A Return to Jekyll Island:
The Origins, History, and Future of the Federal Reserve

Federal Reserve Bank of Atlanta and Rutgers University
November 5–6, 2010, Jekyll Island Club Hotel, Jekyll Island, Georgia

Biographies

Ben S. Bernanke began a second term as chairman of the Board of Governors of the Federal Reserve System on February 1, 2010. He also serves as chairman of the Federal Open Market Committee. Before his appointment as chairman, Bernanke was chairman of the President's Council of Economic Advisers. Previously Bernanke had served the Federal Reserve System in several roles: as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005; as a visiting scholar at the Federal Reserve Banks of Philadelphia, Boston, and New York; and as a member of the Federal Reserve Bank of New York's academic advisory panel. He has also taught at Princeton University, Stanford University, New York University, and the Massachusetts Institute of Technology. Bernanke has published articles on a variety of economic issues and is the author of several books. He served as the director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER's business-cycle dating committee. He received a BA in economics from Harvard University and a PhD in economics from the Massachusetts Institute of Technology.

Michael D. Bordo is a 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. He has been a visiting professor at the University of California Los Angeles; Carnegie Mellon University; Princeton University; Harvard University; and Cambridge University, where he was Pitt Professor of American History and Institutions, and a visiting scholar at the International Monetary Fund, the 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 Settlements. He also is a research associate of the National Bureau of Economic Research. He has published many articles in leading journals and ten books on monetary economics and monetary history. He is the editor of a series of books for Cambridge University Press, Studies in Macroeconomic History. He earned a BA from McGill University, an MSc from the London School of Economics, and a PhD from the University of Chicago.

James Bullard took office as president and chief executive officer of the Federal Reserve Bank of St. Louis in April 2008. He directs the activities of the bank's head office and three branches. In addition, he participates in the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking body. Bullard joined the St. Louis Fed's research division as an economist in 1990 and attained positions of increasing responsibility. Prior to being appointed president, he was deputy director of research for monetary analysis. Bullard has written numerous scholarly papers published in professional journals and has been a peer reviewer for more than two dozen periodicals or institutions. He has participated in more than 150 conferences, symposia, or lectures sponsored by foreign central banks, academic institutions, and monetary policy groups around the world. He holds a BS in quantitative methods and information systems and economics from St. Cloud State University and a doctorate in economics from Indiana University, Bloomington.

Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at the Columbia University Graduate School of Business and a Professor at Columbia's School of International and Public Affairs. He is a member of the Shadow Financial Regulatory Committee, the Shadow Open Market Committee, and the Financial Economists Roundtable and a research associate of the National Bureau of Economic Research. He is also a member of the Task Force on Property Rights at the Hoover Institution and the Pew Trusts Task Force on Financial Reform. Calomiris codirected the Project on Financial Deregulation at the American Enterprise Institute for more than a decade and was a senior fellow at the Council on Foreign Relations. He has received research grants from the National Science Foundation and other foundations. He has worked for numerous government organizations, central banks, multilateral organizations, and corporations. Calomiris served on the International Financial Institution Advisory Commission, a congressional commission to advise the U.S. government on the reform of the International Monetary Fund, the World Bank, regional development banks, and the World Trade Organization. Calomiris is the author of numerous books and academic articles in the areas of banking, corporate finance, financial history, monetary economics, and economic development. In 2010–2011 he will be a Houblon-Norman Senior Fellow at the Bank of England and a Podlich Fellow at Claremont McKenna College. Currently, he teaches masters and PhD level courses on advanced corporate finance, emerging financial markets, and the history of financial crises. He received a BA in economics from Yale University and a PhD in economics from Stanford University.

