David J. Stockton, senior fellow at the Peterson Institute for International Economics, is also senior adviser at Macroeconomics Advisers LLC.
In May 2012, Stockton was commissioned by the Court of the Bank of England to conduct a review of the forecasting capability of the Monetary Policy Committee (MPC). That review encompassed the forecast performance of the MPC, the analyses underlying the forecast, and processes used to produce and communicate the forecast. The review was delivered to the Court in October 2012.
Stockton is the former director of the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. In his position as chief economist, Stockton oversaw the preparation of macroeconomic and financial market analyses and forecasts for the Board of Governors and the Federal Open Market Committee (FOMC) to assist them in decisions related to monetary policy. He began his career at the Board in 1981 as an economist in the Wages, Prices, and Productivity Section of the Division of Research and Statistics with responsibility for the forecasting and analysis of inflation. In 1986 he became senior economist in the Economic Activity Section, where he coordinated the staff economic forecast for the FOMC.
In 1987, Stockton was appointed an officer of the Board and became assistant director and chief of the Economic Activity Section. From 1988 to 2000, he was assistant director, associate director, and deputy director of the Division of Research and Statistics before being appointed director in 2000. He represented the Federal Reserve at many international meetings.
Prior to joining the Board staff in 1981, Stockton was an instructor and lecturer at Yale University in New Haven, CT and Trinity College in Hartford, CT. He served on the Board of Directors of the Securities Investor Protection Corporation (SIPC) from 2000 to 2011. He served as chairman of the Audit and Budget Committee of the corporation. Stockton has published numerous papers in the areas of macroeconomics and labor markets. In addition, he made presentations to various professional organizations, including the American Economic Association, the Econometric Society, the National Bureau of Economic Research, many foreign central banks, private financial institutions, and the general public. He has also been a visiting researcher at Georgetown University. He received his BA and MA (1976) from the University of Connecticut and his MPhil (1978) and PhD (1983) from Yale University.
Bloomberg TV Fed Lowering Bar to Making QE Adjustments Video | April 4, 2013 David J. Stockton explains why he believes Federal Reserve officials are lowering the bar for making adjustments to the US quantitative easing program.