Contact Information
202-452-3922
james.a.clouse@frb.gov

Fields of Interest
Financial Markets
Monetary Economics
Macroeconomics

Education
Ph.D., Economics, Northwestern University, 1985
B.A., Economics, Princeton University, 1981

Professional Experience
Board of Governors of the Federal Reserve System, 1989-present
Army Officer, United States Army, 1985-1989

Selected Publications

• Reading the Minds of Investors: An Empirical Term Structure Model for Policy Analysis, Finance and Economics Discussion Series 2004-64. Washington: Board of Governors of the Federal Reserve System, 2004.
• ''A Computational Model of Banks' Optimal Reserve Management Policy'' (with James P. Dow), Journal of Economic Dynamics and Control, vol. 26 (September 2002), pp. 1787-1814.
• ''Fixed Costs and the Behavior of the Federal Funds Rate'' (with James P. Dow), Journal of Banking and Finance, vol. 23 (1999), pp. 1015-1029.
• ''The Limits the Federal Reserve Act Places on the Monetary Policy Actions of the Federal Reserve'' (with David Small), Annual Review of Banking Law, vol. 19 (2000), pp. 553-579.
• Declining Required Reserves and the Volatility of the Federal Funds Rate (with Douglas W. Elmendorf), Finance and Economics Discussion Series 1997-30. Washington: Board of Governors of the Federal Reserve System, 1997.