Nobel symposium on “Money and Banking”

 

The goal of this Nobel Symposium is to discuss the insights from the recent convergence of the
literatures on money and banking, as well as future trends. The conference brings together
leading researchers in the fields of financial intermediation, monetary economics, and
macroeconomics to discuss their research in this area, both theoretical and empirical, and its
impact on academic economics as well as on regulation and policy. The conference is organized
by the Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in the Memory of
Alfred Nobel, in cooperation with the Swedish House of Finance (SHoF). We are grateful to
Riksbankens Jubileumsfond for financial support.

 

Conference format:

The conference runs over 2½ days from morning Saturday May 26 to noon Monday 28. The first
two days consist of ten different sessions, each covering a particular topic in the area of “Money
and Banking”. For each topic, which runs for 1.5 hours, there are two presenters (25 minutes
each) and two commentators (10 minutes each), followed by general discussion. These sessions
will be open to attend for selected invitees, primarily academics but also selected policymakers
and practitioners with an academic interest. The third half-day is open to students and the
general public, and features two panel discussions on more broad topics and policy implications.

Sign up for Monday May 28 here

 

We are grateful to Riksbankens Jubileumsfond for financial support and to Nobelstiftelsen for its corporation.

 

 

                        

 

Nobel symposium on “Money and Banking” - Program

Saturday, 26 May

Session 1

Assymetric information, trading, and liquidity

Chair: Dimitri Vayanos (LSE)

 

Presenters:

Albert ’Pete’ Kyle (Maryland) Video  Presentation

Darrell Duffie (Stanford) Video  Presentation

 

Commentators:

Laura Veldkamp (Columbia) Video  Presentation

Veronica Guerrieri (Chicago) Video  Presentation

 

Session 2

Financial intermediaries and liquidity creation

Chair: Jean-Charles Rochet (Zürich)

 

Presenters:

Douglas Diamond (Chicago) Video  Presentation 

Nobuhiro Kiyotaki (Princeton) Video  Presentation

 

Commentators:

Neil Wallace (Penn State) Video

Emmanuel Farhi (Harvard) Video  Presentation

 

Session 3

Financial regulation

Chair: Nicola Gennaioli (Bocconi)

 

Presenters:

Raghuram Rajan (Chicago) Video  Presentation

Gary Gorton (Yale) Video  Presentation

 

Commentators:

Amit Seru (Stanford)

Martin Hellwig (Max Planck Institute) Video  Presentation

 

Session 4

Indebtedness of governments, firms, and households

Chair: Lars EO Svensson (SSE / SU)

 

Presenters:

Kenneth Rogoff (Harvard) Video  Presentation

Atif Mian (Princeton) Video  Presentation

 

Commentators:

Alan Taylor (UC Davis) Video  Presentation

Martin Schneider (Stanford) Video  Presentation

 

Session 5

International Financial Crises

Chair: Michael Bordo (Rutgers)

 

Presenters:

Carmen Reinhart (Harvard) Video  Presentation

Ricardo Caballero (MIT) Video  Presentation

 

Commentators:

Helene Rey (London Business School) Video  Presentation

Guido Lorenzoni (Northwestern) Video Presentation 

 

Sunday, 27 May

Session 1

Lessons from the global financial crisis, and crises past

Chair: Guillermo Calvo (Columbia)

 

Presenters:

Ben Bernanke (Brookings)

Barry Eichengreen (Berkeley) Video Background paper

 

Commentators:

Olivier Blanchard (MIT) Video  Presentation

Randall Kroszner (Chicago) Video  Presentation

 

Session 2

Leverage and cycles

Chair: John Moore (Edingburgh)

 

Presenters:

Andrei Shleifer (Harvard) Video  Presentation

John Geanakoplos (Yale) Video Presentation

 

Commentators:

Markus Brunnermeier (Princeton) Video  Presentation

José Scheinkman (Columbia) Video  Presentation

 

Session 3

Modern DSGE models: Theory and evidence

Chair: Gauti Eggertsson (Brown)

 

Presenters:

Martin Eichenbaum (Northwestern) Video  Presentation

Harald Uhlig (Chicago) Video  Presentation

 

Commentators:

Silvana Tenreyro (LSE) Video  Presentation

Ellen McGrattan (Minnesota) Video Presentation

 

Session 4

The bank lending channel

Chair: Mariassunta Giannetti (SSE and Swedish House of Finance)

 

Presenters:

Mark Gertler (NYU) Video  Presentation

Jeremy Stein (Harvard) Video  Presentation

 

Commentators:

Bengt Holmström (MIT) Video  Presentation

V.V. Chari (Minnesota) Video  Presentation

 

Session 5

Monetary policy: Conventional and unconventional

Chair: John Taylor (Stanford)

 

Presenters:

Michael Woodford (Columbia) Video  Presentation

Stephanie Schmitt-Grohe (Columbia) Video Presentation

 

Commentators:

Emi Nakamura (Columbia) Video  Presentation

John Cochrane (Stanford / Hoover) Video  Presentation

Monday, 28 May

Panel 1

Macroeconomic research and the financial crisis: A critical assessment

Moderator: John Hassler (IIES)

Panelists:
Annette Vissing-Jørgensen (Berkeley)
Luigi Zingales (Chicago)
Nancy Stokey (Chicago)
Robert Barro (Harvard)

 

Panel 2

Banking and finance research and the financial crisis: A critical assessment

Moderator: Bo Becker (SSE and Swedish House of Finance)

Panelists:
Kristin Forbes (MIT)
Ricardo Reis (LSE)
Amir Sufi (Chicago)
Antoinette Schoar (MIT)

 

 

 


Nobel symposium on “Money and Banking” - Conference venue

Clarion Hotel Sign, Stockholm, Östra Järnvägsgatan 35, 101 26 Stockholm

Nobel symposium on “Money and Banking” - Discussants and Presenters

Oliver Blanchard, MIT

A citizen of France, Olivier Blanchard has spent most of his professional life in Cambridge, U.S. After obtaining his Ph.D in economics at the Massachusetts Institute of Technology in 1977, he taught at Harvard University, returning to MIT in 1982, where he is now the Class of 1941 Professor of Economics.  He was Chairman of Economics Department from 1998 to 2003.  He is currently on leave at the International Monetary Fund in Washington, where he is the Economic Counsellor and the director of Research.

He is a macroeconomist, who has worked on a wide set of issues, from the role of monetary policy, to the nature of speculative bubbles, to the nature of the labor market and the determinants of unemployment, to transition in former communist countries, to macroeconomic slumps, and to external imbalances. In the process, he has worked with numerous countries and international organizations. He is the author of many books and articles, including two textbooks in macroeconomics, one at the graduate level with Stanley Fischer, one at the undergraduate level.


