Monetary Policy

Overview
Featured Research
Featured Commentary
Publications
Research Team
Fellows
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Featured Research

Working Papers

Central Bank Undersight: Assessing the Fed’s Accountability to Congress

February 8, 2024 By Andrew T. Levin , Christina Parajon Skinner

via Economics Working Papers

Articles

Federal Reserve Structure and the Production of Monetary Policy Ideas

November 13, 2023 By Michael D. Bordo , Edward Prescott

via Economics Working Papers

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Books

Getting Monetary Policy Back on Track

Experts in economic policy debate the 2021 surge in inflation, why the Federal Reserve was slow to respond, and whether rule-like policy is the best approach to controlling inflation.

March 1, 2024 By Michael D. Bordo , John H. Cochrane , John B. Taylor

via Hoover Institution Press

Working Papers

Adam Smith as a Model for the Modern Monetary-Policy Economist

August 24, 2023 By Michael D. Bordo , Hugh Rockoff

via Economics Working Papers

Working Papers

Monetary Tightening, Commercial Real Estate Distress, And US Bank Fragility

December 18, 2023 By Amit Seru , Gregor Matvos , Tomasz Piskorski , Erica Xuewei Jiang

via NBER Working Paper

Working Papers

The Fed: Bad Forecasts And Misguided Monetary Policy

March 1, 2023 By Mickey D. Levy

via Economics Working Papers

Featured Commentary

Articles

The Federal Reserve Deserves A Pat On The Back

December 27, 2023 By John H. Cochrane

via The Wall Street Journal

Articles

The Case For And Against Central Bankers

November 16, 2023 By Raghuram Rajan

via Chicago Booth Review

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Videos

Dropping Money From Helicopters: Economist John Cochrane On Inflation

John Cochrane is the Rose-Marie and Jack Anderson Senior Fellow in Economics at the Hoover Institution and the author of a new book,

February 27, 2023 interview with John H. Cochrane

via Uncommon Knowledge with Peter Robinson

Articles

The Bond Market’s Message

October 5, 2023 By Kevin Warsh

via The Wall Street Journal

Articles

Is 2% Really The Right Inflation Target For Central Banks?

July 27, 2023 By Michael J. Boskin , John H. Cochrane , Brigitte Granville , Kenneth Rogoff

via Project Syndicate

Articles

Strong Fed Chairmen Confront Spending

June 19, 2023 By Thomas J. Sargent , William Silber

via The Wall Street Journal

Key Research Teams

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Economic Policy Working Group

Fellows in this Policy Area

Darrell Duffie

Senior Fellow (courtesy)

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Darrell Duffie

Senior Fellow (courtesy)

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, professor (by courtesy) at the Department of Economics, and Senior Fellow (by courtesy) at the Hoover Institution. Duffie is a fellow of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. He was the 2009 president of the American Finance Association. From October 2008 to April 2018 Duffie was a member of the board of directors of Moody’s Corporation. From 2013 to 2017 he chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform. Duffie’s recent work focuses on the design and regulation of capital markets. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals. His most recent books are How Big Banks Fail: And What to Do about It (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets: Asset Pricing and Information Trasmission in Over-the-Counter Markets (Princeton University Press, 2012).

John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

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John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute. Before joining Hoover, Cochrane was a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83). Cochrane’s recent publications include the book Asset Pricing and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy, and the fiscal theory of the price level. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. His Asset Pricing PhD class is available online via Coursera. Cochrane frequently contributes editorial opinion essays to the Wall Street Journal, Bloomberg.com, and other publications. He maintains the Grumpy Economist blog.

