Cultural Diversity Roster

David J. Stockton has been a senior fellow at the Peterson Institute for International Economics since 2012. He is also chief macroeconomist at LH Meyer, a monetary policy and macroeconomic consulting firm.

In May 2012, Stockton was commissioned by the Court of the Bank of England to conduct a review of the forecasting capability of the Monetary Policy Committee (MPC). That review encompassed the forecast performance of the MPC, the analyses underlying the forecast, and processes used to produce and communicate the forecast. The review was delivered to the Court in October 2012. More recently, Stockton conducted a review in 2015 of macroeconomic modeling efforts at the European Central Bank (ECB) and the contribution of those efforts to the monetary policy process. The report was delivered to the Executive Board of the ECB in December 2015.

David Stockton is the former Director of the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. The 325 members of the Division of Research and Statistics carry out a wide range of economic analysis, forecasting, and research activities related to the domestic economy and financial markets. Macroeconomic and financial market analyses and forecasts are prepared by the Division for the Board of Governors and the Federal Open Market Committee (FOMC) to assist them in decisions related to monetary policy. The Division also maintains a number of statistical programs used within and outside the Federal Reserve System, including the Industrial Production and Flow of Funds programs. In addition, the Division is engaged in research and policy analysis in support of the Federal Reserve’s financial stability responsibilities and supervisory and regulatory activities. The Division also provides statistical, administrative, computer, and library services to staff in the Division and to others at the Board.

Prior to joining the Board staff in 1981, Mr. Stockton was an instructor and lecturer at Yale University in New Haven, Connecticut and at Trinity College in Hartford, Connecticut. He began his career at the Board as an Economist in the Wages, Prices, and Productivity Section of the Division of Research and Statistics with responsibility for the forecasting and analysis of inflation. He later was a member of the Economic Activity Section, where he coordinated the staff economic projection for the FOMC.

Appointed an officer of the Board in 1987, he held the position of Assistant Director and Chief of the Economic Activity Section. He held various positions within the Division before being appointed the Director in 2000. Mr. Stockton also holds the position of Economist for the Federal Open Market Committee and regularly briefs the Committee on the economic and financial outlook for the U.S. economy.

Since 2000, Mr. Stockton has served on the Board of Directors of the Securities Investor Protection Corporation (SIPC). SIPC is a private nonprofit corporation chartered by the federal government to protect investors in the event that a brokerage firm is closed due to bankruptcy or other financial difficulties.

Mr. Stockton has published numerous papers in the areas of macroeconomics and labor markets. In addition, he makes frequent presentations to various professional organizations, including the American Economic Association, the Econometric Society, the National Bureau of Economic Research, and many foreign central banks. Mr. Stockton has also been a visiting researcher at Georgetown University. Mr. Stockton has represented the Federal Reserve Board at many international meetings.

Mr. Stockton received his B.A. and M.A. (1976) from the University of Connecticut and his M.Phil. (1978) and Ph.D. (1983) from Yale University. He resides in Springfield, Virginia with his wife.