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
- | 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?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Ruth Judson on Chasing Dollars Around the World
From global cash hoards to counterfeiters to capital flow data, mapping the dollar’s worldwide journey
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Already Has What It Needs to Navigate Supply Shocks | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Nelson on the Future of the Fed’s Balance Sheet
Is the Fed profitable again?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era
Has the stablecoin horse left the barn in the US?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline
Can AI fix the problem of our shrinking population?
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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
- | Expert Commentary Expert Commentary
Three Kinds of Fed-Treasury Accords | Macroeconomic Policy Nexus (Substack)
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Chris Meissner on the History of Globalization
Has the US taken a detour or made a permanent shift away from globalization?
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Breaking the QE Ratchet | Macroeconomic Policy Nexus
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- | 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
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Ruth Judson on Chasing Dollars Around the World
From global cash hoards to counterfeiters to capital flow data, mapping the dollar’s worldwide journey
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Already Has What It Needs to Navigate Supply Shocks | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Nelson on the Future of the Fed’s Balance Sheet
Is the Fed profitable again?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era
Has the stablecoin horse left the barn in the US?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline
Can AI fix the problem of our shrinking population?
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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
- | Expert Commentary Expert Commentary
Three Kinds of Fed-Treasury Accords | Macroeconomic Policy Nexus (Substack)
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Chris Meissner on the History of Globalization
Has the US taken a detour or made a permanent shift away from globalization?
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Breaking the QE Ratchet | Macroeconomic Policy Nexus
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- | 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
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- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Fate of FAIT: Salvaging the Fed’s Framework
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- | 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
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- | 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
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- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
Nominal GDP Targeting and the Taylor Rule on an Even Playing Field
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- | Monetary Policy Monetary Policy
- | Working Papers Working Papers
The Monetary Policy Origins of the Eurozone Crisis
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- | Financial Markets Financial Markets
- | Research Papers Research Papers
Inflation Targeting: A Monetary Policy Regime Whose Time Has Come and Gone
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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
- | 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
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- | 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
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- | Monetary Policy Monetary Policy
- | Policy Briefs Policy Briefs
The Neutral Level of NGDP and the NGDP Gap: Q3 2022
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- | 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
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Ruth Judson on Chasing Dollars Around the World
From global cash hoards to counterfeiters to capital flow data, mapping the dollar’s worldwide journey
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Bill Nelson on the Future of the Fed’s Balance Sheet
Is the Fed profitable again?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Neha Narula, Anders Brownworth, and Daniel Aronoff on Understanding Stablecoins in the GENIUS Era
Has the stablecoin horse left the barn in the US?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Jesús Fernández-Villaverde on the Quandary of Global Demographic Decline
Can AI fix the problem of our shrinking population?
-
- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Chris Meissner on the History of Globalization
Has the US taken a detour or made a permanent shift away from globalization?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Raghuram Rajan on the Impact of the Ratcheting Effect of The Fed’s QE Program
What can the Fed learn from the monetary policy of emerging economies like India?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Andrew Martinez on the Art of Forecasting
What does the NGDP Gap reveal about monetary policy?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Dan Awrey on the Future of the U.S. Payments System in a Digital World
Was the GENIUS act actually genius when it comes to payments?
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- | Monetary Policy Monetary Policy
- | Mercatus Podcasts Mercatus Podcasts
- | Macro Musings Macro Musings
Scott Sumner on Monetary Policy Confusion in Our Current Policy Debates
How nominal GDP can bring added clarity to macroeconomic policies?
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- | 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
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
The Fed Already Has What It Needs to Navigate Supply Shocks | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Three Kinds of Fed-Treasury Accords | Macroeconomic Policy Nexus (Substack)
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Breaking the QE Ratchet | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Warsh Eyes Slashing the Fed’s Balance Sheet. How He Could Do It. | Barron’s
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Stablecoins Behave Like Money, But Are They Built Like It? | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Three Views of QE: Irrelevance, Insurance, and Irreversibility | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Who Sits at the Fed's Table? Part II | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Who Sits at the Fed’s Table? Part I | Macroeconomic Policy Nexus
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- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Déjà Vu at the Federal Reserve | Macroeconomic Policy Nexus
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- | Monetary Policy Monetary Policy
- | Expert Commentary Expert Commentary
Is 3% Inflation the New 2%? | Macroeconomic Policy Nexus (Substack)