Robert D. McTeer
Encyclopedia
Robert D. McTeer is an American economist, and has been a fellow at the US National Center for Policy Analysis
since January 2007. McTeer is a former president of the Federal Reserve Bank
of Dallas, and a former chancellor of the Texas A&M University System
.
, he earned his B.B.A. and Ph.D.
in economics
from the University of Georgia
where he is a member of the Sigma Chi
Fraternity and was also a member of the Phi Kappa Literary Society
. He taught there for two years before joining the Federal Reserve Bank of Richmond
.
from 1991–2005, where he was known for his plain, jargon
-free public speaking and telling stories about growing up in rural Georgia. He has stated that one of his goals was "to translate economic sense into common sense".
As a member of the Federal Open Market Committee
on the Federal Reserve, he was considered "dovish" on inflation
and was one of the most consistent opponents of raising the federal funds rate
in the late 1990s. He has stated that he does not believe in the NAIRU
and Phillips curve
.
He was succeeded as Federal Reserve Bank President by Richard W. Fisher
.
, until November 22, 2006, when he was succeeded by Michael D. McKinney.
's Kudlow & Company
.
National Center for Policy Analysis
The National Center for Policy Analysis is a non-profit American conservative think tank whose goals are to develop and promote private alternatives to government regulation and control...
since January 2007. McTeer is a former president of the Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
of Dallas, and a former chancellor of the Texas A&M University System
Texas A&M University System
The Texas A&M University System is one of the largest systems of higher education in the United States. Through a statewide network of eleven universities, eight state agencies and a comprehensive health science center, the Texas A&M System educates over 100,000 students, conducts more than $600...
.
Early life
Born in the U.S. state of GeorgiaGeorgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, he earned his B.B.A. and Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from the University of Georgia
University of Georgia
The University of Georgia is a public research university located in Athens, Georgia, United States. Founded in 1785, it is the oldest and largest of the state's institutions of higher learning and is one of multiple schools to claim the title of the oldest public university in the United States...
where he is a member of the Sigma Chi
Sigma Chi
Sigma Chi is the largest and one of the oldest college Greek-letter secret and social fraternities in North America with 244 active chapters and more than . Sigma Chi was founded on June 28, 1855 at Miami University in Oxford, Ohio when members split from Delta Kappa Epsilon...
Fraternity and was also a member of the Phi Kappa Literary Society
Phi Kappa Literary Society
The Phi Kappa Literary Society is a college literary society, located at the University of Georgia in Athens, Georgia.The Society was founded in 1820 by Joseph Henry Lumpkin, later to become the first Chief Justice of the Supreme Court of Georgia and eponym for the , and by William Crabbe, Edwin...
. He taught there for two years before joining the Federal Reserve Bank of Richmond
Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
.
Professional career
He worked for the Federal Reserve for 36 years, including as president of the Federal Reserve Bank of DallasFederal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico....
from 1991–2005, where he was known for his plain, jargon
Jargon
Jargon is terminology which is especially defined in relationship to a specific activity, profession, group, or event. The philosophe Condillac observed in 1782 that "Every science requires a special language because every science has its own ideas." As a rationalist member of the Enlightenment he...
-free public speaking and telling stories about growing up in rural Georgia. He has stated that one of his goals was "to translate economic sense into common sense".
As a member of the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
on the Federal Reserve, he was considered "dovish" on inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
and was one of the most consistent opponents of raising the federal funds rate
Federal funds rate
In the United States, the federal funds rate is the interest rate at which depository institutions actively trade balances held at the Federal Reserve, called federal funds, with each other, usually overnight, on an uncollateralized basis. Institutions with surplus balances in their accounts lend...
in the late 1990s. He has stated that he does not believe in the NAIRU
NAIRU
In monetarist economics, particularly the work of Milton Friedman, on which also worked Lucas Papademos and Franco Modigliani in 1975,NAIRU is an acronym for Non-Accelerating Inflation Rate of Unemployment, and refers to a level of unemployment below which inflation rises.It is widely used in...
and Phillips curve
Phillips curve
In economics, the Phillips curve is a historical inverse relationship between the rate of unemployment and the rate of inflation in an economy. Stated simply, the lower the unemployment in an economy, the higher the rate of inflation...
.
He was succeeded as Federal Reserve Bank President by Richard W. Fisher
Richard W. Fisher
Richard W. Fisher is currently the President and CEO of the Federal Reserve Bank of Dallas, having assumed that post in April, 2005.-Career:...
.
Academia career
On November 4, 2004, he succeeded A. Benton Cocanougher as the chancellor of the Texas A&M University SystemTexas A&M University System
The Texas A&M University System is one of the largest systems of higher education in the United States. Through a statewide network of eleven universities, eight state agencies and a comprehensive health science center, the Texas A&M System educates over 100,000 students, conducts more than $600...
, until November 22, 2006, when he was succeeded by Michael D. McKinney.
Television appearances
He is a frequent economics commentator on CNBCCNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
's Kudlow & Company
Kudlow & Company
The Kudlow Report is a news television program about business and politics hosted by Lawrence Kudlow, that airs on the CNBC television channel at 7pm ET. The show began airing on January 26, 2009. It is a successor to Kudlow & Company, which aired from 2005 until October 2008...
.