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James Bullard President and Chief Executive Officer

James Bullard discussing "Model Uncertainty and Monetary Policy Design" at the Bank of Korea 2008 Conference, May 2008.

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• Biography
• Curriculum Vitae - PDF( 93K )

• "Fed hawk wary of rate cut but another softens tone," By Alister Bull, Reuters, October 7, 2008.
• "Fed's Bullard: Rate cuts not the solution," By Alister Bull, Reuters, October 6, 2008.
• "Inflation next, says Fed official: Brewing problem in need of attention, says Bullard," By David Flaum, Memphis Commercial Appeal, August 31, 2008.
• "Fed Official Sees Housing Steadying; Inflation a Worry," by Terry Boyd, Business First of Louisville, July 25, 2008.
• "Good Timing for Inflation Hawk Bullard at the Fed," by David Nicklaus, business column, St. Louis Post-Dispatch, July 11, 2008.
• "St. Louis Fed’s Approach to Monetary Policy Won’t Change," Federal Reserve Bank of St. Louis The Regional Economist, July 2008.
• "New President Bullard Bullish on Economics," Federal Reserve Bank of St. Louis Central Banker, Summer 2008.

• October 2, 2008. "Systemic Risk and the Macroeconomy: An Attempt at Perspective." Delivered at Indiana University, Bloomington, Ind.
• September 26, 2008. "Near-Term Challenges for the U.S. Economy." Delivered at the 2008 Annual Economic Outlook Conference, Middle Tennessee State University, Murfreesboro, Tenn.
• June 11, 2008. "Remarks on the U.S. Economy." Delivered at the Macroeconomic Advisers Quarterly Outlook Conference, St. Louis, Missouri. (PDF version).
• June 6, 2008. "Remarks on the U.S. Economy and the State of the Housing Sector." Delivered at the Wisconsin Housing Conference, sponsored by the University of Wisconsin-Madison Graaskamp Center for Real Estate, the Wisconsin Housing and Economic Development Authority, the State of Wisconsin Bureau of Housing, Department of Commerce, and the Wisconsin Realtors Association, Madison, Wisconsin. (PDF version).
• June 4, 2008. "A Perspective on the U.S. Economy." Delivered at the University of Arkansas Quarterly Business Analysis Breakfast, sponsored by the Center for Business and Economic Research and the Northwest Arkansas Chambers of Commerce, Fayetteville, Arkansas. (PDF version).

