James Bullard on FAIT, Nominal GDP Targeting, and the Fed’s Upcoming Framework Review

James Bullard 谈 FAIT、名义 GDP 目标以及美联储即将进行的框架审查

Macro Musings with David Beckworth

教育

2024-07-22

54 分钟
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James Bullard was the president and CEO of the Federal Reserve Bank of St. Louis from 2008 to 2023, and he is currently the dean of the Mitchell E. Daniels Jr. School of Business at Purdue University. James is also a previous guest of the show, and he rejoins David on Macro Musings to talk about his time at the Fed, FAIT, and the upcoming Fed framework review. Specifically, James and David also discuss how to improve the FOMC’s economic reporting, the case for implementing nominal GDP targeting, the future of R-star, and much more.   Transcript for this week’s episode.   James’s St. Louis Fed bio James’s Purdue University profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *R-Star Wars: The Phantom Menace* - A presentation by James Bullard at the 34th Annual National Association for Business Economics (NABE) Economic Policy Conference   *Demand Shocks as Technology Shocks* by Yan Bai, Jose-Victor Rios-Rull, and Kjetil Storesletten   Timestamps:   (00:00:00) – Intro   (00:03:10) – Defining the St. Louis Fed and Bullard’s Fed Tenure   (00:09:58) – Comparing FAIT and Nominal GDP Targeting   (00:15:55) – Assessing the Current FAIT Framework   (00:25:37) – Evaluating the Recent V-Shaped Recovery   (00:29:28) – What to Expect from the Upcoming Fed Framework Review   (00:33:31) – Improving the FOMC’s Economic Reporting   (00:37:46) – The Case for Nominal GDP Targeting   (00:50:24) – The Future of R-Star   (00:53:52) – Outro
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  • Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present and future.

  • I am your host, David Beckworth, a senior research fellow at the Mercator center at George Mason University.

  • And I'm glad you decided to join us.

  • Our guest today is James Bullardez.

  • Jim was the president and CEO of the Federal Reserve bank of St.

  • Louis from 2008 to 2023 and is currently the dean of the Mitchell E.

  • Daniels Junior School of Business at Purdue University.

  • Jim joins us today to talk about the time he spent at the Fed, fate, the upcoming Fed framework review, and much more.

  • Jim, welcome back to the program.

  • Great to be here.

  • Thanks for having me.

  • Well, it's great to have you on.

  • You've been a dean now for almost a year, is that correct?

  • Yeah, about eleven months.

  • Okay.

  • So you're well into your journey there as a dean, and I'm just wondering, what is it like going from being a Fed president to a business school dean?

  • Yeah, I've been joking with people a little bit that it's not all as different as you might think.

  • You have certainly an entity within a bigger system, which is very much what the Federal Reserve was like, and you have certain responsibilities in your group compared to the overall enterprise.

  • And so lots of dotted lines, lots of committees, but also authority within your own unit.

  • And there's a lot to like about the Daniels school.