Robert E. Hall

Robert and Carole McNeil Senior Fellow

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Robert E. Hall

Robert and Carole McNeil Senior Fellow

Robert E. Hall holds a joint position endowed by Robert and Carole McNeil as a senior fellow at the Hoover Institution and a professor in the economics department, Stanford University. He is a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences, the Econometric Society and the Society of Labor Economists. Hall is an applied economist with interests in technology, competition, employment issues, and economic policy. He is a frequent contributor to discussions of national economic policy, including monetary policy, fiscal policy, and competition policy. Hall's research focuses on levels of activity and stock market valuations in market economies and on the economics of high technology, particularly the Internet. His most recent book, Digital Dealing: How e-Markets Are Transforming the Economy, was published by W. W. Norton in 2001. Along with Hoover colleague Alvin Rabushka, Hall is an active proponent of the flat tax. Their article in the Wall Street Journal in December 1981 was the starting point of an upsurge of interest in the flat tax. This led to their book, The Flat Tax (Hoover Institution Press, 1985 and 1995). The pair was recognized in Money magazine's Money Hall of Fame for their contributions to financial innovation over the past twenty years. Hall is coauthor, with Marc Lieberman, of Economics: Principles and Applications, 3rd edition (South-Western, 2004). Hall also serves as director of the research program on economic fluctuations and growth of the National Bureau of Economic Research, an interuniversity research organization. He is chairman of the bureau's Committee on Business Cycle Dating, which maintains the semiofficial chronology of the U.S. business cycle. Hall has advised a number of government agencies on national economic policy, including the Justice Department, the Treasury Department, and the Federal Reserve Board. He served on President-elect Ronald Reagan's Task Force on Inflation Policy and was a member of the National Presidential Advisory Committee on Productivity. He has testified on numerous occasions before congressional committees concerning national economic policy. He presented the Ely Lecture to the American Economic Association in 2001. Before coming to Stanford, Hall was a professor of economics at the Massachusetts Institute of Technology and an assistant professor at the University of California at Berkeley. Born in Palo Alto, California, he attended school in Palo Alto and Los Angeles, received his B.A. from the University of California at Berkeley and his Ph.D. from the Massachusetts Institute of Technology. Hall is married to economist Susan Woodward and lives in Menlo Park, California.

John B. Taylor

George P. Shultz Senior Fellow in Economics

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John B. Taylor

George P. Shultz Senior Fellow in Economics

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy, co-chairs the Hoover Technology, Economics and Governance Working Group, and is director of Stanford’s Introductory Economics Center. Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, for which he received the 2012 Hayek Prize, develops an economic plan to restore America’s prosperity. His most recent book is Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s with George P. Shultz. Taylor served as senior economist on President Ford's and President Carter’s Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole’s presidential campaign, to George W. Bush’s presidential campaign in 2000, and to John McCain’s presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20. Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award as well as the Adolph G. Abramson Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association. Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy. Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

Michael J. Boskin

Wohlford Family Senior Fellow

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Michael J. Boskin

Wohlford Family Senior Fellow

Michael J. Boskin is the Wohlford Family Senior Fellow at the Hoover Institution and the Tully M. Friedman Professor of Economics at Stanford. He is also a research associate of the National Bureau of Economic Research. In addition, he advises governments and businesses globally. Boskin served as chairman of the President’s Council of Economic Advisers (CEA) from 1989 to 1993, when he helped resolve the Third World Debt and Saving and Loan financial crises, and place the first effective controls on government spending while protecting the defense budget. His CEA was rated by the Council for Excellence in Government as one of the five most respected agencies in the federal government. He earlier served on presidential candidate Ronald Reagan’s Tax Policy Task Force, helping develop the policies that, during Reagan’s presidency, substantially lowered marginal tax rates, indexed tax brackets for inflation, accelerated depreciation, and created IRAs and 401Ks, the economic rationale for which was predicated on his research on the effects of taxes on saving. He later chaired the highly influential blue-ribbon Advisory Commission to Study the Consumer Price Index, whose report has transformed the way government statistical agencies around the world measure inflation, GDP, and productivity. Boskin serves on several corporate and philanthropic boards of directors, including those of the Oracle Corporation, the Koret Foundation and Bloom Energy. In addition to Stanford and the University of California, Boskin has taught at Harvard and Yale. The author of more than one hundred fifty books and articles, he is internationally recognized for his research on world economic growth, tax and budget theory and policy, US saving and consumption patterns, and the implications of changing technology and demography on capital, labor, and product markets. His op-eds appear regularly in the Wall Street Journal and other leading newspapers. He also writes a bimonthly column on global economics and politics syndicated in 145 countries. Boskin has received numerous professional awards and citations, including Stanford’s Distinguished Teaching Award in 1988; the National Association of Business Economists’ Abramson Award for outstanding research and its Distinguished Fellow Award; the Medal of the President of the Italian Republic in 1991 for his contributions to global economic understanding; and the 1998 Adam Smith Prize for outstanding contributions to economics. Boskin received his BA with highest honors and the Chancellor’s Award as outstanding undergraduate from the University of California–Berkeley, where he also received his MA and PhD. His research papers and op-eds are available at the Hoover Institution Archives and on his personal website. His current research focuses on the defense budget, federalism, the political economy of redistribution, and more generally, public economics and macroeconomics.

