Release Date: May 31, 2011
For immediate release
David J. Stockton, director of the Division of Research and Statistics, will retire on September 30 after 30 years of service with the Federal Reserve Board, including 11 years as the director of the division. In addition to overseeing the division's 325 employees, he has been responsible for briefing the Federal Open Market Committee (FOMC) on the outlook for the U.S. economy. In that capacity, he has served under two Federal Reserve Chairmen: Ben S. Bernanke and Alan Greenspan.
"Dave Stockton is one of the finest economists I have known. My colleagues on the Committee and I have enjoyed the benefits of his penetrating and insightful analysis and impeccable judgment--not to mention his superb sense of humor," Chairman Bernanke said.
The members of the Division of Research and Statistics engage in economic analysis, forecasting, and research related to the domestic economy and financial markets. The division also produces statistical releases, including the Industrial Production and Flow of Funds reports. In addition, it provides research and analysis in support of the Federal Reserve's financial stability responsibilities and supervisory and regulatory activities.
Prior to joining the Board staff in 1981, Stockton was an instructor and lecturer at Yale University in New Haven, Conn., and at Trinity College in Hartford, Conn. He began his career at the Board as an economist in the Wages, Prices, and Productivity Section with responsibility for the forecasting and analysis of inflation. Later, he was a member of the Economic Activity Section, coordinating the staff economic projections for the FOMC.
Stockton was appointed an officer of the Board in 1987, as assistant director and chief of the Economic Activity Section. He held various positions within the division before being appointed its director in 2000.
He has published numerous papers in the areas of macroeconomics and labor markets. In addition, he makes frequent presentations to various professional organizations, foreign central banks, and international organizations. Stockton has also been a visiting researcher at Georgetown University.
Stockton received his B.A. and M.A. in 1976 from the University of Connecticut and his M.Phil. in 1978 and Ph.D. in 1983, both from Yale University.