Talk:James B. Bullard

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The entry "James Bullard" is set to redirect to the soccer player Jimmy Bullard. I do not think this is appropriate, but don't know how to change it. Laurence R. Hunt, Kenora, Canada (talk) 19:16, 5 July 2008 (UTC)

Update request

Full disclosure: I work for the St. Louis Fed. We noticed a few things on our president's Wikipedia page that were outdated, plus would like to suggest a few additions. (This is my first time suggesting edits for an organization I work for, so thank you for being gracious and patient with me.)

... He is currently serving a term that began on March 1, 2016. ...

Federal Reserve Bank of St. Louis

... According to salary figures released for 2015, Bullard earns $339,700 per year, at the low end of the range for the 12 regional bank presidents but still considerably more than Fed chair Janet Yellen ($199,700), whose pay is limited by law. ...

Other

Bullard is an honorary professor of economics at Washington University in St. Louis, where he also sits on the advisory council of the economics department and on the advisory boards of the Center for Dynamic Economics and the Wells Fargo Advisors Center for Finance and Accounting Research. He is a member of the University of Missouri-St. Louis Chancellor's Council, the St. Cloud State University School of Public Affairs advisory council and the Greater St. Louis Financial Forum. He is chairman of the United Way's U.S.A. Board of Trustees and a member of the United Way Worldwide Board. Bullard also serves on the board of the St. Louis Regional Chamber and on the senior council of the Central Bank Research Association. He is co-editor of the Journal of Economic Dynamics and Control and a peer reviewer for more than two dozen periodicals and institutions.

References

Public positions

New approach to projections

In 2016, Bullard announced a new approach for the St. Louis Fed’s near-term U.S. macroeconomic and monetary policy projections. The new approach is based on the idea that the economy may experience one of several possible persistent regimes, which involve a combination of recession or no recession, high or low productivity growth, and high or low real returns on short-term government debt. While switches between regimes are possible, they are difficult to forecast. This contrasts with the more traditional approach to monetary policy projections, which assumes that the economy will converge to one single, long-run steady state. In the statement released June 17, 2016, Bullard said the current regime is characterized by low productivity growth, low real returns on short-term government debt and no recession. “Policy is regime dependent, leading to a recommended policy rate path which is essentially flat over the forecast horizon,” he said, where the forecast horizon is two to three years. He explained the need for a new approach in a speech on June 30, 2016. Given that the cyclical dynamics that resulted from the recession appeared to be over, Bullard said: “It no longer made sense to submit a forecast of output growing above trend, unemployment continuing to decline, inflation rising above target, and the policy rate increasing at a fairly steep pace. We needed to rethink our approach to forecasting.”

Inflation risk

In January 2016, the FOMC clarified that its inflation target is symmetric by adding language in its “Statement on Longer-Run Goals and Monetary Policy Strategy,” which said that “the Committee would be concerned if inflation were running persistently above or below this objective.” While Bullard agreed that the inflation target is symmetric, he dissented on the statement because he viewed the language as “insufficiently forward-looking and therefore potentially confusing for Fed communications.”

RCatSTLFed (talk) 16:19, 10 January 2017 (UTC)

References