• October 2008. Lecture at Indiana University. Presented "The Optimal Inflation Target in an Economy with Limited Enforcement."
• September 2008. Adaptive Learning in Macroeconomics. Sponsored by the Centre for International Macroeconomics and Finance (CIMF) and the Faculty of Economics of the University of Cambridge. Presented "Three Issues in Learning and Monetary Policy."
• June 2008. International Research Forum on Monetary Policy. Sponsored by the European Central Bank, the Federal Reserve Board of Governors, the BMW Center for German and European Studies at Georgetown University, and the Center for Financial Studies at the Johann Wolfgang Goethe-University. Discussed Fabio Milani, "Learning and Time-Varying Macroeconomic Volatility."
• May 2008. Conference on Frontiers in Monetary Theory and Policy. Sponsored by the Bank of Japan. Tokyo, Japan. Discussed George Evans and Seppo Honkapohja, "Robust Learning Stability with Operational Monetary Policy Rules." Conference Summary, Institute for Monetary and Economic Studies Discussion Paper No. 2008-E-18.
• May 2008. Conference on Frontiers in Monetary Theory and Policy. Sponsored by the Bank of Japan. Tokyo, Japan. Discussed George Evans and Seppo Honkapohja, "Robust Learning Stability with Operational Monetary Policy Rules."
• May 2008. Conference on Recognizing and Coping with Macroeconomic Model Uncertainty in Designing Monetary Policy. Sponsored by the Bank of Korea. Seoul, Korea. Presented a Roundtable Discussion on Model Uncertainty.
• March 2008. Workshop on Monetary and Macroeconomics. Sponsored by the Federal Reserve Bank of Philadelphia, the Penn Institute of Economic Research, and the International Economic Review. Discussed Aleksander Berentsen and Cycil Monnet, "Monetary Policy in a Channel System."
• November 2007. Canadian Macro Studies Group. Ottawa, Canada. Presented "Learning and the Great Moderation."
• October 2007. Workshop on Money and Payments. Sponsored by the Federal Reserve Bank of New York. New York City. Presented "The Optimal Inflation Target in an Economy with Limited Enforcement."
• October 2007. Conference in Honor of John B. Taylor. Sponsored by the Federal Reserve Bank of Dallas. Dallas, Texas. Presented "Worldwide Macroeconomic Stability and Monetary Policy Rules."
• October 2007. Macroeconomics seminar. Federal Reserve Bank of Kansas City. Kansas City, Missouri. Presented "Worldwide Macroeconomic Stability and Monetary Policy Rules."
• September 2007. CEPR/European Summer Institute/South African Reserve Bank Conference on "Global Imbalances, Competitiveness and Emerging Markets." Pretoria, South Africa. Presented "Worldwide Macroeconomic Stability and Monetary Policy Rules."
• September 2007. Monetary economics workshop. Banca d'Italia. Rome, Italy. Presented "The Learnability Criterion and Monetary Policy."
• September 2007. Conference on "Expectations and Monetary Policy." Sponsored by the Swiss National Bank. Zurich, Switzerland. Discussed Martin Melecki, Diego Rodriguez Palenzuela, and Ulf Söderström, "Monetary Policy Credibility and the Macroeconomy."
• August 2007. Monetary Economics Workshop. Sponsored by the Federal Reserve Bank of Cleveland. Cleveland, Ohio. Presented "The Optimal Inflation Target in an Economy with Limited Enforcement."
• July 2007. Learning Week Workshop. Sponsored by the Federal Reserve Bank of St. Louis. St. Louis, Missouri.
• June 2007. Society for Computational Economics 13th International Conference on Computing in Economics and Finance. Montreal, Canada. Presented "Learning and the Great Moderation."
• May 2007. Workshop on "Optimal Monetary Policy and Central Bank Communication." Sponsored by the Bernoulli Center for Economics and the KOF Swiss Economic Institute. Asconda, Switzerland. Presented "The Optimal Inflation Target in an Economy with Limited Enforcement."
• April 2007. Macroeconomics workshop, Federal Reserve Bank of New York. New York City. Presented "Learning and the Great Moderation."
• March 2007. Macroeconomics workshop, Texas A&M University. College Station, Texas. Presented "Learning and the Great Moderation."
• December 2006. International Research Forum on Monetary Policy. Washington, DC. Jointly sponsored by the European Central Bank, the Center for Financial Studies at Goethe University, the Federal Reserve Board of Governors, and Georgetown University. Discussed Lars Svensson and Noah Williams, "Bayesian and Adaptive Optimal Policy Under Model Uncertainty," unable to present because of weather delays.
• More Presentations

• 33rd Annual Economic Policy Conference Projecting Potential Growth: Issues and Measurement, sponsored by the Federal Reserve Bank of St. Louis, October 16-17, 2008.
• Conference on Learning and Macroeconomic Policy, organized by the Centre for International Macroeconomics and Finance and the Faculty of Economics of the University of Cambridge, September 12-13, 2008.
• 2008 Jackson Hole Economic Symposium: Maintaining Stability in a Changing Financial System, organized by the Federal Reserve Bank of Kansas City, August 21-23, 2008.
• The Future Role of Central Banking Policy: Urgent and Precedent-Setting Next Steps Policy Workshop, sponsored by The Global Markets Working Group, Hoover Institution; The Rock Center on Corporate Governance, Stanford Law School; and Stanford Graduate School of Business, July 22, 2008.
• Conference on Money, Credit, and Policy, sponsored by the Center for Dynamic Economics, Washington University in St. Louis and The Federal Reserve Bank of St. Louis, May 23-24, 2008.
• St. Louis Area Seminars
• Learning Week Conferences
• More Events

