My research investigates macroeconomics (especially unconventional approaches to monetary policy and the propagation of fiscal stimulus through households' consumption/savings choices) and industrial organization (specifically the choices of potential entrepreneurs to start their businesses and the decisions of incumbent producers to close their enterprises). I am from the United States. I received my A.B. in Economics from the University of Michigan in 1989 and my Ph.D. in Economics from Northwestern University in 1995. I taught at the University of Rochester and at the University of Chicago before joining the Federal Reserve Bank of Chicago in 2002. My primary task there was the conduct of original academic research, much of which was directly relevant for monetary policy. My recent research has explored how central banks can improve economic outcomes with forward guidance (statements about their future policy actions), particularly when interest rates have hit the zero lower bound.


At the graduate level, I teach macroeconomics with a focus on the monetary aspects of business cycles. I wish to prepare graduate students for careers as independent researchers, so I emphasise the acquisition of technical skills in my courses. At the same time, I ensure that my students gain exposure to less formal modes of analysis widely used by policymakers through discussions of supplemental readings. My course is designed for second-year research masters students, so each student creates a written report on a topic of interest. This can contribute to the student's RM dissertation. 

At the undergraduate level, I teach statistics and econometrics. I am a strong believer that a university education should equip students to examine the statements of "experts" concerning social, economic and scientific problems critically. Therefore, I work to develop each student's ability to reason independently  using data and mathematical models.



In my work at the Federal Reserve Bank of Chicago, I collaborated with researchers from across the United States on multiple policy memos which were presented to the Federal Open Market Committee (FOMC), the monetary-policy making body of the United States. This experience taught me how to bridge the often considerable gap between academic inquiry and practical implementation. 

Recent publications

  1. Discretion rather than rules - Equilibrium uniqueness and forward gui…

    Campbell, J., & Weber, J. P. (2021). Discretion rather than rules: Equilibrium uniqueness and forward guidance with inconsistent optimal plans. Review of Economic Dynamics, 41, 243-254.
  2. Liquidity constraints of the middle class

    Campbell, J., & Hercowitz, Z. (2019). Liquidity constraints of the middle class. American Economic Journal: Economic Policy, 11(3), 130-155.
  3. The limits of forward guidance

    Campbell, J., Ferroni, F., Fisher, J., & Melosi, L. (2019). The limits of forward guidance. Journal of Monetary Economics, 108, 118-134.
  4. Very simple Markov‐Perfect industry dynamics - Theory

    Abbring, J., Campbell, J., Tilly, J., & Yang, N. (2018). Very simple Markov‐Perfect industry dynamics: Theory. Econometrica, 86(2), 721-735.
  5. Liquidity Constraints of the Middle Class (revision of CentER DP 2015…

    Campbell, J. R., & Hercowitz, Z. (2018). Liquidity Constraints of the Middle Class (revision of CentER DP 2015-009). (CentER Discussion Paper; Vol. 2018-039). Department of Econometrics.

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