David Beckworth
@DavidBeckworth
Senior Research Fellow @mercatus || Podcast Host at http://macromusings.libsyn.com || Former U.S. Treasury Economist || Micah 6:8
Given the framework review conference, here is a live shot of me considering counterfactual worlds of monetary policy frameworks. You may be surprised where I land! @RaphaelBostic @Austan_Goolsbee @MaryDalyEcon @neelkashkari @annap_2013 @dandolfa @GeorgeSelgin (1/4)
Yesterday, @Marian_L_Tupy and @PeterBoettke published an excellent op-ed in @WSJopinion making a simple but powerful point: AI can’t replace markets ⚖️🤖 🔗 wsj.com/opinion/algori… One of the most misguided ideas I’ve seen in the past decade is that central planning is (or soon…
The FT editorial board knows just enough about the history of competitive currency systems to be a dangerous source of stablecoin policy advice. For what they _don’t_ know, including the UK’s own currency history, see cato.org/blog/fable-cats @khalafroula @gilliantett
The rise and risks of stablecoins on.ft.com/44EXhDO | opinion
"John Taylor’s Contribution to Economics”, a new essay with @JohnHCochrane and Michael Bordo, prepared for A Celebration in Honor of John Taylor (May 8, 2025) at the @HooverInst and the corresponding volume forthcoming from the Hoover Institution Press. hoover.org/research/john-…
The inflation of 2021–22 was not the result of an unpredictable storm of exogenous shocks, but rather the predictable consequence of excessive aggregate demand, fueled by unprecedented policy stimulus. theunseenandtheunsaid.com/p/how-much-did…
Don’t worry, we will. It may be, though, an inflation tax!
Guys at some point we are going to have to tax SOMETHING I’m just saying
Dollar's global role update. Also: "Ilzetzki, Reinhart, and Rogoff (2021) estimate that over half of countries in 2019 had their currency anchored to the dollar... unlikely that this fraction has meaningfully changed..." @ilzetzki @krogoff @carmenmreinhart federalreserve.gov/econres/notes/…
Great show this week with @George_J_Hall on the realities of U.S. public finance and our fiscal future. A repeated point of our discussion is that the consolidated government budget constraint has to hold. There are no free lunches!
In case you missed it! George (@George_J_Hall) and @DavidBeckworth explain how the monetary authorities and the fiscal authorities are playing a dangerous game of chicken.
🔔🔔🔔 Here is my long-form article on question of why Standing Repo Facility may potentially be one of the most important tools for the Federal Reserve in the post-QT era, featuring @DavidBeckworth @dandolfa's excellent insights ‼️‼️ 👉 econreporter.substack.com/p/standing-rep…
New episode! George Hall on the Fiscal Consequences of the US War on COVID George (@George_J_Hall) and @DavidBeckworth explain how the US has handled primary deficits like the French instead of like the British since the year 2000.
Fed sets monetary policy for much of the world: "Ilzetzki, Reinhart, and Rogoff (2021) estimate that over half of countries in 2019 had their currency anchored to the dollar... it is unlikely that this fraction has meaningfully changed since then."
The International Role of the U.S. Dollar – 2025 Edition federalreserve.gov/econres/notes/…
Congrats on a great run! Keep it up!
Episode number 500 is happening this week on @Macro_Musings. Today's newsletter is on this milestone and includes a NGDP targeting mug giveaway contest. macroeconomicpolicynexus.substack.com/p/macro-musing…
Episode number 500 is happening this week on @Macro_Musings. Today's newsletter is on this milestone and includes a NGDP targeting mug giveaway contest. macroeconomicpolicynexus.substack.com/p/macro-musing…
Bro also basically created/saved from ruin what is now Indiana Dunes National Park U Chicago Econ hall of famer
I was aware that Paul Douglas, who co invented the Douglas-Cobb production function was a Senator — I did _not_ know that he enlisted in the Marines at age 50 in WW2, requested combat duty, and won two Purple Hearts and a Bronze Star