Barro Robert J Harvard University

Robert J Barro, Harvard University

Robert J. Barro is Paul M. Warburg Professor of Economics at Harvard University, a visiting scholar at American Enterprise Institute, and a research associate of the National Bureau of Economic Research.  He has a Ph.D. in economics from Harvard University and a B.S. in physics from Caltech.  Barro is co-editor of Harvard’s Quarterly Journal of Economics and was previously President of the Western Economic Association, Vice President of the American Economic Association, a viewpoint columnist for Business Week, and a contributing editor of The Wall Street Journal.  Noteworthy research includes empirical determinants of economic growth, economic effects of public debt and budget deficits, and the economics of religion.  Current research focuses on the impact of rare disasters on asset markets and macroeconomic activity, with recent applications to environmental protection, quantities of safe assets, and pricing of stock options.  Books include Religion and Economics (with Rachel McCleary, forthcoming), Economic Growth (2nd edition, with Xavier Sala-i-Martin); Macroeconomics; Nothing Is Sacred: Economic Ideas for the New Millennium; Determinants of Economic Growth; Getting It Right: Markets and Choices in a Free Society; and Education and Modernization Worldwide, from the 19th to the 21st Century (with Jong-Wha Lee).


Ben Bernanke Brookings

Ben Bernanke, Brookings

Ben Bernanke is a Distinguished Fellow at the Brookings Institution.  He has been a professor at Stanford University (1979-85) and Princeton University (1985-2002).  He served as a Federal Reserve governor (2002-2005), chairman of the President’s Council of Economic Advisers (2005-06), and chairman of the Federal Reserve (2006-2014).


Bordo Michael

Michael Bordo, Rutgers

Michael D. Bordo is Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, New Jersey.  He has held previous academic positions at the University of South Carolina and Carleton University in Ottawa, Canada.  He has been a visiting Professor at the University of California Los Angeles, Carnegie Mellon University, Princeton University, Harvard University, Cambridge Universitywhere he was Pitt Professor of American History and Institutions,  and a Visiting Scholar at the IMF, Federal Reserve Banks of St. Louis and Cleveland, the Federal Reserve Board of Governors the Bank of Canada, the Bank of England and the Bank for International Settlement.  He also is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts.  He has a B.A. degree from McGill University, a M.Sc.(Econ) from the London School of Economics and he received his Ph.D. at the University of Chicago in 1972.  He has published many articles in leading journals and ten books in monetary economics and monetary history.  He is editor of a series of books for Cambridge University Press: Studies in Macroeconomic History.


Markus Brunnermeier, Princeton

Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University. He is a faculty member of the Department of Economics and director of Princeton’s Bendheim Center for Finance. He is also a research associate at NBER, CEPR, and CESifo and a member of the Bellagio Group on the International Economy. He is a Sloan Research Fellow, Fellow of the Econometric Society, Guggenheim Fellow  and the recipient of the Bernácer Prize granted for outstanding contributions in the fields of macroeconomics and finance. He is/was a member of several advisory groups, including to the IMF, the Federal Reserve of New York, the European Systemic Risk Board, the Bundesbank and the U.S. Congressional Budget Office. Brunnermeier was awarded his Ph.D. by the London School of Economics (LSE).

His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioral elements. He has been awarded  several best paper prizes and served on the editorial boards of several leading economics and finance journals. He has tried to establish the concepts: liquidity spirals, CoVaR as co-risk measure, the Volatility Paradox, Paradox of Prudence, ESBies, financial dominance and the redistributive monetary policy. His recent book is titled “The Euro and the Battle of Ideas”.


Ricardo Caballero MIT

Ricardo Caballero, MIT

Ricardo J. Caballero is the Ford International Professor of Economics, a director of the World Economic Laboratory at the Massachusetts Institute of Technology, and an NBER Research Associate.  Caballero was the Chairman of MIT’s Economics Department (2008-2011).  His teaching and research fields are macroeconomics and finance. His current research looks at the macroeconomic implications of reduced risk tolerance and safe asset shortages, global capital markets, speculative episodes and financial bubbles, and systemic crises prevention mechanisms. He has also written about aggregate consumption and investment, exchange rates, externalities, growth, price rigidity, dynamic aggregation, dynamic reallocation, networks, and complexity.

Caballero has an extensive list of publications in all major academic journals. Among his major awards, he was the winner of the 2002 Frisch Medal of the Econometric Society for “Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach”, Econometrica, 67(4), July 1999 (joint work with Eduardo Engel);  the Smith Breeden Prize by the American Finance Association  for “Collective Risk Management in a Flight to Quality Episode”, Journal of Finance, 63(5), October 2008 (joint with Arvind Krishnamurthy), Journal of Finance 2014 Brattle Group Prize for distinguished papers for “Fire Sales in a Model of Complexity,” joint with Alp Simsek. In April 1998, Caballero was elected a Fellow of the Econometric Society and subsequently of the American Academy of Arts and Sciences in April 2010.


Calvo Guillermo Columbia University

Guillermo Calvo, Columbia University

Guillermo Calvo is Professor of Economics, International and Public Affairs at Columbia University, and Research Associate at the National Bureau of Economic research (NBER). He is the former chief economist of the Inter-American Development Bank, 2001-2006, President of the Latin American and Caribbean Economic Association, LACEA, 2000-2001, and President of the International Economic Association, IEA, 2005-2008.

Honors include: King Juan Carlos Prize in Economics in 2000, LACEA 2006 Carlos Diaz-Alejandro Prize, Doctor Honoris Causa Di Tella University, 2012, and Universidad de Cordoba (Argentina), 2017.  And fellow of the Econometric Society, the American Academy of Arts and Sciences, and the National Academy of Economic Sciences (Argentina).

His main area of expertise is macroeconomics of Emerging Market and Transition Economies. His recent work has dealt extensively on global liquidity and capital market crises. He has published several books and more than 100 articles in leading economic journals.  He delivered the 2005 Frank D. Graham Memorial Lecture (Princeton University) and the 2012 Ohlin Lectures (Stockholm School of Economics).  The latter were published by MIT Press 2016, and titled “Macroeconomics in Times of Liquidity Crisis: Searching for Economic Essentials.”


Elena Carletti Bocconi University

Elena Carletti, Bocconi University

Elena Carletti is Full Professor of Finance at Bocconi University. Her main research areas are financial intermediation and regulation, corporate governance and sovereign debt.

She is  also the Scientific Director of the Florence School of Banking and Finance at the European University Institute, a member of the Advisory Scientific Committee of the European Systemic Risk Board and of the Bank of Italy Committee for Paolo Baffi Lecture Series. Finally, she is a board member of the Fondazione Cassa Di Risparmio di La Spezia.


