David Stockton, the former top economic forecaster for Federal Reserve Chairman Ben S. Bernanke and former chairman Alan Greenspan, has joined Macroeconomic Advisers LLC as a senior adviser.
Stockton will work out of the St. Louis firm’s Washington office with former Fed governor Laurence Meyer, according to a press release from Macroeconomic Advisers.
Stockton retired from the Fed Sept. 30 as director of the Division of Research and Statistics. The division’s staff of 325, including dozens of PhDs, prepares a forecast for the Federal Open Market Committee every six weeks and conducts economic research on a variety of topics including housing and labor markets.
Division directors such as Stockton were once known as “barons” inside the Fed for their control of resources critical to the central bank’s policy-making process.
“David commanded the respect and admiration of Alan Greenspan and Ben Bernanke, as well as generations of Board and FOMC members,” said Meyer, who co-founded the St. Louis forecasting firm. “There is no one, and I mean no one, who could make a greater contribution to our forecasting efforts and analysis of monetary policy than David Stockton.”