James B. Bullard
Encyclopedia
James B. Bullard is the 12th president of the Federal Reserve Bank of St. Louis
. He is currently serving a term that began on March 1, 2011. Dr. Bullard succeeded William Poole
as president of the St. Louis Federal Reserve Bank on April 1, 2008.
. He received a bachelor's degree in quantitative methods
and information systems, and economics
from St. Cloud State University
in 1984 and a Ph.D. in economics from Indiana University
in 1990.
Dr. Bullard represents the Bank on the Federal Open Market Committee
(FOMC), the Federal Reserve’s chief monetary policymaking body, and was a voting member in 2010. Prior to becoming president, Dr. Bullard was vice president and deputy director of research for monetary analysis at the Federal Reserve Bank of St. Louis. He joined the Bank in 1990 as an economist in the Research Division.
According to Fed salary figures released for 2010, Bullard earns $276,800 per year, at the low end of the range for the twelve regional bank chairs but still considerably more than Fed
chair Ben Bernanke ($199,700), whose pay is limited by law.
Dr. Bullard's research has appeared in numerous professional journals, including the American Economic Review
; Journal of Monetary Economics
; Journal of Money, Credit, and Banking; Journal of Economic Growth; and Journal of Economic Theory
. He is currently an adjunct faculty member and Ph.D. adviser at Washington University in St. Louis
. Dr. Bullard 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.
week, on Sunday, November 22, 2009, Dr. Bullard said "that the central bank should extend its mortgage-backed securities buying program beyond its expiration date in March [2010]. That decision [the reporter added] would keep interest rates low and help keep the dollar weak." Bullard's statement was cited as a reason for, through mid-afternoon on November 23, a positive day in the stock markets, albeit while gold price also continued to rise, and the dollar continued to fall on the foreign exchange market
.
Bullard took a public stand in May 2010, in support of Federal Reserve independence and against any move in Congress that would lead to the politicization of the Fed. He has also argued that “The Fed should remain involved with community bank regulation so that it has a view of the entire financial landscape."
In July 2010, as a voting FOMC member and soon after concerned testimony by Fed chair Ben Bernanke
, Bullard made a statement about the U.S. economy being "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years.'" According to the report, Bullard "had been viewed as a centrist and associated with the camp that sees inflation, the Fed’s traditional enemy, as a greater threat than deflation," along with Charles I. Plosser, Philadelphia Fed
, Richard W. Fisher
, Dallas Fed
, and Thomas M. Hoenig
of the Kansas City Fed. Laurence H. Meyer
, a former Fed governor, said Bullard’s new position was "very significant .... He has been one of the most hawkish members." More concerned with the risk of deflation (i.e less hawkish) have been Eric S. Rosengren
of Boston
, Janet L. Yellen of San Francisco
and William C. Dudley of New York. And President Barack Obama
has three nominees pending which could affect the policy balance: Ms. Yellen to be vice chair, and Peter A. Diamond
and Sarah Bloom Raskin
to fill vacancies, and the latter two "have also expressed serious concerns about unemployment. [All three nominees] are on track to be confirmed by the Senate."
Federal Reserve Bank of St Louis
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. Missouri is the only state to have two Federal Reserve Banks . The St...
. He is currently serving a term that began on March 1, 2011. Dr. Bullard succeeded William Poole
William Poole (Federal Reserve Bank president)
William Poole was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23, 1998 and began serving his full term on March 1, 2001. In 2007, he served as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy...
as president of the St. Louis Federal Reserve Bank on April 1, 2008.
Life and career
Dr. Bullard is a native of Forest Lake, MinnesotaForest Lake, Minnesota
Forest Lake is a city in Washington County, Minnesota, United States. The population was 18,375 at the 2010 census. It is located on Minnesota's 94th largest lake .Interstate 35 and U.S...
. He received a bachelor's degree in quantitative methods
Quantitative research
In the social sciences, quantitative research refers to the systematic empirical investigation of social phenomena via statistical, mathematical or computational techniques. The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to...
and information systems, and economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from St. Cloud State University
St. Cloud State University
St. Cloud State University is a four-year public university founded in 1869 on the banks of the Mississippi River in St. Cloud, Minnesota, United States. The university is the largest member of the Minnesota State Colleges and Universities system which is the largest single provider of higher...
in 1984 and a Ph.D. in economics from Indiana University
Indiana University
Indiana University is a multi-campus public university system in the state of Indiana, United States. Indiana University has a combined student body of more than 100,000 students, including approximately 42,000 students enrolled at the Indiana University Bloomington campus and approximately 37,000...
in 1990.
Dr. Bullard represents the Bank on the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
(FOMC), the Federal Reserve’s chief monetary policymaking body, and was a voting member in 2010. Prior to becoming president, Dr. Bullard was vice president and deputy director of research for monetary analysis at the Federal Reserve Bank of St. Louis. He joined the Bank in 1990 as an economist in the Research Division.
According to Fed salary figures released for 2010, Bullard earns $276,800 per year, at the low end of the range for the twelve regional bank chairs but still considerably more than Fed
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
chair Ben Bernanke ($199,700), whose pay is limited by law.
