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
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
As financial stability considerations become more important, using r** as a policy tool could play a key role in measuring financial stress throughout the macroeconomy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Financial sanctions have become a powerful foreign policy tool for the US, but fears of dependence and coercion may cause an international pivot toward de-dollarization.

- | 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
Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
The Federal Reserve has already evolved considerably throughout the 21st century, and the role it now plays in the macroeconomy is more critical than it has ever been.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nathan Tankus on the Future of MMT and How to Avoid U.S. Debt Default
With the debt ceiling deadline fast approaching, there are a number of creative solutions the government could consider to avoid macroeconomic disaster.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Brian Sack on the Fed’s Balance Sheet and How to Improve the Floor Operating System
By making a few tweaks to the Overnight Reverse Repo Facility, the Fed could greatly improve the functioning of its current operating system.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*
Through a combination of mortgage and renter relief programs, the FHFA aided millions of individuals and families during the worst of the COVID crisis.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
BONUS: George Hall on Financing World War II and Managing Post-War Debt
As the US debt-to-GDP ratio continues to rise, the post-World War II period could offer important lessons for policymakers on how to reduce the national debt.

Latest Work
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
As financial stability considerations become more important, using r** as a policy tool could play a key role in measuring financial stress throughout the macroeconomy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Financial sanctions have become a powerful foreign policy tool for the US, but fears of dependence and coercion may cause an international pivot toward de-dollarization.

- | 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
Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
The Federal Reserve has already evolved considerably throughout the 21st century, and the role it now plays in the macroeconomy is more critical than it has ever been.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nathan Tankus on the Future of MMT and How to Avoid U.S. Debt Default
With the debt ceiling deadline fast approaching, there are a number of creative solutions the government could consider to avoid macroeconomic disaster.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Brian Sack on the Fed’s Balance Sheet and How to Improve the Floor Operating System
By making a few tweaks to the Overnight Reverse Repo Facility, the Fed could greatly improve the functioning of its current operating system.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*
Through a combination of mortgage and renter relief programs, the FHFA aided millions of individuals and families during the worst of the COVID crisis.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
BONUS: George Hall on Financing World War II and Managing Post-War Debt
As the US debt-to-GDP ratio continues to rise, the post-World War II period could offer important lessons for policymakers on how to reduce the national debt.

Latest Work
- | 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: 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
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2022
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q1 2022
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
What Would Milton Friedman Say about Financial Stability?
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q4 2021
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2021
Latest Work
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Gianluca Benigno on the Basics and Policy Functionality of R** and the Dollar’s Imperial Circle
As financial stability considerations become more important, using r** as a policy tool could play a key role in measuring financial stress throughout the macroeconomy.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Financial sanctions have become a powerful foreign policy tool for the US, but fears of dependence and coercion may cause an international pivot toward de-dollarization.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Jeanna Smialek on *Limitless: The Federal Reserve Takes on a New Age of Crisis*
The Federal Reserve has already evolved considerably throughout the 21st century, and the role it now plays in the macroeconomy is more critical than it has ever been.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nathan Tankus on the Future of MMT and How to Avoid U.S. Debt Default
With the debt ceiling deadline fast approaching, there are a number of creative solutions the government could consider to avoid macroeconomic disaster.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Brian Sack on the Fed’s Balance Sheet and How to Improve the Floor Operating System
By making a few tweaks to the Overnight Reverse Repo Facility, the Fed could greatly improve the functioning of its current operating system.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Mark Calabria on *Shelter From the Storm: How a COVID Mortgage Meltdown Was Averted*
Through a combination of mortgage and renter relief programs, the FHFA aided millions of individuals and families during the worst of the COVID crisis.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
BONUS: George Hall on Financing World War II and Managing Post-War Debt
As the US debt-to-GDP ratio continues to rise, the post-World War II period could offer important lessons for policymakers on how to reduce the national debt.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
George Hall on the History of the U.S. National Debt and Government Financing
Between the use of bonds, taxes, and debt, history can teach us many lessons about how to successfully and unsuccessfully finance government ventures.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Bill Nelson on the Fed’s Discount Window Lending, the Overnight Reverse Repo Facility, and the Shifting Size of the Fed’s Balance Sheet
One simple adjustment to the Overnight Reverse Repo Facility could help the Fed more effectively manage its balance sheet reduction moving forward.

Latest Work
- | 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
The Fed | CNBC World
- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
A Better Way to Gauge Economic Performance
New research on NGDP Gap measurement can inform better macroeconomic policy
