2023 Financial Markets Conference - Old Challenges in New Clothes: Outfitting Finance, Technology, and Regulation for the Mid-2020s

Speaker Biographies

Keynote Speakers

Raphael W. Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta. From 2012 to 2017, Bostic was the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC), where he was director of the master's of real estate development degree program and founding director of the Casden Real Estate Economics Forecast. Bostic also served USC's Lusk Center for Real Estate as the interim associate director from 2007 to 2009 and as the interim director from 2015 to 2016. From 2016 to 2017, he was the chair of the center's Governance, Management, and Policy Process Department. From 2009 to 2012, Bostic was the assistant secretary for policy development and research at the US Department of Housing and Urban Development (HUD). Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, first as an economist and then a senior economist. He served as special assistant to HUD's assistant secretary of policy development and research in 1999. He was also a professional lecturer at American University in 1998. He graduated from Harvard University in 1987 with a combined major in economics and psychology. He earned his doctorate in economics from Stanford University in 1995.

Charles W. Calomiris is Henry Kaufman Professor of Financial Institutions at Columbia Business School, director of its Program for Financial Studies initiative on finance and growth in emerging markets, and a professor at Columbia's School of International and Public Affairs. His research spans the areas of banking, corporate finance, financial history, and monetary economics. He is a distinguished visiting fellow at the Hoover Institution, a fellow at the Manhattan Institute, a member of the Shadow Open Market Committee and the Financial Economists Roundtable, and a research associate of the National Bureau of Economic Research. He is past president of the International Atlantic Economic Society and has served on numerous committees, including the Advisory Scientific Committee of the European Systemic Risk Board, the US Congress's International Financial Institution Advisory Commission, the Shadow Financial Regulatory Committee, and the Federal Reserve System's Centennial Advisory Committee. He served as comanaging editor of the Journal of Financial Intermediation. He received a BA in economics from Yale University, magna cum laude, and a PhD in economics from Stanford University. He holds an honorary doctorate from the University of Basel. He is the recipient of numerous awards and research grants. His recent book (with Stephen Haber), Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton 2014), received the American Publishers 2015 Award for the best book in Business, Finance and Management, was named one of the best economics books of 2014 by the Financial Times, and one of the best books of 2014 by The Times Higher Education Supplement and by Bloomberg Businessweek.

Gary Gensler was nominated by President Joseph R. Biden to serve as chair of the US Securities and Exchange Commission on February 3, 2021, confirmed by the US Senate on April 14, 2021, and sworn into office on April 17, 2021. Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the Massachusetts Institute of Technology's Sloan School of Management, codirector of MIT's FinTech@CSAIL, and senior adviser to the MIT Media Lab Digital Currency Initiative. From 2017 to 2019, he served as chair of the Maryland Financial Consumer Protection Commission. Gensler was formerly chair of the US Commodity Futures Trading Commission, leading the Obama administration's reform of the $400 trillion swaps market. He also was senior adviser to US Senator Paul Sarbanes in writing the Sarbanes-Oxley Act (2002) and was undersecretary of the Treasury for domestic finance and assistant secretary of the Treasury from 1997-2001. In recognition for his service, he was awarded the Alexander Hamilton Award, the US Treasury's highest honor. He is a recipient of the 2014 Frankel Fiduciary Prize. Prior to his public service, Gensler worked at Goldman Sachs, where he became a partner in the mergers and acquisition department, headed the firm's media group, led fixed income and currency trading in Asia, and was cohead of finance, responsible for the firm's worldwide controllers and treasury efforts. A native of Baltimore, Maryland, Gensler earned his undergraduate degree in economics in 1978 and his MBA in 1979 from the Wharton School of the University of Pennsylvania.

Austan D. Goolsbee is president and chief executive officer of the Federal Reserve Bank of Chicago. In this capacity, he serves on the Federal Open Market Committee, the Federal Reserve System's monetary policymaking body, and leads the Chicago Fed, which conducts research and monitors local economic conditions in support of the formulation of monetary policy, supervises and regulates banking organizations, and provides financial services to banks and similar institutions, as well as to the US government. Prior to becoming president of the Chicago Fed in January 2023, Goolsbee served as the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business, where he first joined the faculty in 1995. He is known for his empirical research on many different industries and on economic policy. He has been a Fulbright Scholar and an Alfred P. Sloan Fellow. Goolsbee served as a member and then chairman of the Council of Economic Advisers from 2009 through 2011 and was a member of President Barack Obama's cabinet. He has also served on the board of education for the City of Chicago, the Economic Advisory Panel to the Federal Reserve Bank of New York, the Panel of Economic Advisers to the Congressional Budget Office, the US Census Advisory Committee, the Digital Economy Board of Advisors to the Commerce Department, and the External Advisory Group on Digital Technology for the International Monetary Fund. Goolsbee has a PhD in economics from the Massachusetts Institute of Technology and a BA and MA in economics from Yale University.

