David Stockton, the former top economic forecaster for Federal Reserve Chairman Ben S. Bernanke and former chairman Alan Greenspan, has joined Macroeconomic Advisers LLC as a senior adviser.
The hesitant housing recovery has surprised and concerned Federal Reserve Chair Janet Yellen and her colleagues at the central bank. It’s not clear how much they can do about it.
Federal Reserve officials, concerned that selling bonds from their $4.3 trillion portfolio could crush the U.S. recovery, are preparing to keep their balance sheet close to record levels for years.
For $2 trillion, Federal Reserve Chairman Ben S. Bernanke may buy little improvement in growth, employment or inflation over the next two years.
A shutdown of the U.S. government would reduce fourth-quarter economic growth by as much as 1.4 percentage points depending on its length, economists say, as government workers from park rangers to telephone receptionists are furloughed.
When the deadly Loma Prieta earthquake struck San Francisco in October 1989, then-professor Janet Yellen was working in her sixth-floor office at the University of California at Berkeley.
"Not Your Father's Yield Curve: Modeling the Impact of QE on Treasury Yields."
- Macroeconomic Advisers on Aug 31, 2012
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