V. V. Chari

V. V. Chari is currently the Paul W. Frenzel Land Grant Professor of Liberal Arts at the University of Minnesota. He has been a professor of economics at the University of Minnesota since 1994 and is a former chair of the Department of Economics there. Chari has been an advisor at the Federal Reserve Bank of Minneapolis since 1994, where previously he was also a senior research officer.

Chari received his Ph.D from Carnegie-Mellon University in 1980. His research focuses on banking, fiscal, and monetary policy and issues of economic development.

Chari serves in many capacities for various organizations, including serving on the board of editors of the Journal of Economic Theory, Macrodynamics, the Review of Economic Dynamics, Econometrica, and the Journal of Economic Literature. In 1998, he was elected a fellow of the Econometric Society.


John Cochrane, Stanford/Hoover

John H. Cochrane is the Jack and Rose-Marie Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute.

Before joining Hoover, Cochrane was  a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83).

Cochrane’s recent publications include the book Asset Pricing and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy, and the fiscal theory of the price level. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. His Asset Pricing PhD class is available online via Coursera.

Cochrane frequently contributes editorial opinion essays to the Wall Street Journal, Bloomberg.com, and other publications. He maintains the Grumpy Economist blog.


Douglas Diamond Chicago

Douglas Diamond, Chicago

Douglas W. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. He has been on the faculty since 1979. Diamond is a research associate of the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Richmond. He was president of the American Finance Association and the Western Finance Association and is a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. Diamond received the CME Group- Mathematical Sciences Research Institute Prize in Innovative Quantitative Applications in 2016 and the Morgan Stanley-American Finance Association Award for Excellence in Finance in 2012.


Darrell Duffie Stanford

Darrell Duffie, Stanford

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University.

Duffie is a Fellow of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody’s Corporation. He was the 2009 president of the American Finance Association, and in 2014 chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform.

Duffie’s recent focuses on capital markets and financial stability. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals.  His books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).


Gauti Eggertsson Brown University

Gauti Eggertsson, Brown University

Gauti B. Eggertsson is a macroeconomist and a Professor of Economics at Brown University Economics Department. He received his Ph.D. in Economics from Princeton University in 2004, after having completed his B.S. in economics from the University of Iceland. He has worked at Research Departments of the International Monetary Fund and the Federal Reserve Bank of New York. Since graduation he has also been visiting faculty at Princeton, Yale,  and Columbia where he taught international finance and macroeconomics at both graduate and undergraduate level .  Eggertsson has published in a variety of professional journals such as the American Economic Review and the Quarterly Journal of Economics. The main focus of his work is the analysis of monetary and fiscal policy over the business cycle, both from a modern and historical perspective.


Martin Eichenbaum Northwestern

Martin Eichenbaum, Northwestern

Martin Eichenbaum is the Charles Moskos Professor of economics at Northwestern University and the co-director of the Center for International Economics at Northwestern University. He has been at Northwestern University since 1988.  He has also taught at the University of Chicago and the Wharton School, University of Pennsylvania.

Eichenbaum earned his PhD in economics from the University of Minnesota. He served as the co-editor of the American Economic Review from 2011-2015 and is currently the co-editor of the NBER Macro Annual.  He is a fellow of the American Academy of Arts and Sciences, a fellow of the Econometric Society, and a Research Associate of the National Bureau of Economic Research. He is currently a consultant to the Federal Reserve Banks of Atlanta and San Francisco. In addition he serves on the advisory council of the Global Markets Institute at, Goldman Sachs and the academic advisory council of the Federal Reserve Bank of Chicago.  Finally, he is on the Board of Directors of the Bank of Montreal.


Barry Eichengreen Berkeley

Barry Eichengreen, Berkeley

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Research Associate of the National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research. In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997).

Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the Peterson Institute of International Economics. He has held Guggenheim and Fulbright Fellowships and has been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). He is a regular monthly columnist for Project Syndicate.

Professor Eichengreen’s most recent books are “The Populist Temptation: Economic Grievance and Political Reaction in the Advanced Economies” (Oxford University Press), “How Global Currencies Work: Past, Present and Future” (Princeton University Press), and “Hall of Mirrors: The Great Depression, the Great Recession, and the Uses — and Misuses — of History” (Oxford University Press).


Emmanuel Farhi, Harward

Emmanuel Farhi is a Professor of Economics at Harvard University. His research focuses on macroeconomics, finance, international economics, and public finance. His papers have been published in leading journals including the American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, Econometrica, the Review of Economic Studies and the Journal of Financial Economics. He is a member of the Commission Economique de la Nation, a research associate at the National Bureau of Economic Research and at the Center for Economic Policy Research. He is a former member of the Conseil d’Analyse Economique to the french prime minister.


Forbes Kristin J MIT

Kristin J Forbes, MIT

Kristin Forbes is the Jerome and Dorothy Lemelson Professor of Management and Global Economics at MIT’s Sloan School of Management. She has regularly rotated between academia and senior policy positions. From 2014-2017 she was an External Member of the Monetary Policy Committee for the Bank of England. From 2003 to 2005 Forbes served as a Member of the White House’s Council of Economic Advisers and from 2001-2002 she was a Deputy Assistant Secretary in the U.S. Treasury Department. She also was a Member of the Governor’s Council of Economic Advisers for the State of Massachusetts from 2009-2014.
Forbes’ academic research addresses policy-related questions in international macroeconomics, with recent work including topics such as: exchange rate pass-through, capital flows, macroprudential regulation, financial crises, contagion, current account imbalances, capital controls, and inflation dynamics. She was honored as one of the top 25 economists under the age of 45 who are “shaping how we think about the global economy” and previously named a “Young Global Leader” as part of the World Economic Forum at Davos. Forbes is currently a research associate at the NBER and CEPR, and a member of the Bellagio Group and Council on Foreign Relations. She has won numerous teaching awards and teaches one of the most popular classes at MIT’s Sloan School. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley. She received her PhD in Economics from MIT and graduated summa cum laude with highest honors from Williams College


John Geanakoplos Yale

John Geanakoplos, Yale

John Geanakoplos is the James Tobin Professor of Economics and co-Director of Hellenic Studies at Yale University, a member of the inaugural Yale Faculty Senate, a Fellow of the American Academy of Arts and Sciences and the Econometric Society, and a recipient of the Samuelson Prize. He is a creator of the theory of Collateral Equilibrium and the Leverage Cycle. From 1990-1994 he was Director of Fixed Income Research at the investment bank Kidder Peabody, and in 1995 he was one of the founders of the hedge fund Ellington Capital Management, where he remains a partner. He was Director of the Cowles Foundation for Research in Economics for 9 years, and director of the Science Steering Committee for the Santa Fe Institute for 6 years. He has testified several times in Congress about mortgage debt forgiveness. He got his BA at Yale, and his PhD at Harvard under Ken Arrow.


