David Beckworth
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Senior Research Fellow
David Beckworth is a Senior Research Fellow at the Mercatus Center at George Mason University and director of the Mercatus Center’s monetary policy program. His primary research focuses on the targets, tools, operating system, and governance of the Federal Reserve, and has included work on the US Treasury market, the safe asset shortage, and dollar dominance. He has advised congressional staffers and Fed officials on monetary policy and has been cited by the Wall Street Journal, Financial Times, New York Times, Bloomberg Businessweek, and the Economist.
Beckworth is also the host of Macro Musings, a weekly podcast on macroeconomics, where, since 2016, he has interviewed hundreds of experts, including regional presidents of the Federal Reserve, Nobel laureates, and leading academics from around the world. He is the author of Boom and Bust Banking: The Causes and Cures of the Great Recession (Independent Institute, 2012). Formerly an international economist at the US Department of the Treasury, he earned his PhD in economics from the University of Georgia.
Latest Work
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Battle Over Fed Master Accounts | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
David Zaring on Skinny Charters and the Future of Banking
Should fintech firms get direct access to the Fed’s payment rails?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Beach on the Future of United States’ Economic Statistics and Fiscal Position
How long do we have until our fiscal clock strikes midnight?
-
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth | Top Traders Unplugged
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Measuring Macroeconomic Policy: the NGDP Gap
The NGDP gap is a benchmark measure created by the Mercatus Center at George Mason University. It helps assess whether macroeconomic policy is expansionary or contractionary. -
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Tyler Goodspeed on Challenging the Way Economists Look at Recessions
Have we been trying to ascribe patterns to recessions when they aren’t really there?
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Nominal Anchor Still Holds | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Peter Conti-Brown and David Beckworth on All Things Financial Regulation
A live Wharton conversation on bank supervision, stablecoins, and the evolving role of central banks
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Currency Swap Lines, Financial Statecraft, and Dollar Dominance | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
How Much Did Macroeconomic Policy Matter? A New Decomposition of the US Inflation Surge of 2021–22
Inflation surged as demand ran hot—NGDP trends offer a tool for prevention -
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Reliability of the Nominal GDP Expectations Gap
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Fate of FAIT: Salvaging the Fed’s Framework
-
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
Facts, Fears, and Functionality of NGDP Level Targeting
A Guide to a Popular Framework for Monetary Policy -
- | Monetary Policy Monetary Policy
- | Books Books
Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy
-
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
The Great Divorce
The Fed’s Move to a Floor System and the Implications for Bank Portfolios -
- | Low Interest Rates and the Economy: A Mercatus Colloquium Low Interest Rates and the Economy: A Mercatus Colloquium
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
The Fall and Future Rise of Interest Rates
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
Nominal GDP Targeting and the Taylor Rule on an Even Playing Field
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Monetary Policy Origins of the Eurozone Crisis
-
- | Financial Markets Financial Markets
- | Research Papers Research Papers
Inflation Targeting: A Monetary Policy Regime Whose Time Has Come and Gone
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Measuring Macroeconomic Policy: the NGDP Gap
The NGDP gap is a benchmark measure created by the Mercatus Center at George Mason University. It helps assess whether macroeconomic policy is expansionary or contractionary. -
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Fed’s 2024–25 Framework Review: Optimizing the Dual Mandate Through Nominal GDP Level Targeting
As the Federal Reserve considers how to implement its dual mandate of price stability and maximum employment, it should adopt—or approach—nominal GDP level targeting as a benchmark framework. -
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2024
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2023
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2023
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2022
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2022
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
David Zaring on Skinny Charters and the Future of Banking
Should fintech firms get direct access to the Fed’s payment rails?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Beach on the Future of United States’ Economic Statistics and Fiscal Position
How long do we have until our fiscal clock strikes midnight?
-
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth | Top Traders Unplugged
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Tyler Goodspeed on Challenging the Way Economists Look at Recessions
Have we been trying to ascribe patterns to recessions when they aren’t really there?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Peter Conti-Brown and David Beckworth on All Things Financial Regulation
A live Wharton conversation on bank supervision, stablecoins, and the evolving role of central banks
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Basil Halperin on Macroeconomic Policy in an Age of Transformative AI
Why might inflation targeting may fall short in a world of rapid productivity gains?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Rich Clarida on Navigating Monetary Policy in Choppy Waters
Is the growing list of recent negative supply shocks a one off or the new status quo?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Kris Mitchener on What Actually Anchors the Price Level
What do Sir Isaac Newton's miscalculation and today's central bank balance sheets have in common? More than you'd expect.
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance
Are termites eating at the dollar dominance foundation?
