on Measuring and Managing Federal Financial Risk
O. Allen, CPA
Tom was appointed in January 2006 as a member of the Federal
Accounting Standard Advisory Board and to be chairman of that
board starting January 2007. He is currently serving on the
accounting department faculty at Weber State University. He
retired June 30, 2004 as Chairman of the Governmental Accounting
Standards Board after serving in the capacity for nine years.
Prior to becoming the GASB Chairman on July 1, 1995, he served
one year as a part-time member of the Board. Tom was first
elected as Utah State Auditor in 1984 and served as the State
Auditor of Utah until he resigned to chair the GASB. He is
a certified public accountant, and is a member of the American
Institute of Certified Public Accountants where he served
from 1987 to 1990 as Chairman of the AICPA Members in Government
Committee. He also served on the AICPA's Ethics Executive
Committee, Government Accounting and Auditing Committee, and
Auditing Standards Board.
1990, he was selected by the National Association of Government
Accountants as The Outstanding Fiscal Officer from State and
Local Governments in the United States. In 1991 he was selected
to receive the Donald L. Scantlebury Memorial Award by the
Federal Joint Financial Management Improvement Program (JFMIP)
for distinguished leadership in financial management improvement.
Also in 1991, he was honored as the Outstanding CPA by the
Utah Association of CPAs.
Bohn is Professor of Economics at the University of California,
Santa Barbara. His research and teaching is in the areas of
macroeconomics, public economics, and international finance.
He has published scholarly articles on a variety of topics
including government debt, public debt management, social
security, tax theory, demographic change, and international
capital flows. Prof. Bohn received his Ph.D. from Stanford
in 1986 under the guidance of Ben Bernanke. Before moving
to UCSB in 1992, he served on the finance faculty at The Wharton
School of the University of Pennsylvania.
Dan L. Crippen was the fifth director of the Congressional
Budget Office and served in that capacity from February 1999
to January 2003. Crippen has served in senior positions in
the White House and the U.S. Senate, and is a specialist in
issues relating to the federal budget, health care, retirement,
trade, and telecommunications.
From 1987 to 1989, Crippen served as the president's adviser
on all issues relating to domestic policy, including the preparation
and presentation of the federal budget. In the Senate, he
served as chief counsel and economic policy adviser to the
Senate Majority Leader from 1981 to 1985, working on major
tax and budget bills as well as other legislation.
Crippen also has substantial experience in the private sector.
Before joining CBO, he was a principal with Washington Counsel,
a consulting firm. He has also served as executive director
of the Merrill Lynch International Advisory Council and as
senior vice president of the Duberstein Group.
The Congressional Budget Office was created by the Congressional
Budget and Impoundment Control Act of 1974. CBO's mission
is to provide the Congress with the objective, timely, nonpartisan
analyses needed for economic and budget decisions and with
the information and estimates required for the congressional
budget process. The position is jointly appointed by the speaker
of the House of Representatives and the president pro tempore
of the Senate after considering recommendations from the two
congressional budget committees.
J. David Cummins is the Joseph E. Boettner Professor of Insurance,
Risk Management, and Financial Institutions at Temple University
and Professor Emeritus at the Wharton School of the University
of Pennsylvania. His fields of specialization include industrial
organization of insurance markets, securitization, financial
risk management, productivity, and efficiency. Dr. Cummins
has published more than eighty refereed journal articles,
thirty-two book chapters, and has written or edited sixteen
books. He has received more than twenty prizes for his research.
Among his recent books are Handbook of International Insurance:
Between Global Dynamics and Local Contingencies (Springer),
Changes in the Life Insurance Industry: Efficiency, Technology,
and Risk Management (Kluwer Academic), and Deregulating
Property-Liability Insurance: Restoring Competition and Increasing
Market Efficiency (The Brookings Institution). Dr. Cummins
also has served as consultant to numerous business and governmental
organizations including the American Insurance Association,
Ace Insurance Group, the Federal Reserve Bank of New York,
Liberty Mutual, the National Association of Insurance Commissioners,
and the Casualty Actuarial Society. He is a past-president
of the American Risk and Insurance Association and has served
as editor of the Journal of Risk and Insurance. He
currently is co-editor of the Journal of Banking and Finance
and Associate Editor of eight other refereed journals.