Mark Gertler NYU

Mark Gertler,  NYU

Gertler is the Henry and Lucy Moses Professor of Economics at New York University and a Research Associate of the National Bureau of Economic Research (NBER). He received his Phd. at Stanford University. He has published widely in macroeconomics, including nearly a dozen articles with Federal Reserve Chairman Ben Bernanke. The Institute for Scientific Information lists him as a “Highly-Cited Researcher in Economics.” Gertler also serves as an academic advisor for the Federal Reserve Bank of New York and as a Co-Director (with Pete Klenow) of the NBER’s program on Economic Fluctuations and Growth. He was formerly a CoEditorof the American Economic Review and of the NBER Macro Annual. He also previously served as Chairman of the Economics Department and as Director of the C.V. Starr Center for Applied Research. Among professional honors, Gertler is a Fellow of the Econometric Society, a Guggenheim Fellow, and a Fellow of the American Academy of Arts and Sciences.


Mariassunta Gianetti, Swedish House of Finance

Mariassunta Giannetti, Stockholm School of Economics and the Swedish House of Finance

Mariassunta Giannetti is a professor of Finance at the Stockholm School of Economics, a CEPR research fellow, and a research associate of the ECGI. She holds a Ph.D. in Economics from the University of California, Los Angeles and completed her B.A. and M.Sc. at Bocconi University (Italy). Professor Giannetti has broad research interests in corporate finance and financial intermediation. She is the recipient of numerous awards including the NYU Stern/ Imperial/ Fordahm Rising Star in Finance award, the Sun Yefang Financial Innovation Award, the ECGI Standard Life Investments Finance Prize, the  Assar Lindbeck Medal, the Journal of Financial Intermediation best paper award, the ECB Lamfalussy Research Fellowship, the ECB Duisenberg Fellowship, and the Stockholm School of Economics Annual Research award.  Professor Giannetti serves or has been serving as associate editor of several journals, including the Review of Financial Studies, the Review of Finance,  and as a director of the European Finance Association and the Financial Intermediation Research Society.  She has published widely-cited research in leading journals in Finance, Economics, and Management, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the American Economic Review, and Management Science.


Gary Gorton Yale

Gary Gorton, Yale

Gary B. Gorton is The Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management, which he joined in August 2008. Prior to joining Yale, he was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he taught during 1984-2008. Dr. Gorton has done research in many areas of finance and economics, including both theoretical and empirical work. He is the author of Slapped by the Invisible Hand: The Panic of 2007 (Oxford University Press), Misunderstanding Financial Crises (Oxford University Press), The Maze of Banking (Oxford) and Fighting Financial Crises, with Ellis Tallman (University of Chicago Press).

Dr. Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey. He was a consultant to AIG Financial Products during 1996-2008.

Dr. Gorton received his doctorate in Economics from the University of Rochester. In the field of economics, he received Master’s degrees at the University of Rochester and Cleveland State University, and also received a Master’s degree in Chinese Studies from the University of Michigan.

Martin Hellwig, Max Planck Institute

Martin Hellwig is Director emeritus at the Max Planck Institute for Research on Collective Goods in Bonn. He holds a diploma in economics from the University of Heidelberg (1970) and a doctorate from the Massachusetts Institute of Technology (1973). His previous academic career has included positions at Stanford, Princeton, Bonn, Basel, Harvard and Mannheim Universities.

In addition to teaching and research, he has been active in professional associations and in policy advisory committees. He was the first Chair of the Advisory Scientific Committee of the European Systemic Risk Board. With Anat Admati from Stanford University, he has published the book “The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It”, Princeton University Press 2013.


Bengt Holmstrom, MIT

Bengt Robert Holmström is the Paul A. Samuelson Professor of Economics at Massachusetts Institute of Technology, where he was head of the Economics Department from 2003-2006. He holds a joint appointment with MIT’s Sloan School of Management. He is an elected fellow of the American Academy of Arts and Sciences, the Econometric Society and the American Finance Association, and an elected foreign member of the Royal Swedish Academy of Sciences and the Finnish Academy of Sciences and Letters. He is a research associate of the National Bureau of Economic Research (corporate finance). In 2011 he served as President of the Econometric Society.

He received his doctoral degree from Stanford University in 1978. Before joining MIT in 1994, he was the Edwin J. Beinecke Professor of Management at Yale University’s School of Management (1983-94) and associate professor at the Kellogg Graduate School of Management at Northwestern University (1979-82).

Holmström is a microeconomic theorist, best known for his research on the theory of contracting and incentives especially as applied to the theory of the firm, to corporate governance and to liquidity problems in financial crises.

He holds honorary doctorate degrees from the University of Vaasa, Finland, Stockholm School of Economics, Sweden, and the Hanken School of Economics, Finland. He was awarded the Banque de France-TSE Senior Prize in Monetary Economics and Finance in 2012, the Stephen A. Ross Prize in Financial Economics and the Chicago Mercantile Exchange – MSRI Prize for Innovative Quantitative Applications in 2013, the Distinguished CES Fellow award from CESifo, Munich, and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2016.

He is a board member of the Aalto University in Finland (2010-), the Finnish Business and Policy Forum (EVA) (2005-) and a former board member of the Nokia Corporation (1999-2012).


Nobu Kiyotaki Princeton

Nobu Kiyotaki, Princeton

Nobuhiro Kiyotaki is the Harold H. Helm ’20 Professor of Economics and Banking at Princeton University. He received his Ph.D. from Harvard University in 1985. He has published widely in macroeconomics and monetary economics, including “Monopolistic Competition and the Effects of Aggregate Demand,” with Olivier Blanchard in 1987, “On Money as a Medium of Exchange,” with Randall Wright in 1989, “Credit Cycles,” with John Moore in 1997, and “Banking, Liquidity and Bank Runs in an Infinite Horizon Economy,” with Mark Gertler in 2015. Kiyotaki also worked at the University of Wisconsin-Madison, the University of Minnesota and the London School of Economics and Political Science before Princeton. Among professional honors, Kiyotaki received the 1999 EEA Yrjo Jahnsson Award and the 2010 Stephen A. Ross Prize in Financial Economics, together with John Moore, and also the 2014 Banque de France-TSE Senior Prize in Monetary Economics and Finance.


Randall Kroszner, Chicago

Randall S. Kroszner served as a Governor of the Federal Reserve System from 2006 until 2009. He chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards. He represented the Federal Reserve Board on the Financial Stability Forum (now called the Financial Stability Board), the Basel Committee on Banking Supervision, and the Central Bank Governors of the American Continent and was a director of NeighborWorks America. Dr. Kroszner chaired the working party of the Organization for Economic Cooperation and Development (OECD), composed of deputy central bank governors and finance ministers, on Policies for the Promotion of Better International Payments Equilibrium. As a member of the Fed Board, he was also a voting member of the Federal Open Market Committee.


Pete Kyle Maryland

Pete Kyle, Maryland

Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006.  He earned is B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (Merton College, 1974-1976, and Nuffiled College, 1976-1977), and completed his Ph.D. in economics at the University of Chicago in 1981.  He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).

Kyle’s research focuses on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity, and contagion.


Guido Lorenzoni, Massachusetts

Guido Lorenzoni’s research focuses on business cycles and financial crises. His recent work looks at the role of expectations and information diffusion in fluctuations, at how lending conditions affect aggregate spending, and at self-fulfilling models of sovereign debt crises. He is a research associate of the National Bureau of Economic Research, co-editor of the Journal of International Economics and associate editor of the Journal of Economic Perspectives.


Ellen McGrattan, Minnesota

Ellen is a consultant at the Federal Reserve Bank of Minneapolis, a professor of economics at the University of Minnesota, and director of the Heller-Hurwicz Economics Institute. She is also a research associate at the National Bureau of Economic Research, a Fellow of the Econometric Society, a Fellow of the Society for the Advancement of Economic Theory, a member of the Bureau of Economic Analysis Advisory Committee, a member of the Minnesota Population Center Advisory Board, and President-elect of the Midwest Economics Association.

Ellen received her B.S. in economics and mathematics from Boston College and her Ph.D. from Stanford University. Prior to coming to Minnesota she taught at Duke University. She has also taught short courses at European University Institute, University of Pennsylvania, Stockholm School of Economics, UCLA, International Monetary Fund, Arizona State University, and Universidad do Minho.

Ellen’s research is concerned with the aggregate effects of monetary and fiscal policy—in particular, the effects on GDP, investment, the allocation of hours, the stock market, and international capital flows. Her recent work reexamines some business cycle puzzles in macroeconomics, considering the fact that some investments are unmeasured. Along with colleague Ed Prescott, she has also been analyzing policy reforms related to financing retirement in economies with aging populations.


Atif Mian Princeton

Atif Mian, Princeton

Atif Mian is John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance at Princeton University, and Director of the Julis-Rabinowitz Center for Public Policy and Finance at the Woodrow Wilson School. He holds a bachelors degree in Mathematics with Computer Science and Ph.D. in Economics from MIT. Prior to joining Princeton in 2012 he taught at the University of California, Berkeley and the University of Chicago Booth School of business. Professor Mian’s work studies the connections between finance and the macro economy. His latest book, House of Debt, with Amir Sufi builds upon powerful new data to describe how debt precipitated the Great Recession. The book explains why debt continues to threaten the global economy, and what needs to be done to fix the financial system. House of Debt is critically acclaimed by The New York Times, Financial Times, The Wall Street Journal,The Economist, and The Atlantic among others. Professor Mian’s research has appeared in top academic journals, including the American Economic ReviewEconometrica, Quarterly Journal of EconomicsJournal of FinanceReview of Financial Studies and Journal of Financial Economics.


Moore John H

John H Moore, University of Edinburgh

John Moore is an economic theorist with an interest in the nature of contracts, and the interplay between financial markets and the rest of the economy.

He was appointed to the George Watson’s and Daniel Stewart’s Chair of Political Economy at the University of Edinburgh in 2000. Previously, in 1983, he was appointed to the London School of Economics, where in 1990 he became Professor of Economic Theory, a position he still holds.

He was the 2010 President of the Econometric Society. He is a Fellow of the British Academy, the Econometric Society, the European Economic Association and the Royal Society of Edinburgh. He is a Foreign Honorary Member of the American Academy of Arts and Sciences and the American Economic Association.

In 1999, he and his collaborator Nobuhiro Kiyotaki jointly received the Yrjö Jahnsson Award from the European Economic Association.

In 2010, Kiyotaki and Moore won the Stephen A. Ross Prize in Financial Economics for their paper “Credit Cycles”.


Emi Nakamura, Columbia

Professor Nakamura joined Columbia Business School in 2008. Before coming to Columbia Business School, Professor Nakamura received an A.B. in Economics from Princeton and a Ph.D. in economics from Harvard. Professor Nakamura then spent several months as a junior research fellow at the Federal Reserve Bank of New York. Professor Nakamura’s research focuses on issues in empirical macroeconomics, international economics, and industrial organization. Professor Nakamura is also a member of the economics department in the Graduate School of Arts and Sciences and a Faculty Research Fellow of the National Bureau of Economic Research.


Raghuram Rajan Chicago

Raghuram Rajan, Chicago

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He was the Governor of the Reserve Bank of India between 2013 and 2016, and also served as Vice-Chairman of the Board of the Bank for International Settlements between 2015 and 2016. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.

Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. He co-authored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Rajan was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty. In 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Deutsche Bank Prize for Financial Economics in 2013, Euromoney magazine’s Central Banker of the Year Award 2014 and The Banker magazine’s Global Central Banker of the Year award in 2016.


Carmen Reinhart Harvard

Carmen Reinhart, Harvard

Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Previously, she was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. Professor Reinhart held positions as Chief Economist and Vice President at the investment bank Bear Stearns in the 1980s. She spent several years at the International Monetary Fund. Reinhart was a member of the Congressional Budget Office Panel of Economic Advisers and is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. She has been listed among Bloomberg Markets Most Influential 50 in Finance, Foreign Policy’s Top 100 Global Thinkers, and Thompson Reuters’ The World’s Most Influential Scientific Minds. She is the recipient of NABE’s 2018 Adam Smith Award.

Reinhart has written on a variety of topics in macroeconomics and international finance. She has served on numerous editorial boards and has testified before congress. Her work has helped to inform the understanding of financial crises for over a decade. Her best-selling book (with Kenneth S. Rogoff) entitled This Time is Different: Eight Centuries of Financial Folly documents the striking similarities of the recurring booms and busts that have characterized financial history and has been translated to over 20 languages and won the 2010 Paul A. Samuelson TIAA-CREF Institute Award, among others.


Ricardo Reis London School of Economics

Ricardo Reis, London School of Economics

Professor Reis received his PhD in Economics from Harvard University in 2004. He has previously held appointments in the economics departments at Columbia University and Princeton University. Recently, he won the 2017 Banque de France / Toulouse School of Economics junior prize and the 2016 Bernacer prize. He is currently director of the Centre for Macroeconomics, a recipient of an ERC grant, and an academic consultant at the Bank of England.

Professor Reis’ research contributions are the study of sticky information and disagreement in surveys of expectations, capital misallocation as a cause for the European slump, the role of reserves on quantitative easing and central bank solvency, the dynamics of inflation and how to control it, the operation of optimal fiscal stabilizers, and the development of sovereign bond backed securities (ESBies).


Helene Rey, London Business School

Hélène Rey is Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School.

Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory of financial crises and the organisation of the international monetary system. She demonstrated in particular that countries gross external asset positions help predict current account adjustments and the exchange rate.

In 2005 she was awarded an Alfred P. Sloan Research Fellowship. She received the 2006 Bernácer Prize (best European economist working in macroeconomics and finance under the age of 40). In 2012 she received the inaugural Birgit Grodal Award of the European Economic Association honoring a European-based female economist who has made a significant contribution to the Economics profession. In 2013 she received the Yrjö Jahnsson Award (European economist under 45 years old who has made a contribution in theoretical and applied research that is significant to economics in Europe), shared with Thomas Piketty.


Jean-Charles Rochet University of Zurich

Jean-Charles Rochet, University of Zurich

Jean-Charles Rochet is Professor of Banking at the University of Zurich and Visiting Professor at the University of Geneva. He has held an SFI Senior Chair at the University of Zurich since 2010 and has been SFI Head of Research since 2015. Before joining the faculty in Zurich, Prof. Rochet held a chair at the Toulouse School of Economics. Prof. Rochet is the author of Why Are There so Many Banking Crises?, a book that sheds light on the causes of recent and past banking crises.


 

Kenneth Rogoff Harvard

Kenneth Rogoff, Harvard

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University.  From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund.   His books include Foundations of International Macroeconomics (joint with Maurice Obstfeld, 1996), This Time is Different:  Eight Centuries of Financial Folly (with Carmen Reinhart, 2009) and The Curse of Cash, 2016. Rogoff journal writings include work on central bank independence, empirical exchange rate models, political budget cycles as well as sovereign borrowing and default.

Rogoff is an elected member of the National Academy of Sciences and the American Academy of Arts and Sciences. He was awarded the Deutschebank Prize in 2001, and is 8th on RePec’s  ranking of economists by scholarly citations, 3rd for publications the last ten years. He is also an international grandmaster of chess.


Amit Seru, Stanford

Amit Seru is the Steven and Roberta Denning Professor of Finance at the Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research (SIEPR), and a Research Associate at the National Bureau of Economic Research (NBER). He was formerly a faculty member at the University of Chicago’s Booth School of Business.

Professor Seru’s primary research interest is in corporate finance. He is interested in issues related to financial intermediation and regulation, interaction of internal organization of firms with financing and investment, and incentive provision in firms. His papers in these areas have been published in several journals, including, the American Economic Review, the Quarterly Journal of Economics, the Journal of Political Economy, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He is a co-editor of the Journal of Finance and an Associate Editor of the Journal of Political Economy. He was previously Editor of Review of Corporate Finance Studies and a Department Editor (Finance) of Management Science. His research has been featured in major media, including the Wall Street Journal, the New York Times, the Financial Times and the Economist.


José A. Scheinkman, Columbia

José A. Scheinkman is the Charles and Lynn Zhang Professor of Economics at Columbia University, Theodore A. Wells ‘29 Professor of Economics (emeritus) at Princeton University and a Research Associate at the NBER. Previously, Scheinkman was the Alvin H. Baum Distinguished Service Professor and Chairman of the Department of Economics at the University of Chicago, Blaise Pascal Research Professor (France) and Visiting Professor at Collège de France.  Scheinkman is a Member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the American Finance Association, Corresponding Member of the Brazilian Academy of Sciences, and recipient of a John Simon Guggenheim Memorial Fellowship and a “doctorat honoris causa” from the Université Paris-Dauphine. In 2014 he was awarded the CME Group-MSRI Prize in Innovative Quantitative Applications. Scheinkman’s recent work deals with long-term risks and with financial bubbles.


Stephanie Schmitt-Grohé Columbia

Stephanie Schmitt-Grohé, Columbia

Stephanie Schmitt-Grohé (Ph.D. Chicago 1994) is a professor of economics in the Department of Economics at Columbia University, a research associate of the NBER and the CEPR. Prior to joining Columbia, Schmitt-Grohé worked at Duke, Rutgers, and the Board of Governors of the Federal Reserve System.  Currently, she is a regular research visitor at the European Central Bank. Schmitt-Grohé is a co-author of the 2017 Princeton University Press graduate text “Open Economy Macroeconomics” (joint with Martín Uribe). Her work has been honored with the Bernácer Prize, which is awarded annually to a European economist under the age of 40, who has made outstanding contributions in the fields of macroeconomics and finance. Her research focuses on the design of monetary policy, including exist strategies from liquidity traps, and on understanding the sources and propagation of macroeconomic shocks within and across countries.


Martin Schneider, Stanford

 


Antoinette Schoar MIT

Antoinette Schoar, MIT

Antoinette Schoar is the Michael M. Koerner (49’) Professor of Entrepreneurial Finance at the MIT Sloan School of Management. She holds a PhD is in Economics from the University of Chicago and an undergraduate degree from the University of Cologne, Germany. She is the co-chair of the NBER Corporate Finance group and an associate editor of the Journal of Finance. Her research interests span from entrepreneurship and financing of small businesses in emerging markets to household finance and intermediation in retail financial markets. She received several awards including the Brattle Prize for best paper in the Journal of finance and the Kauffman Prize Medal for Distinguished Research in Entrepreneurship. She has published numerous papers in the Journal of Finance, Journal of Financial Economic, the Quarterly Journal of Economics and others. She also is the cofounder of ideas42 a non-profit organization that uses insights from behavioral economics and psychology to solve social problems.


Andrei Shleifer Harvard

Andrei Shleifer, Harvard

A Professor of Economics at Harvard University, Andrei Shleifer holds an undergraduate degree from Harvard and a Ph.D. from MIT. Before coming to Harvard in 1991, he has taught at Princeton and the Chicago Business School. Shleifer has worked in the areas of comparative corporate governance, law and finance, behavioral finance, as well as institutional economics. He has published six books, including The Grabbing Hand (with Robert Vishny), and Inefficient Markets: An Introduction to Behavioral Finance, as well as over a hundred articles. Shleifer is an Editor of the Quarterly Journal of Economics, and a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. In 1999, Shleifer won the John Bates Clark medal of the American Economic Association.


Jeremy Stein Harvard

Jeremy Stein, Harvard

Jeremy C. Stein is the Moise Y. Safra Professor of Economics at Harvard University and serves on the board of directors of the Harvard Management Company. From May 2012 to May 2014, he was a member of the Board of Governors of the Federal Reserve System. In 2009, he served as a senior advisor to the Treasury Secretary and on the staff of the National Economic Council.

Before coming to Harvard in 2000, Stein was on the finance faculty of M.I.T.’s Sloan School of Management for ten years, most recently as the J.C. Penney Professor of Management.  Prior to that, he was an assistant professor of finance at the Harvard Business School from 1987-1990.  He received his AB in economics summa cum laude from Princeton University in 1983 and his PhD in economics from M.I.T. in 1986.


Stokey Nancy University of Chicago

Nancy Stokey, University of Chicago

Nancy Stokey is the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago. She is a member of the National Academy of Sciences (elected 2004) as well as a Distinguished Fellow of the American Economic Association (2018), a Fellow of the American Academy of Arts and Sciences (1993) and a Fellow of the Econometric Society (1988). From 1996 to 1997, she served as vice president of the American Economic Association. She has also served as an editor of Econometrica and of the Journal of Political Economy, and as a member of the expert panel for the Copenhagen Consensus Center, a think-tank that focuses on the international community’s effort to solve the world’s leading scientific and developmental problems of the twenty-first century.

A prolific and distinguished researcher, Stokey is co-author (with Robert E. Lucas, Jr. and Edward C. Prescott) of the influential monograph Recursive Methods in Economic Dynamics (1989), which has provided the mathematical basis for much of modern macroeconomics, and she is author of The Economics of Inaction (2009), which treats models that involve fixed costs of adjustment.

Stokey has contributed to various areas of economics, with the first rigorous proof of the famous Coase conjecture, and as co-developer (with Paul Milgrom) of the No-Trade theorem, a result that presents a fundamental puzzle about information, stock market prices, and the volume of trading. She is also co-developer (with Robert E. Lucas, Jr.) of an aggregate model of dynamic taxation and debt policy that has served as the foundation for much subsequent work in that area. Stokey’s recent work has focused on economic growth, especially on the role of trade and technology transfers in accelerating growth in middle-income countries, and on the interaction between human capital and technology in determining wage patterns and growth rates in developed economies.


Sufi Amir University of Chicago

Amir Sufi, Chicago

Amir Sufi is the Bruce Lindsay Professor of Economics and Public Policy at the University of Chicago Booth School of Business. He is also a Research Associate at the National Bureau of Economic Research. He serves as an associate editor for the American Economic Review, the Journal of Finance, and the Quarterly Journal of Economics. Professor Sufi was awarded the 2017 Fischer Black Prize by the American Finance Association, given biennially to the top financial economics scholar under the age of 40.

Professor Sufi’s research focuses on finance and macroeconomics. His research on household debt and the economy forms the basis of his book co-authored with Atif Mian: House of Debt: How They (and You) Caused the Great Recession and How We Can Prevent It from Happening Again, which was published by the University of Chicago Press in 2014. He earned a PhD in economics from the Massachusetts Institute of Technology, where he was awarded the Solow Endowment Prize for Graduate Student Excellence in Teaching and Research. He joined the Chicago Booth faculty in 2005.


Svensson Lars EO Stockholm School of Economics

Lars EO Svensson, Stockholm School of Economics

Professor Lars E.O. Svensson is Affiliated Professor at the Stockholm School of Economics since May 2013. During September-November 2016 he was a Duisenberg Fellow at the Directorate General Research, European Central Bank, Frankfurt. During January 2015-March 2016 he was Resident Scholar at the Research Department, International Monetary Fund, Washington, DC. He was Deputy Governor of Sveriges Riksbank (the central bank of Sweden) during May 2007- May 2013, Professor of Economics at Princeton University during 2001-2009, and Professor of International Economics at the Institute for International Economic Studies (IIES), Stockholm University during 1984-2003. He is Affiliated Professor at IIES since June 2009. He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics.  He has held visiting positions and lectured at universities, central banks, and international organizations in several countries. He received his Ph.D. in economics from Stockholm University.

He received the Great Gold Medal of the Royal Swedish Academy of Engineering Sciences in 2012. He is a foreign honorary member of the American Economic Association, a member of the Royal Swedish Academy of Sciences, a member of Academia Europaea, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, an honorary member of the Latin American and Caribbean Economic Association, a fellow of the Econometric Society, a fellow of the European Economic Association, a research associate of the National Bureau of Economic Research, and a research fellow of the Centre for Economic Policy Research, London.  He was chair of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences during 1999-2001, member during 1993-2002, and secretary during 1988-1992.


Alan M. Taylor, University of California

Alan M. Taylor is a Professor of Economics and Finance at the University of California, Davis.

He read mathematics at King’s College, Cambridge, and received his Ph.D. in economics from Harvard University. His research spans several areas including international economics, macroeconomics, finance, growth, development, and economic history.

He holds appointments as a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and a Research Fellow of the Center for Economic Policy Research in London. In 2004 he was awarded a John Simon Guggenheim Memorial Fellowship. In 2009–10 he was named a Houblon-Norman/George Fellow at the Bank of England.

His publications include numerous articles in economics journals, essays on policy and commentary, edited volumes and the books Global Capital Markets: Integration, Crisis and Growth published by Cambridge University Press (with Maurice Obstfeld), and Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935 published by The University of Chicago Press (with Gerardo della Paolera).

He has been a visitor/consultant/speaker at many public sector organizations including various Federal Reserve Banks, the IMF, World Bank, IDB, BIS, ECB, and the central banks of the UK, China, France, Netherlands, Italy, Switzerland, Austria, Korea, Croatia, Peru, Israel, and Argentina. In the private sector he has served as a Senior Advisor at Morgan Stanley and has been a visitor/consultant/speaker at various asset managers.


 

Taylor John B Stanford University

John B Taylor, Stanford University

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. He is Director of the Stanford Introductory Economics Center. He formerly served as director of the Stanford Institute for Economic Policy Research, where he is now a senior fellow.

Taylor’s academic fields of expertise are macroeconomics, monetary economics, and international economics. He is known for his research on the foundations of modern monetary theory and policy, which has been applied by central banks and financial market analysts around the world. He has an active interest in public policy. He served as senior economist on the President’s Council of Economic Advisers from 1976 to 1977, as a member of the President’s Council of Economic Advisers from 1989 to 1991. He was also a member of the Congressional Budget Office’s Panel of Economic Advisers from 1995 to 2001. Taylor served as a member of the California Governor’s Council of Economic Advisors from 1996-98 and 2005-10.

For four years from 2001 to 2005, Taylor served as Under Secretary of Treasury for International Affairs where he was responsible for currency markets, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank. He was also responsible for coordinating financial policy with the G-7 countries, was chair of the OECD working party on international macroeconomics, and was a Member of the Board of the Overseas Private Investment Corporation. His book Global Financial Warriors: The Untold Story of International Finance in the Post-9/11 World chronicles his years as head of the international division at Treasury. His book Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis was one of the first on the financial crisis, and he has since followed up with two books on preventing future crises, co-editing The Road ahead for the Fed and Ending Government Bailouts As We Know Them. His latest book is First Principles: Five Keys to Restoring Americas’ Prosperity, winner of the 2012 Hayek Prize.


Silvana Tenreyro London School of Economics

Silvana Tenreyro, London School of Economics

Silvana Tenreyro is Professor in Economics at the London School of Economics. She obtained her MA and PhD in Economics from Harvard University. Before joining the Bank, she was co-Director and Board member of the Review of Economic Studies and Chair of the Women’s Committee of the Royal Economics Society.

In the past, Silvana worked at the Federal Reserve Bank of Boston and served as external Monetary Policy Committee member for the Central Bank of Mauritius. She has also been Director of the Macroeconomics Programme at the International Growth Centre, Chair of the Women in Economics Committee of the European Economic Association, Member at Large of the European Economic Association, panel member for economic policy and Associate Editor for JEEA, the Journal of Monetary Economics, Economica, and the Economic Journal. She is a lead academic at the Centre for Macroeconomics and Research Associate at the Centre for Economic Performance and the Centre for Economic Policy Research.

Her main research interests are macroeconomics – particularly monetary policy – international economics and macro-development.


Harald Uhlig Chicago

Harald Uhlig, Chicago

Uhlig is a Professor in the Kenneth C. Griffin Department of Economics at the University of Chicago.  Uhlig has been a member of the Economics department since 2007 and served as the department Chairman from 2009 – 2012.  Previously, he held positions at Princeton University, Tilburg University and the Humboldt Universität Berlin.  Uhlig’s research interests are in macroeconomics, financial markets and Bayesian econometrics, and in particular at the intersection of these three.

Among Uhlig’s many accomplishments, he served as Co-Editor of Econometrica from 2006 to 2010, and is currently the Managing Editor of the Journal of Political Economy (JPE) since July 2013.  He is a consultant of the Bundesbank, European Central Bank and the Federal Reserve Bank of Chicago.  He chaired the CEPR European Business Cycle Dating Committee from 2005 to 2012 and he is a member of the NBER.


Vayanos Dimitri London School of Economics

Dimitri Vayanos, London School of Economics

Dimitri Vayanos is Professor of Finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy, a Director and former Managing Editor of the Review of Economic Studies, a Research Fellow at CEPR and a former Director of its Financial Economics program, a Research Associate at NBER, and a former Director of the American Finance Association. His research, published in leading economics and finance journals focuses on financial markets, and especially on what drives market liquidity, why asset prices can differ from assets’ fundamental values, why bubbles and crises can occur, and what are appropriate regulatory and policy responses. He is one of the Editors of the book “Beyond Austerity: Reforming the Greek Economy”, and one of the authors of the European Safe Bonds (ESBies) proposal.


Laura Veldkamp, Stern School of Business

Laura Veldkamp is a Professor of Economics and Finance at the Stern School of Business, New York University and a co-editor of the Journal of Economic Theory. Professor Veldkamp earned a B.A in applied mathematics and economics from Northwestern University, and a Ph.D. in economic analysis and policy from Stanford Graduate School of Business. She is a faculty research fellow for the National Bureau of Economic Research and the Centre for Economic and Policy Research, and a frequent consultant for the New York and Minneapolis Federal Reserve Banks. She is also the author of the textbook, Information Choice in Macroeconomics and Finance (Princeton University Press).

Professor Veldkamp’s research focuses on how individuals, investors and firms get their information, how that information affects the decisions they make, and how those decisions affect the macroeconomy and asset prices. Her recent work examines how people form beliefs about tail risk and how learning about tails, or disasters, can explain persistent low interest rates, volatile equity prices and secular stagnation.


Vissing-Jorgensen

Annette Vissing-Jorgensen, Berkeley

Annette Vissing-Jorgensen is a professor at the Haas School of Business at University of California Berkeley. Before joining Haas she was on the faculty at Northwestern University and University of Chicago. She holds a B.A. from University of Aarhus, an M.Sc. from Warwick University and a Ph.D. from MIT. Her research focuses on empirical asset pricing, monetary policy, household finance and entrepreneurship. Her work is published in leading economics and finance journals (Journal of Political Economy, American Economic Review, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and Review of Financial Studies). She has been a director of both the American Finance Association and the European Finance Association.


Neil Wallace, Penn State

Monetary Economics


Michael Woodford Columbia

Michael Woodford, Columbia

Michael Woodford is the John Bates Clark Professor of  Political Economy at Columbia University. He received his A.B. from the University of Chicago, his J.D. from Yale Law School, and his Ph.D. in Economics from the Massachusetts Institute of Technology. He has been a MacArthur Fellow and a Guggenheim Fellow, and is a Fellow of the American Academy of Arts and Sciences, as well as a Fellow of the Econometric Society, of the Society for the Advancement of Economic Theory, and of the Society for Economic Measurement, a Research Associate of the National Bureau of Economic Research (Cambridge, Mass.), a Research Fellow of the Centre for Economic Policy Research (London), and a Fellow of the CESifo Research Network (Munich). In 2007 he was awarded the Deutsche Bank Prize in Financial Economics.

His most important work is the treatise Interest and Prices: Foundations of a Theory of Monetary Policy, recipient of the 2003 Association of American Publishers Award for Best Professional/Scholarly Book in Economics. He is also co-author or co-editor of several other volumes, including a three-volume Handbook of Macroeconomics (with John B. Taylor), a two-volume Handbook of Monetary Economics (with Benjamin M. Friedman), and The Inflation Targeting Debate (with Ben S. Bernanke).


Zingales Luigi University of Chicago

Luigi Zingales, Chicago

Luigi Zingales’ research interests span from corporate governance to financial development, from political economy to the economic effects of culture. He co-developed the Financial Trust Index, which is designed to monitor the level of trust that Americans have toward their financial system. In addition to holding his position at Chicago Booth, Zingales is currently a faculty research fellow for the National Bureau of Economic Research, a research fellow for the Center for Economic Policy Research, and a fellow of the European Governance Institute. He is also an editorialist for Il Sole 24 Ore, the Italian equivalent of the Financial Times. Zingales also serves on the Committee on Capital Markets Regulation, which has been examining the legislative, regulatory, and legal issues affecting how public companies function. In 2014 he was the President of the American Finance Association.

In July 2015 he became the director of the Stigler Center at the University of Chicago which he is refocusing on promoting and diffusing research on regulatory capture and the various distortions that special interest groups impose on capitalism.