Tobias Adrian is a senior vice president of the Federal Reserve Bank of New York and head of the capital markets function of the Research and Statistics Group. His research covers asset pricing, financial intermediation, and macroeconomics, with a focus on the aggregate implications of capital market developments. Adrian has contributed to the New York Fed's financial stability policy and to its monetary policy briefings. He has taught at New York University's Stern School of Business, Massachusetts Institute of Technology, and Princeton University. He holds an MSc from the London School of Economics and a PhD from MIT.

Franklin Allen is the Nippon Life Professor of Finance and professor of economics at the Wharton School of the University of Pennsylvania. He has been on the faculty since 1980. He is currently codirector of the Wharton Financial Institutions Center. Allen was formerly vice dean and director of Wharton Doctoral Programs and the executive editor of the Review of Financial Studies, and is currently managing editor of the Review of Finance. He is a past president of the American Finance Association, the Western Finance Association, the Society for Financial Studies, the Financial Intermediation Research Society, and the Financial Management Association and is a fellow of the Econometric Society. Allen's main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a coauthor with Richard A. Brealey and Stewart C. Myers of the eighth through 11th editions of the textbook Principles of Corporate Finance. Allen received his doctorate from Oxford University.

David E. Altig is executive vice president and director of research at the Federal Reserve Bank of Atlanta. His responsibilities include advising the Bank president on monetary policy and related matters, overseeing the Bank's research department and regional executives, and sitting on the Bank's Management and Discount Committees. Altig also serves as an adjunct professor of economics in the graduate school of business at the University of Chicago. Previously, he was vice president and associate director of research at the Federal Reserve Bank of Cleveland, which he joined in 1991 as an economist. Prior to joining the Cleveland Fed, Altig was a faculty member in the department of business economics and public policy at Indiana University. His research focuses primarily on monetary and fiscal policy and has been published in the Journal of Money, Credit and Banking, the American Economic Review, and the Journal of Monetary Economics. Altig received a bachelor's degree in business administration from the University of Iowa and master's and doctorate degrees in economics from Brown University.

Robert Bushman is the Forensic Accounting Distinguished Professor and chair of the accounting area at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Prior to joining UNC Kenan-Flagler, he served on the faculty at the Graduate School of Business of the University of Chicago for over a decade. Bushman's research investigates the roles played by accounting information in corporate governance, managerial compensation, stock price formation, debt contracting, and bank regulation. His research has been extensively published in leading academic journals and has been presented at numerous national and international conferences and in invited seminars at universities around the world. Bushman currently serves on the editorial boards of three premier academic journals. He is also an award-winning teacher, having been recognized numerous times for both MBA and PhD teaching. Bushman received his BBA in accounting from Ohio University and his PhD from the University of Minnesota.

Simon Davis has worked in the Treasury of Royal Bank of Scotland (RBS) for the past 13 years, covering all aspects of its key activities. Currently, Davis is leading the regulatory responses of RBS with a focus on the Basel III liquidity framework. In particular, he has been reviewing the liquidity coverage ratio and the net stable funding ratio. He supports a wide industry network in interpreting and understanding the implementation impacts of the new regulations. During his career at RBS he has been the treasurer of the bank's European operations, based in Amsterdam, and also responsible for balance sheet management, based in London.

Edward J. DeMarco is the senior deputy director of the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae, Freddie Mac, and the 12 Federal Home Loan Banks as of September 1, 2009. Previously, he served as acting director of FHFA. He also served as FHFA's chief operating officer and senior deputy director for housing mission and goals since the agency's inception in 2008. A career civil servant, DeMarco joined the Office of Federal Housing Enterprise Oversight (OFHEO), a predecessor agency to FHFA, in October 2006 as chief operating officer and deputy director. He came to OFHEO from the Social Security Administration (SSA) where, as assistant deputy commissioner for policy, he led SSA's policy, research, and statistics functions. Before joining SSA in 2003, DeMarco was director of the Office of Financial Institutions Policy at the U.S. Department of the Treasury, where he oversaw analyses of public policy issues involving government-sponsored enterprises and other financial institutions. Prior to his 10-year tenure at Treasury, he worked at the U.S. General Accounting Office for seven years. DeMarco received a BA in economics from the University of Notre Dame and a PhD in economics from the University of Maryland.

