Robert D. Mcteer Jr.

Geography

In their time

Meetings by Chair

Greenspan151

Policy rate

6.25% → 1.75%

−450 bp · Feb 1991 – Nov 2004

Seats held

• Reserve Bank PresidentDallas1991–2004

  Feb 1, 1991 – Nov 1, 2004

Before the Fed

Economist · Federal Reserve Bank of Richmond

Education

• Bachelor's, Economics — University of Georgia
• PhD, Economics — University of Georgia

Terminal: PhD · economics

Dissents on the record (3)

• September 24, 2002wanted easiercommittee: hold

  Messrs. Gramlich and McTeer dissented because they preferred to ease monetary policy at this meeting. The economic expansion, which resumed almost a year ago, had recently lost momentum, and job growth had been minimal over the past year. With inflation already low and likely to decline further in the face of economic slack and rapid productivity growth, the potential cost of additional stimulus seemed low compared with the risk of further weakness.

• August 24, 1999wanted easiercommittee: hike 25

  Mr. McTeer dissented for essentially the same reasons he did at the June 30 meeting: low inflation and, except for energy, minimal inflation in the pipeline. He believes that positive supply-side forces will continue to damp the impact of strong demand on output prices and that productivity gains will continue to damp the effect of higher wages on unit labor costs. Establishment of Subcommittee Chairman Greenspan announced the formation of a subcommittee to review the wording of the directive, its meaning, and what the Committee announces shortly after its meetings. He noted that the sentence relating to the symmetry of the directive was subject to differing interpretations, and the Committee's decision to announce immediately significant changes in the symmetry or asymmetry in the directive had made it desirable to clarify its meaning. Members also had expressed some discomfort with the way these announcements had been interpreted. While the Committee did not contemplate retreating from its policy of immediate announcements, it might want to examine whether some adjustment in its procedures would be helpful. The Chairman did not feel that the Committee was prepared to come to a decision on these issues before more experience was gained with the current announcement approach, but he believed it was advisable to form a subcommittee at this time to study the various questions that were involved. He anticipated that the subcommittee would come back to the Committee no later than next spring with recommendations or at least some alternatives for Committee consideration. He asked Mr. Ferguson to serve as its chairman and to select other members after consultation with his colleagues on the Committee.

Dissents

• 3 total dissents as a Reserve Bank President (0 tighter / 3 easier) · rank #17 in cohort

Served alongside (487)