Kevin Warsh

Shepard Family Distinguished Visiting Fellow in Economics

Kevin Warsh serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business.

He advises several private and public companies, including service on the board of directors of UPS.  Warsh is a member of the Group of Thirty (G30) and the President’s Strategic and Policy Forum.  

Warsh conducts extensive research in the field of economics and finance.  He issued an independent report to the Bank of England proposing reforms in the conduct of monetary policy in the United Kingdom.  Parliament recently adopted the report’s recommendations.

Governor Warsh served as a member of the Board of Governors of the Federal Reserve System from 2006 until 2011.  Warsh served as the Federal Reserve's representative to the Group of Twenty (G-20) 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.

Prior to his appointment to the Board, from 2002 until 2006, Warsh served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council.  Previously, Warsh was a member of the Mergers & Acquisitions department at Morgan Stanley & Co. in New York, serving as Vice President and Executive Director.

Warsh received his A.B. from Stanford University, and his J.D. from Harvard Law School.

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Recent Commentary


America Needs A Steady, Strategic Fed

by Kevin Warshvia Wall Street Journal
Monday, January 30, 2017

When central bankers react to short-term data, they confuse the immediate with the important.

Responders of First or Last Resort: Central Bank Strategies in an Era of Ultra-Low Interest Rates

by Kevin Warshvia Analysis
Friday, January 6, 2017

Long after the Great Recession and Financial Crisis ended, most of the world’s major central banks have continued to maintain extremely accommodative policies. But with output growth still disappointingly low and inflation below target in many countries, should central banks adopt a new strategy?

Central Bank Governance And Oversight Reform: A Panel Discussion

by Michael D. Bordo, John H. Cochrane , Charles I. Plosser, John B. Taylor, Kevin Warsh
Tuesday, December 6, 2016

The Hoover Institution hosted "Central Bank Governance & Oversight Reform: A Panel Discussion" on Tuesday, December 6, 2016 from 10:00am - 12:00pm EST.


The Federal Reserve Needs New Thinking

by Kevin Warshvia Wall Street Journal
Wednesday, August 24, 2016

Its models are unreliable, its policies erratic and its guidance confusing. It is also politically vulnerable.

Analysis and Commentary

Challenging The Groupthink Of The Guild

by Kevin Warshvia Springer Link
Friday, August 5, 2016

The fall in global nominal GDP growth from the precrisis period to the post-crisis period is alarming. Economic policymakers, including central bankers, failed to deliver the economic outcomes that they promised. Monetary policy, in particular, is not readily reducible to a set of immutable truths. Too many in the professoriate rely to our detriment on the outputs of their preferred models.

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Decision-Making At The Fed

by Kevin Warshvia Defining Ideas
Tuesday, May 3, 2016

Why do some institutions succeed while others fail? Culture plays a major role.


The Blame-Thy-Neighbor Economic Excuse

by Kevin Warshvia Wall Street Journal
Thursday, April 28, 2016

Faced with stagnation, the big economies cite vague ‘headwinds’ and play a devaluation tit-for-tat.

Kevin M. Warsh, a member of the Federal Reserve System’s Board of Governors

Challenging the Groupthink of the Guild

by Kevin Warsh
Tuesday, March 8, 2016

Hoover Institution fellow Kevin Warsh's remarks on March 8, 2016, at the 32nd Annual Economic Policy Conference in Washington DC titled "Challenging the Groupthink of the Guild."

Federal Reserve

A Little Humility, Please, Mr. Summers

by Michael Spence, Kevin Warshvia Wall Street Journal
Wednesday, November 4, 2015

The former treasury secretary launches a misguided defense of quantitative easing.


The Fed Has Hurt Business Investment

by Michael Spence, Kevin Warshvia Wall Street Journal
Monday, October 26, 2015

QE is partly to blame for record share buybacks and meager capital spending.