Dr. Bullard's research has appeared in numerous professional journals, including the American Economic Review
American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
; Journal of Monetary Economics
Journal of Monetary Economics
The Journal of Monetary Economics is a leading journal on macroeconomics and monetary economics currently published by Elsevier. Its first issue was in October of 1973. Beginning in 2002, the Carnegie-Rochester Conference Series on Public Policy: a bi-annual conference proceedings began to be...
; Journal of Money, Credit, and Banking; Journal of Economic Growth; and Journal of Economic Theory
Journal of Economic Theory
The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics. Although the journal was originally intended as a specialty journal in mathematical economics, JET is now generally regarded as the leading journal in economic theory and one of...
. He is currently an adjunct faculty member and Ph.D. adviser at Washington University in St. Louis
Washington University in St. Louis
Washington University in St. Louis is a private research university located in suburban St. Louis, Missouri. Founded in 1853, and named for George Washington, the university has students and faculty from all fifty U.S. states and more than 110 nations...
. Dr. Bullard is also a co-editor of the Journal of Economic Dynamics and Control
Journal of Economic Dynamics and Control
The Journal of Economic Dynamics and Control is a peer-reviewed scholarly journal devoted to computational economics, dynamic economic models, and macroeconomics. It is edited at the University of Amsterdam and published by Elsevier...
and a peer reviewer for more than two dozen periodicals and institutions.
Noted public positions taken
In the face of a pessimistic outlook by some for the U.S. stock market before ThanksgivingThanksgiving (United States)
Thanksgiving, or Thanksgiving Day, is a holiday celebrated in the United States on the fourth Thursday in November. It has officially been an annual tradition since 1863, when, during the Civil War, President Abraham Lincoln proclaimed a national day of thanksgiving to be celebrated on Thursday,...
week, on Sunday, November 22, 2009, Dr. Bullard said "that the central bank should extend its mortgage-backed securities buying program beyond its expiration date in March [2010]. That decision [the reporter added] would keep interest rates low and help keep the dollar weak." Bullard's statement was cited as a reason for, through mid-afternoon on November 23, a positive day in the stock markets, albeit while gold price also continued to rise, and the dollar continued to fall on the foreign exchange market
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
.
Bullard took a public stand in May 2010, in support of Federal Reserve independence and against any move in Congress that would lead to the politicization of the Fed. He has also argued that “The Fed should remain involved with community bank regulation so that it has a view of the entire financial landscape."
In July 2010, as a voting FOMC member and soon after concerned testimony by Fed chair Ben Bernanke
Ben Bernanke
Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis....
, Bullard made a statement about the U.S. economy being "at risk of becoming 'enmeshed in a Japanese-style deflationary outcome within the next several years.'" According to the report, Bullard "had been viewed as a centrist and associated with the camp that sees inflation, the Fed’s traditional enemy, as a greater threat than deflation," along with Charles I. Plosser, Philadelphia Fed
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware...
, Richard W. Fisher
Richard W. Fisher
Richard W. Fisher is currently the President and CEO of the Federal Reserve Bank of Dallas, having assumed that post in April, 2005.-Career:...
, Dallas Fed
Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico....
, and Thomas M. Hoenig
Thomas M. Hoenig
Thomas Michael Hoenig took office October 1, 1991, as the eighth chief executive of the Tenth District Federal Reserve Bank, in Kansas City, United States. He is serving a full term that began March 1, 2001...
of the Kansas City Fed. Laurence H. Meyer
Laurence Meyer
Laurence Meyer is an economist and was a United States Federal Reserve System governor from June 1996 to January 2002.Meyer received a B.A. from Yale University in 1965 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1970. He then taught at Washington University in St....
, a former Fed governor, said Bullard’s new position was "very significant .... He has been one of the most hawkish members." More concerned with the risk of deflation (i.e less hawkish) have been Eric S. Rosengren
Eric S. Rosengren
Eric S. Rosengren took office on July 23, 2007, as the thirteenth president and chief executive officer of the Federal Reserve Bank of Boston, serving the First District. He serves the remainder of a term that began on March 1, 2006...
of Boston
Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers most of Connecticut , Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. It is headquartered in the Federal Reserve Bank Building in Boston,...
, Janet L. Yellen of San Francisco
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states-—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--plus the Northern Mariana Islands, American Samoa,...
and William C. Dudley of New York. And President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
has three nominees pending which could affect the policy balance: Ms. Yellen to be vice chair, and Peter A. Diamond
Peter A. Diamond
Peter Arthur Diamond is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences in 2010, along with Dale T. Mortensen...
and Sarah Bloom Raskin
Sarah Bloom Raskin
Sarah Bloom Raskin is an American attorney and regulator, who is currently a member of the Board of Governors of the Federal Reserve System. Previously, she served as Maryland Commissioner of Financial Regulation.-Early life and education:...
to fill vacancies, and the latter two "have also expressed serious concerns about unemployment. [All three nominees] are on track to be confirmed by the Senate."