Robert A. Eisenbeis serves as Cumberland Advisors' vice chairman and chief monetary economist. In this capacity, he advises Cumberland's asset managers on developments in U.S. financial markets, the domestic economy, and their implications for investment and trading strategies. Eisenbeis was formerly executive vice president and director of research at the Federal Reserve Bank of Atlanta, where he advised the bank's president on monetary policy for Federal Open Market Committee deliberations and was in charge of basic research and policy analysis. Prior to that, he was the Wachovia Professor of Banking at the Kenan-Flagler School of Business at the University of North Carolina−Chapel Hill. He has also held senior positions at the Federal Reserve Board and Federal Deposit Insurance Corporation. He is currently a member of the Shadow Financial Regulatory Committee and Financial Economist Roundtable and a fellow of both the National Association for Business Economics and Wharton Financial Institutions Center. Eisenbeis earned a BS from Brown University and an MS and PhD from the University of Wisconsin.

Joseph G. Haubrich is a vice president and economist at the Federal Reserve Bank of Cleveland, where he is responsible for leading the Research Department's Banking and Financial Institutions Group and the Banking Supervision's Department of Banking Policy and Analysis. He specializes in research related to financial institutions and regulations and is an associate editor of the Journal of Money, Credit and Banking. Before joining the Bank in 1990, Haubrich was an assistant professor of finance at the Wharton School of the University of Pennsylvania. He has also served as a referee for several professional journals. Haubrich earned his bachelor's degree in economics from the University of Chicago and his master's and doctoral degrees from the University of Rochester.

Andrew Kuritzkes is an executive vice president and chief risk officer for State Street Corporation, responsible for leading the company's risk management function globally. He is also a member of State Street's Management Committee, the company's most senior strategy and policymaking team. Prior to joining State Street in 2010, Kuritzkes was a partner at Oliver Wyman and led the firm's public policy practice in North America. At Oliver, Wyman & Company, he was a managing director in the firm's London office from 1993 to 1997 and served as vice chairman of the company globally from 2000 until the firm's acquisition by MMC in 2003. From 1986 to 1988, he worked as an economist and lawyer for the Federal Reserve Bank of New York. Kuritzkes serves as a member of the Financial Research Advisory Committee of the U.S. Treasury's Office of Financial Research. He is also a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, and serves as a senior adviser to the U.S. Committee on Capital Markets Regulation. He has a BA from Yale College, a JD from Harvard Law School, and a master of philosophy degree in economics from Cambridge University.

Albert "Pete" Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland's Robert H. Smith School of Business since 2006. He has taught at Princeton University, the University of California−Berkeley, and Duke University. Kyle's research focuses on market microstructure, including topics such as informed speculative trading, market manipulation, price volatility, the information content of market prices, market liquidity, and contagion. His current research also deals with concepts from industrial organization to value companies. His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing. Kyle has been a fellow of the Econometric Society, a board member of the American Finance Association, a staff member of the Presidential Task Force on Market Mechanisms, a member of NASDAQ's economic advisory board, a member of the Financial Industry Regulatory Authority's Economic Advisory Committee, and a member of the U.S. Commodity Futures Trading Commission's Technology Advisory Committee. Kyle graduated summa cum laude from Davidson College with a BS in mathematics, studied philosophy and economics at Oxford University as a Rhodes Scholar, and completed his PhD in economics at the University of Chicago.

Andreas Lehnert is the deputy director in the Office of Financial Stability Policy and Research at the Board of Governors of the Federal Reserve System. Previously, he served in other roles at the Board, including assistant director in the Division of Research and Statistics, chief of the Household and Real Estate Finance Section, and senior economist. In 2006 Lehnert was a visiting researcher at the Urban Institute in Washington, D.C. His research has focused on household credit choices, consumption, and financial distress, including default, foreclosure, and bankruptcy. Lehnert earned a BA in mathematics and a BS in economics at Trinity College, an MSc at the London School of Economics, and a PhD at the University of Chicago.

