
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
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Paul Kupiec on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
George Hall on the Fiscal Consequences of the US War on COVID

- | Antitrust and Competition Antitrust and Competition
- | Expert Commentary Expert Commentary
Macro Musings Milestone: Episode 500 | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Time is the Fire in Which We All Burn | Macroeconomic Policy Nexus (Substack)
- | 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
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
We’re Entering the Final Phase of Fiscal Dominance | Blockworks’ Forward Guidance
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Drifting Toward Fiscal Dominance | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ben Harris on the Fiscal Health of the US Government

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Paul Kupiec on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
George Hall on the Fiscal Consequences of the US War on COVID

- | Antitrust and Competition Antitrust and Competition
- | Expert Commentary Expert Commentary
Macro Musings Milestone: Episode 500 | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Time is the Fire in Which We All Burn | Macroeconomic Policy Nexus (Substack)
- | 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
- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
We’re Entering the Final Phase of Fiscal Dominance | Blockworks’ Forward Guidance
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Drifting Toward Fiscal Dominance | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ben Harris on the Fiscal Health of the US Government

- | 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
- | 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
- | 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
- | 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
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Fed’s 2024–25 Framework Review: Optimizing the Dual Mandate Through Nominal GDP Level Targeting
- | 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 Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rashad Ahmed on the Global Impact of US Stablecoin Regulation and Crypto Adoption

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Paul Kupiec on Problems with the Fed’s Balance Sheet and Calls to End Interest on Reserves

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
George Hall on the Fiscal Consequences of the US War on COVID

- | Monetary Policy Monetary Policy
- | Podcast Appearance Podcast Appearance
We’re Entering the Final Phase of Fiscal Dominance | Blockworks’ Forward Guidance
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ben Harris on the Fiscal Health of the US Government

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Luis Garicano on the Future of Digital Money and Lessons Learned from the History of the Euro

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Mark Blyth on the Winners and Losers from Inflation

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Schulhofer-Wohl on Reforms in the Treasury Market and Developments with Central Bank Operating Systems

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Andy Levin on the Importance of an Independent Inspector General at the Federal Reserve - BONUS

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Pines on the Future of Money, AI, and Monetary Policy

- | Antitrust and Competition Antitrust and Competition
- | Expert Commentary Expert Commentary
Macro Musings Milestone: Episode 500 | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Time is the Fire in Which We All Burn | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Drifting Toward Fiscal Dominance | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Rising from the Floor to the Ceiling | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Winners, Losers, and the Lingering Fears of Inflation | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Is the Fate of FAIT Sealed? | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Powerlifting Through Hysteresis | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
What is the Biggest Threat to Fed Independence? | Macroeconomic Policy Nexus (Substack)
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary