Federal Reserve

Core faculty

Susan M. Collins

Edward M. Gramlich Collegiate Professor of Public Policy; Professor of Economics

Collins is on extended leave to serve as the president and CEO of the Boston Federal Reserve Bank. At U-M, she served as provost from 2020-22. At the Ford School, she is the Edward M. Gramlich Collegiate Professor of Public Policy, professor of economics, and former dean of the Ford School (2007-17). She is an international economist whose research interests center on understanding and fostering economic growth in industrial, emerging market, and developing countries.

Core faculty

Justin Wolfers

Professor of Public Policy and Economics (on sabbatical leave)

Wolfers is an economist with broad policy-related interests and experience. He is also affiliated with the NBER, Brookings and the Peterson Institute for International Economics. He is a contributing columnist for the New York Times and host of the “Think Like An Economist” podcast. He is a popular teacher and author of a leading economics textbook.

In the Media

Wolfers on market reactions to Trump pronouncements

Jul 23, 2025 MSNBC

Wolfers on MSNBC: Here's the most important thing if you look at markets: If you look at every singly day where Trump has backed his own instincts, when he's imposed new tariffs, every single time he's done that, markets have gone down. When he's...

News

Stevenson widely quoted on Trump tariff policies

Apr 25, 2025

Ford School professor Betsey Stevenson has been widely sought for her insights, and concerns, about the implications of the Trump administration's proposed tariffs. Here are some of the notes Stevenson has shared with news outlets over the past few...

In the Media

Stevenson predicts Fed chair to reassure financial markets

Apr 16, 2025 Bloomberg

Reflecting on recent stock market instability, the Ford School's Betsey Stevenson told Bloomberg in an interview that, "I do think that he [Jerome Powell, Federal Reserve chairman] is going to reassure financial markets that we have a strong and...

Stevensom SRM Subcommittee Hearing Teaser Display

In the Media

The Fed might not know how to respond to Trump's tariffs - Stevenson

Apr 7, 2025 Bloomberg

Bloomberg Network spoke with the Ford School's Betsey Stevenson in pursuit of an estimate for what the Fed will do in response to Trump's recently implemented tariff policies. Stevenson stated, "There is clearly an inflation risk, and we know that...

In the Media

Fed rate changes and labor market uncertainty - Wolfers

Feb 7, 2025 The New York Times

The Federal Reserve Bank is set to lower rates as the economy stabilizes over the next few months. Speaking with The New York Times, the Ford School's Justin Wolfers cautioned businesses about these changes and the adaptations of the labor market...

News

Stevenson's outlook on the economy: tariffs, wages, Fed cuts, the labor market, and more

Jan 31, 2025

The Ford School's economics professor Betsey Stevenson has been discussing her views about the state of the economy to a wide variety of news outlets. Stevenson has looked at tariff increases, the Fed's response to government actions, worker wages,...

News

Watch What Consumers Do, Not How They Feel - Stevenson

Jan 15, 2025

Ford School professor of public policy and economics Betsey Stevenson writes in Bloomberg about the relationship or lack of relationship between consumer sentiment and economic performance. Instead, she says, we should focus "on consumers' ability...

In the Media

As Federal Reserve debates cutting interest rates, Wolfers urges a focus on data over politics

Sep 18, 2024 The Washington Post

Controversy arises as the Federal Reserve decides whether to cut interest rates less than 50 days before an election. Justin Wolfers argues the Fed should be "responding to the data, rather than the electoral cycle, or the demand of either side of...

In the Media

With weak hiring this summer, Wolfers has difficulty anticipating the Fed rate cuts

Sep 6, 2024 The Wall Street Journal

Recent job reports have not offered a definitive answer on how much the Fed is expected to cut interest rates. Justin Wolfers of the Ford School mentioned, "There’s nothing in this report that would turn optimists pessimistic... Would it turn...

In the Media

Dominguez on weakening of US dollar

Aug 29, 2024 Marketplace

Kathryn Dominguez, Ford School professor, talked with Marketplace about weakening of the US dollar, which she says is driven by "the anticipation that the [Federal Reserve] is likely to cut interest rates in September." She also said it may be...

Kathryn Dominguez speaks to prospective students at the Ford School's Spring Preview

In the Media

Dominguez: What is “maximum employment”?

Jul 29, 2024 Marketplace

Kathryn Dominguez, Marketplace: Generally speaking, if more and more people are employed and the unemployment rate drops and drops further, companies may have trouble finding workers, and they’ll raise wages to attract them. That would increase...

State & Hill

Spotlights, spring 2024

Apr 24, 2024

A prescription for equityAs the first city-wide experiment of its kind, Rx Kids provides cash payments for new parents—and new promise for eradicating early childhood poverty. Flint's high child poverty rates came into focus nearly 10 years ago when...

