Contact Information
202-736-5645
william.b.english@frb.gov

Fields of Interest
Macroeconomics
Monetary Economics
Banking and Financial Institutions

Education
Ph.D., Economics, MIT, 1986
B.A., Economics and Mathematics, Yale University, 1982

Professional Experience
Board of Governors of the Federal Reserve System, 1992-present
Senior Economist, Bank for International Settlements, 2002-2003
Senior Economist, Council of Economic Advisers, 1996-1997
Visiting Assistant Professor of Business Economics, Graduate School of Business, University of Chicago, 1989-1989
Assistant Professor of Economics, University of Pennsylvania, 1986-1992

Selected Publications

• ''Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules'' (with William R. Nelson and Brian P. Sack), Contributions in Macroeconomics, vol. 3 (2003).
• ''A Tale of Two Persepctives: Old or New Challenges for Monetary Policy'' (with Claudio Borio and Andrew Filardo), BIS Papers, vol. 19 (2003), pp. 1-59.
• ''Interest Rate Risk and Bank Net Interest Margins,'' Bank for International Settlements Quarterly Review (December 2003), pp. 67-82.
• ''Financial Consolidation and Monetary Policy,'' Federal Reserve Bank of New York Economic Policy Review, vol. 8 (May 2002), pp. 271-284.
• ''The Irrelevance of Some Forms of Credit Constraints for Government Monetary and Debt Policy,'' Journal of Economics and Business, vol. 52 (April 2000), pp. 7-30.
• ''Evaluating Changes in Correlations During Periods of High Market Volatility,'' Bank for International Settlements Quarterly Review (June 2000), pp. 29-36.
• Using Subordinated Debt as an Instrument of Market Discipline (with Federal Reserve System Task Force on Subordinated Debt), Staff Study 172. Washington: Board of Governors of the Federal Reserve System, 1999.
• ''Inflation and Financial Sector Size,'' Journal of Monetary Economics, vol. 44 (December 1999), pp. 379-400.
• Bank Risk Rating of Business Loans (with William R. Nelson), Finance and Economics Discussion Series 1998-51. Washington: Board of Governors of the Federal Reserve System, 1998.
• ''Recent Changes to the Federal Reserve's Survey of Terms of Business Lending'' (with Thomas F. Bardy and William R. Nelson), Federal Reserve Bulletin, vol. 84 (August 1998), pp. 604-16.
• ''Profits and Balance Sheet Developments at U.S. Commercial Banks in 1997'' (with William R. Nelson), Federal Reserve Bulletin, vol. 84 (June 1998), pp. 391-419.
• ''Understanding the Costs of Sovereign Default: U.S. State Debts in the 1840s,'' American Economic Review, vol. 86 (March 1996), pp. 259-75.
• ''Profits and Balance Sheet Developments at US Commercial Banks in 1994'' (with Brian K. Reid), Federal Reserve Bulletin, vol. 81 (January 1995), pp. 546-69.
• ''Default, Settlement, and Signalling: Resumption of lending in a reputational model of sovereign debt'' (with Harold L. Cole and James Dow), International Economic Review, vol. 36 (May 1995), pp. 365-85.
• ''Profits and Balance Sheet Developments at US Commercial Banks in 1993'' (with Brian K. Reid), Federal Reserve Bulletin, vol. 80 (June 1994), pp. 483-507.
• ''The Decline of Private Deposit Insurance in the United States,'' Carnegie-Rochester Conference Series on Public Policy, vol. 38 (June 1993), pp. 57-128.
• ''Profits and Balance Sheet Developments at US Commercial Banks in 1992'' (with Allan D. Brunner), Federal Reserve Bulletin, vol. 79 (July 1193), pp. 649-673.
• ''Two-sided Expropriation and International Equity Contracts'' (with Harold L. Cole), Journal of International Economics, vol. 31 (1992), pp. 77-104.
• ''Direct Investment: A Doubtful Alternative to International Debt'' (with Harold L. Cole), Federal Reserve Bank of Minneapolis Quarterly Review, vol. 16 (Winter 1992), pp. 12-22.
• ''Expropriation and Direct Investment'' (with Harold L. Cole), Journal of International Economics, vol. 30 (1991), pp. 201-27.