My research agenda is to write about the historical evolution of central banking in a way that stimulates debate over three issues: 1) the role of central banks in the constitutional framework of government, especially with regard to seigniorage issues; 2) the role of central banks in assuring financial stability, especially with regard to market discipline versus regulation; and 3) the way in which central banks control inflation, especially with respect to trade-offs, if any, with the behavior of unemployment.
Bob Hetzel is a senior economist and research advisor in the Research Department and has been with the Richmond Fed since 1975. His research has been in academic publications such as the Cato Journal and the Journal of Money, Credit and Banking. Most recently, Hetzel published a book that chronicles the history of the Federal Reserve's monetary policy.
Ph.D., University of Chicago, 1975
B.A., University of Chicago, 1967
"The Case for Inflation Targeting." Cato Journal 27, no.2 (Spring/Summer 2007): 273-81.
"Price Stability and Japanese Monetary Policy." Bank of Japan Monetary and Economic Studies 22, no. 3 (October 2004): 1-23.
"Currency Boards: Their Past, Present, and Possible Future Role: Comment." Carnegie-Rochester Conference Series on Public Policy 39 (December 1993): 189-93.
"Central Banks' Independence in Historical Perspective: A Review Essay." Journal of Monetary Economics 25, no. 1 (January 1990): 165-76.
Read our Summer 2003 article on Japan's efforts to combat deflation.
The Monetary Policy of the Federal Reserve: A History. Cambridge University Press, 2008.
"Milton Friedman and Liberty." Region Focus, Winter 2007.
"Remembering Milton Friedman: The Power of Markets." Richmond Times Dispatch, November 29, 2006.
"Friedman, Milton." In An Encyclopedia of Keynesian Economics, edited by Thomas Cate, 191-194. Cheltenham, UK: Edward Elgar, 1997.
"A Better Way to Fight Inflation." Wall Street Journal, April 25, 1991.
"The Political Economy of Monetary Policy." In The Political Economy of American Monetary Policy, edited by Thomas Mayer, 99-114. Cambridge Press, 1989.
Robert L. Hetzel