David Beckworth](https://stenobird.com/podcast/macro-musings-with-david-beckworth-574582)
Published: 2026-04-13T13:00:00+00:00
Episode link: https://macromusings.libsyn.com/kris-mitchener-on-what-actually-anchors-the-price-level
Audio file: https://traffic.libsyn.com/secure/macromusings/MM-537-KrisMitchener-Audio-Final.mp3?dest-id=865793
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JSON: https://stenobird.com/v1/public/podcasts/macro-musings-with-david-beckworth-574582/episodes/kris-mitchener-on-what-actually-anchors-the-price-level
Duration seconds: 3362

## Resource

Kris Mitchener is a professor of economics at Santa Clara University and is an economic and monetary historian. In Kris's first appearance on the show, he discusses how he fell in love with building data sets out of old dusty archives, the origins and fall of bimetallism, the pros and cons of the gold standard, the problem of operating losses on the Fed's balance sheet, what truly anchors the price level, 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 March 4th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:33 - Kris' Career Path 00:06:32 - What Is Bimetallism? 00:14:41 - The Gold Standard 00:28:55 - Disinflation Policies and Central Bank Finances 00:49:25 - What Anchors the Price Level 00:55:22 - Outro

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## Transcript

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