Mervyn King, Baron King of Lothbury, served as governor of the Bank of England from July 2003 to June 2013. He was knighted (GBE) in 2011, made a life peer in 2013, and appointed by Queen Elizabeth II to be a Knight of the Garter in 2014. Lord King is emeritus professor of economics at the London School of Economics. He was the Alan Greenspan Professor of Economics and a professor of law at New York University from 2014 until 2022. In 2016, he published The End of Alchemy. With a new preface, it appeared in paperback in 2017, and has been translated into many languages. His new book (with John Kay), Radical Uncertainty, was published in March 2020. Born March 30,1948, he studied at King's College, Cambridge, and taught at Cambridge and Birmingham universities before spells as visiting professor at Harvard University and the Massachusetts Institute of Technology. From October 1984 he was professor of economics at the London School of Economics, where he founded the financial markets group. He is chair of London's Philharmonia Orchestra and a member of the House of Lords' economic affairs committee.

Other Speaker Biographies

Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU Stern). He was a deputy governor at the Reserve Bank of India (RBI) from January 2017 to July 2019 in charge of monetary policy, financial markets, financial stability, and research. His speeches while at the RBI were released in July 2020 as a book, Quest for Restoring Financial Stability in India (SAGE Publications India), with a new introductory chapter "Fiscal Dominance: A Theory of Everything in India." He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial Intermediation, Rand Journal of Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, and Financial Analysts Journal. He has been an academic adviser to the Federal Reserve Banks of Chicago, Cleveland, New York, and Philadelphia, and the Board of Governors, and provided academic expert service to the Bank for International Settlements, the International Monetary Fund, and the World Bank. He is a conditional member of the Climate-related Financial Risk Advisory Committee (CFRAC) of the Financial Stability Oversight Council. He is the Deutsche Bank Visiting Chair Professor, National Institute of Securities Markets, India. He completed a bachelor of technology degree in computer science and engineering from the Indian Institute of Technology, Mumbai and a PhD in finance from NYU Stern.

Hilary J. Allen is a professor of law and the associate dean for scholarship at the American University Washington College of Law. She teaches courses in banking law, securities regulation, and business associations. She is an internationally recognized expert on financial stability regulation and new financial technologies and has been invited to share her research and expertise with organizations including the Federal Reserve Board, G20, Bank for International Settlements, Financial Stability Board, Bank of England, European Systemic Risk Board, Australian Securities and Investments Commission, and more. She has testified before the House Financial Services Committee and the Senate Banking Committee and is the author of the book Driverless Finance: Fintech's Impact on Financial Stability (2022, Oxford University Press). She has authored 20 law review articles addressing issues ranging from financial agency structure agencies' scientific/technological capacity, and financial stability threats stemming from climate change and fintech. She is regularly quoted in the media and is actively involved in presenting scholarly publications at roundtables and conferences. Allen received her bachelor of laws from the University of Sydney, Australia, and her master of laws in securities and financial regulation law from Georgetown University Law Center, where she received the Thomas Bradbury Chetwood, S.J. Prize for graduating first in her class. Prior to entering the academy, Allen spent seven years working in the financial services groups of prominent law firms in London, Sydney, and New York. In 2010, she worked with the Financial Crisis Inquiry Commission, which was appointed by Congress to study the causes of the financial crisis of 2007-2008.

