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November/December 2013, 
Vol. 95, No. 6
Posted 2013-12-20

Editor's Introduction: Home Jones: "Propensity, Capacity, and Opportunity"


Homer Jones (1906-1986) was a professor and mentor of Milton Friedman at Rutgers University before joining the Federal Reserve System, first the Board of Governors and later the St. Louis Fed. As director of research at the St. Louis Fed from 1958 to 1971, Jones strongly promoted the collection of data and its use in economic analysis. What was even more innovative and forward-thinking was his presentation and distribution of these data—at first to policymakers and subsequently to the public. This effort placed the St. Louis Fed at the forefront of the regional Reserve Banks in contributing to national-level economic analysis, beyond the traditional focus on their respective regional economies. St. Louis Fed leaders, including Jones, followed their research wherever it led them and, in turn, challenged conventional wisdom and practices. This inclination to push the boundaries of research and policymaking earned the Bank the label of “maverick in the Fed System,” as noted in a Business Week article published November 18, 1967.