Lawrence J. Christiano is the Alfred W. Chase Chair in Business Institutions at Northwestern University, where he joined the faculty in 1992. From 1985 to 1992 he was first an economist, then a research officer, and finally the director of the Institute for Empirical Macroeconomics at the Federal Reserve Bank of Minneapolis. Prior to joining the Minneapolis Fed, he was a visiting assistant professor at Carnegie-Mellon University and an assistant professor at the University of Chicago. Christiano is currently a visiting scholar at the Federal Reserve Bank of Cleveland and an adviser at the Federal Reserve Bank of Atlanta. He is a research associate with the National Bureau of Economic Research and a fellow of the Econometric Society. He has been a visiting scholar at the International Monetary Fund and the European Central Bank and has served as a consultant at the Federal Reserve Board and the Federal Reserve Bank of Chicago. In addition, he has taught short courses on monetary economics at numerous universities in Europe and the Middle East. The author of many articles and papers, Christiano is an associate editor of the Journal of Money, Credit, and Banking and a former associate editor of eight other academic journals, including the International Economic Review and the American Economic Review. Christiano earned a BA in history and economics and an MA in economics from the University of Minnesota, an MSc in econometrics and mathematical economics from the London School of Economics, and a PhD in economics from Columbia University.

E. Gerald Corrigan is a managing director at Goldman, Sachs & Company, a position he has held since 1994. Among his other activities at Goldman Sachs, he is chairman of Goldman Sachs Bank USA, cochair of the Firmwide Risk Management Committee, vice chair of the Firmwide Business Practices Committee, and a member of the Firmwide Commitments Committee. Since joining Goldman Sachs in 1994, Corrigan has served as chair or cochair of a number of firmwide and industrywide groups dealing with a range of issues having major implications for financial market efficiency and stability. In addition, he provides a wide range of strategic advice to the firm and its clients. Corrigan ended a twenty-five-year career with the Federal Reserve System when he stepped down from his position as president and chief executive officer of the Federal Reserve Bank of New York in 1993. He had been chief executive officer of the New York Fed and vice chairman of the Federal Open Market Committee since 1984. He has also served as president of the Federal Reserve Bank of Minneapolis and special assistant to Fed Chairman Paul Volcker. Corrigan is chairman, a trustee, or a member of a number of nonprofit organizations. He earned a bachelor of social science degree in economics from Fairfield University and MA and PhD degrees in economics from Fordham University.

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a research associate of the National Bureau of Economic Research in Cambridge, Massachusetts, and a research fellow of the Centre for Economic Policy Research in London. In 1997–98 he was senior policy adviser at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences. 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 in Palo Alto and the Institute for Advanced Study in Berlin. He is a regular monthly columnist for Project Syndicate. He has written or edited numerous books. The most recent are Emerging Giants: China and India in the World Economy (coedited with Poonam Gupta and Ranjiv Kumar, 2010), Labor in the Era of Globalization (coedited with Clair Brown and Michael Reich, 2009), and Fostering Monetary & Financial Cooperation in East Asia (coedited with Duck-Koo Chung, 2009). Eichengreen was awarded the Economic History Association's Jonathan R.T. Hughes Prize for Excellence in Teaching in 2002 and the University of California at Berkeley Social Science Division's Distinguished Teaching Award in 2004. He received a doctor honoris causa from the American University in Paris and the 2010 Schumpeter Prize from the International Schumpeter Society. He is the 2010–11 president of the Economic History Association. He received an AB degree from the University of California, Santa Cruz, and MA and MPhil degrees (economics), an MA in history, and a PhD in economics from Yale University.

Charles L. Evans is the ninth president and chief executive officer of the Federal Reserve Bank of Chicago. In that capacity, he serves on the Federal Open Market Committee, the Federal Reserve System's monetary policymaking body. As head of the Chicago Fed, Evans also oversees the work of 1,400 employees who conduct economic research, supervise financial institutions, and provide payment services to commercial banks and the U.S. government. Before becoming president in September 2007, Evans served as director of research and senior vice president, supervising the bank's research on monetary policy, banking, financial markets, and regional economic conditions. Prior to that, Evans was a vice president and senior economist with responsibility for the macroeconomics research group. His personal research has focused on measuring the effects of monetary policy on U.S. economic activity, inflation, and financial market prices. His work has been published in the Journal of Political Economy, the American Economic Review, the Journal of Monetary Economics, the Quarterly Journal of Economics, and the Handbook of Macroeconomics. Evans has taught at the University of Chicago, the University of Michigan, and the University of South Carolina. He received a bachelor's degree in economics from the University of Virginia and a doctorate in economics from Carnegie-Mellon University.

