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Jim Bullard

Jim Bullard

Dr. Samuel R. Allen Dean of the Mitch Daniels School of Business
Distinguished Professor of Service and Professor of Economics
Special Advisor to the President
Economics

Education

Ph.D., Economics, Indiana University, Bloomington, Indiana, 1990.
Bachelor of Science, Quantitative Methods and Information Systems, and Economics, St. Cloud State University, St. Cloud, Minnesota, 1984.

CV

James “Jim” Bullard, former president of the Federal Reserve Bank of St. Louis and one of the nation’s foremost economists and respected scholar-leaders, was chosen in July 2023 as the inaugural dean of the reimagined Mitchell E. Daniels, Jr. School of Business at Purdue University.

Bullard, who took the reins as the Dr. Samuel R. Allen Dean on August 15, is charged with inspiring, further developing and implementing Purdue’s reimagined approach to a top-ranked business school across undergraduate, graduate, executive and research programs, preparing tomorrow’s business leaders and entrepreneurs in the Daniels School that is grounded in the principles of free enterprise, free market economy in generating opportunities and prosperity, and in the hallmarks of a well-rounded Purdue education and with a particular emphasis on tech-driven, analytics-based business success.

To further reflect and to maximize the impact of Bullard’s unique, national leadership experience, he also serves as Special Advisor to the President of the university, reporting to President Mung Chiang in that capacity. Bullard is also a Distinguished Professor of Service and Professor of Economics in the Daniels School.

Serving 15 years as the sitting president and chief executive officer of the Federal Reserve Bank of St. Louis, Bullard earned significant praise and accolades for his long-standing leadership and innovative thinking as part of the Federal Open Market Committee (FOMC) in guiding the direction of U.S. monetary policy. A noted economist and scholar, Bullard had been the longest-serving Federal Reserve Bank president in the country and ranked as the seventh-most influential economist in the world in 2014. His scholarly impact has been based on research-based thinking and intellectual openness to new theories and explanations. That allowed Bullard to be an early voice for economic change, helping the Federal Reserve deftly navigate complex economic landscapes such as the COVID-19 pandemic and the financial crisis during his tenure.

Before becoming president in 2008, Bullard served in various roles at the Federal Reserve Bank of St. Louis, starting in 1990 as an economist in the research division and later serving as vice president and deputy director of research for monetary analysis. For 15 years, he directed the activities of the Federal Reserve’s Eighth District, which branches into several states, including an extensive portion of southern Indiana. While serving on the Federal Reserve’s Open Market Committee, Macroeconomic Advisers named Bullard the FOMC's second biggest mover of markets in 2010 behind Chairman Ben Bernanke and the biggest mover of markets in 2011 and 2013.

During his time as an academic economist and financial policy scholar, Bullard’s research has appeared in premier journals, including the American Economic Review; the Journal of Monetary Economics; Macroeconomic Dynamics; and the Journal of Money, Credit and Banking. The majority of his research is some form of macroeconomic analysis, focusing on monetary policy, inflation/deflation, and macroeconomic stability.

Bullard served as an honorary professor of economics at Washington University in St. Louis, where he also sat on the advisory council of the economics department as well as several advisory boards. The St. Louis Post-Dispatch named him the Top Workplace Leader among the region’s large employers as part of its 2018 Top Workplace Awards. Active in the community, Bullard has served on the board of directors of Concordance Academy of Leadership in St. Louis and was formerly the board chair of the United Way U.S.A. He is co-editor of the Journal of Economic Dynamics and Control, a member of the editorial advisory board of the National Institute Economic Review and a member of the Central Bank Research Association’s senior council.

Born in Wisconsin, Bullard grew up in Forest Lake, Minnesota, and received his doctorate in economics from Indiana University in Bloomington. He holds Bachelor of Science degrees in economics and in quantitative methods and information systems from St. Cloud State University in St. Cloud, Minnesota.

