Charles L. Evans
| Charles L. Evans | |
| |
| Occupation | Ninth President And Chief Executive Officer |
|---|---|
| Employer | Seventh District Federal Reserve Bank, at Chicago |
Charles L. Evans is the ninth president and chief executive officer of the Seventh District Federal Reserve Bank, at Chicago. He took office on Sept. 1, 2007. In 2009, he joined the Federal Open Market Committee as a voting member.[1]
In April 2022 the Federal Reserve Bank of Chicago announced that Evans would retire in early 2023 and that the Chicago Fed’s board of directors had formed a search committee and to find his successor.[2]
In 2012, he served as an alternate voting member of the FOMC.
Background[edit]
Evans was previously director of research and a senior vice-president at the Chicago Fed and supervised its Consumer and Community Affairs unit and its public affairs department. He has also taught at the University of Chicago and the University of Michigan.[3]
In August 2011, Evans publicly supported an increase in U.S. monetary stimulus.[4]
Evans Rule[edit]
On Dec. 12, 2012 the Federal Open Market Committee (FOMC) put into play what many called the "Evans Rule."
Evans had put forth a proposal that the Fed should promise not to tighten until the economy hit key economic thresholds.[5]
Upon conclusion of the December 2012 FOMC meeting, rather than the Fed promising to keep rates low until an arbitrary date, the promise was to keep rates low until the U.S. economy hit either a 6.5 percent unemployment or 2.5 percent inflation rate.
In particular, the FOMC said in its statement that it had decided to "keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance."[6]
Education[edit]
- Ph. D., Economics, Carnegie-Mellon University
- B.S., Economics, University of Virginia
Resources[edit]
References[edit]
- ↑ Federal Reserve Bank Presidents. Federal Reserve System.
- ↑ Presidential Search. Chicago Federal Reserve Bank.
- ↑ Charles L. Evans, President and Chief Executive Officer. Federal Reserve Bank of Chicago.
- ↑ Fed official makes plea for more stimulus. Financial Times.
- ↑ [http://www.brookings.edu/~/media/Projects/BPEA/Spring%202012/2012a_Evans.pdf Macroeconomic Effects of Federal Reserve Forward Guidance]. Brookings.
- ↑ The Fed Just Made A Historic Shift In How It Does Monetary Policy. Business Insider.