David Marshall is associate director of research, director of the financial markets group and a senior vice president in the economic research department of the Federal Reserve Bank of Chicago. Prior to this appointment in July 2010, he was senior vice president of the financial markets group and, previously, a vice president and economic advisor in the economic research department of the Federal Reserve Bank of Chicago. In that position, Marshall served as the team leader for the department's macroeconomics group. His research focuses on linkages between financial markets, financial institutions and macroeconomic performance.

Marshall's research has been published in Econometrica, the Journal of Finance, the Journal of Financial Economics, European Finance Review, the Journal of Monetary Economics and the Journal of Money, Credit and Banking.

Before coming to the Federal Reserve System, Marshall was on the faculty of the Kellogg Graduate School of Management at Northwestern University. He has also served as adjunct professor of finance at the University of Chicago and is currently an associate editor for Macroeconomic Dynamics.

Marshall received a B.A. from Yale University and M.S. and Ph.D. degrees in economics from Carnegie-Mellon University.

• Ph.D, 1988, Economics, Carnegie Mellon University
• M.S., 1985, Economics, Carnegie Mellon University
• Graduate Study, 1983, Economics, Rice University
• B.A., 1972, Philosophy, Yale University, Magna cum Laude

• Instructor, Economics, Carnegie-Mellon University
• Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 1/1/1994
• Visiting Assistant Professor of Finance, Finance, Graduate School of Business, University of Chicago, 1/1/1994
• Adjunct Assistant Professor of Finance, Finance, Graduate School of Business, University of Chicago, 1/1/1995
• Adjunct Associate Professor of Finance, Finance, Kellogg School of Management, Northwestern University
• Adjunct Professor of Finance, Finance, Graduate School of Business, University of Chicago, 1/1/2006

• Senior Economist, Federal Reserve Bank of Chicago, 1994-1996
• Economic Adviser and Senior Financial Economist, Federal Reserve Bank of Chicago, 1996-2004
• Vice President and Economic Advisor, Federal Reserve Bank of Chicago, 2004-2006
• Senior Vice President, Federal Reserve Bank of Chicago, 2006-2009
• Associate Director of Research, Federal Reserve Bank of Chicago, 2009-present