Federal Reserve Board Economist Douglas Elmendorf Named Brookings Senior Fellow

Editor’s note: In January 2009, Douglas Elmendorf became director of the Congressional Budget Office.

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Economist Douglas Elmendorf, formerly assistant director of the Division of Research and Statistics at the Federal Reserve Board of Governors, has been named a senior fellow at the Brookings Institution, Brookings President Strobe Talbott announced today. Elmendorf’s appointment begins June 1.

Elmendorf’s scholarship has focused on the macroeconomic effects of budget deficits and of changes in national saving and Social Security in the face of an aging population. Most recently, his research has centered on the effects of financial innovation on the volatility of economic activity. Elmendorf has been a visiting fellow at Brookings since December 2006.

“Doug’s work on budget deficits, in particular, is widely viewed as among the most sensible and credible work on the issue,” said William G. Gale, Brookings vice president and director of the Economic Studies Program. “His ability to grasp the essence of an idea, critically evaluate it, and express his views in clear language that is readily understood, puts him at the top of our profession as a communicator.”

From 2002 to 2006, Elmendorf was chief of the macroeconomic analysis section of the Federal Reserve Board. He was previously a senior economist at the White House Council of Economic Advisers, deputy assistant secretary for economic policy at the Treasury Department, and a senior economist at the Congressional Budget Office, where he received the Director’s Award. He taught economics at Harvard University from 1989 to 1994.

“I am excited to have the opportunity to join the Brookings community and pursue my research on a variety of economic issues,” Elmendorf said. “The quality and independence of Brookings scholars and of the analysis they produce make this institution a very stimulating and supportive environment for conducting research and influencing economic policy.”

In 2008, Elmendorf will become co-editor of the Brookings Papers on Economic Activity, the flagship economic journal of the Institution.

At Brookings, Elmendorf will also be the Edward M. Bernstein Scholar. Bernstein was chief technical adviser to the U.S. delegation to the Bretton Woods conference in 1944, and later served as director of the research department at the International Monetary Fund. Contributors to this endowment include the Bernstein family and the Georges Lurcy Charitable and Educational Trust.

Elmendorf earned a master’s degree and a doctorate in economics from Harvard University. He graduated summa cum laude from Princeton University with a bachelor’s degree in economics.

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