Journal Articles

  • Azariadis, Costas and Bullard, James and Singh, Aarti and Suda, Jacek (2019). "Incomplete Credit Markets and Monetary Policy." Journal of Economic Dynamics and Control vol. 103, 83-101. | Related Website |
  • Bullard, James and Singh, Aarti (2019). "Nominal GDP Targeting With Heterogeneous Labor Supply." Journal of Money, Credit and Banking vol. 52 (1), 37-77. | Related Website |
  • Bullard, James (2018). "R-star wars: the phantom menace." Business Economics vol. 53 (2), 60-65. | Related Website |
  • Bullard, James and Suda, Jacek (2016). "The Stability of Macroeconomic Systems with Bayesian Learners." Journal of Economic Dynamics and Control vol. 62 (1), 1-16. | Related Website |
  • Antinolfi, Gaetano and Azariadis, Costas and Bullard, James (2016). "The Optimal Inflation Target in an Economy with Limited Enforcement." Macroeconomic Dynamics vol. 20 (Special Issue 2), 582-600. | Related Website |
  • Bullard, James (2016). "Permazero." Cato Journal vol. 36 (2), 415-429. | Related Website |
  • Bullard, James and Kliesen, Kevin L. (2015). "Three Challenges to Central Bank Orthodoxy." Business Economics vol. 50 (4), 191-199. | Related Website |
  • Bullard, James and Eusepi, Stefano (2014). "When Does Determinacy Imply Expectational Stability." International Economic Review vol. 55 (1), 1-22. | Related Website |
  • Arifovic, Jasmina and Bullard, James and Kostyshyna, Olena (2013). "Social Learning and Monetary Policy Rules." Economic Journal vol. 123 (567), 38-76. | Related Website |
  • Bullard, James and Singh, Aarti (2012). "Learning and the Great Moderation." International Economic Review vol. 53 (2), 375-397. | Related Website |
  • Bullard, James and Evans, George W. and Honkapohja, Seppo (2010). "A Model of Near-Rational Exuberance." Macroeconomic Dynamics vol. 14 (2), 166-188. | Related Website |
  • Bullard, James and Schaling, Eric (2009). "Monetary Policy, Determinacy, and Learnability in a Two-Block World Economy." Journal of Money, Credit and Banking vol. 41 (8), 1585-1612. | Related Website |
  • Bullard, James and Singh, Aarti (2008). "Worldwide Macroeconomic Stability and Monetary Policy Rules." Journal of Monetary Economics vol. 55 (Supplement), S34-S47. | Related Website |
  • Bullard, James and Evans, George W. and Honkapohja, Seppo (2008). "Monetary Policy, Judgment and Near-Rational Exuberance." American Economic Review vol. 98 (3), 1163-1177. | Related Website |
  • Bullard, James and Mitra, Kaushik (2007). "Determinacy, Learnability, and Monetary Policy Inertia." Journal of Money, Credit and Banking vol. 39 (5), 1177-1212. | Related Website |
  • Bullard, James and Feigenbaum, James (2007). "A Leisurely Reading of the Life Cycle Consumption Data." Journal of Monetary Economics vol. 54 (8), 2305-2320. | Related Website |
  • Bullard, James and Cho, In-Koo (2005). "Escapist Policy Rules." Journal of Economic Dynamics and Control vol. 29 (11), 1841-1865. | Related Website |
  • Bullard, James and Eusepi, Stefano (2005). "Did the Great Inflation Occur Despite Policymaker Commitment to a Taylor Rule?" Review of Economic Dynamics vol. 8 (2), 324-359. | Related Website |
  • Azariadis, Costas and Bullard, James and Ohanian, Lee (2004). "Trend-Reverting Fluctuations and the Life-Cycle Model." Journal of Economic Theory vol. 119 (2), 334-356. | Related Website |
  • Bullard, James and Waller, Christopher J. (2004). "Central Bank Design in General Equilibrium." Journal of Money, Credit and Banking vol. 36 (1), 95-113. | Related Website |
  • Bullard, James and Smith, Bruce D. (2003). "The Value of Inside and Outside Money." Journal of Monetary Economics vol. 50 (2), 389-417. | Related Website |
  • Bullard, James and Smith, Bruce D. (2003). "Intermediaries and Payments Instruments." Journal of Economic Theory vol. 109 (2), 172-197. | Related Website |
  • Bullard, James and Mitra, Kaushik (2002). "Learning About Monetary Policy Rules." Journal of Monetary Economics vol. 49 (6), 1105-1129. | Related Website |
  • Azariadis, Costas and Bullard, James and Smith, Bruce D. (2001). "Public and Private Circulating Liabilities." Journal of Economic Theory vol. 99 (1-2), 59-116. | Related Website |
  • Bullard, James and Duffy, John (2001). "Learning and Excess Volatility." Macroeconomic Dynamics vol. 5 (2), 272-302. | Related Website |
  • Bullard, James and Duffy, John (1999). "Using Genetic Algorithms to Model the Evolution of Heterogeneous Beliefs." Computational Economics vol. 13 (1), 41-60. | Related Website |
  • Bullard, James and Russell, Steven (1999). "An Empirically Plausible Model of Low Real Interest Rates and Unbacked Government Debt." Journal of Monetary Economics vol. 44 (3), 477-508. | Related Website |
  • Bullard, James and Duffy, John (1998). "On Learning and the Stability of Cycles." Macroeconomic Dynamics vol. 2 (1), 22-48. | Related Website |
  • Bullard, James and Duffy, John (1998). "A Model of Learning and Emulation with Artificial Adaptive Agents." Journal of Economic Dynamics and Control vol. 22 (2), 179-207. | Related Website |
  • Arifovic, Jasmina and Bullard, James and Duffy, John (1997). "The Transition from Stagnation to Growth: An Adaptive Learning Approach." Journal of Economic Growth vol. 2 (2), 185-209. | Related Website |
  • Bullard, James and Keating, John (1995). "The Long-run Relationship Between Inflation and Output in Postwar Economies." Journal of Monetary Economics vol. 36 (3), 477-496. | Related Website |
  • Bullard, James (1994). "Learning Equilibria." Journal of Economic Theory vol. 64 (2), 468-485. | Related Website |
  • Bullard, James and Butler, Alison (1993). "Nonlinearity and Chaos in Economic Models: Implications for Policy Decisions." Economic Journal vol. 103 (419), 849-867. | Related Website |
  • Bullard, James (1992). "Time-varying Parameters and Nonconvergence to Rational Expectations Under Least Squares Learning." Economics Letters vol. 40 (2), 159-166. | Related Website |

