James Bullard on FAIT, Nominal GDP Targeting, and the Feds Upcoming Framework Review

Published: July 22, 2024, 4:01 a.m.

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\u2019s economic reporting, the case for implementing nominal GDP targeting, the future of R-star, and much more.

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Transcript for this week\u2019s episode.

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James\u2019s St. Louis Fed bio

James\u2019s Purdue University profile

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Related Links:

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*R-Star Wars: The Phantom Menace* - A presentation by James Bullard at the 34th Annual National Association for Business Economics (NABE) Economic Policy Conference

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*Demand Shocks as Technology Shocks* by Yan Bai, Jose-Victor Rios-Rull, and Kjetil Storesletten

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Timestamps:

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(00:00:00) \u2013 Intro

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(00:03:10) \u2013 Defining the St. Louis Fed and Bullard\u2019s Fed Tenure

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(00:09:58) \u2013 Comparing FAIT and Nominal GDP Targeting

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(00:15:55) \u2013 Assessing the Current FAIT Framework

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(00:25:37) \u2013 Evaluating the Recent V-Shaped Recovery

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(00:29:28) \u2013 What to Expect from the Upcoming Fed Framework Review

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(00:33:31) \u2013 Improving the FOMC\u2019s Economic Reporting

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(00:37:46) \u2013 The Case for Nominal GDP Targeting

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(00:50:24) \u2013 The Future of R-Star

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(00:53:52) \u2013 Outro