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
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.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | 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
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

Latest Work
- | 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.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 2023
- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | 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
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

Latest Work
- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q2 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: 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
Latest Work
- | 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.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Robert McCauley on Bond Market Crises and the International Lender of Last Resort
As the 2020 dash for cash demonstrated, the Fed has now assumed a crucial role as the twenty-first century international lender of last resort in the bond market.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Joe Gagnon on Inflation Progress and the Path Ahead: Breaking Down Jerome Powell’s Jackson Hole Speech
Chair Powell’s Jackson Hole speech provided some necessary reassurances while leaving some important questions unanswered, as we continue to navigate through an uncertain macro environment.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Nicholas Anthony on the Current Prospects and Legislative Developments Surrounding CBDC
As proposals for CBDC development become more ubiquitous across governments and central banks, it’s important to weigh the many arguments for and against such propositions.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
John Coates on *The Problem of Twelve: When a Few Financial Institutions Control Everything*
As private equity and index funds continue to swallow up a growing number of financial assets, the legitimacy and accountability of American capitalism may be called further into question.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Zac Gross on the Past, Present, and Future of Australian Monetary Policy
Altering the monetary policy decision-making process and switching to a corridor system are just a few steps the RBA can take to improve policy outcomes in the future.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Larry White on Gold, Fiat, and Bitcoin: Determining the Ideal Monetary Standard
In the search for better money, it’s important to compare and evaluate all monetary standards with sound monetary theory, economic analysis, and relevant historical contexts.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Ricardo Reis on the Macroeconomics of Financial Crises and the Recent Inflation Surge
The Great Recession period offers many lessons for identifying and preventing macroeconomic crises in the future.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Macro Lit Review 4: Highlights from Mid-2023 with George Selgin
George Selgin rejoins David Beckworth to discuss a wide range of important monetary and financial policy developments.

- | Monetary Policy Monetary Policy
- | Mercatus Original Podcasts Mercatus Original Podcasts
- | Macro Musings Macro Musings
Bryan Cutsinger and Louis Rouanet on the Politics and Dynamics of Hyperinflation in Revolutionary France
After years of political turmoil and subsequent hyperinflation, revolutionary France provides a valuable lesson in monetary theory that still has implications today.

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
