James Bullard

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James Bullard
James Bullard.jpg
Occupation President and Chief Executive Officer
Employer Federal Reserve Bank of St. Louis

James Bullard is the president and chief executive officer of the Federal Reserve Bank of St. Louis.[1] He joined the bank in 1990, and has held the CEO position since 2008. In that role, he is a participant on the Federal Reserve’s Federal Open Market Committee (FOMC), which meets regularly to set the direction of U.S. monetary policy. He also oversees the Federal Reserve’s Eighth District, including activities at the St. Louis headquarters and its branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn.[2]

He has argued that the timing of monetary policy decisions, including interest rate policy or the pace of asset purchases, should be driven by incoming data on the state of the economy as opposed to by the calendar.

During the financial crisis, Bullard advocated for establishing an explicit inflation target, which the FOMC since adopted. He has argued that the FOMC should defend the target when inflation is below as well as above it. In 2008, he warned about the potential consequences of zero-interest-rate policy, arguing that the Fed might need to turn to quantitative measures of monetary policy in order to avoid deflation.[3]

Background

After earning his Ph.D. in 1990, Bullard joined the St. Louis Fed as an economist in the research division. By 2007 he had risen to become vice president and deputy director of research for monetary analysis. In April 2008 he was named CEO.

Bullard is an adjunct faculty member and Ph.D. adviser at Washington University in St. Louis. He is also a co-editor of the Journal of Economic Dynamics and Control and a peer reviewer for more than two dozen periodicals and institutions.[4]

Early in his tenure, Bullard warned about the possibility of a Japanese-style deflation in the U.S. His paper on this topic, published in 2010, helped move the FOMC’s thinking toward a second round of quantitative easing.

Education

Bullard earned a Bachelor of Science degree in quantitative methods and information systems and economics from St. Cloud State University in 1984, and a doctorate in economics from Indiana University in 1990.

References

  1. James Bullard. Federal Reserve Bank of St. Louis.
  2. James Bullard bio. Federal Reserve Bank of St. Louis.
  3. James Bullard Bio. St. Louis Federal Reserve Bank.
  4. James Bullard. Wall Street Journal.