Dennis P. Lockhart is president and chief executive officer of the Federal Reserve Bank of Atlanta. In this role he is responsible for all of the Bank's activities, including monetary policy, bank supervision and regulation, and payment services. He also chairs the Bank's Management Committee. Prior to joining the Atlanta Fed in March 2007, Lockhart served on the faculty of Georgetown University's Walsh School of Foreign Service, teaching in the master's program and chairing the program's concentrations in international business–government relations and global commerce and finance. He was also an adjunct professor at Johns Hopkins University's Nitze School of Advanced International Studies. Prior to his academic career Lockhart was managing partner at the private equity firm Zephyr Management LP. He also worked at Heller Financial, where he served as executive vice president and director of the parent company and as president of Heller International Group. Previously, Lockhart held various positions, both domestic and international, with Citicorp/Citibank. In addition to his professional activities, Lockhart was a member of the boards of directors of several companies and was chairman of the Small Enterprise Assistance Funds, a not-for-profit operator of emerging markets venture capital funds. He holds a bachelor's degree in political science and economics from Stanford University and a master's degree in international economics and American foreign policy from the Johns Hopkins University School of Advanced International Studies.

Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at the Tepper School of Business at Carnegie Mellon University. He is also a visiting scholar at the Hoover Institution at Stanford University. His teaching and research interests include the history of U.S. monetary policy, size of government, macroeconomics, and the relation of money to inflation and unemployment in open and closed economies. Meltzer has served as a consultant on economic policy for the U.S. Congress, U.S. Treasury, the Federal Reserve, the World Bank, and U.S. and foreign governments and as chair of the International Financial Institution Advisory Commission. He was founder and chairman of the Shadow Open Market Committee from 1973 to 2000, and was honorary adviser to the Bank of Japan. He is the author of many books and papers in the field of economics. He received AB and MA degrees from Duke University and his PhD from University of California–Los Angeles.

Patricia C. Mosser is the deputy director for research and analysis for the Office of Financial Research (OFR) at the U.S. Department of Treasury, which she joined in October 2013. Mosser oversees an interdisciplinary team of researchers and analysts producing fundamental research as well as current analysis and policy studies on a variety of financial stability topics. Recent OFR research and analysis include models of financial interconnectedness, a report on activities and associated risks in the asset management industry, and a paper discussing the benefits of a unique mortgage identifier. Prior to joining the OFR, Mosser was a senior vice president in the Markets Group at the Federal Reserve Bank of New York, where she was responsible for financial market analysis, monetary policy operations, and analysis of financial stability and reform. Previously, she served as an economist in the New York Fed Research and Statistics Group and was on the economics department faculty at Columbia University. She holds a BA from Wellesley College, a MSc with distinction from the London School of Economics and Political Science, and a PhD in economics from Massachusetts Institute of Technology.

Rishi Narang is the founding principal of T2AM LLC, which focuses on a pure alpha, quantitative, short-term trading approach to multimanager portfolios. He has specialized in quantitative hedge funds since 1996 and managed both hedge funds and fund-of-funds strategies. Narang founded T2AM in January 2005. He is also cohead of asset management for Tradeworx Inc., a quantitative hedge fund manager. Previously, he was a managing director and coportfolio manager of the Santa Barbara Market Neutral Fund. Before that role, he was president and cofounder of Tradeworx. Narang also served as global market strategist for Citibank's alternative investment strategies, where he was responsible for quantitative analysis and tactical asset allocation strategies for the Legion Strategies Fund-of-Funds. He is the author of Inside the Black Box: A Simple Guide to Quantitative and High-Frequency Trading. Narang received a BA in economics from the University of California–Berkeley.

Thomas Philippon is an associate professor of finance at the Stern School of Business at New York University, where he also holds the John L. Vogelstein Faculty Fellowship in Finance. His research focuses on the macroeconomic implications of household leverage, the efficiency of the financial sector, and policy interventions in financial markets. His research has won numerous prizes, including a best paper award from both the Review of Financial Studies and the Journal of Finance. Philippon served as senior economic adviser to the finance minister of the French Treasury and is a member of the National Bureau of Economic Research. He received an MA in economics at the Delta-Ehess, an MA in physics at Ecole Polytechnique, and his PhD in economics at Massachusetts Institute of Technology.

Charles Plosser has served as president and chief executive officer of the Federal Reserve Bank of Philadelphia since 2006. He currently serves on the Federal Open Market Committee. Previously, he was the John M. Olin Distinguished Professor of Economics and Public Policy and director of the Bradley Policy Research Center at the William E. Simon Graduate School of Business Administration, where he also served as dean from 1993 to 2003. He was also a professor of economics at the University of Rochester, a senior research associate at the Rochester Center for Economic Research, and a research associate at the National Bureau of Economic Research. He has served as a visiting scholar at the Bank of England and the Federal Reserve Bank of Minneapolis. Plosser is the author of numerous academic articles and a participant in scores of professional seminars and conferences. He has served as coeditor or associate editor of three prestigious journals of economics and referee for over a dozen others. His research and teaching interests include topics on monetary and fiscal policy, long-term economic growth, and banking and financial markets. Plosser graduated cum laude from Vanderbilt University with a bachelor of engineering degree and earned an MBA and PhD from the University of Chicago.

