Robert T. Parry

Geography

In their time

Meetings by Chair

Volcker15Greenspan201

Policy rate

7.75% → 1%

−675 bp · Feb 1986 – Jun 2004

Seats held

• Reserve Bank PresidentSan Francisco1986–2004

  Feb 4, 1986 – Jun 1, 2004

Before the Fed

Economist · Security Pacific Corporation

Education

• Bachelor's, Economics — Gettysburg College (1960)
• Master's, Economics — University of Pennsylvania (1961)
• PhD, Economics — University of Pennsylvania (1967)

Terminal: PhD · economics

Dissents on the record (3)

• June 24–25, 2003wanted easiercommittee: cut 25

  Mr. Parry dissented because he preferred a 50 basis point reduction in the federal funds rate target as insurance against continued sluggishness in economic activity and further declines in inflation measures to undesirably low rates. While he believed that a significant increase in the pace of activity over the next several quarters was likely, he had not yet seen convincing evidence that this process was under way. Moreover, the current slack in labor and product markets was likely to persist for some time even with a significant pickup in real GDP growth, and this prospect threatened to reduce inflation further. Finally, recent declines in inflation expectations had raised the real federal funds rate. In order to offset that increase and provide additional stimulus, he saw a 50 basis point reduction in the rate as desirable.

• February 7–8, 1989wanted tighter
• May 17, 1988wanted tighter

Served alongside (629)