Eberly is the John L. and Helen Kellogg Distinguished Professor
of Finance and Chair of the Finance Department. Before joining
the Kellogg faculty, she was a faculty member in Finance at
the Wharton School of the University of Pennsylvania. Professor
Eberly's research focuses on finance and macroeconomics. Her
work studies firms' capital budgeting decisions and household
consumption and portfolio choice. She further examines the
interaction of these spending and investment choices with
the macroeconomy. Her current research emphasizes the role
of technological change and adoption on capital budgeting.
She has received a Sloan Foundation research fellowship and
grant funding from the National Science Foundation.
Associate Editor of the American Economic Review, the
Journal of Monetary Economics, and Macroeconomic
Dynamics, Professor Eberly is also an associate of the
National Bureau of Economic Research, and has been a visiting
scholar at several Federal Reserve Banks and the Federal Reserve
Board of Governors. She also served on the staff of the President's
Council of Economic Advisors.
Eberly has won numerous awards for her teaching, including
most recently the Chairs' Core Teaching Award in 2001 and
2006 and the Outstanding Professor Award from the Executive
Master's Program in 2002. She received her Ph.D. in Economics
Elliott is the founder of the Center on Federal Financial
Institutions. He ran COFFI as a full-time volunteer from its
inception in 2004 until May of 2006, when he rejoined J.P.
Morgan Securities as a Managing Director in its Capital Structure
Advisory and Solutions group. In this capacity, he develops
sophisticated financial products to assist insurers and pension
funds in managing their risk and capital positions. Mr. Elliott
remains COFFI's President and Chairman of the Board and continues
to write analyses.
Elliott is particularly known as an expert on the Pension
Benefit Guaranty Corporation, having created the first independent
financial model of the PBGC's annual cash flows and published
the first detailed Primer on PBGC. He has testified before
Congress on both PBGC and on the National Flood Insurance
Program. He has also authored detailed analyses of the federal
student loan program, Terrorism Risk Insurance, and federal
budget procedures for credit and insurance programs. He was
a featured speaker at a Federal Reserve conference on Federal
Lending and Insurance Activity, in October 2005. He was also
a member of the National Academy of Social Insurance's panel:
"Uncharted Waters: Paying for Benefits From Individual
Accounts in Federal Retirement Policy." The panel's findings
were published as a book in 2005.
analyses have been featured in The New York Times, Wall Street
Journal, Washington Post, Financial Times, The Economist,
U.S. News & World Report, Business Week, and numerous
other publications. ABC World News Tonight, The Newshour with
Jim Lehrer, and The Nightly Business Report on PBS, have all
featured extensive interviews with him, as have many other
TV and radio shows.
Elliott has worked as an investment banker for almost twenty
years, starting with a dozen years at J.P. Morgan and continuing
with Sanford Bernstein, Sandler O'Neill & Partners, and
ABN AMRO. After an initial stint developing software to signal
when Morgan should buy or sell the dollar against foreign
currencies, he has devoted the rest of his career to working
with insurers, banks, and pension funds.
Elliott has advised on transactions with a value of over $20
billion, including: a novel restructuring that resulted in
an immediate increase of $2 billion in CIGNA's market value;
the purchase of Michigan National Bank for $3 billion; the
sale of European American Bank for $2 billion; the largest
three-way merger of mutual insurance companies in history;
the purchase of Travelers Insurance for $4 billion; and the
purchase of Allegheny Asset Management for $1 billion. He
advised other household names, such as Prudential, Allstate,
Xerox, Dow Chemical, Zurich Insurance, ITT, St. Paul, Farmers
Group, and Ralston Purina, among others. In the public sector,
he advised PBGC and the Commonwealth of Massachusetts .