Richard W. Fisher assumed the office of president and chief executive officer of the Federal Reserve Bank of Dallas in April 2005. In this role, Fisher serves as a member of the Federal Open Market Committee, the Federal Reserve's principal monetary policymaking group. Fisher is former vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger. Fisher began his career in 1975 at the private bank of Brown Brothers Harriman & Co., where he specialized in fixed income and foreign exchange markets. He became assistant to the secretary of the Treasury during the Carter administration, working on issues related to the dollar crisis of 1978–79. In 1987 Fisher created Fisher Capital Management and a separate funds-management firm, Fisher Ewing Partners. From 1997 to 2001, Fisher was deputy U.S. trade representative with the rank of ambassador. He oversaw the implementation of NAFTA and various agreements with Vietnam, Korea, Japan, Chile, and Singapore and was a senior member of the team that negotiated the bilateral accords for China's and Taiwan's accession to the World Trade Organization. Throughout his career, Fisher has served on numerous for-profit and not-for-profit boards. In October 2006, Fisher received the Service to Democracy Award and Dwight D. Eisenhower Medal for Public Service from the American Assembly. He was a Weatherhead Fellow at Harvard in 2001, is an honorary fellow of Hertford College at Oxford University, and is a fellow of the American Academy of Arts and Sciences. Fisher attended the U.S. Naval Academy, graduated with honors from Harvard University in economics, read Latin American politics at Oxford, and received an MBA from Stanford University.

Marc Flandreau is a professor of international history and politics at the Graduate Institute for International Studies and Development, Geneva. He is a specialist in the history of the international monetary system and has written extensively on the history of money, exchange rates, monetary policy, and financial crises. In the past he has taught or held visiting positions in Sciences Po Paris, Stanford, Berkeley, and the London School of Economics. He has held consulting positions at the International Monetary Fund, the Bank of France, the Bank for International Settlements, and Lehman Brothers, France. Since 1994 he has been a research fellow at the Centre for Economic Policy Research, London. His books include The Glitter of Gold: France and the Emergence of the International Gold Standard, 1848–1878 (Oxford, 2003) and Money Doctors: The Experience of International Financial Advising, 1850–2000 (Routledge, 2004). A former graduate from Ecole Normale SupÃ,ã©rieure in Paris and Fulbright Scholar at the University of California, Berkeley, Flandreau holds a PhD in economics from the Ecole des Hautes Etudes, Paris, and the London School of Economics.

Marvin Goodfriend is a professor of economics and chairman of the Gailliot Center for Public Policy at the Tepper School of Business at Carnegie Mellon University. He was senior vice president and policy adviser at the Federal Reserve Bank of Richmond from 1993 to 2005, where he regularly attended meetings of the Federal Open Market Committee. In 1984–85 he served as a senior staff economist for the President's Council of Economic Advisers at the White House. He was a visiting professor at the Graduate School of Business of the University of Chicago from September 1988 to June 1990. He has been a visiting scholar at the Board of Governors of the Federal Reserve System, the European Central Bank, the Institute for International Economic Studies at the University of Stockholm, the International Monetary Fund, the Swiss National Bank, and the Federal Reserve Banks of Atlanta, Cleveland, Kansas City, and New York. He served on external review panels to evaluate research and policy advice at the European Central Bank, Norges Bank, the Swedish Riksbank, and the Swiss National Bank. Goodfriend is coeditor of the Carnegie-Rochester Conference Series on Public Policy and has served on editorial boards of the Journal of Money, Credit, and Banking, the International Journal of Central Banking, and the Journal of Monetary Economics. He is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and a research associate of the National Bureau of Economic Research. He holds a BS in mathematics from Union College and a PhD in economics from Brown University.

