Contact Information
202-452-3828

Fields of Interest
Monetary Policy
Macroeconomics
Financial Markets

Education
Ph.D., Economics, Pennsylvania State University, 1981
M.A., Mathematics, George Mason University, 2003
B.A., Economics, St. Joseph's College, 1975

Professional Experience
Board of Governors of the Federal Reserve System, 1983-present
Senior Economist, Council of Economic Advisers, 1989-1990

Selected Publications

• ''Monetary Policy when Interest Rates are Bounded at Zero'' (with Jeff Fuhrer), Review of Economics and Statistics, vol. 79 (November 1997), pp. 573-585.
• ''Productivity Growth, Information Technology, and Monetary Policy'' (with David Bowman, Andrea de Michelis, Stephen D. Oliner, and others), Economie Internationale, vol. 98 (2004), pp. 89-95.
• ''Proposed Revisions to the Federal Reserve's Discount Window Programs'' (with William R. Nelson), Federal Reserve Bulletin, vol. 88 (July 2002), pp. 313-319.
• ''Implementing U.S. Monetary Policy with Low Reserve Requirements'' (with Paul Bennett and Spence Hilton), in Implementation and Tactics of Monetary Policy. Basle: Bank for International Settlements, 1997.
• An Overview of the Secondary Market for U.S. Treasury Securities in London and Tokyo (with Jeff Stehm), Finance and Economics Discussion Series 1994-17. Washington: Board of Governors of the Federal Reserve System, 1994.
• ''The Design of U.S. Monetary Policy: Targets, Indicators, and Information Variables,'' in Tomas J.T. Balino and Carlos Cottarelli, eds., Frameworks for Monetary Stability. Washington, D.C.: International Monetary Fund, 1994.
• ''Exchange Market Management and Monetary Policy in the United States'' (with Ralph W. Smith), in Exchange Market Intervention and Monetary Policy. Basle: Bank for International Settlements, 1988.
• ''Implementation of U.S. Monetary Policy'' (with Warren T. Trepeta), in Changes in Money-Market Instruments and Procedures: Objectives and Implications. Basle: Bank for International Settlements, 1986.