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Opening remarks by President James Bullard
The 2013 Homer Jones Memorial Lecture
Federal Reserve Bank of St. Louis
April 3, 2013
Welcome to the 24th annual Homer Jones Memorial Lecture. Each year we host this event to
honor the outstanding contributions of Homer Jones, a former senior vice president and
Research director of the Federal Reserve Bank of St. Louis.
The Bank began the lecture series after Homer Jones’ death in 1986. The lecture series enjoys
the long-lasting support and co-sponsorship of many people and organizations, including the St.
Louis Gateway Chapter of the National Association for Business Economics, Saint Louis
University, Southern Illinois University at Edwardsville, the University of Missouri at St. Louis
and Washington University in St. Louis.
Homer Jones is sometimes described as “Milton Friedman’s teacher” because Jones taught
Friedman when Friedman was an undergraduate at Rutgers University in the late 1920s and
early 1930s.
Then, as now, it was a tumultuous time for macroeconomists.
Jones had come to Rutgers after studying at the University of Chicago, where he was a student
of legendary Chicago professor Frank Knight. Also on the Rutgers faculty at the time: a young
Arthur Burns, future Fed chairman.
According to Friedman, Jones was one of the primary influences in Friedman’s choice to study
economics, as opposed to mathematics or statistics. In Friedman’s 1976 reminiscence, he says
Jones opened his eyes “to the broader reaches of economics and to the beauties and intricacies
of economic theory.” 1 The rest, as they say, is history—the two remained friends and
colleagues for years afterward.
In 1958, Homer Jones joined the staff here at the St. Louis Fed. He is remembered for many
contributions at the Bank, but his role in the Bank’s development in monetary research and
statistics stands out. The Bank’s research function became a national and international leader
in the then-rapidly advancing “monetarist” approach to monetary policy. The famous

See Milton Friedman, 1976, “Homer Jones: A Personal Reminiscence,” Journal of Monetary Economics 2: 433-436.

Andersen/Jordan paper published during this era became one of the most widely cited papers
in all of macroeconomics. 2 And Homer Jones insisted on freely available data to encourage
research on critical economic policy issues.
Today, the St. Louis Fed is internationally known as an institution that is unparalleled in data
dissemination. The Bank’s Federal Reserve Economic Data, or FRED, has its genesis in Homer
Jones’ innovative idea to publish monetary data in a form that did not yet exist at the time.
Today, through FRED, we make more than 61,000 data series available and accessible to
individuals and organizations worldwide.
The St. Louis Fed’s unwavering commitment to rigorous, independent economic research is the
key legacy of Homer Jones that we honor today. Those of us in the Federal Reserve System
who believe that the ability to question and re-examine conventional wisdom leads to better
policy outcomes owe a great debt to Homer Jones. The Fed’s ability to absorb and be open to
multiple viewpoints helps prevent groupthink and leads to superior monetary policy and,
ultimately, to better macroeconomic performance.
It is only fitting for us to use the Homer Jones Memorial Lecture to spotlight others who have
made a significant impact in the world of academic research, central banking and global
finance. It is a pleasure for me to introduce this year’s distinguished speaker, R. Glenn
Professor Hubbard was named dean of the Columbia University Business School in 2004. A
Columbia faculty member since 1988, he is also the Russell L. Carson Professor of Finance and
Professor Hubbard is affiliated with research programs in monetary economics, public
economics, corporate finance and industrial organization at the National Bureau of Economic
Research. Additionally, he is a visiting scholar at the American Enterprise Institute and a
member of the International Advisory Board of the MBA Program of Ben-Gurion University.
Professor Hubbard’s research spans tax policy, monetary economics, corporate finance and
international finance. In addition to writing more than 100 scholarly articles in economics and
finance, Professor Hubbard is the author of two leading textbooks on money and financial
markets and the principles of economics. He is also the co-author of The Aid Trap: Hard Truths


See Leonall C. Andersen and Jerry L. Jordan, 1968, “Monetary and Fiscal Actions: A Test of Their Relative
Importance in Economic Stabilization,” Federal Reserve Bank of St. Louis Review, November: 11-24.

About Ending Poverty, and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care
In government, Professor Hubbard served as deputy assistant secretary of the U.S. Treasury
Department for Tax Policy (from 1991 to 1993), and he was chairman of the U.S. Council of
Economic Advisers under President George W. Bush. While serving as CEA chairman, he also
chaired the Economic Policy Committee of the Organisation for Economic Co-operation and
In the corporate sector, Professor Hubbard is currently a director of ADP, BlackRock Closed-End
Funds, KKR Financial Corporation and MetLife. He is a life member of the Council on Foreign
Relations, a co-chairman of the Committee on Capital Markets Regulation and the Study Group
on Corporate Boards, and a past chairman of the Economic Club of New York.
Please join me in welcoming R. Glenn Hubbard.

James Bullard, President and CEO
Federal Reserve Bank of St. Louis