Alan Greenspan currently heads Greenspan Associates, a consulting firm in Washington, D.C., and is the author of The Age of Turbulence. He served from 1987 to 2006 as chairman of the Board of Governors of the Federal Reserve System. He also served as chairman of the Federal Open Market Committee, the Federal Reserve System's principal monetary policymaking body. He originally took office as chairman and to fill an unexpired term in 1987 and was reappointed to a full fourteen-year board term in 1992. He was designated Fed chairman by Presidents Reagan, Bush, Clinton, and Bush. From 1954 to 1974 and from 1977 to 1987, Greenspan was chairman and president of Townsend-Greenspan & Company. Inc., an economic consulting firm in New York City. From 1974 to 1977 he served as chairman of the President's Council of Economic Advisers under President Ford. From 1981 to 1983 he was chairman of the National Commission on Social Security Reform. He was appointed a member of President Reagan's Economic Policy Advisory Board, the President's Foreign Intelligence Advisory Board, the Commission on Financial Structure and regulation, the Commission on an All-Volunteer Armed Force, and the Task Force on Economic Growth. Before his appointment to the Federal Reserve Board, Greenspan served as a director of numerous corporations, including J.P. Morgan & Company Inc., Mobil Corporation, Aluminum Company of America (Alcoa), General Foods Corporation, and Capital Cities/ABC Inc. He was a term member of the board of trustees of the Rand Corporation, a member of the board of overseers of the Hoover Institution (at Stanford University), and vice chairman and trustee of the Economic Club of New York. Greenspan has served as chairman of the Conference of Business Economists, president and fellow of the National Association of Business Economists, and a fellow of the American Statistical Association. He has received honorary degrees from Harvard, Yale, Pennsylvania, Notre Dame, Leuven (Belgium), and Edinburgh universities. He received the Legion of Honor (Commander) from France, became an honorary Knight Commander of the British Empire, and received the Medal of Freedom, the United States' highest civil award. He received a BS in economics summa cum laude, an MA, and a PhD from New York University.

Anil K. Kashyap is the Edward Eagle Brown Professor of Economics and Finance and the Richard N. Rosett Faculty Fellow at the University of Chicago Booth School of Business. He also is a consultant for the Federal Reserve Bank of Chicago, a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and a research associate for the National Bureau of Economic Research. He is one of the advisers to the Cabinet Office of the Government of Japan for its research project â??The Japanese Economy and Macroeconomic Policies over the Last Twenty-Five Years.â?? He is also on the Congressional Budget Office's Panel of Economic Advisers, serves on the board of directors of the Bank of Italy's Einuadi Institute of Economics and Finance, and is a member of the Squam Lake Group. Kashyap is a co-organizer of the NBER's Working Group on the Japanese Economy and cofounded the U.S. Monetary Policy Forum. He earned an undergraduate degree in economics and statistics from the University of California at Davis and a PhD in economics from the Massachusetts Institute of Technology.

Robert G. King is a professor of economics at Boston University and a consultant to the Federal Reserve Bank of Richmond, a research associate of the National Bureau of Economic Research, and editor of the Journal of Monetary Economics. He previously held professorial positions at the University of Rochester and the University of Virginia. He was the first economist to win a Presidential Young Investigator Award from the National Science Foundation, in 1985, and he was awarded an honorary doctorate from the Universitat Bern in 2005 (together with his collaborator Mark W. Watson). His research interests include macroeconomics, monetary economics, and economic growth, with a focus on monetary policy, especially incomplete information monetary models and the effects of policy rules; real business cycles; time series econometrics; macroeconomic modeling and policy design; and the interplay between financial markets and economic growth. King has provided interpretative histories of the U.S. 1840s free banking period and the interaction of U.S. monetary policy with the country's inflation and unemployment experience. He earned his BA, MA, and PhD from Brown University.

Narayana Kocherlakota became the twelfth president of the Federal Reserve Bank of Minneapolis in 2009. As president, Kocherlakota serves on the Federal Open Market Committee, the policymaking arm of the Federal Reserve System. Previously he was a professor of economics at the University of Minnesota, where he chaired the economics department, and a consultant to the Federal Reserve Bank of Minneapolis. He was also a research associate at the National Bureau of Economic Research. From 1996 to 1998, he was a research staff member at the Minneapolis Fed. Kocherlakota has published more than thirty articles in academic journals, including Econometrica, the Journal of Political Economy, the Journal of Economic Theory, the Journal of Monetary Economics, and the Journal of Money, Credit, and Banking. His work includes theoretical and empirical contributions to macroeconomics, monetary economics, financial economics, and public finance. His book The New Dynamic Public Finance (Princeton University Press) describes an approach to tax design pioneered by him and others over the past decade. He earned an AB in mathematics from Princeton and a PhD in economics from the University of Chicago.