• "Worldwide Macroeconomic Stability and Monetary Policy Rules," with Aarti Singh, Journal of Monetary Economics, October 2008, 55(Supplement 1), pp. S34-S47. Contributions to Macroeconomics in Honor of John Taylor - Supplement issue sponsored by the Federal Reserve Bank of Dallas, containing selected papers from an October 12-13, 2007 conference honoring John Taylor. Working Paper Version (PDF 520K).
• "Monetary Policy, Judgment and Near-Rational Exuberance," with George W. Evans and Seppo Honkapohja, American Economic Review, June 2008, 98(3), pp. 1163-77. Working Paper Version (PDF 468K).
• "A Model of Near-Rational Exuberance," March 2007, Revised January 2008, with George W. Evans and Seppo Honkapohja, Federal Reserve Bank of St. Louis Working Paper 2007-009B, Abstract | Full Text (PDF 439K).
• "A Leisurely Reading of the Life Cycle Consumption Data," with James Feigenbaum, Journal of Monetary Economics, November 2007, 54(8), pp. 2305-20. Working Paper Version (PDF 510K).
• "The Optimal Inflation Target in an Economy with Limited Enforcement," September 2007, Revised November 2007, with Gaetano Antinolfi and Costas Azariadis, Federal Reserve Bank of St. Louis Working Paper 2007-037B, Abstract | Full Text (PDF 338K).
• "Determinacy, Learnability, and Monetary Policy Inertia," with Kaushik Mitra, Journal of Money, Credit, and Banking, August 2007, 39(5), pp. 1177-212. Download Mathematica programs: Lagmsv.pdf, Forwardmsv.pdf, Lagestability.pdf, and Forwardestability.pdf. Working Paper Version (PDF 486K).
• "Learning and the Great Moderation," June 2007, with Aarti Singh, Federal Reserve Bank of St. Louis Working Paper 2007-027A, Abstract | Full Text (PDF 374K).
• "Social Learning and Monetary Policy Rules," March 2007, with Jasmina Arifovic and Olena Kostyshyna, Federal Reserve Bank of St. Louis Working Paper 2007-007A, Abstract | Full Text (PDF 333K).
• "Monetary Policy, Determinacy, and Learnability in a Two-Block World Economy," May 2006, with Eric Schaling, Federal Reserve Bank of St. Louis Working Paper 2006-038A, Abstract | Full Text (PDF 472K).
• "Learning and Structural Change in Macroeconomic Data," August 2004, with J. Duffy, Federal Reserve Bank of St. Louis Working Paper 2004-016A, Abstract | Full Text (PDF 396K).
• More Papers

• "Monetary Policy as Equilibrium Selection" with Gaetano Antinolfi and Costas Azariadis, Federal Reserve Bank of St. Louis Review, July/August 2007, 89(4), pp. 331-41.
• "The Learnability Criterion and Monetary Policy," Federal Reserve Bank of St. Louis Review, May/June 2006, 88(3), pp. 203-17.
• "How Costly is Sustained Low Inflation for the U.S. Economy?" with Steven Russell, Federal Reserve Bank of St. Louis Review, May/June 2004, 86(3), pp. 35-67.
• More Review Articles

Past Commentary

• Federal Reserve Bank of St. Louis Review and Review Part II
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• Lectures on Learning:
  • Near-Rational Exuberance
  • Learning and Global Dynamics
  • Learning and the Great Moderation
  • The Market Price of Risk and the Equity Premium: A Legacy of the Great Depression?
• Macroeconomics Reading Group
• Graduate Macroeconomics
• Intermediate Macroeconomics