Steven J. Davis

Thomas W. and Susan B. Ford Senior Fellow

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Steven J. Davis

Thomas W. and Susan B. Ford Senior Fellow

Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow at the Hoover Institution, Senior Fellow at Stanford Institute for Economic Policy Research (SIEPR), and William H. Abbott Distinguished Service Professor Emeritus of International Business and Economics at the University of Chicago Booth School of Business. He is a research associate of the National Bureau of Economic Research, economic adviser to the U.S. Congressional Budget Office, visiting scholar at the Federal Reserve Bank of Atlanta, elected fellow of the Society of Labor Economists, senior adviser to the Brookings Papers on Economic Activity, and senior academic fellow of the Asian Bureau of Finance and Economic Research (ABFER). He also serves on the ABFER executive committee. Davis is co-founder of the Economic Policy Uncertainty project, the Survey of Working Arrangements and Attitudes, the Survey of Business Uncertainty, and the Stock Market Jumps project. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Awards and Honors: Addington Prize in Measurement (2012) Society of Labor Economics, Elected Fellow (2015)

Lee Ohanian

Senior Fellow (adjunct)

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Lee Ohanian

Senior Fellow (adjunct)

Lee E. Ohanian is a senior fellow (adjunct) at the Hoover Institution and a professor of economics and director of the Ettinger Family Program in Macroeconomic Research at the University of California, Los Angeles (UCLA). He is associate director of the Center for the Advanced Study in Economic Efficiency at Arizona State University and a research associate at the National Bureau of Economic Research, where he codirects the research initiative Macroeconomics across Time and Space. He is also a fellow in the Society for the Advancement of Economic Theory. His research focuses on economic crises, economic growth, and the impact of public policy on the economy. Ohanian is coeditor of Government Policies and Delayed Economic Recovery (Hoover Institution Press, 2012). He is an adviser to the Federal Reserve Banks of Minneapolis and St. Louis, has previously advised other Federal Reserve banks, foreign central banks, and the National Science Foundation, and has testified to national and state legislative committees on economic policy. He is on the editorial boards of Econometrica and Macroeconomic Dynamics. He is a frequent media commentator and writes for the Wall Street Journal, Forbes, and Investor’s Business Daily. He has won numerous teaching awards at UCLA and the University of Rochester. He previously served on the faculties of the Universities of Minnesota and Pennsylvania and as vice president at Security Pacific Bank. He received his undergraduate degree in economics from the University of California, Santa Barbara, and his PhD in economics from the University of Rochester.

Thomas J. Sargent

Senior Fellow (adjunct)

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Thomas J. Sargent

Senior Fellow (adjunct)

Thomas J. Sargent is a senior fellow (adjunct) at the Hoover Institution and a leader in the field of macroeconomics. He is the William R. Berkley Professor of Economics and Business at New York University and the Donald L. Lucas Professor in Economics, Emeritus, at Stanford University. He received the Nobel Prize in economic sciences in 2011. A professor of economics at the University of Minnesota from 1975 to 1987, when he joined the Hoover staff, he was also the David Rockefeller Professor at the University of Chicago from 1992 to 1998. Sargent is past president of the Econometric Society, the American Economic Association, and the Society for Economic Dynamics. Sargent was a university medalist as Most Distinguished Scholar in the Class of 1964 and won the Nemmers Prize in Economics in 1997. Sargent was elected a fellow of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences, both in 1983. Among his books are Rational Expectations and Econometric Practice, with Robert E. Lucas Jr., University of Minnesota Press, 1981; The Big Problem of Small Change, with Francois Velde, Princeton University Press, 2002; Recursive Macroeconomic Theory, with Lars Ljungqvist, MIT Press, 2004; and Robustness, with Lars Peter Hansen, Princeton University Press, 2007. Sargent earned his PhD from Harvard University in 1968 and was a first lieutenant and captain in the US Army.