Gary H. Stern

Geography

In their time

Meetings by Chair

Volcker23Greenspan215Bernanke40

Policy rate

8.38% → 0–0.25%

−825 bp · Mar 1985 – Sep 2009

Seats held

• Reserve Bank PresidentMinneapolis1985–2009

  Mar 21, 1985 – Sep 1, 2009

Before the Fed

Economist · Federal Reserve Bank of New York

Education

• Bachelor's, Economics — Washington University
• PhD, Economics — Rice University

Terminal: PhD · economics

Dissents on the record (3)

• September 24, 1996wanted tightercommittee: hold

  Mr. Stern dissented because he believed that a modestly more restrictive policy was appropriate. In his view, historical precedents suggested that prolonged periods of taut labor markets were eventually associated with rising inflation. Given prevailing pressures on resources, especially labor, Mr. Stern was concerned about the distinct risk of an acceleration of inflation. Should this acceleration occur, he believed it would prove disruptive to the favorable performance of the economy, and he preferred to begin to address this risk promptly. Return to top Amendment to Authorization for Foreign Currency Operations At this meeting the Committee considered a proposal to replace the existing 12-month maturity limit on the investment of foreign currency balances with an 18-month average duration limit. The proposal was designed to allow the Manager a wider choice of maturities and hence somewhat greater operational flexibility in the implementation of the System's primary portfolio objectives of liquidity with respect to investments in foreign government securities and limits on overall interest rate and credit risks.

• August 20, 1996

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