Photo of Gretchen Whitmer and Rx Kids co-directors Luke Shaefer; Dr. Mona Hanna-Attisha, and others in front of RxKids banner

In the Media

The Fed is still pushing to get inflation down. Do people feel it?

Sep 19, 2023 The Washington Post

...

News

Stevenson’s economic analysis in demand

Jul 3, 2023

Ford School economist Betsey Stevenson’s analysis of the volatile U.S. economy is in high demand. When the June jobs numbers were released at the beginning of July, Stevenson was quoted in the Associated Press. AP reported, “Friday’s jobs...

News

Stevenson’s expertise on the debt ceiling and global economy

Jun 26, 2023

Ford School economics professor Betsey Stevenson is widely tapped for her comprehensive knowledge of the state of the U.S. economy. When the debt ceiling deal was reached between President Biden and the GOP in Congress, she told NPR that the...

News

Stevenson discusses BLS jobs report, inflation

Apr 12, 2023

Last week, the Bureau of Labor Statistics released their monthly jobs report. Betsey Stevenson lent her expertise to numerous media outlets to break down what she saw. "This report is just about as good as it can be. It's slowing slightly, and...

In the Media

'If you have two tools, you can do two things' - Wolfers on the Fed's next move

Mar 22, 2023 CNN

Justin Wolfers, CNN: "I think the simple view is you can't do two things at the same time. And to try to reduce financial stress would be a force for lower interest rates while trying to reduce inflation would lead to higher interest rates. On the...

In the Media

Stevenson analyzes Fed messaging

Mar 21, 2023 Bloomberg

Betsey Stevenson, Bloomberg: "I think sticking with 25 basis points is hopefully going to be sending the signal that they (the Federal Reserve) really do believe that the situation is stabilizing. That they don't need to veer from their planned...

In the Media

Stevenson discusses interest rate effects on labor market

Mar 7, 2023 Bloomberg

Betsey Stevenson, Bloomberg: "I think it's really hard to interpret the impact of the interest rate increases on the labor market. And the reason is that we would have to know the counterfactual—what would have happened in the labor market if we...

In the Media

Stevenson discusses how central banks see wage increases

Jan 3, 2023 CNN

Betsey Stevenson, CNN: "I think what you're hearing is central banks want to make sure that we're not seeing wage increases drive further inflation because then your wage increases aren't going to do you any good—it's just going to be used to pay...

In the Media

Stevenson looks ahead at interest rates and inflation

Dec 28, 2022 CNBC

Betsey Stevenson, CNBC: "I think it’s important to realize that the Fed sees themselves as having two tools right now to bring inflation down. One is bringing rates high, and then the other is keeping them high for longer. And I think one thing...

In the Media

Wolfers provides 2023 economic forecast

Dec 21, 2022 In the Bubble

Justin Wolfers, In the Bubble: "(Inflation’s) almost certainly peaked. That’s the mainstream view among both Wall Street and academic economists right now. The Fed’s own forecasts show that it expects inflation to fall relatively dramatically over...

In the Media

Stevenson considers further Fed action on inflation

Dec 12, 2022 DBusiness

Betsey Stevenson, DBusiness: "We thought we’d see inflation start to come down, and instead what we’ve seen is inflation really sort of entrenched. If there’s no real progress, then that says, does the Fed need to take stronger action? And if the...

News

Stevenson breaks down latest jobs report data

Dec 5, 2022

In addition to providing BLS Monthly Jobs Report Rapid Insights, Betsey Stevenson, professor of economics and public policy, has lent her expertise to numerous media outlets to break down the latest jobs report. Here's what she had to say about the...

News

Stevenson breaks down inflation's causes on 'Face the Nation'

Oct 19, 2022

As inflation continues to rise, voters are getting more and more worried about the economy. To alleviate some of that concern, Betsey Stevenson, professor of public policy and economics, provided her expertise on CBS News: Face the Nation. "It is...

In the Media

Wolfers says Fed is on track to a 'soft landing'

Oct 8, 2022 CNN News Source

As economic worries continue, Justin Wolfers, professor of public policy and economics, provided his expert opinion on inflation and the economy. “The thing that’s hurting people of course is inflation," he said. “This has been a key goal of the...

News

Wolfers on what policymakers can do to steer economy in the right direction

Sep 25, 2022

As inflation rates continue to rise and the Federal Reserve attempts to orchestrate a soft landing, many Americans are left wondering when prices will stop increasing. Ford School Professor Justin Wolfers talked to multiple national media outlets...

News

Ford School’s Stevenson and Wolfers lend economic expertise to national media outlets

Sep 16, 2022

Ford School economists Betsey Stevenson and Justin Wolfers are called upon regularly to comment on breaking economic news and trends. In addition to their teaching and active research portfolios, they lend their expertise to news outlets around the...