David Beckworth
- Senior Research Fellow
David Beckworth is a senior research fellow at the Mercatus Center at George Mason University and a former international economist at the US Department of the Treasury. He is the author of Boom and Bust Banking: The Causes and Cures of the Great Recession. His research focuses on monetary policy, and his work has been cited by the Wall Street Journal, the Financial Times, the New York Times, Bloomberg Businessweek, and the Economist. He has advised congressional staffers on monetary policy and has written for Barron’s, Investor’s Business Daily, the New Republic, the Atlantic, and National Review. David also hosts the weekly Macro Musings podcast.
Latest Work
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.

- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.

- | Monetary Policy Monetary Policy
- | Event Video Event Video
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.

Latest Work
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.

- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.

- | Monetary Policy Monetary Policy
- | Event Video Event Video
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.

Latest Work
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2023
- | Monetary Policy Monetary Policy
- | Data Visualizations Data Visualizations
Measuring Monetary Policy: the NGDP Gap
- | 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
- | Working Papers Working Papers
The Fate of FAIT: Salvaging the Fed’s Framework
Latest Work
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Matthew Raskin on Treasury Market Stability, Interest Rates, and the Fed’s Balance Sheet
Increased central clearing and use of the Standing Repo Facility are just a few ways to improve the liquidity and stability of the Treasury market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
David Papell on the History, Motivations, and Current Applications of Monetary Policy Rules
Embracing inertial policy rules could have spared the Fed from the errors it committed in the aftermath of the COVID-19 recession.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Rachel Siegel on the Fed, Commercial Real Estate, and the Economics of the 2024 Election
As inflation and other economic issues top the list of concerns heading into next year’s election, the commercial real estate market remains a major threat to financial and broader macro stability.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Will Bateman on the History and Evolving Nature of the Fiscal Fed
Contrary to conventional wisdom, the Fed has a long and extensive fiscal history of building, smoothing, and rescuing US Treasury debt markets.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
PJ Glandon on the State of Macroeconomics: Research and Pedagogy
Quantitative theory-based analysis has begun to take over the field of macroeconomics over the past 40 years, and this is having major impacts on the pedagogic future of the discipline.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ed Nelson on the Life, Work, and Legacy of Bennett McCallum
In addition to being a pioneer and a titan in the fields of macroeconomics and monetary policy, Bennett McCallum was an even better colleague, friend, and husband who has left an illustrious legacy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Sam Hammond on AI, Techno-Feudalism, and the Future of the State
As AI technology continues to swiftly develop, the role of government may soon undergo a radical transformation.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Marc Goldwein on the US Government Budget: Structure, Challenges, and Reform Strategies
In order to help secure the long-term health of the US economy, policymakers must begin to grapple with the harsh realities of entitlements reform.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Lev Menand and Josh Younger on *Money and the Public Debt: Treasury Market Liquidity as a Legal Phenomenon*
After its near collapse in March of 2020, robust legal reforms are needed ensure increased liquidity and stability in the Treasury market moving forward.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Thomas Hoenig on Public Debt Sustainability and the Current State of the US Banking System
As high interest rates continue to persist, a possible collapse of the commercial real estate market may be a stern warning about the health of the US banking system.

Latest Work
- | Monetary Policy Monetary Policy
- | Event Video Event Video
The Legacy of Bennett McCallum and Lessons for Monetary Policy Today
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Has Overseen a Remarkable Transfer of Wealth From Bondholders to Taxpayers | Barron's
- | Expert Commentary Expert Commentary
Fed is 'Hellbent' on Slowing Inflation | Fox Business Network
- | Expert Commentary Expert Commentary
The Causes and Cure of the 2021-2022 Inflation Surge | Discourse
- | Expert Commentary Expert Commentary
The Fed’s Amazing Journey | City Journal
- | Monetary Policy Monetary Policy
- | Feature Feature
Mercatus Symposium | What Would Milton Friedman Say?
- | Expert Commentary Expert Commentary
The Inflation Surge Is Coming to an End | Discourse
- | Expert Commentary Expert Commentary