graduated from Harvard College with an A.B. in Sociology,
magna cum laude, and with a Master's in Computer Science from
Peter R. Fisher, Managing Director, is Chairman of
BlackRock Asia with responsibilities for the firm's businesses
in Hong Kong (SAR), Japan, Korea, The People's Republic of
China, Singapore, Taiwan and Southeast Asia. He is a member
of BlackRock's Management Committee and co-chair of its International
to joining BlackRock in 2004, Mr. Fisher served as the Under
Secretary of the US Treasury for Domestic Finance from August
2001 to October 2003. In that capacity, he also served as
the Treasury Board representative to the Pension Benefit Guaranty
Corporation (PBGC) and as a member of the Board of the Securities
Investor Protection Corporation (SIPC). Before joining the
Treasury, Mr. Fisher spent 15 years at the Federal Reserve
Bank of New York, concluding his service there as Executive
Vice President and Manager of the System Open Market Account.
Mr. Fisher is a non-executive Director of the Financial Services
Authority of the United Kingdom and also serves on the Board
of the Episcopal Church Foundation.
Fisher earned a BA degree in history from Harvard College
in 1980 and a JD degree from Harvard Law School in 1985.
John Geanakoplos received his B.A. in Mathematics
from Yale University in 1975 (summa cum laude), his
M.A. in Mathematics and his Ph.D. in Economics under Kenneth
Arrow from Harvard University in 1980. He started as an Assistant
Professor in Economics at Yale University in 1980, becoming
an Associate Professor in 1983, Professor in 1986, and the
James Tobin Professor of Economics in 1994. He is currently
the Director of the Cowles Foundation for Research in Economics.
He was elected a fellow of the Econometric Society in 1990
and of the American Academy of Arts and Sciences in 1999.
He was awarded the Samuelson Prize in 1999 (for work on lifetime
financial security), and was awarded the first Bodossaki Prize
in economics in 1994. In 1990-1991 and again in 1999-2000
he directed the economics program at the Santa Fe Institute,
where he remains an external professor. He spent terms as
visiting professor at MSRI in the University of California,
Berkeley, at Churchill College, Cambridge, at the University
of Pennsylvania, and at MIT. From 1990-1995 he was a Managing
Director and Head of Fixed Income Research at Kidder, Peabody
& Co., Inc, and now he is a partner at Ellington Capital
Management. In 1970 he won the United States Junior Open Chess
Heal is Garrett Professor of Public Policy and Corporate Responsibility
at Columbia University's Graduate School of Business. He is
also Professor of International and Public Affairs in the
School of International Affairs, Director of the Center for
Globalization and Sustainable Development of Columbia's Earth
Institute, and Director of Graduate Studies for the Ph.D Program
on Sustainable Development. He has served as Senior Vice Dean
of Columbia Business School.
Heal studied Physics and Economics at Cambridge, and then
taught at Cambridge, Sussex, Essex, Stanford, Yale and Princeton,
and held a Fullbright Professorship at the University of Siena.
Dr. Heal has acted as Managing Editor of the Review of Economic
Studies and has acted on the Editorial Boards of many other
journals. In the 1970s he founded a London-based consulting
firm, and in the 1980s a firm providing systems for telecommunications
and data processing to the international securities business.
He was a Commissioner of the Pew Oceans Commission (www.pewoceans.org),
is a Director of the Union of Concerned Scientists (www.ucsusa.org),
a Director of the Beijer Institute of the Royal Swedish Academy
of Sciences and a Fellow of the Econometric Society and the
Association of Environmental and Resource Economists. He is
Past President of the Association of Environmental and Resource
Economists, and recipient of that organization’s 2004
Award for Publication of Enduring Quality for his 1979 book
(with Dasgupta) Economic Theory and Exhaustible Resources.
