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David Beckworth
@DavidBeckworth
Senior Research Fellow @mercatus || Host of mercatus.org/macro-musings || Former U.S. Treasury Economist || Micah 6:8, John 3:16
Nashville (Home), DC (Work)
macroeconomicpolicynexus.substack.com
Joined January 2012
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  • Pinned
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    David Beckworth
    @DavidBeckworth
    Apr 8
    The Fed’s Overton window appears to be changing. Recent speeches suggest a shift in thinking from supply-driven ample reserves to demand-driven liquidity. Details in my latest newsletter: macroeconomicpolicynexus.substack.com/p/the-feds-ove… @vtg2 @NickTimiraos @Isabel_Schnabel @conksresearch
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    David Beckworth
    @DavidBeckworth
    Aug 15, 2024
    Meanwhile in Argentina, the "recent repeal of rent control by... Milei has led to a surge in housing supply, with the freedom to negotiate contracts, previously restricted, directly causing a drop in rental prices" newsweek.com/javier-milei-r…
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    Jeff Stein
    @jstein_star
    Aug 15, 2024
    News: Kamala Harris will on Friday propose the first ever “federal ban on corporate price gouging” in the food and grocery industries on Friday, the campaign says in a statement Will also announce measures on housing & prescription drugs
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    David Beckworth
    @DavidBeckworth
    Jul 28, 2023
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    Skanda Amarnath
    @IrvingSwisher
    Jul 28, 2023
    Hard for data to be as decisive as it has been last few days. Today is a test in intellectual honesty for folks who said in various ways recessionary unemployment increases and job losses were critical to slower inflation and wage growth.
    203K
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    David Beckworth
    @DavidBeckworth
    Sep 11, 2025
    Another $2 trillion dollar plus deficit in a peacetime, full employment economy!
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    Jamie Dupree
    @jamiedupree
    Sep 11, 2025
    The monthly deficit in August was $345 billion. Revenues: $344 billion Spending: $689 billion Total deficit for 2025 = $1.973 trillion with one month to go in the fiscal year. That's $76 billion higher than the same point in 2024 ($1.897 trillion).
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    David Beckworth
    @DavidBeckworth
    Aug 15, 2024
    Replying to @DavidBeckworth
    Wow, @crampell pulls no punches in her appraisal of this proposal: washingtonpost.com/opinions/2024/… "It’s hard to exaggerate how bad this policy is. It is, in all but name, a sweeping set of government-enforced price controls across every industry, not only food. Supply and demand would
    Opinion | When your opponent calls you ‘communist,’ maybe don’t propose price controls?
    From washingtonpost.com
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    David Beckworth
    @DavidBeckworth
    Jul 4, 2023
    Happy 247th Birthday to the country that has had this amazing run with real GDP! Let's keep it going!
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    David Beckworth
    @DavidBeckworth
    Mar 21, 2021
    Worthing repeating that the 'Great Inflation' wasn't an overnight phenomenon, but a gradual unmooring that started in the mid-1960s and continued through 1970s. That's roughly a 15-year process!
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    David Beckworth
    @DavidBeckworth
    Apr 27, 2023
    Just a reminder that the dollar size of the economy still far exceeds the pre-pandemic trend path. And it was not because of some immaculate spending that emerged out of nowhere. It was a policy choice, one that both propelled inflation and spurred a rapid recovery. @jasonfurman
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    David Beckworth
    @DavidBeckworth
    Sep 24, 2021
    Whoa, now that is quite the hot take coming from a Fed staffer:
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    FedResearch
    @FedResearch
    Sep 24, 2021
    New #FEDSPaper Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?) go.usa.gov/xMRNv #EconTwitter
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    David Beckworth
    @DavidBeckworth
    Jun 28, 2022
    Supply side shocks have contributed to inflation, but running aggregate nominal income this far above the pre-pandemic trend (and thus pre-pandemic productive capacity) would have created meaningful inflation even without the supply side challenges of the past few years.
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    David Beckworth
    @DavidBeckworth
    Mar 12, 2023
    So the Fed will be bringing onto its balance sheet some of the mark-to-market losses from the banking sector? The Fed already is bearing a significant amount of mark-to-market losses--and actual net income loss--on its own treasury holdings and this will add more. The Fed, then,
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    David Beckworth
    @DavidBeckworth
    Mar 6, 2023
    The more I think about this, the more remarkable it seems to me: the U.S. government was able to inflate away roughly 20 percentage points of the debt/GDP ratio in just a few years. Who saw this coming? @jasonfurman @dandolfa @AdamPosen @USCBO @Brian_Riedl
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    David Beckworth
    @DavidBeckworth
    Mar 3, 2023
    A closer look at the sharp decline in debt/GDP. As I noted earlier, the explanation is higher inflation => (1) higher nominal GDP (↑denominator) and (2) higher interest rates that lower market value of treasuries (↓numerator) => lower debt/GDP ratio => lower debt burden.
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    David Beckworth
    @DavidBeckworth
    May 13, 2018
    I asked my 10-year old this morning if she preferred a NGDP level target or a final sales of domestic product level target. She said, "Dad, we all know a pure nominal wage target is better than either of those options, but we can't let the perfect be the enemy of the good."
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    David Beckworth
    @DavidBeckworth
    Oct 12, 2021
    Fed Chair Jay Powell and global dollar markets in March, 2020.