Sirio Aramonte is a principal economist at the Federal Reserve Board of Governors. His interests lie in nonbank financial intermediation in general and in the asset-management industry. Between 2018 and 2022, he was at the Bank for International Settlements as a senior economist in the Monetary and Economic Department. He has covered issues ranging from search for yield by nonbanks, liquidity transformation by mutual funds, price discovery in bond markets through ETFs, segmentation in mutual-fund investments due to sustainability mandates, and trends in private-capital markets. More recently, he has analyzed embryonic forms of intermediation in decentralized finance, applying paradigms developed for traditional nonbanks to understand the structural characteristics of decentralized finance and its potential evolution. His first two years at the Fed were in Supervision & Regulation, where he worked on a wide variety of topics ranging from Basel Committee groups on the trading book, US implementation of the Basel framework, and model reviews for derivatives and fixed-income products. During the subsequent seven years, he was in the newly established Financial Stability Division. The broad scope of this new group allowed him to gain experience in many subjects, ranging from financial innovation and stress testing to asset management and regulatory arbitrage. He holds a PhD in finance from the London Business School.

Tom Barkin is the president and chief executive officer of the Federal Reserve Bank of Richmond. He has held this position since 2018. Tom serves on the Fed's chief monetary policy body, the Federal Open Market Committee, and is also responsible for bank supervision and the Federal Reserve's technology organization. He is "on the ground" continually in the Fed's Fifth District, which covers South Carolina, North Carolina, Virginia, Washington, DC, West Virginia, and Maryland. His engagement in the region has brought attention to areas facing economic challenges. Prior to joining the Richmond Fed, Tom was a senior partner and chief financial officer at McKinsey & Company, a worldwide management consulting firm, where he also oversaw McKinsey's offices in the southern United States. Tom earned his bachelor's, MBA, and law degrees from Harvard University.

Valentina Bruno is professor of finance and Kogod Research Professor at American University, Kogod School of Business. She holds a master's in finance and economics and a PhD in finance from the London School of Economics. Before joining American University, she worked at the World Bank in the Financial Sector Strategy and Policy Group and in the International Finance Team. Professor Bruno is research fellow at the Center for Economic Policy Research (CEPR), faculty research member at the European Corporate Governance Institute (ECGI), and associate editor at the Journal of Banking and Finance. She has been a visiting scholar at the Federal Reserve Board and Council on Foreign Relations fellow in international economics. Bruno studies topics at the intersection of macroeconomics and finance and opened new lines of inquiry into how global financial markets interact with the real economy. Her recent work focuses on the role of the US dollar in the transmission of global financial conditions. Her scholarship has been widely cited in the media and within policy circles, combining economic theory and empirical evidence to inform policymaking and regulatory work. Amongst others, Bruno's work has appeared in the Financial Times, Wall Street Journal, Bloomberg and in the cover page of the Economist. Her research has been published in several leading academic journals such as the Review of Economic Studies and the Review of Financial Studies.

Seth Carpenter is a managing director and chief global economist at Morgan Stanley. Previously, he was chief US economist for UBS and head of US research for Rokos Capital. Prior to entering the private sector, Carpenter had an almost two-decade career in the public sector. During his 15 years at the Federal Reserve, he rose to the position of deputy director of the Division of Monetary Affairs, working on monetary policy strategy and implementation. At the US Treasury, he was deputy assistant secretary for macroeconomic analysis, then was nominated by President Barack Obama to be assistant secretary for financial markets. Carpenter earned his PhD in economics from Princeton University.

Stijn Claessens is head of financial stability policy and deputy head of the Monetary and Economic Department for the Bank of International Settlements (BIS). He represents the BIS externally in senior groups, including the Financial Stability Board, the Basel Committee on Banking Supervision, and the G20. Within the BIS, he leads policy-based analyses of financial sector issues and oversees the work of the secretariats of the Committee on the Global Financial System, Markets Committee, and Committee on Payments and Market Infrastructures. Between 1987 and 2006, he worked at the World Bank in various positions. From 2007 to 2014, he was Assistant Director in the Research Department of the International Monetary Fund. From 2015 to early 2017, he was senior adviser in the Division of International Finance of the Federal Reserve Board. He holds a PhD in business economics from the Wharton School of the University of Pennsylvania and a master's degree from Erasmus University, Rotterdam. He taught at the New York University business school and the University of Amsterdam. He is author of numerous publications in the fields of finance, international finance and international capital flows.