Til Schuermann is a partner in the Division of Finance and Risk and Public Policy at Oliver Wyman, where he works with a number of domestic and international financial institutions on stress testing and capital planning. From May to September 2012, his team conducted stress testing of the Spanish banking system for the government of Spain. Prior to joining Oliver Wyman, Schuermann was a senior vice president at the Federal Reserve Bank of New York, where he held numerous positions, including head of financial intermediation in the research department and head of credit risk in bank supervision. Widely published in his field, Schuermann is an associate editor at the Journal of Financial Services Research and the Journal of Risk. He is a research fellow at the University of Pennsylvania's Wharton Financial Institution Center, where he also teaches. He is also a member of the advisory board of the Courant Institute's Mathematics in Finance program at New York University, has taught at Columbia University, and serves as a member of Global Association of Risk Professionals' Financial Risk Management Committee. Schuermann earned a BA in economics from the University of California–Berkeley and a PhD in economics from the University of Pennsylvania.

Jeremy C. Stein became a member of the Board of Governors of the Federal Reserve System on May 30, 2012. Prior to that appointment, he was the Moise Y. Safra Professor of Economics at Harvard University, where he taught finance courses to undergraduates and PhD candidates. From February to July 2009, Stein served in the Obama administration as a senior adviser to the secretary of the Treasury and on the staff of the National Economic Council. Before joining the Harvard faculty in 2000, he taught finance at Massachusetts Institute of Technology's Sloan School of Management. He also served as an assistant professor of finance at Harvard Business School. His research has covered behavioral finance and stock-market efficiency, corporate investment and financing decisions, risk management, capital allocation inside firms, banking, financial regulation, and monetary policy. He has served as a coeditor of the Quarterly Journal of Economics, and before that, as a coeditor of the Journal of Economic Perspectives. He is a fellow of the American Academy of Arts and Sciences. Before joining the Board, he was a research associate at the National Bureau of Economic Research and a member of the Federal Reserve Bank of New York's Financial Advisory Roundtable. In 2008, he was president of the American Finance Association. He graduated summa cum laude from Princeton University with an AB in economics and earned his PhD in economics from Massachusetts Institute of Technology.

Joseph E. Stiglitz is University Professor at Columbia University, the winner of the 2001 Nobel Memorial Prize in Economics, and a lead author of the 1995 Intergovernmental Panel on Climate Change report, which shared the 2007 Nobel Peace Prize. He was chairman of the U.S. Council of Economic Advisers under President Clinton and chief economist and senior vice president of the World Bank from 1997 to 2000. Stiglitz received the John Bates Clark Medal in 1979, awarded annually to the American economist under 40 who has made the most significant contribution to the subject. He was a Fulbright Scholar at Cambridge University, held the Drummond Professorship at All Souls College, Oxford, and has also taught at MIT, Yale, Stanford, and Princeton. Stiglitz helped create a new branch of economics, "the economics of information," exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard. His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance. At Columbia, Stiglitz cochairs the Committee on Global Thought and is founder and copresident of the Initiative for Policy Dialogue. He is also president of the International Economic Association, cochair of the Commission on the Measurement of Economic Performance and Social Progress, and chair of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System. He is the author most recently of The Price of Inequality: How Today's Divided Society Endangers Our Future. Stiglitz is a graduate of Amherst College and received his PhD in economics from Massachusetts Institute of Technology.