Heal has made many contributions to economic theory and the
application of mathematical techniques in economics. One of
Dr. Heal’s current research interests is the interaction
between society and its natural resource base. Dr. Heal has
been working to formalize and operationalize the concept of
sustainability and develop an interdisciplinary group of social
and biological scientists committed to research on the interface
between the biological and social sciences. Recent books on
this include “Valuing the Future” and “Nature
and the Marketplace.” Dr. Heal’s other research
fields include the management of risks by financial markets,
and especially the securitization of catastrophic risks and
analysis of the systemic risks associated with the growth
of derivative markets. Recently Dr. Heal has worked on airline
security and on corporate social responsibility, and has developed
a course on CSR entitled “Business and Society: Doing
Well by Doing Good?”
Director of Budget and Appropriations, U.S. Senate, Majority
Leader's Office, 2003-2006. Formerly, U.S. Senate Budget Committee,
1982-2002, Staff Director. Congressional Budget Office 1976-1981.
Howell Jackson is James S. Reid, Jr., Professor at
Harvard Law School. His research interests include financial
regulation, international finance, consumer protection, federal
budget policy, and Social Security reform. Professor Jackson
has served as a consultant to the United States Treasury Department,
the United Nations Development Program, and the World Bank/International
Monetary Fund. He is a member of the National Academy on Social
Insurance, a trustee of the College Retirement Equities Fund
(CREF) and its affiliated TIAACREF investment companies, and
a member of the panel of outside scholars for the NBER Retirement
Research Center. Professor Jackson frequently testifies before
Congress and consults with government agencies on issues of
financial regulation. He is co-author of Fiscal Challenges:
An Inter-Disciplinary Approach to Budget Policy (forthcoming
Cambridge University Press 2007), Analytical Methods for Lawyers
(Foundation Press 2003), and Regulation of Financial Institutions
(West 1999), and author of numerous scholarly articles. Before
joining the Harvard Law School faculty in 1989, he clerked
for Associate Justice Thurgood Marshall and practiced law
in Washington, D.C. Professor Jackson received J.D. and M.B.A.
degrees from Harvard University and his B.A. from Brown University.
M. Jaffee is the Willis Booth Professor of Banking, Finance,
and Real Estate at the Haas School of Business, University
of California at Berkeley, where has taught since 1991. He
previously taught for many years in the economics department
of Princeton University. Professor Jaffee is a member of the
Haas School’s Finance and Real Estate groups, and co-chair
of the Fisher Center for Real Estate and Urban Economics.
primary areas of research include real estate finance (especially
mortgage backed securitization and the government sponsored
enterprises) and insurance (especially earthquakes, terrorism,
and auto). He recently co-authored a book entitled Globalization
and a High-Tech Economy: California, the US, and Beyond.
He is currently a Distinguished Visiting Professor at the
National University of Singapore, and has been a visiting
scholar at the Federal Reserve Bank of San Francisco. He has
also served in numerous advisory roles for the World Bank,
the Board of Governors of the Federal Reserve System, the
Office of Federal Housing Enterprise Oversight, and the U.S.
Department of Housing and Urban Development. He received his
doctorate from the Massachusetts Institute of Technology in
Howard Kunreuther is the Cecilia Yen Koo Professor of Decision
Sciences and Public Policy at the Wharton School, University
of Pennsylvania as well as serving as Co-Director of the Wharton
Risk Management and Decision Processes Center. He has a long-standing
interest in ways that society can better manage low probability-high
consequence events as it relates to technological and natural
hazards and has published extensively on the topic. He is
a Fellow of the American Association for the Advancement of
Science (AAAS) and Distinguished Fellow of the Society for
Risk Analysis, receiving the Society's Distinguished Achievement
Award in 2001. Kunreuther has written or co-edited a number
of books and papers including Catastrophe Modeling:
A New Approach to Managing Risk (with Patricia Grossi)
and Wharton on Making Decisions (with Stephen
Hoch). He is a recipient of the Elizur Wright Award for the
publication that makes the most significant contribution to
the literature of insurance.
Lucas is the Donald C. Clark / HSBC Distinguished
Professor of Finance. Professor
Lucas's research spans the areas of dynamic asset pricing,
federal financial institutions, and corporate finance. She
is currently an editor of the Journal of Money, Credit and Banking and an associate editor of several journals.