Julia Coronado is founder of the economic research firm MacroPolicy Perspectives and a clinical associate professor at the McCombs School of Business at the University of Texas. She has more than a decade of experience as a financial market economist including serving as chief economist for Graham Capital Management and BNP Paribas, and as a senior economist at Barclays Capital. After receiving her PhD in Economics from the University of Texas, she worked as a staff economist for eight years at the Federal Reserve Board of Governors, where she regularly briefed the Board and contributed to FOMC forecasts. She has published scholarly articles on issues related to pension finances and market valuations, social security, retirement saving adequacy and behavior, the frontier of private and public data collection, digital currency, and monetary policy. She has represented the United States at Organisation for Economic Cooperation and Development meetings on financial market issues and has testified before the US Congress on social security reform and central bank digital currencies. She is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and the Economic Studies Council at the Brookings Institution and is vice president of the National Association of Business Economists. She is also on the boards of directors of Robert Half International and Dynex Capital and serves on the advisory boards of the Bureau of Economic Analysis, the Pension Research Council at the Wharton School, and the Cleveland Fed's Center for Inflation Research. She is a regular commentator in financial media, including CNBC, Bloomberg, Marketplace, and the Wall Street Journal.

Troy Davig of Symmetry Investments was formerly the research director at the Federal Reserve Bank of Kansas City and chief US economist at Rokos Capital. His research focus is on the interaction of monetary and fiscal policy, including the implications of large policy changes on the economy, and the design of monetary policy. His most recent work explores the benefits of communicating monetary policy objectives using a target band for inflation instead of a single point target. He has also worked at Barclays and started his career on the faculty at the College of William & Mary. He holds a PhD in economics from Indiana University-Bloomington.

Stephen Diehl is an entrepreneur and software engineer. His area of expertise is in functional programming language design and financial technology services. His engineering background and experience working with financial technology provide a unique perspective on the future of cryptocurrencies. He has coauthored two books on the subject, Popping the Crypto Bubble and The Case Against Cryptocurrency: The Failed Financial Revolution. He lives in London, England.

Bill English joined Yale University in 2016. He had previously been at the Board of Governors of the Federal Reserve System, including, from 2010 to 2015, as Director of the Division of Monetary Affairs and Secretary to the Federal Open Market Committee. In that position, Bill oversaw the development of monetary policy, working extensively on issues related to asset purchases, policy normalization, and policy communication. His research has focused on issues related to monetary policy, including unconventional policy, and banking issues. In 2002-03, Bill was a senior economist at the Bank for International Settlements, and in 1996 and '97, he was a senior economist at the Council of Economic Advisers. Prior to joining the Federal Reserve, Bill taught at the University of Pennsylvania, where he won the Irving Kravis Prize for Undergraduate Teaching in Economics.

Kristin Forbes is the Jerome and Dorothy Lemelson Professor of Management and Global Economics at the Massachusetts Institute of Technology's Sloan School of Management. She has regularly rotated between academia and senior policy positions. From 2014 to 2017, she was an external member of the monetary policy committee for the Bank of England. From 2003 to 2005, Forbes served as a Member of the White House's Council of Economic Advisers, and from 2001 to 2002 she was a deputy assistant secretary in the US Treasury Department. She also was a member of the Governor's Council of Economic Advisers for the State of Massachusetts from 2009 to 2014. In 2019, Forbes was named an honorary commander of the Order of the British Empire (CBE) by Queen Elizabeth II. She is currently the convener of the Bellagio Group, a research associate at the National Bureau of Economic Research and Center for Economic and Policy Research, and a member of the Aspen Economic Strategy Group and Council on Foreign Relations. She also serves in several advisory positions, such as on the Monetary Policy Advisory Panel of the New York Federal Reserve Bank, the Advisory Panel for the Bank for International Settlements, and on the external advisory group of the managing director for the International Monetary Fund. Forbes' academic research addresses policy-related questions in international macroeconomics, including on monetary policy, macroprudential tools, capital flows, exchange rates, inflation, and contagion. She has won numerous teaching awards and teaches one of the most popular classes at MIT's Sloan School. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley. She received her PhD in economics from MIT and graduated summa cum laude with highest honors from Williams College.

Jan Hatzius is chief economist and head of Global Investment Research at Goldman Sachs. He is a member of the management committee and the firmwide client franchise committee. Prior to assuming his current role, Hatzius was head of global economics and markets research. He joined Goldman Sachs in the Frankfurt office in 1997 and transferred to New York in 1999. He was named managing director in 2004 and partner in 2008. Prior to joining Goldman Sachs, Jan was a research officer at the London School of Economics. He is the No. 1-ranked global economist in the annual Institutional Investor Global Fixed-Income Research Team, a position he has held in the global or US category for the past decade. He is a member of the economic advisory panels of the Federal Reserve Bank of Chicago and the Congressional Budget Office. He earned a DPhil in Economics from Oxford University, as well as degrees from the University of Wisconsin-Madison and the Kiel Institute for the World Economy.

Mark Jensen is a vice president and senior economist on the financial markets team in the research department of the Federal Reserve Bank of Atlanta. He concentrates his research on estimating diffusion models of stock prices using stock and option price data and designing estimators of the volatility present in financial instruments. He has also been heavily involved with the Federal Reserve System's Comprehensive Capital Analysis and Review by participating on the risk evaluation team for retail products and validating the Federal Reserve's asset-backed security models for the Model Validation Group. Before joining the Bank in 2005, he was an associate professor in the department of economics at Brigham Young University from 2001 to 2005. He has also been an assistant professor at the University of Missouri and Southern Illinois University–Carbondale. Dr. Jensen is an associate editor of the Journal of Empirical Finance. He is a past president and treasurer of the Society for Nonlinear Dynamics and Econometrics and is currently a member of its executive committee. He also serves on the advisory board of the European Union's Seventh Framework Programme for Research. He has published works in the Journal of Econometrics, Econometric Theory, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking, and has presented his research at a number of professional conferences and academic institutions. Dr. Jensen earned his bachelor's degree in economics, magna cum laude, from Weber State University. He earned his master's and doctoral degrees in economics from Washington University in St. Louis.

Kathy Jones is managing director and chief fixed income strategist for the Schwab Center for Financial Research. She is responsible for interest rate and currency analysis as well as fixed income education for Schwab clients and the public. Prior to joining Schwab in 2011, she was a fixed income strategist at Morgan Stanley, where she specialized in global macro strategy covering domestic and international bonds and foreign exchange. She also has been a consultant in the alternative investment area and previously served as executive vice president of the debt capital markets division of Prudential Securities. She has analyzed global bond, foreign currency, and commodity markets extensively throughout her career as an investment analyst and strategist, working with institutional and retail clients. She makes regular broadcast appearances on Bloomberg TV, Yahoo Finance, and CNBC, and is often quoted by The Wall Street Journal, The New York Times, Financial Times, and Reuters.

Dennis Kelleher is cofounder, president, and chief executive officer of Better Markets, a Washington, DC-based nonprofit established to make finance and government serve society, fight injustice and inequality, and promote economic security, opportunity, and prosperity for all Americans. At Better Markets, his leadership requires operating in the legislative, executive, and judicial branches simultaneously while developing and driving communications strategies to support those policy efforts. Since founding Better Markets in 2010, he has been quoted more than 3,000 times, done more than 150 live TV appearances, participated in more than 300 rulemakings and 25 legal cases, and testified more than 10 times. He served as a member of the Biden-Harris transition team and, from September 2020 through January 2021, was on the Federal Reserve Banking and Securities Agency Review Team and worked with the Treasury Department and Department of Justice teams. In April 2022, Washingtonian Magazine named him, for the second year in a row, one of Washington's most influential people in banking and finance, saying he was one of the experts "who shape the laws that govern the country and ultimately affect the course of history." The New York Times profiled him in "Facing Down the Bankers," referring to him as "one of the most powerful lobbyists on financial reform," and he was featured in the award-winning Frontline documentary Money, Power and Wall Street, on PBS's Braking the Banks, and in Steven Brill's best-selling book Tailspin: The People and Forces Behind America's Fifty-Year Fall—and Those Fighting to Reverse It. Prior to Better Markets, he worked for almost eight years in senior staff positions in the United States Senate, concluding his service in 2010 as chief counsel and senior leadership adviser to the chairman of the Senate Democratic Policy Committee, a member of Senate leadership. Earlier in his career, he was a partner with the international law firm Skadden, Arps, Slate, Meagher & Flom, where he had an extensive and broad-ranging US and European practice specializing in crisis management and complex corporate matters that focused on governance, securities, and financial markets. He served four years of active-duty enlisted service in the Air Force as a crash/rescue firefighter/medic, which preceded his graduation with the highest honors from Brandeis University and with honors from Harvard Law School.

