Kevin Warsh

Shepard Family Distinguished Visiting Fellow in Economics

Kevin Warsh is the Shepard Family Distinguished Visiting Fellow in Economics at Stanford University’s Hoover Institution and lecturer at Stanford’s Graduate School of Business. His most recent publication is Challenging the Groupthink of the Guild.

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


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.

Analysis and Commentary

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

by R. Glenn Hubbard, Kevin 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 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 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.