Amos 'n' Andy
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Charles L. Evans. Ninth President. September 2007 – January 2023.
Apr 21, 2022 · CHICAGO (April 21, 2022) – The Federal Reserve Bank of Chicago today announced that Charles L. Evans, president and chief executive officer, will retire from his position in early 2023. Dr. Dr. Evans joined the Chicago Fed in 1991 and has served in his current role since September 1, 2007.
Charles L. Evans (born January 15, 1958) is the former ninth president and chief executive officer of the Federal Reserve Bank of Chicago, serving from 2007 to 2023. In that capacity, he served on the Federal Open Market Committee (FOMC), the Federal Reserve System's monetary policy-making body.
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Apr 21, 2022 · Chicago Federal Reserve President Charles Evans will retire from his position in early 2023, the central bank announced Thursday. Long one of the Fed’s most consistent policy doves, or in favor...
- Introduction
- Macroprudential Tools to Manage Financial Stability Risks
- Current Inflation Situation Is Not Typical
- Inclusivity and The Benefits of Running The Economy Hot
- A Policy Adjustment Is in Order
- An Uncertain Inflation Outlook
- Conclusion
- Notes
- References
Before I begin my remarks, let me remind you that the views I will express today are my own and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. This paper raises three important questions facing policymakers today: 1) What is the extent of current labor market vitality, and how important is that? 2) ...
It is an understatement to say that our current situation is complex: two years of Covid-19 distress; global supply chains in disarray; strong fiscal, monetary, and financial support; and 7-1/2 percent annual CPI inflation in the U.S.3As we discuss the implications of these factors for monetary policy, I feel the need for a quick public service ann...
Before I turn specifically to the topic of “running the economy hot,” let me offer a little different perspective on the history of monetary policy “cooling off the economy.” The Federal Reserve’s low inflation credibility was fought for and attained in the Volcker and Greenspan eras. In order to reduce inflationary pressures, restrictive monetary ...
Now, more directly, what about the question of “how hot should the economy run,” and how does it relate to our maximum and inclusive employment mandate? In a low r* environment that is devoid of Covid-19-induced disruptions, we would most likely find ourselves in the position of battling the downward-bias to inflation caused by the proximity of the...
This brings me to our current high inflation situation. Despite all the typical Evans dovishness I’ve just expounded, I agree the current stance of monetary policy is wrong-footed and needs substantial adjustment. Let’s go back to last spring, when prices first began to rise sharply. The April 2021 FOMC statement described the higher inflation then...
The conference paper addresses the likelihood of scenarios with greater and broader persistence in inflation. The paper uses the lens of the three-equation linearized New Keynesian model to describe current risks of experiencing persistently higher inflation—particularly those emanating from the deanchoring of inflation expectations. As I noted ear...
So, to conclude, how should one come down on the question of whether running the economy hot is foolish—or when does it become foolish? Of course, the answer is it depends. It depends on how strong the relationship between growth and inflation is today, the dynamics of inflation expectations, the level of r*, and the associated proximity of the ELB...
1Carpenter et al. (2022). 2Further details about the Money and Banking workshop that is organized jointly by the University of Chicago’s Kenneth C. Griffin Department of Economics and Booth School of Business are available online, https://economics.uchicago.edu/content/money-and-banking-workshop. 3CPI stands for the Consumer Price Index from the U....
Admati, Anat, and Martin Hellwig, 2013, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It, Princeton, NJ: Princeton University Press. Carpenter, Seth, Ethan Harris, Peter Hooper, Anil Kashyap, and Kenneth West, 2022, “Some benefits and risks of a hot economy,” report for the 2022 US Monetary Policy Forum, New York City, Fe...
Apr 21, 2022 · The Federal Reserve Bank of Chicago said Thursday it would begin a search for a new president because its current leader, Charles Evans, will retire early next year. Mr. Evans, who has led the...
Apr 21, 2022 · Charles Evans will retire early next year after 15 years as president of the Federal Reserve Bank of Chicago, a tenure that made him the longest-serving current regional Fed president, the bank...