Andreas Lehnert is the director of the Division of Financial Stability at the Federal Reserve Board in Washington, DC. Andreas joined the Fed after earning his PhD in economics from the University of Chicago. He started in the household finance research group where he worked on a variety of topics in consumer and mortgage credit. During the financial crisis, he contributed to several projects including various mortgage modification initiatives, the Troubled Asset Relief Program, the 2009 bank stress tests, and the Term Asset‐Backed Securities Loan Facility. In November 2010, he moved to the Board's newly created financial stability group where he participates in a variety of ongoing initiatives to promote financial stability, including regulatory reform, the periodic assessment of financial vulnerabilities, the development of macroprudential tools, and the design and oversight of the bank stress tests. He also supports the Federal Reserve's role on the Financial Stability Oversight Council and the Financial Stability Board. His research focuses on financial stability, macroprudential policy, banking, and finance.

Lorie K. Logan began serving as the 14th president and chief executive officer of the Federal Reserve Bank of Dallas on August 22, 2022. She represents the 11th Federal Reserve District on the Federal Open Market Committee (FOMC) in the formulation of US monetary policy and oversees the 1,200 employees of the Dallas Fed. Logan previously was manager of the System Open Market Account for the FOMC and an executive vice president of the Federal Reserve Bank of New York. In that role, she managed the Federal Reserve's securities portfolio as it grew to more than $8 trillion and led the implementation of monetary policy as directed by the FOMC. She also oversaw provision of fiscal agent services to the US Treasury Department, analysis of global financial market developments, and production of reference rates, including the new Secured Overnight Financing Rate. She represented the Federal Reserve on the Markets Committee at the Bank for International Settlements and oversaw several public-private sector committees sponsored by the New York Fed to engage with market participants on key issues and advance financial industry best practices. Logan played a crucial role in the development and implementation of the Federal Reserve's actions in response to the COVID-19 pandemic. This included designing and managing several facilities to support market functioning and the flow of credit to households and businesses. She drew on her experience during the global financial crisis, when she was a prominent leader in the expansion of the Federal Reserve's balance sheet and the creation of liquidity facilities to mitigate systemic risks to the financial system. She is a native of Versailles, Kentucky, and holds a bachelor's degree in political science from Davidson College and a master's degree in public administration from Columbia University.

Marina Moretti is deputy director in the Monetary and Capital Markets Department of the International Monetary Fund (IMF). In this capacity, she oversees policy and technical work on financial supervision and regulation and on financial crisis preparedness and management. She has extensive experience across several aspects of financial stability and has published on financial crises, bank and corporate restructuring, regulatory reforms, and systemic risk analysis. In her IMF career, she has worked with member countries to promote financial soundness and has been closely involved with various international regulatory reform initiatives, including as a member of the Financial Stability Board secretariat from 2008 to 2010. She currently represents the IMF on the Basel Committee on Banking Supervision. Prior to joining the IMF, she held positions with the World Bank, including its Special Financial Operations Unit (the Bank's crisis management arm during the Asian crisis), and with the Organisation for Economic Cooperation and Development.

Meghan Neenan is a managing director in Fitch Ratings' financial institutions group and the North American head of Nonbank Financial Institutions. Her coverage includes alternative and traditional investment managers, hedge funds, pension funds, securities firms, business development companies, consumer and commercial finance companies, and leasing companies. Prior to joining Fitch in June 2006, she was an equity analyst at Morningstar Inc., covering companies in the financial institutions industry. She began her career as a bank examiner at the Federal Reserve Bank of New York, analyzing a wide range of institutions, from small community banks to large, complex banking organizations. She graduated summa cum laude from Mount Union College with a BA in accounting and business administration and earned her MBA from the University of Notre Dame. She is a chartered financial analyst (CFA) charter holder and a member of the CFA Institute and the New York Society of Security Analysts.

Christine A. Parlour is the Sylvan C. Coleman Chair of Finance and Accounting at Berkeley Haas. Most of her work is in institutionally complex areas, such as market microstructure and banking. Her current work focuses on changes in the payments system and the effects on bank balance sheets. She has written for major finance and economics journals. She has been on the Nasdaq Economic Advisory Board and is currently on the steering committee for the New Special Study of Securities Markets.

