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
  • Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother
    Hess Chung, Cristina Fuentes-Albero, Matthias Paustian, and Damjan Pfajfar
    Journal of Economic Dynamics & Control (2021)
    https://doi.org/10.1016/j.jedc.2021.104097
    See also » FRB Working Paper (2020)
  • Alternative Strategies: How Do They Work? How Might They Help?
    Jonas Arias, Martin Bodenstein, Hess Chung, Thorsten Drautzburg, and Andrea Raffo
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.068
  • Considerations Regarding Inflation Ranges
    Hess Chung, Brian M. Doyle, James Hebden, and Michael Siemer
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.075
  • Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit
    Hess Chung, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán, and Wei Zheng
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.003
  • Optimal Monetary Policy in a DSGE Model with Attenuated Forward Guidance Effects
    Hess Chung, Taisuke Nakata, and Matthias Paustian
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2264
  • Simulating the Macroeconomic Effects of Unconventional Monetary Policies
    Hess Chung, Cynthia Doniger, Cristina Fuentes-Albero, Bernd Schlusche, and Wei Zheng
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2225
  • Effective Monetary Policy Strategies in New Keynesian Models: A Reexamination
    Hess Chung, Edward Herbst, and Michael T. Kiley
    NBER Macroeconomics Annual Book Series (2015)
    https://doi.org/10.1086/680629
  • The Effects of Forward Guidance in Three Macro Models
    Hess Chung
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1488
  • Assessing the Change in Labor Market Conditions
    Hess Chung, Bruce Fallick, Christopher J. Nekarda, and David Ratner
    FEDS Notes (2014)
    https://doi.org/10.17016/2380-7172.0019
    See also » FRB Working Paper (2014)
  • Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?
    Hess Chung, Jean-Philippe Laforte, David Reifschneider, and John C. Williams
    Journal of Money, Credit and Banking (2012)
    https://doi.org/10.1111/j.1538-4616.2011.00478.x
  • Estimating the Macroeconomic Effects of the Fed's Asset Purchases
    Hess Chung, Jean-Philippe Laforte, David Reifschneider, and John C. Williams
    FRBSF Economic Letter (2011)
  • Documentation of the Estimated, Dynamic, Optimization- Based (EDO) Model of the U.S. Economy
    Hess Chung, Michael T. Kiley, and Jean-Philippe Laforte
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.29
  • What Has Financed Government Debt?
    Hess Chung and Eric M. Leeper
    NBER Working Paper Series (2007)
    https://doi.org/10.3386/w13425
  • Monetary and Fiscal Policy Switching
    Hess Chung, Troy Davig, and Eric M. Leeper
    Journal of Money, Credit and Banking (2007)
    https://doi.org/10.1111/j.1538-4616.2007.00047.x
Last update: February 22, 2022