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Michael T. Kiley

Deputy Director, Program Direction Section · Board of Governors of the Federal Reserve System

Deputy Director of the Program Direction Section in Monetary Affairs at the Federal Reserve Board. His listed research fields are macroeconomics, monetary economics and econometrics, with a focus on monetary policy strategy and inflation.

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Online First Journal of Money, Credit and Banking Online 2 Jun 2026

Monetary Policy, Employment Shortfalls, and the Natural Rate Hypothesis

Michael T. Kiley

This paper examines optimal monetary policy under discretion when the loss function is asymmetric — placing greater weight on employment shortfalls than on equivalently sized employment strength. The …

Monetary Policy Rules Natural Rate of Interest Free Read ↗

Career

Deputy Director, Program Direction Section, Monetary Affairs, Board of Governors of the Federal Reserve System
2017 – 2025 Deputy Director, Financial Stability, Board of Governors of the Federal Reserve System
2021 – 2021 Counselor, U.S. Department of the Treasury
2007 – 2017 Senior Adviser, Research and Statistics, Board of Governors of the Federal Reserve System
2003 – 2007 Chief, Macroeconomics and Quantitative Studies, Board of Governors of the Federal Reserve System
2001 – 2003 Economist, OECD
1996 – 2003 Economist, Board of Governors of the Federal Reserve System
2000 – 2001 Lecturer, Johns Hopkins University
1998 – 1998 Visiting Assistant Professor, University of Michigan

Research topics

Monetary Policy Rules Natural Rate of Interest

Profile compiled from public sources, checked 2026-10-04: [1]