Peter Stella is the managing director of Stellar Consulting and was formerly an IMF official where he led the central banking and monetary and foreign exchange divisions. Peter has researched and written extensively on safe assets, collateral, and central banking operations, and he joins the show today to discuss this work.  David and Peter also discuss the Fed’s large scale asset purchases, money and payment systems in advanced economies, and why the U.S. Treasury should start issuing bills to the Fed.   Transcript for the episode: https://www.mercatus.org/bridge/podcasts/02182019/peter-stella-debt-safe-assets-and-central-bank-operations   Peter’s Voxeu profile: https://voxeu.org/users/peterstella0 Peter’s Research Gate archive: https://www.researchgate.net/profile/Peter_Stella   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth