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2014 Inflation, Monetary Policy, and the Public


David Berson (Presentation) is senior vice president and chief economist at the Nationwide Mutual Insurance Company, where he leads a team of economic analysts who deliver forecasts and analyses that inform the organization's business strategies and operating plans. He often speaks to media and industry groups on the economic outlook, housing, and mortgage markets, and has published widely.

Before joining Nationwide, he was the chief economic strategist and head of risk analytics for the PMI Group, Inc. and its spokesperson on housing and mortgage-market conditions and policies. As head of PMI's Portfolio Management, Analytics, and Pricing Group, he was responsible for all credit analytic models and projections for the company, as well as product pricing. Previous to that, he was Fannie Mae's vice president and chief economist. He has also been chief financial economist at Wharton Econometrics, a visiting scholar at the Federal Reserve Bank of Kansas City, and an assistant professor of economics at Claremont McKenna College and Claremont Graduate School. He has been an economist on the President's Council of Economic Advisors and an economic analyst at the Treasury Department and the Office of Special Trade Representative. He is a past president of the National Association for Business Economics (NABE).

Mr. Berson holds a doctorate in economics and a master's degree in public policy from the University of Michigan, and a bachelor's degree in history and economics from Williams College.

Mark Bils is the Hazel Fyfe Professor of Economics at the University of Rochester and a research associate of the National Bureau of Economic Research (NBER). He was formerly a faculty member of the University of Chicago's Graduate School of Business, a visiting associate professor of economics at MIT, a Hoover Institution National Fellow, and an NBER Olin Fellow. His research has focused on how wage setting and pricing contribute to business-cycle fluctuations, the importance of cross-country schooling differences to growth, and the importance of new and better consumer products.

Professor Bils is currently an NBER research associate for economic fluctuations and growth, an associate editor of the Review of Economics and Statistics, and a member of the editorial board of the Journal of Human Capital. He serves on the advisory board of the Carnegie–Rochester Conference on Public Policy and sits on the AEA Committee on Statistics. He was formerly an associate editor of the American Economic Review, the Journal of Monetary Economics, and the B.E. Journal of Macroeconomics.

He earned a PhD in economics at the Massachusetts Institute of Technology and a BA in economics at Ohio State University.

Charles Brown (Presentation) was named vice president of Toyota Motor Engineering & Manufacturing, North America, Inc. (TEMA) in 1997, and is responsible for all areas of accounting and finance. He was appointed secretary in 2003.

Before joining TEMA, Mr. Brown worked at Toyota Motor Manufacturing, Kentucky, Inc. as general manager of accounting. Before beginning his career with Toyota in 1987, Mr. Brown held a variety of financial positions with General Motors, including plant accountant, internal auditor, domestic and overseas, treasurer's staff budget analyst and senior financial analyst.

During his professional career, he has been engaged in various civic and community activities. He served for many years as a member of the Northern Kentucky University Board of Regents, including two years as board chair. He is a trustee and treasurer of the National Underground Railroad Freedom Center and is active in United Way.

Mr. Brown graduated from Princeton University with a bachelor's degree in economics. He later earned an MBA from Stanford University.

Michael Bryan (Presentation) is a vice president and senior economist in the Research Department of the Federal Reserve Bank of Atlanta. He is responsible for organizing the Atlanta Fed's monetary policy process. He also contributes to the Atlanta Fed's macroblog, which provides commentary on economic topics including monetary policy, macroeconomic developments, and the Southeast economy.

He previously served as vice president in the Research Department at the Federal Reserve Bank of Cleveland, where he specialized in business analysis with an emphasis on measuring and tracking inflation trends. He was promoted to economic advisor at the Cleveland Fed and later was appointed a bank officer. He has served as an economist in the Research Division of the Board of Governors of the Federal Reserve System in Washington, DC, a visiting scholar at the Bank of Japan's Institute for Monetary and Economic Studies in Tokyo, and a visiting economist at the Swedish Riksbank in Stockholm. He teaches at the University of Chicago's Graduate School of Business and previously taught on the faculties of Cleveland State University, Baldwin–Wallace College, and Case Western Reserve University, all in Cleveland.

A native of Cleveland, Bryan earned a bachelor's degree in business from Miami University in Oxford, Ohio, and a master's degree in economics from Case Western Reserve University.

William English is director of the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System, where he is responsible for overseeing the division's staff and activities. The division's primary responsibility is to support the Board of Governors and the Federal Open Market Committee in formulating and implementing monetary policy. The division collects and publishes monetary and financial data, conducts analyses of current economic and financial conditions, carries out longer-term research on issues of concern to monetary policymakers, and provides them with policy analyses and support.

He has spent more than 20 years working on monetary policy issues at the Federal Reserve. Currently, he is an economist and secretary for the Federal Open Market Committee as well. In addition, he has served as senior economist on the staff of the President's Council of Economic Advisers and senior economist at the Bank for International Settlements. Before coming to the Board, he taught at the University of Pennsylvania and the University of Chicago.

Dr. English earned a BA in economics and mathematics from Yale University and a PhD in economics from the Massachusetts Institute of Technology.

Jeffrey Fuhrer (Presentation) is executive vice president and senior policy advisor at the Federal Reserve Bank of Boston and is responsible for the Bank's regional and community outreach functions. He is an associate economist of the Federal Open Market Committee and regularly attends its meetings with the Bank's president. In June 1992, he joined the Bank's Research Department as an assistant vice president and economist; from 1995 to 2001, he headed its Open Economy Macro/International Section. In 2000, he was named senior vice president and monetary policy advisor; in 2001, he became director of research; and in 2006, he was named executive vice president.

His fields of interest include macroeconomics, monetary economics, models of inflation and price setting, and econometrics.

Fuhrer began his career at the Board of Governors of the Federal Reserve System as a research assistant. After earning his doctorate, he returned as a senior economist. He has been active in economic research for more than two decades and has served as an associate editor for the American Economic Review. He has published numerous scholarly papers on the interactions among monetary policy, inflation, consumer spending, and asset prices. He has been married for 30 years and has three grown children.

Fuhrer earned an AB in economics with highest honors from Princeton University and received his MA and PhD in economics from Harvard University.

Yuriy Gorodnichenko (Presentation) is an associate professor of economics at the University of California, Berkeley. He is also an associate editor of the Journal of the European Economic Association, and the Journal of Monetary Economics, a visiting scholar at the Federal Reserve Bank of San Francisco, a faculty research fellow at the National Bureau of Economic Research, a research fellow at the Institute for the Study of Labor (IZA), and an international fellow at the Kiel Institute for the World Economy.

He was formerly an assistant professor of economics at Berkeley and a researcher at the University of Michigan's Department of Economics and Ross School of Business. He has done research in several organizations in Kiev, including the EERC, Ukraine's Ministry of Finance, the Fiscal Analysis Office of Barents Group, and the Department of Macroeconomic Forecasting in Ukraine's Ministry of Economy, and has been a consultant at the Harvard Institute for International Development, all in Kiev.

Professor Gorodnichenko earned a PhD in economics and an MA in statistics at the University of Michigan. He also holds an MA and a BA, both in economics, from the National University of Kyiv-Mohyla Academy in Kiev, Ukraine.

Erica L. Groshen (Presentation) became the fourteenth Commissioner of Labor Statistics in January 2013. The Bureau of Labor Statistics (BLS) of the US Department of Labor is the principal federal statistical agency, responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission is to collect, analyze, and disseminate essential economic information to support public and private decision making.

Before joining BLS, she was a vice president in the research and statistics group at the Federal Reserve Bank of New York. Her research has focused on labor markets over the business cycle, wage rigidity and dispersion, regional economics, the male–female wage differential, and the role of employers in labor market outcomes.

Dr. Groshen has served on advisory boards for the BLS and the US Census Bureau. She has also been an economist at the Federal Reserve Bank of Cleveland, a visiting assistant professor of economics at Columbia University's Barnard College, and a visiting economist at the Bank for International Settlements in Basel, Switzerland.

Dr. Groshen received a doctorate in economics from Harvard University and a bachelor's degree in economics and mathematics from the University of Wisconsin—Madison.

James D. Hamilton has been a professor in the Economics Department at the University of California, San Diego since 1992 and was department chair from 1999 to 2002. He has also taught at Harvard University and the University of Virginia.

Professor Hamilton has published articles on a wide range of topics, including econometrics, business cycles, monetary policy, and energy markets. His graduate textbook on time series analysis has over 14,000 scholarly citations and has been translated into Chinese, Japanese, and Italian. His academic honors include election as a fellow of the Econometric Society and a research associate with the National Bureau of Economic Research. He has been a visiting scholar at the Federal Reserve Board in Washington, DC, as well as the Federal Reserve Banks of Atlanta, Boston, New York, Richmond, and San Francisco. He has been a consultant for the National Academy of Sciences, the Commodity Futures Trading Commission, and the European Central Bank and has testified before the US Congress.

He received a PhD in economics from the University of California, Berkeley in 1983.

Joseph Haubrich (Presentation) is a vice president and economist at the Federal Reserve Bank of Cleveland, where he is responsible for leading the Research Department's Banking and Financial Institutions Group. He specializes in research related to financial institutions and regulations.

Before joining the Bank in 1990, Dr. Haubrich was assistant professor of finance at the Wharton School of the University of Pennsylvania.

Born in Oak Park, Illinois, Dr. Haubrich earned his bachelor's degree in economics from the University of Chicago and his master's and doctoral degrees from the University of Rochester in New York. He has also been a referee for several professional journals.

Dawne S. Hickton (Presentation) is vice chair, president, and chief executive officer of RTI International Metals, Inc., a global supplier of advanced titanium products and services in commercial aerospace, defense, propulsion, medical devices, and energy markets. She also serves as a member of RTI's board of directors. During her tenure as CEO, Ms. Hickton has guided RTI's transformation from a manufacturer of titanium mill products to an integrated, value-added supplier of titanium parts and engineered structures, touching entire supply chains in several markets. She has over 25 years of diversified metals experience, including more than 15 years in the titanium industry spanning several business cycles. Before joining RTI, Ms. Hickton was employed at USX Corporation and was an assistant professor of clinical law at the University of Pittsburgh.

She is an officer and board member of the International Titanium Association and the Aerospace Industries Association. She serves on the advisory council of the University of Pittsburgh's Cancer Institute. In addition, she is a member of the University of Pittsburgh's Board of Trustees and chairs the School of Law's board of visitors.

Ms. Hickton is a graduate of the University of Rochester and the University of Pittsburgh's School of Law.

Edward S. Knotek II (Presentation) is a vice president at the Federal Reserve Bank of Cleveland, where he leads the development of the Bank's forecasting models. Dr. Knotek's research interests focus on macroeconomics and monetary economics. In addition to forecasting, he has conducted research on firms' price-setting behavior, inflation dynamics, unemployment movements over the business cycle, consumers' responses to uncertainty, and consumer debt dynamics.

He came to the Bank in 2012 from the Federal Reserve Bank of Kansas City, where he held the position of vice president and economist. He began his career as an economist at the Kansas City Fed in 2005.

Dr. Knotek received a BA in mathematics-economics and Spanish from Denison University. He received his MA and PhD in economics from the University of Michigan.

Donald Kohn is a senior fellow in the Brookings Institution's Economic Studies Program. A former vice chairman of the Federal Reserve, Kohn is an expert on monetary policy, financial regulation, and macroeconomics. He advised Federal Reserve Chairman Ben Bernanke during the 2008–09 financial crisis and served as a key adviser to former Fed Chairman Alan Greenspan.

Kohn is a 40-year veteran of the Federal Reserve System. Before becoming a member of the Board of Governors, he was an adviser to the Board for Monetary Policy, secretary of the Federal Open Market Committee, director of the Division of Monetary Affairs, and deputy staff director for monetary and financial policy. He has held several positions in the Board's Division of Research and Statistics, including associate director, chief of capital markets, and economist. He has also been chairman of the Committee on the Global Financial System. His extensive works on monetary policy and its implementation by the Federal Reserve have been published by various organizations, including the Federal Reserve System; the central banks of England, Australia, Japan, and Korea; the National Bureau of Economic Research; and the Brookings Institution.

He has received the Distinguished Achievement Award from the Money Marketeers of New York University, the Distinguished Alumni Award from the College of Wooster, and an Honorary Doctor of Laws degree from the College of Wooster (2006).

Kohn received a BA in economics in 1964 from the College of Wooster and a PhD in economics in 1971 from the University of Michigan.

Eric Leeper (Presentation) is Rudy Professor of Economics at Indiana University. He is also a distinguished visiting professor of economics and business at Monash University, a research associate at the National Bureau of Economic Research, director of Indiana University's Center for Applied Economics and Policy Research, and an external advisor to the Swedish central bank. He is a member of the Research Council of the Bundesbank and has served as an academic advisor to the Federal Reserve Board and the European Central Bank. Before coming to Indiana University in 1995, he worked for eight years in the Federal Reserve System.

Leeper's research focuses on theoretical and empirical models of macro policy, particularly monetary–fiscal policy interactions. One line of work concerns a new mechanism—the "fiscal theory of the price level"—through which fiscal policy can influence economic activity and inflation. Other recent research uses models in which monetary and fiscal policy regimes can change over time, to study government spending multipliers, the macroeconomic consequences of alternative resolutions to long-run fiscal imbalances, conditions under which monetary policy may lose its ability to control inflation, the "fiscal limit," and sovereign risk.

Leeper received a doctorate in economics from the University of Minnesota in 1989 and a bachelor's degree in economics from George Mason University in 1980.

James J. McAndrews (Presentation) is an executive vice president and head of the Research and Statistics Group at the Federal Reserve Bank of New York, where he is responsible for the briefings in support of the Bank president's participation in FOMC meetings and for economic and financial policy analysis. He joined the Bank as a senior economist in 1997 and was named an executive vice president in 2010, having served as associate director of the Research and Statistics Group. He is a member of the Bank's Management Committee. He played a prominent role in the New York Fed's financial stability efforts and contributed to the design of several liquidity facilities during the financial crisis.

Dr. McAndrews' main research area is the economics of money and payments. He has written extensively on monetary policy implementation, the liquidity of banks and markets, and monetary arrangements in US history. Recent topics include the economics of dealer banks, management of central banks' liabilities, and fire sales in securities markets.

He has advised the Federal Reserve on many policy issues related to those areas. He has served as a consulting economist to the Bank of Japan, the Bank of England, the Reserve Bank of Australia, the Swedish Riksbank, and the World Bank.

He earned a bachelor's degree and a doctorate in economics from the University of Iowa.

Loretta J. Mester (Speech) will be appointed the eleventh president and chief executive officer of the Federal Reserve Bank of Cleveland on June 1, 2014, and will serve as a voting member of the Federal Open Market Committee.

Dr. Mester is the current executive vice president and director of research at the Federal Reserve Bank of Philadelphia, where she is the chief policy advisor and oversees the economists and analysts in the Research Department, as well as professionals in the Financial Statistics Department and the Payment Cards Center. She joined the Federal Reserve Bank of Philadelphia in 1985 as an economist and became senior vice president and director of research in 2000.

Dr. Mester is an adjunct professor of finance at the Wharton School of the University of Pennsylvania and is a fellow at the Wharton Financial Institutions Center. She is a founding member and director of the Financial Intermediation Research Society; a member of the advisory board of the Financial Intermediation Network of European Studies; and a practitioner director of the Financial Management Association International. In addition, she is co-editor of the Journal of Financial Services Research and the International Journal of Central Banking and is an associate editor of several other academic journals.

She has published numerous articles on a variety of topics including economics, central banking, and financial issues. Her areas of research expertise include the organizational structure and productive efficiency of financial institutions, financial intermediation and regulation, agency problems in credit markets, credit card pricing, central bank governance, and inflation.

Dr. Mester graduated summa cum laude with a bachelor of arts in mathematics and economics from Barnard College of Columbia University. She earned an MA and a PhD in economics from Princeton University, where she was a National Science Foundation Fellow.

Benoît Mojon (Presentation) is the director of Monetary and Financial Studies at the Banque de France (BdF) and a member of the ESCB Monetary Policy Committee. His duties include managing two divisions of 12 PhD economists each as well as the BdF's Foundation for Economic Research. He leads monetary policy and financial stability analyses and related policy briefing for the governor and deputy governors; this entails monthly preparations of the ECB governing council and the meetings of the BIS, the G20, the G7, and the IMF. Dr. Mojon also coordinates development of the BdF's Research Department into the premier contributor of research among Europe's national central banks. As secretary of the BdF's Foundation for Economic Research, he sets up and develops partnerships with the economics departments of leading French universities.

He was previously head of the BdF's Monetary Policy Research Division and spent a year on leave at the Federal Reserve Bank of Chicago. Prior to that, he was principal economist at the European Central Bank and an economist at the French think tank, CEPII.

Dr. Mojon is an associate professor of money and finance at the Ecole Polytechnique. He has also taught at the Sciences-Po Paris, the Université de la Méditerranée (Aix- Marseille 2), and the Université Paris 10 Nanterre.

The Université Paris-10 Nanterre awarded him a PhD in economics as well as a BA in economics and English and an MA in economics, both with distinction. He also attended the London School of Economics as a visiting PhD student.

Sandra Pianalto is president and CEO of the Federal Reserve Bank of Cleveland, where she has both national and local leadership responsibilities. She participates in formulating US monetary policy and oversees 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise financial institutions, and provide payment services to commercial banks and the US government.

She joined the Bank in 1983 as an economist in the Research Department. She was subsequently appointed assistant vice president of public affairs, vice president and secretary to the board of directors, and first vice president and chief operating officer. She assumed her position as president in 2003. Before joining the Bank, she was an economist at the Board of Governors of the Federal Reserve System and served on the staff of the Budget Committee of the US House of Representatives.

She is active in the Fourth Federal Reserve District's civic community. She is vice chair of the board of University Hospitals and a past chair and a life director of the board of United Way of Greater Cleveland. She also serves as an advisory trustee for the University of Akron. She is a board member of several other community organizations, including the Cleveland Foundation, Greater Cleveland Partnership, Team Northeast Ohio, and College Now Greater Cleveland.

Ms. Pianalto earned a bachelor's degree in economics from the University of Akron and an MA in economics from George Washington University. She is a graduate of the Advanced Management Program at Duke University's Fuqua School of Business and holds honorary degrees from the University of Akron, Baldwin-Wallace College, Cleveland State University, John Carroll University, Kent State University, Notre Dame College, Ursuline College, and the University of Toledo.

Adam Posen is president of the Peterson Institute for International Economics, Washington's leading nonpartisan think tank on globalization. An expert on macroeconomic policy, he is an adviser to the US Congressional Budget Office and has consulted for the Bank of England, the Federal Reserve, the European Central Bank, IMF, and other central banks. He is the author or co-author of six books, including Inflation Targeting and Restoring Japan's Economic Growth, and writes regularly for the Financial Times. From 2009 to 2012, he was a member of the Bank of England's Monetary Policy Committee, and a leading advocate for activism in response to the global crisis.

Joel Prakken (Presentation) is senior managing director and co-founder of Macroeconomic Advisers. Prior to co-founding Macroeconomic Advisers, he was a senior economist at the world headquarters of the IBM Corporation and, before that, served at the Federal Reserve Bank of New York. He has held positions on the faculties of New York University's Graduate School of Business, the Economics Department of Washington University, and the Olin School of Business at Washington University. He is the past president and a current director of the National Association for Business Economics and a past president of the Gateway Association of Business Economists in Saint Louis.

His publications include papers written for the Council of Economic Advisers, the American Council for Capital Formation, and the Center for the Study of American Business. He has written on many topics, including tax reform, budget policy, monetary policy, and the impact of technology on productivity, and has testified frequently on these topics before committees in both the US House of Representatives and the Senate. He also participates regularly in the meetings of outside consultants to both the Congressional Budget Office and the Board of Governors of the Federal Reserve System.

Dr. Prakken earned his undergraduate degree in economics at Princeton University and holds a PhD in economics from Washington University in Saint Louis.

Mark Schweitzer (Presentation) is a senior vice president and the director of research at the Federal Reserve Bank of Cleveland. He sets the direction for economic research, selecting and developing staff, and briefing the Bank's president prior to meetings of the Federal Open Market Committee of the Federal Reserve System. Dr. Schweitzer's own research has focused on the macroeconomic impact of labor market developments and the identification of factors contributing to regional economic growth.

Dr. Schweitzer joined the Bank in 1992 as an economist. From 2000 to 2002, he served as a senior economist at the Bank of England. He returned to the Federal Reserve Bank of Cleveland, and in 2004 was promoted to assistant vice president and director of the Regional Economic Issues Program. In 2007, Dr. Schweitzer was appointed vice president and branch executive of the Federal Reserve Bank of Kansas City's Denver Branch. He was named to his current position in 2008.

An economics graduate of the University of Chicago, Dr. Schweitzer holds both a master's degree and a PhD in economics from the University of California, Los Angeles. A native of Seattle, Dr. Schweitzer lives with his wife and children in Shaker Heights, Ohio.

Mark Sniderman is executive in residence at Case Western Reserve University's Weatherhead School of Management, effective June 1, 2014. He retired as executive vice president and chief policy officer at the Federal Reserve Bank of Cleveland on March 3, 2014. He was responsible for guiding the Bank's economic research and community development efforts and frequently attended meetings of the Federal Open Market Committee, the part of the Federal Reserve where monetary policy decisions are made.

Dr. Sniderman joined the Bank's Research Department as an economist in 1976. He was appointed assistant vice president in 1983, vice president and associate director of research in 1986, and senior vice president and director of research in 1995. He was named executive vice president and chief policy officer in 2007.

Dr. Sniderman served as senior economist for economic policy analysis for the US Senate Budget Committee in Washington, DC, while on leave from the Bank. He is a past president of the Cleveland Association for Business Economics.

Dr. Sniderman earned a bachelor's degree from Case Western Reserve University and master's and doctoral degrees in economics from the University of Wisconsin—Madison.

Carl E. Walsh (Presentation) is distinguished professor of economics at the University of California, Santa Cruz, where he has been on the faculty since 1987. His research interests include monetary economics, central banking, and monetary policy. His recent work has focused on transparency and monetary policy announcements, the cost channel in the transmission of monetary policy, and the integration of modern theories of unemployment into frameworks for monetary policy analysis.

Professor Walsh has held faculty appointments at Princeton University and Auckland University in New Zealand. He has been a senior economist at the Federal Reserve Bank of San Francisco and a visiting scholar at the Federal Reserve Banks of Kansas City, Philadelphia, and San Francisco, as well as at the Federal Reserve Board. He is an international research fellow of the Kiel World Institute and a CESifo research fellow. Walsh has also taught monetary theory and policy at several central banks and universities, as well as for the International Monetary Fund. He is an associate editor of the Journal of Money, Credit, and Banking; he has been a co-editor of the International Journal of Central Banking and a member of the editorial board of the American Economic Review.

He received his doctorate in economics and his bachelor's degree in mathematics and economics from the University of California, Berkeley.

Jeff Wilen (Presentation) is currently the director for strategy and business analytics at the Cleveland Indians. Since joining the Indians in 2010, he has helped to create the team's business strategy and analytics department and has driven a range of strategic initiatives, including the organization's pricing and product strategy, a loyalty program (Tribe Rewards), Indians Snow Days (snow tubing, ice skating, Ohio State/Michigan NCAA D–I hockey), and ballpark renovation projects such as the Collection Auto Club and Kids' Clubhouse.

Before joining the Indians, he was a private equity investor at Vestar Capital Partners, a growth-focused investment firm with $7 billion under management, and worked in the mergers and acquisitions advisory practice of Merrill Lynch & Co. and at Dresdner Kleinwort Wasserstein, Inc. He worked on transactions across a variety of industries, including consumer products, industrial products, media, healthcare, and building products.

Willen holds a bachelor's degree in Industrial Engineering from Northwestern University and an MBA from the University of Pennsylvania's Wharton School.

Jonathan Wright (Presentation) is a professor of economics at John Hopkins University. He worked for nine years at the Federal Reserve Board, first in the Division of International Finance and then in the Division of Monetary Affairs.

In 2008, he moved to his current position as professor of economics at Johns Hopkins. Wright is a co-editor of the Journal of Applied Econometrics, an associate editor of the Journal of Monetary Economics, and a former co-editor of the Journal of Business and Economic Statistics. He is also a research associate in the NBER's monetary economics program. His research interests include econometric theory, seasonal adjustment, the term structure of interest rates, modeling and forecasting inflation, and the analysis of highfrequency data. He formerly taught at the University of Virginia.

He earned a PhD in economics from Harvard University in 1997, an MSc in econometrics from the London School of Economics in 1991, and a BA in economics from Trinity College, Dublin, in 1990.

Mark M. Zandi (Presentation) is chief economist of Moody's Analytics, where he directs economic research; he co-founded Economy.com, which Moody's purchased in 2005. His research interests include macroeconomics, financial markets, and public policy. He has focused recently on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and has assessed the appropriate monetary policy response to asset market bubbles.

He has testified before Congress on the economic outlook, the nation's fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation. He conducts regular briefings for corporate boards, trade associations, and policymakers. He is on the board of directors of MGIC, the nation's largest private mortgage insurance company, and of the Reinvestment Fund, a large CDFI that invests in disadvantaged neighborhoods. He wrote Paying the Price: Ending the Great Recession and Beginning a New American Century, which assesses the monetary and fiscal policy response to the Great Recession; and Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, described by the New York Times as the "clearest guide" to the financial crisis.

Dr. Zandi earned his BS at the University of Pennsylvania's Wharton School and his PhD at the University of Pennsylvania.