Sheila Tschinkel is a Distinguished Visiting Scholar of Economics at Emory University, specializing in international finance and economic policy. Tschinkel has worked in emerging market economies, at the U.S. central bank, and in the private sector. She has also helped nations negotiate economic and financial agreements. At Emory, she works with its Halle Institute to encourage public discussion of economic issues. Previously, she served as resident U.S. Treasury economic adviser in four former Soviet countries, including her last post as adviser to the prime minister of Ukraine. While she was in Eastern Europe she helped the Office of the High Representative negotiate an agreement to divide the remaining assets and liabilities of the former Yugoslavia among its successor countries. Now, she works for shorter periods with governments on macroeconomic and central bank policy and to facilitate their discussions with international financial institutions. Prior to her work abroad, Tschinkel was director of research at the Federal Reserve Bank of Atlanta and a member of the Bank's Management Committee. Earlier, she was an official of the Federal Reserve Bank of New York. Her private-sector experience includes the Chase Manhattan Bank, where she was vice president and director of global asset management. Tschinkel received her undergraduate degree from Hunter College, completed graduate work in economics at Yale University, and completed the Advanced Management Program at Harvard University.

Mark E. Van Der Weide is a deputy director in the Division of Banking Supervision and Regulation of the Federal Reserve Board in Washington, D.C. In that role, he advises the division director and Board members on domestic and international financial regulatory policy issues and helps coordinate the development of Federal Reserve positions on regulatory policy. Van Der Weide was detailed to the U.S. Treasury Department from 2009 to 2010, where he provided assistance to the Obama administration in its efforts to devise and implement the comprehensive financial reform legislation that ultimately became the Dodd-Frank Act. Previously, he worked in the legal division of the Federal Reserve Board. Prior to joining the Federal Reserve Board in 1998, Van Der Weide worked as an associate in the Washington, D.C., office of Cleary, Gottlieb, Steen & Hamilton. He has published articles on corporate, banking, and administrative law in the Notre Dame Law Review, the Boston College Law Review, and the Delaware Journal of Corporate Law. Van Der Weide received a BA in history and philosophy from the University of Iowa and a JD from Yale Law School.

Larry Wall is the executive director of the Center for Financial Innovation and Stability in the research department of the Federal Reserve Bank of Atlanta. Wall joined the financial structure team of the Bank's research department in 1982 and was promoted to his current position in 2013. In addition to pursuing his research agenda and providing policy advice, he leads CenFIS's activities including its conferences and its online post on financial innovation and stability topics titled Notes from the Vault. A certified public accountant, Wall is on the editorial boards of the Financial Review, Journal of Financial Research, Journal of Financial Services Research, Journal of Financial Stability, and Review of Financial Economics. He is also on the Academic Advisory Panel for the International Association of Deposit Insurers. He is a past president and chairman of the trustees of the Eastern Finance Association and has also been an adjunct faculty member of Emory University and the Georgia Institute of Technology. Wall earned a bachelor's degree in business administration from the University of North Dakota and a doctoral degree in business from the University of North Carolina at Chapel Hill.

Janet L. Yellen took office as chair of the Board of Governors of the Federal Reserve System on February 3, 2014. She also serves as chairman of the Federal Open Market Committee. Prior to her appointment as chair, Yellen served as vice chair of the Board of Governors. She is professor emeritus at the University of California–Berkeley, where she was the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics. She has been a faculty member since 1980. She took leave from Berkeley for five years in 1994 and served as a member of the Federal Reserve's Board of Governors through February 1997, then left the Fed to become chair of the Council of Economic Advisers through August 1999. Yellen chaired the Economic Policy Committee of the Organization for Economic Cooperation and Development from 1997 to 1999. She also served as president and CEO of the Federal Reserve Bank of San Francisco from 2004 to 2010. Yellen is a member of both the Council on Foreign Relations and the American Academy of Arts and Sciences. She has served as president of the Western Economic Association, vice president of the American Economic Association, and a fellow of the Yale Corporation. She has written on a wide variety of macroeconomic issues while specializing in the causes, mechanisms, and implications of unemployment. Yellen graduated summa cum laude from Brown University with a degree in economics and received her PhD in economics from Yale University. She received the Wilbur Cross Medal from Yale in 1997, an honorary doctor of laws degree from Brown in 1998, and an honorary doctor of humane letters from Bard College in 2000.

David Zervos is chief market strategist of Jefferies LLC. He joined Jefferies in 2010 after spending 2009 as a visiting adviser in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System in Washington, D.C. Prior to that position at the Federal Reserve, he held a variety of research, sales, and trading positions in the private sector, most recently managing global macro portfolios for Brevan Howard and UBS O'Connor. He began his career as an economist at the Federal Reserve Board in the early 1990s. He received a BSc from Washington University and an MA and PhD in economics from the University of Rochester.