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Jon Faust

Special Adviser to the Board

General Program Support Section

Office of Board Members

202-912-7982
jon.faust@frb.gov
Education
  • B.S., Economics, University of Iowa, 1981
  • M.Phil., Economics, Oxford University, 1985
  • Ph.D., Economics, University of California - Berkeley, 1988
  • Current Research Topics

  • Forecasting, DSGE Modeling, Financial Stability
    • Louis J. Maccini Professor of Economics (on govt. service leave)

      Johns Hopkins University

    • 2008 - present
    • Director, Center for Financial Economics

      Johns Hopkins University

    • 2008 - 2012
    • Professor

      Johns Hopkins University

    • 2006 - 2007
    • Assistant Director (final position)

      Federal Reserve Board

    • 1991 - 2006
    • Visiting Faculty

      Princeton University

    • 1990 - 1991
    • Economist

      Federal Reserve Bank of Kansas City

    • 1989 - 1990
    • Research Assistant

      Federal Reserve Bank of Kansas City

    • 1981 - 1983
  • Faust, Jon, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek (Forthcoming). "Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach," Review of Economics and Statistics.
  • Faust, Jon, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek (2012). "Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach," Finance and Economics Discussion Series 2012-77. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Credit Supply Shocks and Economic Activity in a Financial Accelerator Model," in Blinder, Alan S., Andrew W. Lo and Robert M. Solow eds., Rethinking the Financial Crisis. New York: Russell Sage Foundation, pp. 37-72.
  • Faust, Jon, and Jonathan H. Wright (2011). "Efficient Prediction of Excess Returns," Review of Economics and Statistics, vol. 93, no. 2, pp. 647-659.
  • Faust, Jon, and Jonathan H. Wright (2008). "Comparing Greenbook and Reduced Form Forecasts using a Large Realtime Dataset," Journal of Business and Economic Statistics, vol. 146, no. 2, pp. 293-303.
  • Faust, Jon, and Jonathan H. Wright (2008). "Efficient Forecast Tests for Conditional Policy Forecasts," Journal of Econometrics, vol. 146, no. 2, pp. 293-303.
  • Faust, Jon, and Jonathan H. Wright (2008). "Efficient Prediction of Excess Returns," NBER Working Papers 14169. National Bureau of Economic Research, Inc.
  • Faust, Jon, and Dale W. Henderson (2004). "Is Inflation Targeting Best-Practice Monetary Policy?" Federal Reserve Bank of St. Louis Review, vol. 86, no. 4, pp. 117-143.
  • Faust, Jon, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek (2011). "Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach," NBER Working Papers 16725. National Bureau of Economic Research, Inc.
  • Berger, David W., Jon Faust, John Harold Rogers, and Kai Steverson (2009). "Border Prices and Retail Prices," International Finance Discussion Papers 972. Board of Governors of the Federal Reserve System (U.S.).
  • Faust, Jon (2007). "On the Fit of New Keynesian Models: Comment," Journal of Business and Economic Statistics, vol. 25, no. 2, pp. 154-156.
  • Faust, Jon, John H. Rogers, Shing-Yi B. Wang, and Jonathan H. Wright (2007). "The High-Frequency Response of Exchange Rates and Interest Rates to Macroeconomic Announcements," Journal of Monetary Economics, vol. 54, no. 4, pp. 1051-1068.
  • Doyle, Brian M., and Jon Faust (2005). "Breaks in the Variability and Comovement of G-7 Economic Growth," Review of Economics and Statistics, vol. 87, no. 4, pp. 721-740.
  • Faust, Jon, Athanasios Orphanides, and David L. Reifschneider (2005). "Introduction," In Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley. Board of Governors of the Federal Reserve System, pp. 1-17.
  • Faust, Jon, John H. Rogers, and Jonathan H. Wright (2005). "News and Noise in G-7 GDP Announcements," Journal of Money, Credit, and Banking, vol. 37, no. 3, pp. 403-419.
  • Faust, Jon, and Dale W. Henderson (2004). "Is Inflation Targeting Best-Practice Monetary Policy?" Federal Reserve Bank of St. Louis Review, vol. 86, no. 4, pp. 117-143.
  • Faust, Jon, and Dale W. Henderson (2004). "Is Inflation Targeting Best-Practice Monetary Policy?" International Finance Discussion Papers 807. Board of Governors of the Federal Reserve System (U.S.).
  • Faust, Jon, Eric T. Swanson, and Jonathan H. Wright (2004). "Do Federal Reserve Policy Surprises Reveal Superior Information about the Economy?" Contributions to Macroeconomics, Vol. 4, no. 1.
  • Faust, Jon, Eric T. Swanson, and Jonathan H. Wright (2004). "Identifying VARS Based on High Frequency Futures Data," Journal of Monetary Economics, vol. 51, no. 6, pp. 1107-1131.