She is a Research Associate of the National Bureau of Economic
Research, and a member of the National Academy of Social Insurance. She is a member of the 2006-7 Social Security Technical Advisory Panel on Assumptions and Methods, and serves on the board of several public and non-profit companies.
appointments include chief economist, Congressional Budget
Office; senior staff economist, Council of Economic Advisers; and visiting
assistant professor at MIT. She
received her Ph.D. in Economics from the University of Chicago.
Marcus is Professor of Finance in the Wallace E. Carroll School
of Management at Boston College. He received his Ph.D. from
MIT, has been a visiting professor at MIT’s Sloan School
of Management and Athens Laboratory of Business Administration,
and has served as a Research Fellow at the National Bureau
of Economic Research, where he participated in both the Pension
Economics and the Financial Markets and Monetary Economics
Groups. Professor Marcus also spent two years at the Federal
Home Loan Mortgage Corporation (Freddie Mac), where he helped
to develop mortgage pricing and credit risk models. Professor
Marcus has published widely in the fields of capital markets
and portfolio theory and is the coauthor of the widely-used
textbooks Investments (with Zvi Bodie and Alex Kane) and Fundamentals
of Corporate Finance (with Richard Brealey and Stewart Myers).
He currently serves on the Research Foundation Advisory Board
of the CFA Institute.
B. Marron became CBO's Deputy Director in October 2005 and
began serving as Acting Director as of December 30. Previously,
Dr. Marron served as Chief Economist for the President's Council
of Economic Advisers. In that capacity, he analyzed a broad
range of fiscal, regulatory, and macroeconomic policies and
directed a team that monitored the state of the economy and
developed economic forecasts.
to holding that post, Dr. Marron was the Executive Director
and Chief Economist of the Congress's Joint Economic Committee,
where he led a team that advised Members of Congress and Congressional
staff about the performance of the economy, fiscal policy
challenges, and the impacts of legislative proposals.
his government service, Dr. Marron was chief financial officer
of a medical software start-up in Austin, Texas, and a principal
and senior associate with the Washington, D.C., office of
Charles River Associates, where he provided business consulting
and litigation support to companies in a variety of industries.
He also served as an assistant professor of economics at the
University of Chicago's Graduate School of Business from 1994
to 1998, where he taught courses in microeconomics, entrepreneurial
finance and private equity, and environmental policy.
Marron has published articles on a broad range of topics,
including tax policy, intellectual property, and energy and
Robert McDonald is Erwin P. Nemmers Distinguished
Professor of Finance. He has been a faculty member since 1984
and also served as department chair. Before joining Kellogg,
he was a faculty member at Boston University and has been
a visiting professor at the University of Chicago. He has
taught courses in derivatives, corporate finance, and taxation.
McDonald's research interests include corporate finance, taxation,
derivatives, and applications of option pricing theory to
corporate investments. Several of his papers have won research
awards, including the Graham and Dodd Scroll from the Financial
Analyst's Federation, the Iddo Sarnat Prize from the Journal
of Banking and Finance, the Smith Breeden Prize from the Journal
of Finance, and the Review of Financial Studies Prize from
the Review of Financial Studies.
McDonald is Co-Editor of the Review of Financial Studies,
and has served on a number of editorial boards, including
those for the Journal of Finance, Management
Science, and the Journal of Financial and Quantitative
Analysis. He is the author of Derivatives
Markets, a text published in 2002 by Addison Wesley. He
received a BA in Economics from the University of North Carolina
and a Ph.D. in Economics from MIT.
Damien Moore is an Analyst in the Macroeconomic Analysis
Division at the Congressional Budget Office (CBO) in Washington,
DC. Prior to joining the CBO, he was a faculty member in the
Finance Department at the University of Sydney in Australia.
Previous research includes papers on household finances, retirement
saving and higher education financing.
Greg Niehaus (Ph.D. Washington University, 1985) is a Professor
of Insurance and Finance at the University of South Carolina.
