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Education

B.A., Colby College, Waterville, highest honors in economics, 1979

Summa Cum Laude, Phi Beta Kappa

M.S., University of Wisconsin, Madison, 1984

Ph.D., University of Wisconsin, Madison, 1986

Work Experience

Federal Reserve Bank of Boston

President and Chief Executive Officer, 2007-
Executive Vice President, Supervision and Regulation Department, and Chief Discount Officer, 2005-2007
Senior Vice President, Supervision and Regulation Department, and Chief Discount Officer, 2003-2005
Senior Vice President, Supervision and Regulation Department, 2000-2002
Vice President and Economist (head of Banking and Monetary Policy section), Research Department, 1991-2000
Assistant Vice President and Economist, Research Department, 1989-1991
Economist, Research Department, 1985-1989

General Accounting Office, Washington, D.C.

Dissertation Fellowship, 1984-1985

University of Wisconsin, Madison

Teaching Assistant, 1981-1984

Thomas Watson Foundation, Melbourne, Australia

Research Fellow, 1979-1980

Publications

Journals

"How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility," with Burcu Duygan-Bump, Patrick M. Parkinson, Gustavo A. Suarez, and Paul S. Willen. The Journal of Finance (forthcoming).

"The Impact of Liquidity, Securitization, and Banks on the Real Economy." Journal of Money, Credit and Banking. vol. 42 (September 2010): 221-228.

“Capital and Risk: New Evidence on Implications of Large Operational Losses,” with Patrick deFontnouvelle, Virginia DeJesus-Rueff, and John Jordan. Journal of Money, Credit and Banking. vol. 38, no. 7 (October 2006): 1819-1847.

“Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan,” with Joe Peek. The American Economic Review. vol. 95, no. 4 (September 2005): 1144-1166.

“Does the Federal Reserve Possess An Exploitable Informational Advantage?” with Joe Peek and Geoffrey M.B. Tootell. Journal of Monetary Economics. vol. 50, no. 4 (May 2003): 817-839.

“Identifying the Macroeconomic Effect of Loan Supply Shocks,” with Joe Peek and Geoffrey M.B. Tootell. Journal of Money, Credit, and Banking. vol. 35, no. 6, part 1 (December 2003): 931-946.

“Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit,” with Michael Klein and Joe Peek. The American Economic Review. vol. 92, no. 3 (June 2002): 664-682.

“Determinants of the Japan Premium: Actions Speak Louder than Words,” with Joe Peek. The Journal of International Economics. vol. 53, no. 2 (April 2001): 283-305.

“Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States,” with Joe Peek. The American Economic Review. vol. 90, no. 1 (March 2000): 30-45.

“The Market Reaction to the Disclosure of Supervisory Actions: Implications for Bank Transparency,” with Joe Peek and John Jordan. Journal of Financial Intermediation. vol. 9 (June 2000): 298-319.

“Modernizing Financial Regulation: Implications for Bank Supervision.” Journal of Financial Services Research. vol. 16, no. 2-3 (December 1999): 117-123.

“The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?” with Joe Peek and Faith Kasirye. Journal of Banking and Finance. vol. 23, no. 2/4 (February 1999): 579-604.

“Is Bank Supervision Central to Central Banking?” with Joe Peek and Geoffrey M. B. Tootell. The Quarterly Journal of Economics. vol. 114 (May 1999): 629-653.

“Bank Consolidation and Small Business Lending: It's Not Just Bank Size That Matters,” with Joe Peek. Journal of Banking and Finance. vol. 22, no. 6-8 (August 1998): 799-819.

“Derivatives Activity at Troubled Banks,” with Joe Peek. Journal of Financial Services Research. vol. 12, no. 2/3 (October/December 1997): 287-302.

“The International Transmission of Financial Shocks: The Case of Japan,” with Joe Peek. The American Economic Review. vol. 87, no. 4 (September 1997): 495-505.