Jeffrey Lacker took office as president and chief executive of the Federal Reserve Bank of Richmond in 2004. Before becoming president, he was named research officer in 1994, vice president in 1996, and senior vice president and director of research in 1999. Prior to joining the bank in 1989 as an economist, he was an assistant professor of economics at the Krannert School of Management, Purdue University. In 1992–93 he taught at The College of William and Mary, and in 1997 he was a visiting scholar at the Swiss National Bank. Lacker is the author of numerous articles in professional journals on monetary, financial, and payment economics and has presented his work at several universities and central banks. He is a member of the Executive Committee of Venture Richmond and serves as director for the boards of the Council for Economic Education, the Richmond Jewish Foundation, the World Affairs Council of Greater Richmond, and Richmond's Future. He received a BA in economics from Franklin and Marshall College and a PhD in economics from the University of Wisconsin.

Dennis P. Lockhart is president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role he is responsible for all of the bank's activities, including monetary policy, bank supervision and regulation, and payment services. He also chairs the bank's management committee and serves on the Federal Reserve's chief monetary policy body, the Federal Open Market Committee. Prior to joining the Atlanta Fed in March 2007, Lockhart served on the faculty of Georgetown University's Walsh School of Foreign Service, teaching in the master's program and chairing the program's concentrations in international business–government relations and global commerce and finance. He was also an adjunct professor at Johns Hopkins University's Nitze School of Advanced International Studies. Prior to his academic career Lockhart was managing partner at the private equity firm Zephyr Management LP. He also worked at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group. Previously Lockhart held various positions, both domestic and international, with Citicorp/Citibank. In addition to his professional activities, Lockhart was a member of the boards of directors of several companies and was chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds. He holds a BA in political science and economics from Stanford University and an MA in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies.

Bennett McCallum is the H.J. Heinz Professor of Economics in the Tepper School of Business at Carnegie Mellon University. He is also a research associate of the National Bureau of Economic Research, a fellow of the Econometric Society, a member of the Shadow Open Market Committee, and an honorary adviser to the Institute for Monetary and Economic Studies of the Bank of Japan. McCallum has been a consultant to the Federal Reserve Board and a visiting scholar at the Federal Reserve Banks of Richmond and St. Louis, the International Monetary Fund, the Bank of Japan, and the Reserve Bank of New Zealand. He is the author of Monetary Economics: Theory and Policy (Macmillan, 1989) and International Monetary Economics (Oxford University Press, 1996) and has published nearly 200 papers on a variety of topics in monetary economics, macroeconomics, and econometrics. He currently serves on the editorial boards of the Journal of Money, Credit, and Banking and Economics Letters. He is a former coeditor of the American Economic Review and since 1995 has been coeditor of the Carnegie-Rochester Conference Series on Public Policy. McCallum received BA and BSChE degrees from Rice University, an MBA from Harvard, and a PhD from Rice.

Allan Meltzer is the Allan H. Meltzer University Professor of Political Economy and Public Policy at Carnegie Mellon University and a visiting scholar at the American Enterprise Institute in Washington. He has been a visiting professor at Harvard, the University of Chicago, the University of Rochester, the Yugoslav Institute for Economic Research, the Austrian Institute for Advanced Study, the Getulio Vargas Foundation in Rio de Janeiro and the City University, London. He has served as a consultant for several congressional committees; the President's Council of Economic Advisers; the U.S. Treasury Department; the Board of Governors of the Federal Reserve System, the World Bank, foreign governments, and central banks. He has been a member of the President's Economic Policy Advisory Board and the President's Council of Advisers and an honorary adviser to the Institute for Monetary and Economic Studies of the Bank of Japan. In 1999–2000 he served as chairman of the International Financial Institution Advisory Commission, known as the Meltzer Commission, which proposed major reforms of the International Monetary Fund and development banks. Meltzer has published more than 300 papers on economic theory and policy in numerous journals and is the author of several books, the most recent being A History of the Federal Reserve (University of Chicago Press, two volumes, 2003 and 2010). He is a former coeditor of the Carnegie-Rochester Conference Series on Public Policy, the Journal of Economic Literature, and the Journal of Finance. From 1973 to 1999 Meltzer was chairman of the Shadow Open Market Committee. He is a past president of the Western Economic Association and a fellow of the National Association of Business Economists. He is a distinguished fellow of the American Economic Association. In 2003 he received the Irving Kristol Award of the American Enterprise Institute and the Adam Smith Award from the National Association for Business Economics. He received an AB and an MA from Duke University and a PhD from the University of California, Los Angeles.