-
- | Monetary Policy Monetary Policy
- | Public Interest Comments Public Interest Comments
Comments on Docket No. OP-1877, Request for Information and Comment on Reserve Bank Payment Account Prototype
How the Fed can implement the RBPA in an efficient manner that supports liquidity under stress
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Battle Over Fed Master Accounts | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Nominal Anchor Still Holds | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Currency Swap Lines, Financial Statecraft, and Dollar Dominance | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
From Conversations to Community: Macro Musings in Action | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed’s Overton Window Is Shifting | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Already Has What It Needs to Navigate Supply Shocks | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Three Kinds of Fed-Treasury Accords | Macroeconomic Policy Nexus (Substack)
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Breaking the QE Ratchet | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Warsh Eyes Slashing the Fed’s Balance Sheet. How He Could Do It. | Barron’s
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Stablecoins Behave Like Money, But Are They Built Like It? | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Battle Over Fed Master Accounts | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
David Zaring on Skinny Charters and the Future of Banking
Should fintech firms get direct access to the Fed’s payment rails?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Beach on the Future of United States’ Economic Statistics and Fiscal Position
How long do we have until our fiscal clock strikes midnight?
-
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth | Top Traders Unplugged
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Measuring Macroeconomic Policy: the NGDP Gap
The NGDP gap is a benchmark measure created by the Mercatus Center at George Mason University. It helps assess whether macroeconomic policy is expansionary or contractionary. -
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Tyler Goodspeed on Challenging the Way Economists Look at Recessions
Have we been trying to ascribe patterns to recessions when they aren’t really there?
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Nominal Anchor Still Holds | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Peter Conti-Brown and David Beckworth on All Things Financial Regulation
A live Wharton conversation on bank supervision, stablecoins, and the evolving role of central banks
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Currency Swap Lines, Financial Statecraft, and Dollar Dominance | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
How Much Did Macroeconomic Policy Matter? A New Decomposition of the US Inflation Surge of 2021–22
Inflation surged as demand ran hot—NGDP trends offer a tool for prevention -
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Reliability of the Nominal GDP Expectations Gap
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Fate of FAIT: Salvaging the Fed’s Framework
-
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
Facts, Fears, and Functionality of NGDP Level Targeting
A Guide to a Popular Framework for Monetary Policy -
- | Monetary Policy Monetary Policy
- | Books Books
Reflections on Allan H. Meltzer’s Contributions to Monetary Economics and Public Policy
-
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
The Great Divorce
The Fed’s Move to a Floor System and the Implications for Bank Portfolios -
- | Low Interest Rates and the Economy: A Mercatus Colloquium Low Interest Rates and the Economy: A Mercatus Colloquium
- | Monetary Policy Monetary Policy
- | Research Papers Research Papers
The Fall and Future Rise of Interest Rates
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
Nominal GDP Targeting and the Taylor Rule on an Even Playing Field
-
- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Monetary Policy Origins of the Eurozone Crisis
-
- | Financial Markets Financial Markets
- | Research Papers Research Papers
Inflation Targeting: A Monetary Policy Regime Whose Time Has Come and Gone
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
Measuring Macroeconomic Policy: the NGDP Gap
The NGDP gap is a benchmark measure created by the Mercatus Center at George Mason University. It helps assess whether macroeconomic policy is expansionary or contractionary. -
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Fed’s 2024–25 Framework Review: Optimizing the Dual Mandate Through Nominal GDP Level Targeting
As the Federal Reserve considers how to implement its dual mandate of price stability and maximum employment, it should adopt—or approach—nominal GDP level targeting as a benchmark framework. -
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2024
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2023
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2023
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2022
-
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2022
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
David Zaring on Skinny Charters and the Future of Banking
Should fintech firms get direct access to the Fed’s payment rails?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Beach on the Future of United States’ Economic Statistics and Fiscal Position
How long do we have until our fiscal clock strikes midnight?
-
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
Central Banks in the Dark: Inflation, AI, and the Limits of Control ft. David Beckworth | Top Traders Unplugged
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Tyler Goodspeed on Challenging the Way Economists Look at Recessions
Have we been trying to ascribe patterns to recessions when they aren’t really there?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Peter Conti-Brown and David Beckworth on All Things Financial Regulation
A live Wharton conversation on bank supervision, stablecoins, and the evolving role of central banks
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Basil Halperin on Macroeconomic Policy in an Age of Transformative AI
Why might inflation targeting may fall short in a world of rapid productivity gains?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Rich Clarida on Navigating Monetary Policy in Choppy Waters
Is the growing list of recent negative supply shocks a one off or the new status quo?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Kris Mitchener on What Actually Anchors the Price Level
What do Sir Isaac Newton's miscalculation and today's central bank balance sheets have in common? More than you'd expect.
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance
Are termites eating at the dollar dominance foundation?
-
- | Monetary Policy Monetary Policy
- | Public Interest Comments Public Interest Comments
Comments on Docket No. OP-1877, Request for Information and Comment on Reserve Bank Payment Account Prototype
How the Fed can implement the RBPA in an efficient manner that supports liquidity under stress
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Battle Over Fed Master Accounts | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Nominal Anchor Still Holds | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Currency Swap Lines, Financial Statecraft, and Dollar Dominance | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
From Conversations to Community: Macro Musings in Action | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed’s Overton Window Is Shifting | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Already Has What It Needs to Navigate Supply Shocks | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Three Kinds of Fed-Treasury Accords | Macroeconomic Policy Nexus (Substack)
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Breaking the QE Ratchet | Macroeconomic Policy Nexus
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Warsh Eyes Slashing the Fed’s Balance Sheet. How He Could Do It. | Barron’s
-
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Stablecoins Behave Like Money, But Are They Built Like It? | Macroeconomic Policy Nexus