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

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.

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Recorded on June 22nd, 2026

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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