Richard Porter

Richard Porter

Vice President and Senior Research Advisor, Payments

(312) 322-2156

Fields of Interest

Monetary and Payment Economics
Monetary Policy

Professional Experience

Federal Reserve Bank of Chicago, 2004–present.
Board of Governors of the Federal Reserve System, 1971–2004
Assistant Professor, Ohio State University, 1968–1973
Special Editor, Journal of Economics and Business, 1998–1999
Statistical Consultant for the U.S. Treasury Department, Bulgarian National Bank, 1994–1994
Economist to Central Banks of Moldova, Morroco and Romania, Financial Services Volunteer Corp, 1998–1998

Biographical Information

Richard Porter is a vice president and senior research advisor, payments in the economic research department of the Federal Reserve Bank of Chicago. Before joining the Bank, Porter served as an economist at the Board of Governors of the Federal Reserve System for over three decades, most recently as a senior adviser in the Division of Monetary Affairs. Prior to that, Porter was an assistant professor of economics at Ohio State University.


Porter has had an active research and policy career. His articles have been published in a variety of scholarly journals including the American Economic Review, Annals of Economic and Social Measurement, Brookings Papers on Economic Activity, Carnegie Rochester Conference on Public Policy, Econometrica, Economic Letters, Economic Modelling, the Journal of Economics and Business, the Journal of Economic Dynamics and Control, the Journal of Monetary Economics, the Journal of Money, Credit and Banking and the Journal of Payment Strategy and Systems.

He was the recipient of a special achievement award from the Board of Governors for his research at the Board in 1982 and a certificate of appreciation in special recognition of efforts and superior contributions for the International Currency Audit Program to the law enforcement responsibilities of the United States Secret Service in 2000. In May 2004, he was privileged to have the Board of Governors sponsor a festschrift-type conference entitled Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter and Peter Tinsley.

Porter received a Ph.D. in economics from the University of Wisconsin.

Chicago Fed Letter

Economic Perspectives

Policy Discussion Papers

Working Papers

Selected Publications

With Ruth A. Judson, 2004, “Currency Demand by Federal Reserve Cash Office: What Do We Know?," Journal of Economics and Business, Vol. 56, No. 4, pp. 273-285.


With Ruth A. Judson, 2003, “Estimating the Worldwide Volume of Counterfeit U.S. Currency: Data and Extrapolation,” Finance and Economics Discussion Series, Washington, DC: Board of Governors of the Federal Reserve System, No. 2003-53.


2002, “Central Bank Statistics and Financial Stability: Are Data Sources Adequate for the Federal Reserve?,” in Proceedings of Irving Fisher Committee Conference, Basel, Switzerland: BIS.


With Ruth A. Judson, 2001, “Overseas Dollar Holdings: What Do We Know?” Wirtschaftspolitische, April, pp. 431-440.


With Athanasios Orphanides, 2001, “Money and Inflation: The Role of Information Regarding the Determinants of M2 Behavior,” in Monetary Analysis: Tools and Applications, Hans-Joachim Klöckers and Caroline Wileke (eds.), Frankfurt on the Main Germany: European Central Bank.


With Athanasios Orphanides, David Reifschneider, Robert Tetlow et al., 2000, “Errors in the Measurement of the Output Gap and the Design of Monetary Policy,” Journal of Economics and Business, Vol. 52, January, pp. 117-141.


With Athanasios Orphanides, 2000, “P* Revisited: Money-Based Inflation Forecasts with a Changing Equilibrium Velocity,” Journal of Economics and Business, Vol. 52, January, pp. 87-100.


With Gretchen Weinbach, 1999, “The Currency Ratios and U.S. Underground Economic Activity,” Economic Letters, Vol. 63, June, pp. 355-361.


With Gregory Hess and Christopher Jones, 1998, “The Predictive Failure of the Baba, Hendry and Starr Model of the Demand for M1 in the United States,” Journal of Economics and Business, Vol. 50, November, pp. 477-507.


With Ruth A. Judson, 1996, “The Location of U.S. Currency: How Much is Abroad?,” Federal Reserve Bulletin, Vol. 82, October, pp. 883-903.


With David Small and Jeffery Hallman, 1991, “Is the Price Level Tied to the M2 Monetary Aggregate in the Long-run?,” American Economic Review, Vol. 81, September, pp. 841-858.


With George Moore and David Small, 1990, “Modeling the Disaggregated Demands for M2 and M1 in the 1980s in the U.S. Experience,” in Financial Sectors in Open Economies: Empirical Analysis and Policy Issues, Peter Hooper, Karen Johnson, Donald Kohn, David Lindsey, Richard Porter and Ralph Tryon (eds.), Washington, DC: Federal Reserve Board.


With George Moore, 1990, “Relationships among Weekly Money Market Time Series,” Public Budgeting and Financial Management, Vol. 2, pp. 453-476.


With Amanda Bayer, 1989, “Monetary Approaches to Estimating Underground Economic Activity,” in The Underground Economies: Tax Evasion and Information Distortion, Edgar Feige (ed.), Cambridge, UK: Cambridge University Press.


With Marvin Goodfriend, Gary Anderson, Anil Kashyap et al., 1986, “A Weekly Rational Expectations Model of the Nonborrowed Reserves Operating Procedure,” Economic Review, Federal Reserve Bank of Richmond, January, pp. 11-22, (reprinted in 1987, Monetary Policy in Practice, Marvin Goodfriend, Federal Reserve Bank of Richmond, pp. 17-34).


With Helen Farr, David E. Lindsey, Gary Gillum et al., 1984, “Short-run Monetary Control: Evidence under a Nonborrowed Reserve Operating Procedure,” Journal of Monetary Economics, pp. 87-111.


With Stephan F. LeRoy, 1981, “The Present-value Relation: Tests Based on Implied Variance Bound,”' Econometrica, Vol. 49, May, pp. 555-574, (reprinted in 1997, Market Efficiency: Stock Market Behavior in Theory and Practice, Vol. 2, Andrew Lo, ed., in the International Library of Critical Writings in Financial Economics, Edward Elgar, pp. 157- 178; also, reprinted in 2002, Speculation and Financial Markets, Liam A. Gallagher and Mark P. Taylor, eds., in the International Library of Critical Writings in Economics, Mark Blaug, series ed., Edward Elgar Publisher).


With Thomas Simpson, 1980, “Some Issues Involving the Definition and Interpretation of the Monetary Aggregates,” in Controlling the Monetary Aggregates, Vol. 3, Boston, MA: Federal Reserve Bank of Boston.


With Thomas D. Simpson and Eileen Mauskopf, 1979, “Financial Innovation and the Monetary Aggregates,”  Brookings Papers on Economic Activity, Vol. 1, pp. 213-229.


1973, “On the Use of Survey Sample Weights in the Linear Model,” Annals of Economic and Social Measurement, Vol. 2, April, pp. 141-158.


With Kenneth Kopecky and Darrel Parke, 1983, “A Framework for Analyzing Money Stock Control,” Journal of Economics and Business, Vol. 35, January, pp. 139-157.


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