Kevin M. Warsh

Distinguished Visiting Fellow
Biography: 

Kevin M. Warsh serves as a distinguished visiting fellow at Stanford University’s Hoover Institution and as a lecturer at Stanford’s Graduate School of Business. His most recent publication is Central Bank Governance and Oversight Reform A Policy Conference

He advises several private and public companies, including serving on the board of directors of UPS.  In addition, he is a member of the Group of Thirty.

Warsh served as a member of the Board of Governors of the Federal Reserve System from 2006 until 2011.  He also served as the Federal Reserve's representative to the Group of Twenty and as the board's emissary to the emerging and advanced economies in Asia. In addition, he was administrative governor, managing and overseeing the board's operations, personnel, and financial performance.

Before his appointment to the board, from 2002 until 2006,Warsh served as special assistant for economic policy  to the president and as executive secretary of the White House National Economic Council.  Previously, Warsh had been a member of the Mergers & Acquisitions Department at Morgan Stanley & Co. in New York , serving as vice president and executive director.

Warsh was born in upstate New York. He received his AB from Stanford University and his JD from Harvard Law School.

 

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Recent Commentary

Analysis and Commentary

How The U.S. Can Return To 4% Growth

by R. Glenn Hubbard, Kevin M. Warshvia The Wall Street Journal
Sunday, June 21, 2015

Short-term policy gimmicks need to be set aside in favor of longer-term tax and regulatory reforms.

The Federal Reserve And Inequality

by Kevin M. Warsh
Friday, June 5, 2015

Kevin Warsh mentioned.
The Federal Reserve deserves credit for helping stem an epic financial panic in 2008 and, subsequently, mitigating the worst downturn since the Great Depression.

Central Bank Governance and Oversight Reform: A Policy Conference

by Kevin M. Warshvia Analysis
Thursday, May 21, 2015

Monetary policy is conducted by individuals acting by legislative remit in an institutional setting. Great attention is paid to the individuals atop the largest central banks. Central bankers today are decidedly recognizable public figures. Some might even be called famous. Their newfound status, however, would make them thoroughly unrecognizable to their predecessors.

Transparency And The Bank Of England’s Monetary Policy Committee

by Kevin M. Warsh
Wednesday, December 17, 2014

Transparency is the watchword for monetary policy, and greater openness the hallmark of the modern central bank. Before it was fashionable, the Bank of England (Bank) was an early pioneer in the pursuit of transparency. In 1993, the institution became the first among its peers to publish an inflation report. The Bank renewed its transparency efforts after it was granted operational independence from Her Majesty’s Government in 1997. The newly created Monetary Policy Committee (MPC) was determined to build a strong public constituency in support of its price stability mandate.

Federal Reserve
Analysis and Commentary

The Asset-Rich, Income-Poor Economy

by Kevin M. Warsh, Stanley Druckenmillervia Wall Street Journal
Thursday, June 19, 2014

The Fed's balance-sheet recovery hasn't stirred business investment, an opportunity killer for workers.

Rethinking Macro: Reassessing Micro-Foundations

by Kevin M. Warshvia Working Group on Economic Policy
Wednesday, January 1, 2014

Working Group on Economic Policy: WP14103

This paper examines the policies that led to the financial crisis of 2008 and the suggested policies aimed at preventing such a crisis from ever happening again. It warns that top-down changes to macroeconomic policy may be altering the underlying micro-foundations of the economy, leading to uncertain effects in the future.

Housing Image

Warsh on Squawk Box: “this preoccupation with housing strikes me as really quite dangerous”

by Kevin M. Warshvia Squawk Box (CNBC)
Tuesday, November 26, 2013

Hoover distinguished visiting fellow Kevin M. Warsh discusses Fed policies on CNBC’s Squawk Box. Topics include housing assets, international trade, and Japan’s economy.

Federal Reserve chair Janet Yellen.
Analysis and Commentary

Finding Out Where Janet Yellen Stands

by Kevin M. Warshvia Wall Street Journal
Tuesday, November 12, 2013

The president nominated Janet Yellen, a friend and former colleague, to be the next chairman of the Federal Reserve. I expect she will marshal her strong intellect, meticulous preparation and ample experience to lead the central bank successfully.

 

Federal Reserve
Blank Section (Placeholder)Analysis and Commentary

The Conduct of Monetary Policy

by Kevin M. Warshvia Analysis
Wednesday, October 16, 2013

Warsh discusses the limits on the Federal Reserve's ability to regulate monetary policy. Topics include the credibility of the Federal Reserve, the importance of situational awareness for a central bank, communication policy as a tool for central banks, and the dual mandate (price stability and maximum sustainable employment) for central banks.

The Conduct of Monetary Policy

by Kevin M. Warshvia Cato Journal
Sunday, September 1, 2013

Working Group on Economic Policy: WP72

The Federal Reserve’s independence is essential to the conduct of monetary policy. But while the Fed is independent within government, it is not independent of government. The grant of authority to the Fed comes from Congress, to which the Fed is ultimately accountable. In my view, the Fed was granted significant powers by Congress, but those powers were not unlimited. The grant of authority was constrained. So by my measure, the Fed is a powerful institution, but a bounded one.

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