Working Papers

  • Bullard, James and DiCecio, Riccardo "Optimal Monetary Policy for the Masses." Federal Reserve Bank of St. Louis working paper | Related Website |
  • Bullard, James and DiCecio, Riccardo and Singh, Aarti and Suda, Jacek "Optimal Macroeconomic Policies in a Heterogeneous World." Federal Reserve Bank of St. Louis working paper | Related Website |
  • Bullard, James and Evans, George W. and Honkapohja, Seppo "Near-Rational Exuberance." Federal Reserve Bank of St. Louis working paper | Related Website |
  • Bullard, James and Duffy, John "Learning and Structural Change in Macroeconomic Data." Federal Reserve Bank of St. Louis working paper | Related Website |
  • Bullard, James and Smith, Bruce D. "The Value of Inside and Outside Money: Expanded Version." Federal Reserve Bank of St. Louis working paper | Related Website |
  • Bullard, James and Russell, Steven "How Costly is Sustained Low Inflation for the US Economy?" Federal Reserve Bank of St. Louis working paper | Related Website |
  • James Bullard

    Managing Everyone Everywhere All at Once

    James Bullard, the Dr. Samuel R. Allen Dean of Purdue University's Daniels School of Business, has developed an economic model that serves as a benchmark to see how adept U.S. policymakers are at selecting the best policies and provides suggestions for further improvement.

    Full story: Managing Everyone Everywhere All at Once

Contact

businessdean@purdue.edu
Phone: (765) 494-4366
Office: KRAN 122

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