“Will Legislated Early Intervention Prevent the Next Banking Crisis?” with Joe Peek. Southern Economic Journal. vol. 64, no. 1 (July 1997): 268-280.

“The Capital Crunch: Neither a Borrower Nor a Lender Be,” with Joe Peek. Journal of Money, Credit and Banking. vol. 27, no. 3 (August 1995): 625-638.

“Bank Regulation and the Credit Crunch,” with Joe Peek. Journal of Banking and Finance. vol. 19, no. 1 (June 1995): 679-692.

“Bank Regulatory Agreements and Real Estate Lending,” with Joe Peek. Real Estate Economics. vol. 24, no. 1 (Spring 1995): 55-73.

“The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects,” with Michael Klein. Journal of International Economics. vol. 36, no. 3-4 (May 1994): 373-390.

“Empirical Evidence on Vertical Foreclosure,” with Jim Meehan. Economic Inquiry. vol. 32 no. 2 (April 1994): 303-317.

“Failed Bank Resolution and the Collateral Crunch: The Advantages of Transferable Puts,” with Katerina Simons. Journal of the American Real Estate and Urban Economics Association. vol. 22, no. 1 (Winter 1994): 135-147.

“Bank Real Estate Lending and the New England Credit Crunch,” with Joe Peek. Journal of the American Real Estate and Urban Economics Association. vol. 22, no. 1 (Winter 1994): 33-58.

“Defaults of Original Issue High-Yield Convertible Bonds.” The Journal of Finance. vol. 48, no. 1 (March 1993): 345-362.

“State Restrictions of Hostile Takeovers.” Publius: The Journal of Federalism. vol. 18, no. 3 (Summer 1988).

“The Australian Trucking Industry: Is There a Need for Government Regulation?” Australian Economic Papers (December 1981).

Other material (past 10 years only)

“Revisiting the CRA,” with Janet L. Yellen. In Revisiting the CRA: Perspectives on the Future of the Community Reinvestment Act, Federal Reserve Banks of Boston and San Francisco, 2009, p. 1.

"Market and Risk Management Innovations: Implications for Safe and Sound Banking" Economic Review, Federal Reserve Bank of Atlanta. vol. 92, nos. 1-2 (2007).

“Crisis Resolution and Credit Allocation: The Case of Japan,” with Joe Peek. In Systemic Financial Crises: Containment and Resolution, Patrick Honohan and Luc Laeven, eds. Cambridge University Press, New York, NY, 2005, pp. 276-306.

“Implications of Alternative Operational Risk Modeling Techniques,” with Patrick de Fontnouvelle and John Jordan. In The Risks of Financial Institutions, Mark Carey and René M. Stulz, eds. University of Chicago Press, 2007, pp. 475-512.

“Commentary on 'Disclosure, Volatility, and Transparency: An Empirical Investigation into the Value of Bank Disclosure.'” Economic Policy Review, Federal Reserve Bank of New York. vol. 10, no. 2 (September 2004): 49-51.

“Comments on 'The Morning After: Restructuring in the Aftermath of an Asset Bubble.'” In Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies, William C. Hunter, George G. Kaufman, and Michael Pomerleano, eds. MIT Press, 2003, pp. 529-536.

“Comment on 'Banking in Europe.'” In The Transformation of the European Financial System, Vitor Gaspar, Philipp Hartmann, Olaf Sleijpen, eds., European Central Bank, 2002, pp. 104-116.

“Quantification of Operational Risk,” with Matthew Brown and John Jordan. In Financial Market Behavior and Appropriate Regulation over the Business Cycle. Proceedings of the 38th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 2002, pp. 239-248.

Public Service

Trustee, Colby College

Member, Advisory Board, The Goldfarb Center for public affairs and civic engagement at Colby College

Member, Academics Advisory Board, the University of Wisconsin

Director, the United Way of Massachusetts Bay and Merrimack Valley