This year’s annual report examines a project the Fed is spearheading to improve the U.S. payment system. The essay is written by St. Louis Fed First Vice President David Sapenaro, who recently completed his responsibilities as the project’s interim payments strategy director.View Publication
President and CEO
James Bullard, as president and CEO of the Federal Reserve Bank of St. Louis, participates in the Federal Open Market Committee (FOMC) and directs the activities of the Bank’s head office in St. Louis and of its branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn.
An economist, Dr. Bullard joined the Bank in 1990. His research has appeared in numerous professional journals, including the American Economic Review, the Journal of Monetary Economics, Macroeconomic Dynamics and the Journal of Money, Credit and Banking. A peer reviewer for many periodicals, he currently serves as co-editor of the Journal of Economic Dynamics and Control.
Since becoming president in 2008, Bullard has called for the FOMC to adopt state-contingent policy and to give greater consideration to headline inflation than core inflation when deciding monetary policy. In the wake of the financial crisis, he supported quantitative easing and warned about the possibility of the United States’ falling into a Japanese-style deflationary trap. He has also argued that the U.S. output gap may not be as large as many estimates suggest.
Bullard is an honorary professor of economics at Washington University in St. Louis, where he also sits on the advisory council of the economics department and the advisory boards of the Center for Dynamic Economics and the Wells Fargo Advisors Center for Finance and Accounting Research. He is the chairman of the U.S.A. United Way Board of Trustees and a member of the Worldwide United Way Board of Trustees, the University of Missouri-St. Louis Chancellor’s Council and the Greater St. Louis Financial Forum. Bullard also serves on the board of the St. Louis Regional Chamber.
A native of Forest Lake, Minn., Bullard earned his doctorate in economics from Indiana University in Bloomington. He holds Bachelor of Science degrees in economics and in quantitative methods and information systems from St. Cloud State University in St. Cloud, Minn.