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John Taylor's Contributions to Monetary Theory and Policy

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John Taylor's Contributions to Monetary Theory and Policy John Taylor’s Contributions to Monetary Theory and Policy Federal Reserve Bank of Dallas October 12–13, 2007 About the Speakers Pier Francesco Asso James Bullard Professor Deputy Director of Research and Monetary Analysis University of Palermo, Italy Federal Reserve Bank of St. Louis Asso has published extensively on the history of central banking and A vice president and research economist at the Federal Reserve Bank of monetary systems, the history of economics in the interwar years and St. Louis, Bullard studies dynamics of macroeconomic systems, learning the role of economists as economic advisors. He recently edited a selec- in macroeconomic models and monetary theory. He is coeditor of the tion of works and correspondence of Franco Modigliani. He is managing Journal of Economic Dynamics and Control and has held visiting teaching editor of Storia del Pensiero Economico/History of Economic Thought positions at the University of Missouri, Southern Illinois University and and a member of the board of the Italian Association for the History of Washington University in St. Louis. He holds a Ph.D. in economics from Economic Thought. Indiana University and a B.S. in quantitative and information systems and economics from St. Cloud State University. Ben S. Bernanke Chairman Lawrence Christiano Federal Reserve Board of Governors Alfred W. Chase Chair in Business Institutions Northwestern University Before his appointment as Fed chairman, Bernanke was chairman of the president’s Council of Economic Advisers. He has served the Federal Christiano has been an economics professor at Northwestern University Reserve in several roles. He was a member of the Federal Reserve since 1992 and the Alfred W. Chase Chair in Business Institutions since Board of Governors; a visiting scholar at the Federal Reserve Banks of 2002. From 1985 to 1992, he was economist, senior economist and Philadelphia, Boston and New York; and a member of the academic research officer for the Federal Reserve Bank of Minneapolis. A onetime advisory panel at the Federal Reserve Bank of New York. Bernanke has consultant to the Federal Reserve Board, he has been a visiting scholar held numerous teaching positions at Princeton, Stanford and New York at the International Monetary Fund, European Central Bank and Federal universities and the Massachusetts Institute of Technology. He has Reserve Bank of Cleveland. Christiano is associate editor of five eco- published articles on a wide variety of economic issues, including mon- nomic journals, including Review of Economic Dynamics and Journal of etary policy and macroeconomics, and is the author of several scholarly Economic Dynamics and Control. He has been a research associate for the books and two textbooks. He has held a Guggenheim Fellowship and a National Bureau of Economic Research since 1993. Christiano earned a Sloan Fellowship, and he is a fellow of the Econometric Society and the doctorate in economics from Columbia University and master’s degrees American Academy of Arts and Sciences. Bernanke served as director of from the London School of Economics and the University of Minnesota. the Monetary Economics Program of the National Bureau of Economic Research and as a member of the NBER’s Business Cycle Dating Committee. He is former editor of the American Economic Review. Richard H. Clarida Bernanke received a B.A. in economics from Harvard University and a C. Lowell Harriss Professor of Economics Ph.D. in economics from Massachusetts Institute of Technology. Columbia University Clarida is professor of economics and international affairs at Columbia Martin Bodenstein University. In 2002–03, he was assistant secretary of the Treasury for Economist economic policy. In that position, he served as chief economist for the Federal Reserve Board Treasury Department, advising the Treasury secretary on a wide range of economic policy issues. He also served in the Reagan administration Bodenstein works in the trade and financial studies section of the Federal as senior staff economist with the Council of Economic Advisers. Clarida Reserve Board’s division of international finance. His research focuses has been a consultant to the Global Foreign Exchange Group at Credit on open-economy macroeconomics, monetary economics and macro- Suisse First Boston and Grossman Asset Management and is a global economics. Bodenstein received a Diplom in economics from Universität strategic advisor with Pimco. He is a member of the Council on Foreign Konstanz, Germany, and a Ph.D. in economics from Northwestern Relations and the National Bureau of Economic Research and is director University. of the NBER Project on G7 Current Account Imbalances. Clarida