Carolin Pflueger is an assistant professor at the University of Chicago's Harris School of Public Policy. She is also a National Bureau of Economic Research faculty research fellow and research affiliate for the Centre for Economic and Policy Research. Her research is at the intersection of macroeconomics and finance and has been supported by the National Science Foundation. She is particularly interested in how inflation and monetary policy are linked to financial markets. One strand of her recent and ongoing research develops models that link the riskiness of nominal Treasury bonds to the economic drivers of stagflations, or high-inflation recessions. A second strand of research focuses on exploiting rich data sources, such as cross-sectional data of economic forecasts and the cross section of stock prices, to measure sophisticated agents' perceptions of monetary policy and economic uncertainty and understand how these perceptions affect the macroeconomy and financial markets.

Philipp Schnabl is the Martin J. Gruber Professor in Asset Management and Professor of Finance at the New York University Stern School of Business, as well as the Sidney Homer Director of the Salomon Center for the Study of Financial Institutions. He is a research associate in corporate finance at the National Bureau of Economic Research and a research affiliate in financial economics at the Center for Economic and Policy Research. Schnabl studies financial intermediation, monetary policy, and corporate finance. His work has been published in leading academic journals including the Quarterly Journal of Economics, the Review of Economic Studies, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. His work received several awards including the Journal of Finance 2012 Brattle Best Paper Prize and the Journal of Finance 2018 Amundi Pioneer Distinguished Paper Prize. Schnabl earned his PhD from the Economics Department at Harvard University, his MPA from the Harvard Kennedy School, and his BA and MA from the Vienna University of Economics and Business Administration.

Brad W. Setser is the Whitney Shepardson senior fellow at the Council on Foreign Relations (CFR). His expertise includes global trade and capital flows, financial vulnerability analysis, and sovereign debt restructuring. He regularly blogs at Follow the Money. Setser served as a senior adviser to the United States Trade Representative from 2021 to 2022, where he worked on the resolution of several trade disputes. He had previously served as the deputy assistant secretary for international economic analysis in the US Treasury from 2011 to 2015, where he worked on Europe's financial crisis, currency policy, financial sanctions, commodity shocks, and Puerto Rico's debt crisis, and as a director for international economics on the staff of the National Economic Council and the National Security Council. He is the author of Sovereign Wealth and Sovereign Power (CFR, 2008) and the coauthor, with Nouriel Roubini, of Bailouts and Bail-ins: Responding to Financial Crises in Emerging Economies (Peterson Institute, 2004). His work has been published in Foreign Affairs, Finance and Development, Global Governance and Georgetown Journal of International Law, among others. Setser was a senior fellow at CFR from 2016 to 2020, a fellow from 2007 to 2009, and an international affairs fellow in 2003. He also has been a visiting scholar at the International Monetary Fund. He holds a BA from Harvard University, a masters from Sciences Po Paris, and an MA and PhD in international relations from Oxford University.

Jeanna Smialek writes about the Federal Reserve and the economy for The New York Times. She previously covered economics at Bloomberg News, where she also wrote feature stories for Businessweek magazine. She has an MBA from New York University and graduated with a bachelor's in journalism and international relations from the University of North Carolina at Chapel Hill.