Athanasios Orphanides was appointed governor of the Central Bank of Cyprus in 2007, and since January 2008 he has been a member of the Governing Council of the European Central Bank. Prior to his appointment as governor of the Central Bank of Cyprus, he served as senior adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System. From 1990 to 2006 he had served as economist, senior economist, and adviser at the Federal Reserve. He has taught at Georgetown University and Johns Hopkins University and was a fellow of the Center for Financial Studies in Frankfurt, a research fellow of the Centre for Economic Policy Research in London, and an international research fellow of the Kiel Institute for World Economics. Orphanides has published numerous articles in the fields of macroeconomics and monetary policy. He has co-organized conferences in Europe and North America and has coedited conference proceedings on topics relating to monetary policy and history. From 2002 to 2007 he served as associate editor of the Journal of Economic Dynamics and Control. He received SB degrees in mathematics and economics and a PhD from the Massachusetts Institute of Technology.

Sandra Pianalto is president and chief executive officer of the Federal Reserve Bank of Cleveland. She joined the bank in 1983 as an economist in the research department. She was appointed assistant vice president of public affairs in 1984, vice president and secretary to the board of directors in 1988, and first vice president and chief operating officer in 1993. She assumed her position as president in 2003. Before joining the bank, she was an economist at the Federal Reserve Board of Governors and served on the staff of the Budget Committee of the U.S. House of Representatives. Pianalto is immediate past chair and a life director of the board of United Way of Greater Cleveland and serves as vice chair of the board of the Greater Cleveland Partnership. She also serves on the boards of a number of other community organizations. She is a graduate of the Advanced Management Program at Duke University's Fuqua School of Business and holds honorary degrees from several universities. She earned a bachelor's degree in economics from the University of Akron and a master's degree in economics from the George Washington University.

Charles I. Plosser is president and chief executive officer of the Federal Reserve Bank of Philadelphia. Before joining the bank in 2006, he was the John M. Olin Distinguished Professor of Economics and Public Policy and director of the Bradley Policy Research Center at the University of Rochester's William E. Simon Graduate School of Business Administration. He was also a senior research associate at the Rochester Center for Economic Research in the university's college of arts and sciences and a research associate at the National Bureau of Economic Research. Previously he was an assistant professor of business economics at the Stanford University graduate school of business and a lecturer in economics and econometrics at the University of Chicago's graduate school of business. Plosser also cochaired the Shadow Open Market Committee and was a visiting scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. His articles have appeared in numerous economic journals. He was coeditor of the Journal of Monetary Economics for more than two decades. Plosser holds an MBA and PhD from the University of Chicago.

Raghuram Rajan is the Eric J. Gleacher Distinguished Service Professor of Finance at the University of Chicago's Graduate School of Business. He is also currently an economic adviser to the Prime Minister of India. Prior to resuming teaching in 2007, Rajan was the economic counselor and director of research at the International Monetary Fund. He chaired the Indian government's Committee on Financial Sector Reforms, which submitted its report in September 2008. Rajan's research interests are banking, corporate finance, and economic development, especially the role finance plays in it. His papers have been published in all the top economic and finance journals, and he has served on the editorial board of the American Economic Review and the Journal of Finance. His books include Saving Capitalism from the Capitalists (with Luigi Zingales) and the just-published Fault Lines: How Hidden Fractures Still Threaten the World Economy. He is a senior adviser to Booz and Company and BDT Capital and is on the academic advisory board of Moodys and the international advisory board of Bank Itau-Unibanco. He is a director of the Chicago Council on Global Affairs and a member of the Comptroller General of the United State's Advisory Council. He is the president-elect of the American Finance Association and a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Rajan the inaugural Fischer Black Prize, given every two years to the financial economist under age forty who has made the most significant contribution to the theory and practice of finance. He received a BTech degree from the Indian Institute of Technology, an MBA from the Indian Institute of Management, and a PhD from the Massachusetts Institute of Technology.