  • Faust, Jon (2003). "Identifying the Effects of Monetary Policy Shocks on Exchange Rates using High Frequency Data," Journal of the European Economic Association, vol. 1, no. 5, pp. 1031-1057.
  • Faust, Jon, and John H. Rogers (2003). "Monetary Policy's Role in Exchange Rate Behavior," Journal of Monetary Economics, vol. 50, no. 7, pp. 1403-1424.
  • Faust, Jon, John H. Rogers, and Jonathan H. Wright (2003). "Exchange Rate Forecasting: The Errors we'Ve really made," Journal of International Economics, vol. 60, no. 1, pp. 35-59.
  • Faust, Jon, John H. Rogers, Eric Swanson, and Jonathan H. Wright (2003). "Identifying the Effects of Monetary Policy Shocks on Exchange Rates using High Frequency Data," Journal of the European Economic Association, vol. 1, pp. 1031-1057.
  • Doyle, Brian M., and Jon Faust (2002). "An Investigation of Co-Movements among the Growth Rates of the G-7 Countries," Federal Reserve Bulletin, vol. 88, no. 10, pp. 427-437.
  • Faust, Jon, and Lars E. O. Svensson (2002). "The Equilibrium Degree of Transparency and Control in Monetary Policy," Journal of Money, Credit, and Banking, vol. 34, no. 2, pp. 520-539.
  • Faust, Jon, John H. Rogers, Eric Swanson, and Jonathan H. Wright (2002). "Identifying the Effects of Monetary Policy Shocks on Exchange Rates using High Frequency Data," International Finance Discussion Papers 739. Board of Governors of the Federal Reserve System (U.S.).
  • Faust, Jon, John H. Rogers, and Jonathan H. Wright (2001). "An Empirical Comparison of Bundesbank and ECB Monetary Policy Rules," International Finance Discussion Papers 705. Board of Governors of the Federal Reserve System (U.S.).
  • Faust, Jon (1999). "Conventional Confidence Intervals for Points on Spectrum have Confidence Level Zero," Econometrica, vol. 67, no. 3, pp. 629-637.
  • Faust, Jon, and John S. Irons (1999). "Money, Politics and the Post-War Business Cycle," Journal of Monetary Economics, vol. 43, no. 1, pp. 61-89.
  • Bowman, David, and Jon Faust (1997). "Options, Sunspots, and the Creation of Uncertainty," Journal of Political Economy, vol. 105, no. 5, pp. 957-975.
  • Faust, Jon, and Charles H. Whiteman (1997). "General-to-Specific Procedures for Fitting a Data-Admissible, Theory-Inspired, Congruent, Parsimonious, Encompassing, Weakly-Exogenous, Identified, Structural Model to the DGP: A Translation and Critique," Carnegie-Rochester Conference Series on Public Policy, vol. 47, pp. 121-161.
  • Faust, Jon, and Charles H. Whiteman (1997). "On Congruent Econometric Relations: A Comment: Rejoinder to Hendry," Carnegie-Rochester Conference Series on Public Policy, vol. 47, pp. 191-195.
  • Faust, Jon, and Eric M. Leeper (1997). "When do Long-Run Identifying Restrictions Give Reliable Results?" Journal of Business and Economic Statistics, vol. 15, no. 3, pp. 345-353.
  • Faust, Jon (1996). "Inflation and Growth: In Search of a Stable Relationship: Commentary," Federal Reserve Bank of St.Louis Review, vol. 78, no. 3, pp. 147-149.
  • Faust, Jon (1996). "Near Observational Equivalence and Theoretical Size Problems with Unit Root Tests," Econometric Theory, vol. 12, no. 4, pp. 724-731.
  • Faust, Jon (1996). "Whom can we Trust to Run the Fed? Theoretical Support for the Founders' Views," Journal of Monetary Economics, vol. 37, no. 2, pp. 267-283.
  • Faust, Jon, and Charles H. Whiteman (1995). "Progressive Modeling of Macroeconomic Time Series: The LSE Methodology: Commentary," in Hoover, Kevin,D. ed., Macroeconometrics: Developments, Tensions, and Prospects. Boston; Dordrecht and London: Kluwer Academic, pp. 171-180.
  • Faust, Jon, and Ralph Tryon (1995). "A Distributed Block Approach to Solving Near-Block-Diagonal Systems with an Application to a Large Macroeconometric Model," Computational Economics, vol. 8, no. 4, pp. 303-316.
  • Faust, Jon (1992). "When are Variance Ratio Tests for Serial Dependence Optimal?" Econometrica, vol. 60, no. 5, pp. 1215-1226.
  • Faust, Jon (1989). "Supernovas in Monetary Theory: Does the Ultimate Sunspot Rule Out Money?" American Economic Review, vol. 79, no. 4, pp. 872-881.

Conference Organization

  • 2004 Federal Reserve Board

    Models and Monetary Policy: Research in the Tradition of Henderson, Porter, and Tinsley

    co-organizer

Editor

  • Editor, Berkeley Journals in Macro, 2004-2008
  • Associate Editor, Journal of Business and Economic Statistics, 2004-2007

Professional Affiliation

  • Member, American Economic Association
  • Member, Econometric Society
  • Research Associate, NBER
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Last update: August 8, 2014