holds master’s and Ph.D. degrees in economics from Harvard University and a Mark Gertler bachelor’s degree from the University of Illinois. Henry and Lucy Moses Professor of Economics New York University Martin Eichenbaum Gertler’s research in macroeconomics and monetary policy has been Ethel and John Lindgren Professor of Economics published widely, including numerous articles with Federal Reserve Northwestern University Chairman Ben Bernanke. He has also been a visiting scholar at the Federal Reserve Bank of New York as well as visiting professor at Before joining the faculty at Northwestern, Eichenbaum was associate Yale and Princeton universities and the Massachusetts Institute of professor of economics at Carnegie Mellon University. He has been a Technology. He is a coeditor of the American Economic Review and visiting associate professor of economics at the University of Chicago’s has received numerous research grants from the National Science Graduate School of Business and a visiting economics professor at the Foundation. Among professional honors, he is a fellow of the University of Pennsylvania’s Wharton School of Business. Eichenbaum Econometric Society and recipient of a Guggenheim Fellowship. Gertler is a senior consultant to the Federal Reserve Bank of Chicago and a fel- holds a Ph.D. from Stanford University and a B.A. from the University of low of the Econometric Society. He has been associate editor of scholarly Wisconsin. publications that include the Review of Economics and Statistics, Review of Economic Dynamics and Journal of Monetary Economics. He holds a bachelor’s degree in economics from McGill University in Montreal and a Luca Guerrieri Ph.D. in economics from the University of Minnesota. Economist Division of International Finance Christopher Erceg Federal Reserve Board Chief, Trade and Financial Studies Section As an economist at the Federal Reserve Board, Guerrieri specializes in Division of International Finance developing and maintaining economic models for policy analysis. His Federal Reserve Board work has been published in the International Journal of Central Banking; Journal of Money, Credit, and Banking; and Journal of the European Erceg’s major areas of research include monetary policy, macroeconom- Economic Association. He holds a Ph.D. in economics from Stanford ics and international economics. During his tenure with the Federal University and an M.Sc. and B.Sc. in economics from the London School Reserve Board, he has served as an adjunct professor for four universi- of Economics. ties: Columbia, Georgetown, Johns Hopkins and Syracuse. Erceg has been published in numerous academic journals, including the American Economic Review, Journal of the European Economic Association and Robert E. Hall Journal of Monetary Economics. Erceg holds a B.A. in economics from the Robert and Carole McNeil Hoover Senior Fellow and University of Virginia and a Ph.D. in economics from the University of Professor of Economics Chicago. Stanford University Hall’s research focuses on levels of activity and employment and stock Richard W. Fisher market valuations in market economies and on the economics of technol- President and Chief Executive Officer ogy. He is a member of the National Academy of Sciences and a fellow Federal Reserve Bank of Dallas of the American Academy of Arts and Sciences and the Econometric Society. Hall previously taught at the Massachusetts Institute of Before coming to the Dallas Fed in 2005, Fisher was vice chairman of Technology and the University of California, Berkeley. Along with Kissinger McLarty Associates, a strategic advisory firm chaired by former Hoover Institution colleague Alvin Rabushka, Hall developed a proposal Secretary of State Henry Kissinger. From 1997 to 2001, Fisher was deputy for comprehensive tax reform that culminated in their book The Flat Tax. U.S. trade representative with the rank of ambassador. He oversaw the Hall is also a coauthor, with Marc Lieberman, of Economics: Principles implementation of the North American Free Trade Agreement, negotia- and Applications. Hall has advised the Justice and Treasury depart- tions for the Free Trade Area of the Americas, and various agreements ments and Federal Reserve Board and has testified before congressional with Vietnam, Korea, Japan, Chile and Singapore. He was a senior committees on national economic policy. He received a B.A. from the member of the team that negotiated the bilateral accords for China’s and University of California, Berkeley, and a Ph.D. from the Massachusetts Taiwan’s accession to the World Trade Organization. He holds a bache- Institute of Technology. lor’s degree in economics from Harvard University and an M.B.A. from Stanford University. Otmar Issing the Dallas Fed’s Research Department, briefs the president and Bank President directors on national economic
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