Jeffrey Fuhrer

Jeffrey (Jeff) Fuhrer, PhD Harvard University, is Executive Vice President and Senior Policy Advisor at the Federal Reserve Bank of Boston, and is responsible for the Bank’s regional and community outreach functions. He is an associate economist of the Federal Open Market Committee, and regularly attends this key U.S. policymaking meeting with the Bank’s president.

In June 1992 he joined the Bank’s research department as an assistant vice president and economist, and from 1995–2001 headed its Open Economy Macro/International section. In 2000 Fuhrer was named senior vice president and monetary policy advisor, in 2001 he became director of research, and in 2006 he was named executive vice president.

Fuhrer began his career at the Board of Governors of the Federal Reserve System, first as a research assistant, and then in 1985 returned as a senior economist after earning his doctorate. He has been active in economic research for more than two decades, and has served as an associate editor for the American Economic Review. Fuhrer has published numerous scholarly papers on the interactions among monetary policy, inflation, consumer spending, and asset prices.

He has been married for 30 years and has three grown children. Fuhrer earned an A.B. in economics with highest honors from Princeton University, and received his M.A. and Ph.D. in economics from Harvard University.

Recent Refereed Journal Articles

"Intrinsic and Inherited Inflation Persistence." International Journal of Central Banking. 2(3): 49-86 (2006). Previously issued as FRB Boston Working Paper Series, paper no. 05-8 (2005).

"Estimating the Euler Equation for Output," with Glenn Rudebusch. Journal of Monetary Economics. 51: 1133-1153 (2004). Previously issued as FRB Boston Working Paper Series, paper no. 02-3 (2002).

"Risky Habits: Risk Sharing, Habit Formation and International Consumption Correlations," with Michael Klein. Review of International Economics. Previously issued as NBER Working Paper Series no. 6735 (1998).

"Monetary Policy Shifts and the Stability of Monetary Policy Models," with A. Estrella. Review of Economics and Statistics. 85(1) (February 2003): 94-104.

"Dynamic Inconsistencies: Counterfactual Implications of a Class of Rational Expectations Models," with Arturo Estrella. American Economic Review. 92(4) (September 2002). Previously issued as FRB Boston Working Paper Series, paper no. 98-5 (1998).

"Monetary Policy in a Low-Inflation Environment: An Overview," with Mark Sniderman. Journal of Money, Credit and Banking. 32(4, part 2) (2000).

"Habit Formation in Consumption and Its Implications for Monetary Policy." American Economic Review. (June 2000).

"Monetary Policy When Interest Rates Are Bounded at Zero," with B. Madigan. Review of Economics and Statistics. 79(4): 573-585 (1997). Previously issued as FRB Boston Working Paper Series, paper no. 94-1 (1994).

"The (Un) Importance of Forward-Looking Behavior in Price Specifications." Journal of Money, Credit and Banking. 29(3): 338-350 (August 1997).

"Inflation/Output Variance Trade-offs and Optimal Monetary Policy." Journal of Money, Credit and Banking. 29(2): 214-234 (May 1997).

"Monetary Policy Shifts and Long-Term Interest Rates." Quarterly Journal of Economics. 111(4): 1183-1209 (November 1996).

"Forward-Looking Behavior and the Stability of a Conventional Monetary Policy Rule," with G. Moore. Journal of Money, Credit, and Banking. 27(4): 1060-1070 (November 1995, Part I).

"Monetary Policy Trade-Offs and the Correlation Between Nominal Interest Rates and Real Output." American Economic Review. 85: 219-239 (March 1995).

"Inflation Persistence," with G. Moore. Quarterly Journal of Economics. 110(1): 127-159 (February 1995).

"A Comparison of GMM and Maximum-Likelihood Estimates of Quadratic Cost Inventory Models," with G. Moore, S. Schuh. Journal of Monetary Economics. 35: 127-159 (February 1995).

Working Papers

"The Role of Expectations in U.S. Inflation Dynamics." FRB Boston Working Papes Series, paper no. 11-11 (2011).

"Inflation Expectations and the Evolution of U.S. Inflation." FRB Boston Public Policy Brief Series, no. 11-4, (2011).

"The Estimated Macroeconomic Effects of the Federal Reserve's Large-Scale Treasury Purchase Program," with Giovanni P. Olivei. FRB Boston Public Policy Brief Series, no. 11-2 (2011).

"The Role of Expectations and Output in the Inflation Process: An Empirical Assessment," with Giovanni P. Olivei. FRB Boston Public Policy Brief Series, no. 10-2 (2010).

"Inflation Persistence." FRB Boston Working Papers Series, paper no. 09-14 (2009).

"A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan," with Chris Foote, Eileen Mauskopf and Paul Willen. FRB Boston Public Policy Brief Series, no. 09-1 (2009).

"Empirical Estimates of Changing Inflation Dynamics," with Giovanni Olivei and Geoffrey M. B. Tootell. FRB Boston Working Paper Series, paper no. 09-4 (2009).

Homepage at Federal Reserve

Jeffrey Fuhrer



Phone: 617-547-4100 | Fax: 617-661-7711 | Email: office at

277 Broadway Cambridge, MA USA

Privacy Policy