His articles have been published in the Journal of Financial
Economics, Journal of Finance, Journal of Business,
Journal of Banking and Finance, The Accounting Review,
Financial Management, Journal of Financial Services
Research, Journal of Risk and Insurance, and the
Financial Analysts Journal. His current research interests
include corporate finance, the economics of insurance, corporate
pension plans, and corporate risk management. Professor Niehaus
has won several teaching awards and has co-authored a textbook,
Insurance and Risk Management, with Scott Harrington.
Financial Studies Unit
Macroeconomic Analysis Division
U.S. Congressional Budget Office
Marvin Phaup has headed the Financial Studies/Budget Process
group at CBO since 1988. His work has focused on analyses
of federal financial policies and institutions and the implications
for their budgetary treatment. His early work contributed
to the development and adoption of the Federal Credit Reform
Act of 1990, which changed the budgetary basis of accounting
for direct loans and loan guarantees from cash-basis to accrual.
More recently, the financial studies group has addressed the
federal cost of government sponsored enterprises, including
Fannie Mae, Freddie Mac and the Federal Home Loan Banks; the
budgetary treatment of federal investment in risky private
securities; the effect of including the cost of market risk
in the subsidy cost of federal guarantees; the value of pension
insurance provided by the Pension Benefit Guaranty Corporation;
terrorism insurance; the market value of FHA mortgage insurance;
the option value of deposit insurance; the cost of the federal
student loan programs; reconciling the federal financial statements
with the budget; and possible revisions to the Federal Credit
to joining the Congressional Budget Office, he served as Senior
Economist at the Federal Reserve Bank of Cleveland, Lecturer
at the University of Lancaster (England), and Assistant Professor
at Roanoke College. Phaup received a Ph.D. (economics) from
Virginia and B.A. from Roanoke College. He also studied at
the University of Oslo under the Hays-Fulbright program.
received the S. Kenneth Howard Award for Lifetime Achievement
in Public Budgeting and Finance from the Association for Budgeting
and Financial Management in 2004 and the National Distinguished
Service Award from the American Association for Budget and
Program Analysis in 1995.
research seeks to quantify how the design of environmental
policy affects costs and effectiveness. Specific research
has focused on the aggregate level and distribution of these
costs; uncertainty about cost; technological change; banking,
trading and other flexibility mechanisms; and valuation over
long time horizons. He applies much of this work to the question
of how to design and implement policies to reduce the threat
of climate change caused by manmade emissions of greenhouse
gases. Currently, he is working on projects that look at the
effectiveness of voluntary programs, the role of technology
programs in pollution control efforts, and the effect of regulation
Pizer is a Lead Author on the Intergovernmental Panel on Climate
Change 4 th Assessment Report and serves on both the EPA Environmental
Economics Advisory Committee and the DOE Climate Change Science
Program Product Development Advisory Committee. Since August
2002, Pizer has worked part-time as a Senior Economist at
the National Commission on Energy Policy. During 2001-2002,
he served as a Senior Economist at the President's Council
of Economic Advisers where he worked on environment and climate
change issues. He was a Visiting Scholar at Stanford University's
Center for Environmental Science and Policy during 2000-2001,
and taught at Johns Hopkins University during 1997-1999.
Donald Terner Distinguished Professorship in Affordable
Housing and Urban Policy. Haas Real Estate Group at University
of California – Berkeley.
Berkeley Program on Housing & the Urban Economy
Associate Dean for Academic Affairs
Chancellor's Professor of Economics, Department of Economics
Professor of Public Policy, Goldman School of Public Policy
Academic Status: On sabbatical, 2006-2007
Office Hours: By email appointment only, F614
Curriculum Vitae (in PDF format,
Acrobat Reader required)
Katherine Schipper is the Thomas F. Keller Professor of Business
Administration at Duke University's Fuqua School of Business.
Prior to joining Duke University, she was a member of the
Financial Accounting Standards Board (FASB). She has also
been a faculty member at Carnegie Mellon University and the
University of Chicago.
