Photo of Hess T. Chung

Hess T. Chung

Education

  • Ph.D., Economics, Indiana University, 2009
  • B.S., Mathematics, University of Chicago, 1994
  • Chief

    Board of Governors of the Federal Reserve System

    2021 - present
  • Principal Economist and Group Manager

    Board of Governors of the Federal Reserve System

    2015 - 2021
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2013 - 2015
  • Economist

    Board of Governors of the Federal Reserve System

    2008 - 2013
  • Chung, Hess, Cristina Fuentes-Albero, Matthias Paustian, and Damjan Pfajfar (2020). "Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother," Finance and Economics Discussion Series 2020-100. Board of Governors of the Federal Reserve System (U.S.).
  • Arias, Jonas, Martin Bodenstein, Hess Chung, Thorsten Drautzburg, and Andrea Raffo (2020). "Alternative Strategies: How Do They Work? How Might They Help?" Finance and Economics Discussion Series 2020-068. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Brian M. Doyle, James Hebden, and Michael Siemer (2020). "Considerations Regarding Inflation Ranges," Finance and Economics Discussion Series 2020-075. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán, and Wei Zheng (2019). "Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit," Finance and Economics Discussion Series 2019-003. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Taisuke Nakata, and Matthias Paustian (2018). "Optimal Monetary Policy in a DSGE Model with Attenuated Forward Guidance Effects," FEDS Notes 2018-10-19. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Cynthia Doniger, Cristina Fuentes-Albero, Bernd Schlusche, and Wei Zheng (2018). "Simulating the Macroeconomic Effects of Unconventional Monetary Policies," FEDS Notes 2018-07-20. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Edward Herbst, and Michael T. Kiley (2015). "Effective Monetary Policy Strategies in New Keynesian Models: A Reexamination," in Parker, Jonathan A., and Michael Woodford NBER Macroeconomics Annual 2014, University of Chicago Press, vol. 29, no. 1, pp. 289-344.
  • Chung, Hess (2015). "The Effects of Forward Guidance in Three Macro Models," FEDS Notes 2015-02-26. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Bruce C. Fallick, Christopher J. Nekarda, and David Ratner (2014). "Assessing the Change in Labor Market Conditions," Working Paper, no. 14-38. Federal Reserve Bank of Cleveland.
  • Chung, Hess, Michael T. Kiley, and Jean-Philippe Laforte (2010). "Documentation of the Estimated, Dynamic, Optimization- Based (EDO) Model of the U.S. Economy," Finance and Economics Discussion Series 2010-29. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Bruce Fallick, Christopher J. Nekarda, and David Ratner. (2014) "Assessing the Change in Labor Market Conditions," Finance and Economics Discussion Series 2014-109. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Christopher J. Nekarda, and David Ratner (2014). "Updating the Labor Market Conditions Index," FEDS Notes 2014-10-01. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Bruce Fallick, Christopher J. Nekarda, and David Ratner (2014). "Assessing the Change in Labor Market Conditions," FEDS Notes 2014-05-22. Board of Governors of the Federal Reserve System (U.S.).
  • Chung, Hess, Edward Herbst, and Michael T. Kiley (2014). "Effective Monetary Policy Strategies in New Keynesian Models: A Re-Examination," NBER Working Paper 20611. National Bureau of Economic Research.
  • Chung, Hess, Jean-Philippe Laforte, David Reifschneider, and John C. Williams (2012). "Have we Underestimated the Likelihood and Severity of Zero Lower Bound Events?" Journal of Money, Credit, and Banking, vol. 44, pp. 47-82.
  • Chung, Hess, Jean-Philippe Laforte, David Reifschneider, and John C. Williams (2011). "Estimating the Macroeconomic Effects of the Fed's Asset Purchases," FRBSF Economic Letter, 2011-3, pp. 1-5.
  • Chung, Hess, and Eric M. Leeper (2007). "What has Financed Government Debt?" NBER Working Papers 13425. National Bureau of Economic Research, Inc.
  • Chung, Hess, Troy Davig, and Eric M. Leeper (2007). "Monetary and Fiscal Policy Switching," Journal of Money, Credit, and Banking, vol. 39, no. 4, pp. 809-842.
Last update: May 3, 2021