- B.A. University of Pittsburgh, Ph.D. Carnegie-Mellon University
Fellow of the Econometric Society
Senior Vice-President, Federal Reserve Bank of Chicago, 2000-2004
Chief Economist, Financial Services at the Federal Reserve System, 1998-2003
Collusion & Cartels, Financial Markets, Monetary Policy.
1. "Noncooperative Collusion under Imperfect Information," with R. Porter, Econometrica, 1984, 52,87-100.
2. "Financial Intermediation Regime and Efficiency in a Boyd-Prescott Economy," with Y. Chiang, Carnegie-Rochester Conference Series on Public Policies, 2001, 54, 117-129.
3. "Formulating the Imputed Cost of Equity for Priced Services at Federal Reserve Banks," with J.Lopez & Z. Wang, Economic Policy Review, 2003, 9, 55-81.
4. "Implementing the Efficient Allocation in a Model of Financial Intermediation," Journal of Economic Theory, 2003, 109, 1-23.
5. "Incentive-efficient risk sharing in a settlement mechanism," with Hiroshi Fujiki and Akira Yamazaki, Journal of Economic Theory, forthcoming.