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).  

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

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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Time to Get Growing

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Hoover Digest
Monday, October 23, 2017

Weak economic performance is not inevitable. 

Long-Term Issues For Central Banks

by Jaime Caruana, Kevin Warshvia Bank for International Settlements
Wednesday, August 9, 2017

The global political, economic and financial landscape is constantly evolving. Some of the changes may prove short-lived. But others may be slow-moving and persistent, and only detectable over time as evidence accumulates. Although central banks’ day-to-day operations and policymaking tend to focus on near- or medium-term developments, longer-term trends and structural changes will at some point come into the picture – not least because of their impact on the economic relationships that are central to policy formulation and analysis.

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On The Prospects For Higher Economic Growth

by John F. Cogan, R. Glenn Hubbard, John B. Taylor, Kevin Warshvia Analysis
Tuesday, July 18, 2017

Hoover and AEI economists release white paper on comprehensive economic policy reforms to achieve 3 percent growth.

The Structural Foundations of Monetary Policy: The Battle of Ideas

by Kevin Warshvia Analysis
Friday, May 5, 2017

Kevin Warsh delivers speech at the 2017 Hoover Institution Monetary Policy conference on The Structural Foundations of Monetary Policy. View Speech.


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.