James Bullard

James B. Bullard
Born	Template:Birth year and age
Nationality	American
Occupation	Economist, academic, former central banker
Employer	Purdue University (Dean, Daniels School of Business)
Known for	President of the Federal Reserve Bank of St. Louis (2008–2023)
Education	Ph.D., Economics, Indiana University

James Brian Bullard (born 1961) is an American economist who served as the president and chief executive officer of the Federal Reserve Bank of St. Louis from 2008 to 2023, making him one of the longest-serving regional Fed presidents of his era. A specialist in monetary economics, learning in macroeconomics, and nominal GDP targeting, Bullard became known during his tenure for his willingness to advocate for unconventional monetary policy positions and for his research-driven approach to central banking. After departing the St. Louis Fed, he transitioned to academia as the dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University. In 2025, Bullard emerged as a prominent candidate for the chairmanship of the Federal Reserve, meeting with U.S. Treasury Secretary Scott Bessent as part of the administration's search process for a new Fed chief. Throughout his career, Bullard has contributed to the academic literature on monetary policy, publishing research through the Federal Reserve Bank of St. Louis on topics including optimal monetary policy frameworks and nominal GDP targeting.

Early Life

James B. Bullard was born in 1961 in the United States. Details regarding his family background and upbringing prior to his university education are not extensively documented in publicly available sources. Bullard developed an early interest in economics, which would guide his academic and professional trajectory throughout his career.

Education

Bullard pursued graduate studies in economics at Indiana University, where he earned his Ph.D. The university's economics department provided Bullard with grounding in macroeconomic theory and monetary economics, subjects that would define his subsequent research agenda and policy career. His doctoral work laid the intellectual foundation for his later contributions to the study of learning dynamics in macroeconomic models and monetary policy design.

Career

Federal Reserve Bank of St. Louis

Bullard joined the research division of the Federal Reserve Bank of St. Louis as an economist and rose through the organization over more than two decades. In April 2008, he became the 12th president and chief executive officer of the St. Louis Fed, assuming the role at a pivotal moment as the U.S. financial system entered the most severe crisis since the Great Depression.

As president of the St. Louis Fed, Bullard served as a voting and non-voting member of the Federal Open Market Committee (FOMC), the principal monetary policymaking body of the Federal Reserve System. The St. Louis Fed president participates in all FOMC meetings and votes on a rotating basis with other regional Fed bank presidents.

During his tenure, Bullard was known for his intellectual engagement with unconventional monetary policy questions. He advocated at various points for both accommodative and hawkish positions depending on economic conditions, earning a reputation as a policymaker who defied easy categorization as a dove or hawk. He was among the first Fed officials to publicly discuss the risks of the U.S. economy falling into a Japanese-style deflationary trap during the period following the 2008 financial crisis, and he later became an early voice calling for the normalization of monetary policy as the economy recovered.

Bullard also distinguished himself through his advocacy of nominal GDP targeting as an alternative monetary policy framework. His academic and policy research explored how targeting nominal GDP growth, rather than inflation or employment alone, could produce superior outcomes for economic welfare. A 2025 paper published by the Federal Reserve Bank of St. Louis, co-authored by Bullard, examined "nominal GDP targeting as optimal monetary policy in a simple and stylized model with a credit market friction," contributing to the ongoing academic debate over optimal monetary policy design.

Bullard served as president of the St. Louis Fed until 2023, when he departed the institution after approximately 15 years in the role.

Purdue University

Following his departure from the Federal Reserve Bank of St. Louis, Bullard was appointed dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University. In this role, he oversees one of the larger business schools in the United States and continues to engage with issues of monetary policy and macroeconomics from an academic vantage point. His transition from central banking to academia reflected a pattern common among former Fed officials who leverage their policy experience in research and teaching capacities.

Even after joining Purdue, Bullard has continued to publish research through the Federal Reserve Bank of St. Louis, maintaining his scholarly contributions to monetary economics.

Candidacy for Federal Reserve Chair (2025)

In 2025, Bullard emerged as a leading candidate to become the next chair of the Federal Reserve. In August 2025, he publicly disclosed that he had spoken with U.S. Treasury Secretary Scott Bessent regarding the Fed chair position. Bullard stated on August 12, 2025, that the conversation had taken place the previous week, confirming his interest in the role.

During a joint appearance in August 2025 alongside Stephen Miran, another contender for a position on the Federal Reserve Board of Governors, Bullard addressed the question of whether tariffs imposed by President Donald Trump were causing inflation. Both Bullard and Miran stated that the tariffs were not generating inflationary pressures, and while neither committed to how they would vote on interest rates if appointed, they praised the administration's pro-growth economic agenda.

On September 15, 2025, Reuters reported exclusively that Bullard had again met with Treasury Secretary Bessent and outlined conditions under which he would accept the role of Fed chair. Bullard's willingness to articulate specific preconditions for taking the position drew attention from financial markets and policy observers.

The following day, on September 16, 2025, Treasury Secretary Bessent publicly praised Bullard, stating that he had "a good session" with the former Fed official as part of his broader search for a new Federal Reserve chief. Bessent's public endorsement of the meeting further elevated Bullard's profile in the selection process.