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at the Hoover Institution. He is director of the Stanford Introductory Economics Center. He formerly served as director of the Stanford Institute for Economic Policy Research, where he is now a senior fellow. Taylor's fields of expertise are macroeconomics, monetary economics, and international economics. He is known for his research on the foundations of modern monetary theory and policy, which has been applied by central banks and financial market analysts around the world. He has an active interest in public policy. He served as president of the Mont Pelerin Society and as a member of the Eminent Persons Group on Global Financial Governance created by the G20. He served as senior economist on the President's Council of Economic Advisers from 1976 to 1977, and as a member of the President's Council of Economic Advisers from 1989 to 1991. He was also a member of the Congressional Budget Office's panel of economic advisers from 1995 to 2001. Taylor served as a member of the California Governor's Council of Economic Advisers from 1996 to 1998 and 2005 to 2010. From 2001 to 2005, Taylor served as Undersecretary of Treasury for International Affairs where he was responsible for currency markets, trade in financial services, foreign investment, international debt and development, and oversight of the International Monetary Fund and the World Bank. He also was responsible for coordinating financial policy with G7 countries, chair of the Organization for Economic Cooperation and Development's working party on international macroeconomics, and a member of the board of the Overseas Private Investment Corporation. His book, Global Financial Warriors: The Untold Story of International Finance in the Post-9/11 World, chronicles his years as head of the international division at Treasury. His book, Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis, was one of the first on the 2008 financial crisis, and he has since followed up writing or coediting over a dozen additional books on restoring economic growth and preventing future crises, including First Principles: Five Keys to Restoring Americas' Prosperity, for which he won the 2012 Hayek Prize. His most recent book is Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s with George P. Shultz. Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy. In 2010, he received the Bradley Prize from the Bradley Foundation and the Adam Smith Award from the National Association for Business Economics for his work as a researcher, public servant, and teacher. Taylor was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the George P. Shultz Distinguished Public Service Award at Stanford. He received the university-wide Hoagland Prize for excellence in undergraduate teaching and the Rhodes Prize for his high teaching ratings in Stanford's introductory economics course, and the 2015 Stanford Economics Department Distinguished Faculty Teaching Award. He also received a Guggenheim Fellowship for his research, and he is a fellow of the American Academy of Arts and Sciences and the Econometric Society. He formerly served as vice president of the American Economic Association. Previously, Taylor held positions of professor of economics at Princeton University and Columbia University. Taylor received a bachelor's in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

Paula Tkac is a senior vice president and associate director of research at the Federal Reserve Bank of Atlanta and a member of the executive leadership committee. She leads the economic research and policy function and the Regional Economic Information Network in the Research Division. She also serves as a senior monetary policy adviser and is actively involved in strategic leadership at the Division and organizational levels. As an economist, she has conducted research on asset management industry, financial regulation, the municipal bond market, and policy responses to financial crises. Her research has won two William F. Sharpe Awards from the Journal of Financial and Quantitative Analysis. She frequently speaks to private sector and community groups on issues related to monetary policy, financial regulation, and leadership. She has also appeared on C-SPAN and as an op-ed writer in the Wall Street Journal. Before joining the Federal Reserve Bank of Atlanta in 2000, she was on the University of Notre Dame's finance department faculty. She earned her bachelor's, master's, and doctoral degrees in economics from the University of Chicago.

Richard Walker is coleading the global scaling of Bain's web3 and metaverse services and is a member of its financial services practice. His prior roles include practice head for blockchain and digital assets and subsector leader for regional banking. He has almost 30 years' consulting experience across the Americas, Europe, the Middle East, and Africa. Much of his work has been helping major financial institutions understand and leverage the latest technology for competitive advantage. He is an expert on web3, metaverse, digital assets, technology strategy, and transformation. He has recently led web3 projects for global banks, regional banks, hedge funds, payments companies, and digital asset natives. He is an active member of the Veterans at Bain affinity group. He holds an undergraduate degree in computer information systems from Chapman University in Orange, California.

Larry Wall is the research center executive director of the Center for Financial Innovation and Stability (CenFIS) in the Research Department of the Federal Reserve Bank of Atlanta. Dr. Wall is part of the financial markets team. CenFIS was created to improve knowledge of financial innovation and financial stability and the connection between the two. He joined the financial structure team of the Bank's Research Department in 1982 and was promoted to executive director of the CenFIS in 2013. In addition to pursuing his research agenda, he leads CenFIS's activities and provides policy advice. A certified public accountant, he has served on a number of editorial boards. Dr. Wall is also on the academic advisory panel of the International Association of Deposit Insurers. He is a past president and chairman of the trustees of the Eastern Finance Association. He has also been an adjunct faculty member of Emory University and the Georgia Institute of Technology. Dr. Wall, a native of Grand Forks, North Dakota, 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.

Min Wei is a senior associate director in the Division of Monetary Affairs, Board of Governors of the Federal Reserve System in Washington, DC. As a member of the division's senior management team, she is responsible for providing policy advice and guiding staff in their analysis of issues pertaining to the interaction between financial market conditions and economic activity, the transmission of monetary policy through financial markets and institutions, and interactions between monetary policy and financial stability. Her recent research focuses on the effects of the Federal Reserve's asset purchase programs and the predictive content of asset prices for economic outcomes. She also has taught graduate-level finance courses at the University of North Carolina at Chapel Hill and at Princeton University. She holds a PhD in finance from Columbia Business School.