Fields of Interest
Industrial Organization

Education
Ph.D., Industrial Organization, Econometrics, Massachusetts Institute of Technology, 1984
B.A., Economics and Mathematics, University of Wisconsin - Madison, 1980

Professional Experience
Board of Governors of the Federal Reserve System, 1984-present

Selected Publications

• The Effects of Past Entry, Market Consolidation, and Expansion by Incumbents on the Probability of Entry (with Robert M. Adams), Finance and Economics Discussion Series 2007-51. Washington: Board of Governors of the Federal Reserve System, 2007.
• ''The Perceived Size of Small Business Banking Markets'' (with Kenneth Brevoort), Journal of Competition Law and Economics, vol. 1 (December 2005), pp. 771-84.
• ''Consolidation and Efficiency in the Financial Sector: A Review of the International Evidence'' (with Colleen Barnes, Fabio Panetta, and Carmelo Salleo), Journal of Banking and Finance, vol. 28 (October 2004), pp. 2493-2519.
• ''Market Definition in Banking: Recent Evidence'' (with Martha Starr-McCluer), The Antitrust Bulletin, vol. 47 (Spring 2002), pp. 63-89.
• ''Defining Banking Markets According to Principles Recommended in the Merger Guidelines'' (with Timothy H. Hannan), The Antitrust Bulletin, vol. 45 (Fall 2000), pp. 615-39.
• ''Establishing Banking Market Definitions through Estimation of Residual Deposit Supply Equations'' (with Timothy H. Hannan), Journal of Banking and Finance, vol. 23 (November 1999), pp. 1667-90.
• ''Determinants of Entry and Profits in Local Banking Markets'' (with J. Nellie Liang), Review of Industrial Organization, vol. 12 (February 1997), pp. 59-78.
• ''The Relationship between Entry into Banking Markets and Changes in Legal Restrictions on Entry'' (with J. Nellie Liang), The Antitrust Bulletin, vol. 37 (Fall 1992), pp. 631-49.
• ''Do Firms Differ Much?'' (with Luke Froeb), Journal of Industrial Economics, vol. 39 (March 1991), pp. 323-31.
• ''Dynamics of Market Concentration in U.S. Banking, 1966-86'' (with J. Nellie Liang), International Journal of Industrial Organization, vol. 8 (September 1990), pp. 375-84.