Eric S. Rosengren became president and chief executive officer of the Federal Reserve Bank of Boston in 2007. He joined the Boston Fed in 1985 as an economist in the research department. He was promoted to assistant vice president in 1989 and to vice president in 1991 as head of the department's banking and monetary policy section. In 2000 he was named senior vice president and head of the supervision and regulation department. He assumed the additional title of chief discount officer in 2003 and was named executive vice president in 2005. While in the bank supervision function, Rosengren gained significant domestic and international regulatory experience related to the Basel II Capital Accord. He has served as an adviser on Japanese banking issues, and a focus of his research has been how financial problems can affect the real economy. His research has made significant contributions in the fields of banking and monetary policy. Rosengren has published more than 100 articles and papers on macroeconomics, international banking, bank supervision, and risk management. He holds a BA in economics from Colby College and an MS and PhD in economics from the University of Wisconsin, Madison.

Thomas J. Sargent is the William R. Berkley Professor of Economics and Business at New York University's Stern School of Business. Before he joined NYU in 2002, he was the Donald Lucas Professor of Economics at Stanford University and a senior fellow at Stanford's Hoover Institution. Previously, he was a professor of economics at the University of Minnesota from 1975 to 1987 and a first lieutenant and captain in the U.S. Army from 1968 to 1969. Sargent is an adviser to the Federal Reserve Bank of Minneapolis and a research associate for the National Bureau of Economic Research. He has been a member of the Brookings Panel on Economic Activity and was a Ford Foundation visiting research professor of economics at the University of Chicago. He was awarded the Mary Elizabeth Morgan Prize for Excellence in Economics by the University of Chicago in 1979 and the Erwin Nemmers Prize for Economics by Northwestern University in 1996. In 1983 Sargent was elected a fellow of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences. He is a former president of the Econometric Society, a former president of the American Economic Association, and a past president of the Society for Economic Dynamics. A recognized leader in the field of macroeconomics, Sargent is the author of numerous articles and several books, including Recursive Macroeconomic Theory (with Lars Ljungqvist); The Big Problem of Small Change (with Francois Velde); The Conquest of American Inflation; Dynamic Macroeconomic Theory; and Rational Expectations and Econometric Practice (with Robert E. Lucas Jr.). Sargent earned his BA at the University of California at Berkeley and his PhD from Harvard University.

Ellis W. Tallman is the Danforth-Lewis Professor of Economics at Oberlin College. He has published scholarly articles in the fields of macroeconomics, economic forecasting, and historical episodes of financial crises. His articles have appeared in scholarly journals such as the Journal of Monetary Economics, the Journal of Business and Economic Statistics, and the Journal of Economic History. Prior to joining Oberlin College, Tallman was a vice president and team leader for the macro group in the research department at the Federal Reserve Bank of Atlanta. From January 1996 to December 1997, he was a visiting senior research economist at the Reserve Bank of Australia, where he engaged in policy support and economic research for the Australian central bank. He is currently a visiting scholar at the research department of the Federal Reserve Bank of Cleveland. He received a BA from Indiana University, Bloomington, and an MA and PhD from the University of Rochester.

Warren Weber is the senior research officer in the research department at the Federal Reserve Bank of Minneapolis. He is also an adjunct economics professor at the University of Minnesota and a research associate at the Center for the Advanced Study in Economic Efficiency. Before joining the Minneapolis Fed, he taught at Virginia Polytechnic Institute and State University, Tulane University, and Duke University. He has published papers in the American Economic Review, the Journal of Political Economy, and the Journal of Economic History, among others. His research agenda focuses on monetary theory, the history of banking in the United States, and medieval monetary systems. He earned his PhD from Carnegie-Mellon University.

Eugene N. White is a professor of economics at Rutgers University and a research associate at the National Bureau of Economic Research. He is a former editor of Explorations in Economic History. His current research focuses on the history of housing market booms from the 1920s to the present, the evolution of U.S. bank supervision and regulation, the Banque de France and financial crises in the nineteenth century, and the microstructure of securities markets in Europe and America. His most recent book is Conflicts of Interest in the Financial Services Industry: What Should We Do About Them? (with Andrew Crockett, Trevor Harris, and Frederic Mishkin, London, 2003). He received an AB in history magna cum laude from Harvard University, a BA in history and economics from Oxford University, and an MA and PhD in economics from the University of Illinois, Urbana.