On September 19, 2025, Bullard made headlines by publicly stating that he would not have supported the Federal Reserve's decision to cut interest rates by 50 basis points that week. The statement, reported by Bloomberg, was notable for several reasons: it demonstrated Bullard's willingness to express independent monetary policy views even while actively being considered for the top job at the Fed, and it signaled to markets and to the administration what kind of policy approach he might pursue as chair. Bloomberg described Bullard as being "in the running to be the next chair of the US central bank" at the time of the statement.

Bullard's candidacy for the Federal Reserve chairmanship represented a significant development in U.S. monetary policy, as the selection of a new Fed chair carries implications for interest rate policy, financial regulation, and the broader direction of the American economy.

Research and Policy Contributions

Throughout his career, Bullard has been a prolific contributor to the academic and policy literature on monetary economics. His research interests have centered on several key areas, including learning dynamics in macroeconomic models, optimal monetary policy frameworks, and the practical application of economic theory to central bank decision-making.

One of Bullard's most notable intellectual contributions has been his advocacy of nominal GDP targeting. In a 2025 paper titled "Optimal Monetary Policy for the Masses," published in the Federal Reserve Bank of St. Louis Review, Bullard and co-authors studied "nominal GDP targeting as optimal monetary policy in a simple and stylized model with a credit market friction." The paper argued that targeting nominal GDP could represent an optimal policy approach in economies where credit market imperfections affect the transmission of monetary policy.

This line of research placed Bullard within a broader intellectual tradition that has included economists such as Scott Sumner and Bennett McCallum, who have argued that nominal GDP targeting offers advantages over conventional inflation targeting or dual-mandate frameworks. Bullard's position as a sitting Fed president (and later as a candidate for the Fed chairmanship) lent particular practical significance to his academic advocacy of this framework.

During his time at the St. Louis Fed, Bullard was also known for his engagement with the concept of multiple equilibria in macroeconomic models—particularly the idea that economies could become trapped in low-growth, low-inflation equilibria reminiscent of Japan's experience in the 1990s and 2000s. His public discussion of these risks during the post-2008 period influenced the broader policy debate within the Federal Reserve System.

Monetary Policy Views

Bullard's monetary policy views have been characterized by a willingness to shift positions based on incoming economic data and evolving theoretical frameworks, rather than adhering to a fixed ideological stance. At various points during his tenure at the St. Louis Fed, he argued for more accommodative policy when he perceived deflationary risks, and for tighter policy when he believed inflation expectations were rising above target.

In September 2025, while being considered for the Fed chairmanship, Bullard provided a window into his current policy thinking by stating that he would not have supported a 50-basis-point interest rate cut that the Federal Reserve implemented that week. This position suggested a relatively more cautious approach to monetary easing compared to the sitting FOMC majority.

Additionally, his August 2025 statements regarding tariffs and inflation offered insight into how he might approach the intersection of trade policy and monetary policy as Fed chair. Bullard argued that the tariffs imposed by the Trump administration were not causing inflation, a position that aligned with the administration's economic messaging but also reflected a specific analytical framework regarding the transmission of trade policy shocks to the price level.

Personal Life

Publicly available information about Bullard's personal life is limited. He has maintained a relatively private profile outside of his professional roles. Since his departure from the Federal Reserve Bank of St. Louis, Bullard has been based at Purdue University in West Lafayette, Indiana, where he serves as dean of the business school.

Recognition

Bullard's tenure as president of the Federal Reserve Bank of St. Louis, spanning approximately 15 years from 2008 to 2023, established him as one of the most prominent voices in American monetary policy during a period that encompassed the global financial crisis, the subsequent recovery, and the COVID-19 pandemic. His transition to academia at Purdue University and his subsequent emergence as a candidate for the Federal Reserve chairmanship further underscored his standing within the economics and policy communities.

Treasury Secretary Scott Bessent's public praise of Bullard in September 2025, in which Bessent described having "a good session" with the former Fed official, represented a notable endorsement from a senior member of the U.S. government. The fact that Bullard was publicly identified by major financial news organizations including Reuters, Bloomberg, and CNBC as a leading contender for the most influential central banking position in the world reflected his considerable reputation within the field.

His continued publication of research through the Federal Reserve Bank of St. Louis even after his departure from the institution demonstrated his ongoing engagement with the academic dimensions of monetary economics.

Legacy

Bullard's career has bridged the worlds of academic economics and practical central banking in a manner that few American economists have achieved. His long tenure at the Federal Reserve Bank of St. Louis, combined with his sustained research output and his subsequent move to lead a major business school, positioned him as a figure who contributed to both the theory and practice of monetary policy during a transformative period in American economic history.

His advocacy of nominal GDP targeting as an optimal monetary policy framework represented one of his most distinctive intellectual contributions, helping to elevate the concept from an academic curiosity to a serious policy proposal discussed within the highest levels of the Federal Reserve System. The 2025 publication of "Optimal Monetary Policy for the Masses" continued this line of work and demonstrated that Bullard's engagement with these ideas extended well beyond his formal role at the Fed.

Should Bullard ultimately be selected as chair of the Federal Reserve, his appointment would carry significant implications for the direction of American monetary policy, given his clearly articulated views on interest rate policy, nominal GDP targeting, and the relationship between trade policy and inflation. His willingness to publicly state that he would not have supported the Fed's September 2025 rate cut, even while being considered for the chairmanship, suggested a degree of intellectual independence that would characterize his leadership of the institution.