Kevin Warsh

Shepard Family Distinguished Visiting Fellow in Economics
Biography: 

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).  

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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Interviews

Kevin Warsh: McCloskey Speaker Series 2019: The State Of American Capitalism

interview with Kevin Warshvia Aspen Institute
Tuesday, July 30, 2019

Hoover Institution fellow Kevin Warsh discusses the current state of the economy, how it’s impacted by world affairs, and what tools the Federal Reserve has at its disposal to influence monetary policy.

Interviews

Ex-Fed Gov. Kevin Warsh Says Fed Needs To Defend Independence, Expresses Support For Powell

interview with Kevin Warshvia Bloomberg
Friday, May 3, 2019

Hoover Institution fellow Kevin Warsh discusses the current state of monetary policy.

Tying Down the Anchor: The Task Gets Tougher

by Kevin Warshvia Strategies for Monetary Policy
Friday, May 3, 2019

One can view the proximity of the current Fed policy stance to the zero-lower-bound as an accident of history, or a wise choice. So, too, the grand scale and scope of the Fed’s balance sheet. No matter one’s judgment, the Fed finds itself with less conventional and unconventional ammunition. With ammunition low, Fed credibility – to act independently, get policy right, and explain well the rationale for its actions—is at a premium. Fed cred will be relied upon most when the economy slows or confronts a shock. So it’s encouraging that Fed is open to considering reforms in the conduct of monetary policy.

The Federal Reserve
Featured

Fed Tightening? Not Now

by Stanley Druckenmiller, Kevin Warshvia The Wall Street Journal
Sunday, December 16, 2018

The central bank should pause its double-barreled blitz of higher interest rates and tighter liquidity.

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How the World Recovered: The 2008 Financial Crisis Ten Years Later

interview with George Osborne, Kevin Warshvia Uncommon Knowledge
Wednesday, October 17, 2018

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Analyzing the Global Financial Crisis and Its Aftermath in the United States and the United Kingdom with Kevin Warsh and George Osborne.

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How The World Recovered: The 2008 Financial Crisis Ten Years Later

interview with Kevin Warsh, George Osbornevia Uncommon Knowledge
Wednesday, October 17, 2018

Analyzing the global financial crisis and its aftermath in the United States and the United Kingdom with Kevin Warsh and George Osborne.

Featured

The Fault Lies In R-Star And In Ourselves

by Kevin Warshvia The Wall Street Journal
Tuesday, September 25, 2018

[Subscription Required] Today, the idea most in vogue in central-bank circles is something called “r-star”—the neutral real interest rate at which monetary policy is neither accommodative nor restrictive. Many policy makers and academics now recommend setting Fed interest rates principally by determining r-star. But like many great theoretical insights—this one originally offered by Swedish economist Knut Wicksell in 1898—r-star has been pushed well beyond its practical utility.

Analysis and Commentary

Priorities On The Path To Normalization

by Kevin Warshvia CATO Journal
Tuesday, May 8, 2018

I was honored to serve as a governor of the Federal Reserve System during the financial crisis. The times were tough, but the institution was strong—sustained by a Fed staff that was tired and tireless, hopeful and humble, brilliant without bravado.

Bitcoins
Featured

The Meaning Of Bitcoin’s Volatility

by Kevin Warshvia Wall Street Journal
Wednesday, March 7, 2018

Cryptocurrency may be a leading indicator for traditional assets such as stocks, bonds and credit.

Priorities on the Path to Normalization

by Kevin Warshvia Cato Institute
Thursday, November 16, 2017

I was honored to serve as a governor of the Federal Reserve during the crisis. The times were tough. But the institution was strong. And sustained by a Fed staff that was tired and tireless, hopeful and humble, brilliant without bravado.

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