Ms. Schipper has published research papers on a wide range
of topics in financial reporting, corporation finance and
corporate governance. She has been named the American Accounting
Association’s Outstanding Educator, and Distinguished
International Lecturer. She has served the American Accounting
Association as Director of Research, as President and as President
of the Financial Accounting and Reporting Section. She is
or has been a member of the governing boards of a public company,
a mutual fund and a not-for-profit entity.
Ms. Schipper holds a BA degree from the University of Dayton,
MBA, MA and PhD degrees from the University of Chicago and
an honorary degree from Notre Dame University.
Professor of Insurance and Risk Management at Wharton School,
University of Pennsylvania.
PhD, Harvard University, 1995; MA, Harvard University, 1992;
BS, Ohio State University, 1990
Social insurance programs; incomplete markets; annuity markets;
tax reform; pricing government guarantees
Academic Positions Held:
Wharton: 1998-present. Visiting appointment: Stanford University
Economist, Congressional Budget Office, 1995-98; Faculty Research
Fellow, Aging Program, National Bureau of Economic Research,
2000-present; Research Associate, Public Economics, National
Bureau of Economic Research, 2001-present; Deputy Assistant
Secretary of Economic Policy, US Treasury: 2001-2002; Member,
Blue Ribbon Advisory Panel on Dynamic Scoring, U.S. Congress
(JCT), 2002-present; Member, National Academy of Social Insurance,
2002-present; Research Associate, Michigan Retirement Research
Career and Recent Professional Awards; Teaching Awards:
Fellowship, National Science Foundation, 1990-93; TIAA-CREF
Paul A. Samuelson, Certificate of Excellence, 2002; Robert
C. Witt Award for the best paper published in the Journal
of Risk and Insurance, 2000
Dr. Susan M. Wachter is the Richard B. Worley Professor of
Financial Management and Professor of Real Estate and Finance
at The Wharton School of the University of Pennsylvania. Dr.
Wachter served as Assistant Secretary for Policy Development
and Research at HUD, a President appointed and Senate confirmed
position, from 1998 to 2001. The Chairperson of the Wharton
Real Estate Department from 1996 to 1998, Dr. Wachter is the
author of over 150 publications. Dr. Wachter served as President
of the American Real Estate and Urban Economics Association
and coeditor of Real Estate Economics, the leading
academic real estate journal. Dr. Wachter currently serves
on multiple editorial boards and is the Co-Director of the
Penn Institute for Urban Research.
Director, Division of Research and Statistics, Federal Reserve
Economics, Massachusetts Institute of Technology, 1987
Mathematics, Williams College, 1980
of Governors of the Federal Reserve System, 2001-present
Secretary for Economic Policy, Treasury Department,
Economist, Council of Economic Advisers, 1994-1995
Economist and Senior Economist, Federal Reserve Board,
Member, Board of Editors, American Economic Review,
of interest: Insurance, Financial institutions, Risk management,
Zanjani is an economist in the Capital Markets Function of
the Federal Reserve Bank of New York. His research focuses
on the insurance industry, where he worked as an actuary before
joining the Bank. His research interests include the pricing
of catastrophe insurance, the organizational composition of
the insurance industry, and the effects of public intervention
in terrorism reinsurance and other catastrophe insurance markets.
His academic publications include articles in the Journal
of Financial Economics and the Journal of Public Economics.
P. Zeldes is the Benjamin Rosen Professor of Economics and
Finance at Columbia University’s Graduate School of
Business, and chair of the school’s Economics Subdivision.
He is also a Research Associate with the National Bureau of
In his research, Professor Zeldes has examined a wide range
of applied macroeconomic issues, including social security
reform, pension policy, the determinants of household saving
and portfolio choice, the effects of government budget deficits,
and the relationship between consumer spending and the stock
market. His research has been published in the leading academic
Professor Zeldes teaches the core macroeconomics course “The
Global Economic Environment” to Columbia Business School’s
MBA students. He has also been chosen to lead the school’s
new initiative to develop innovative teaching materials.
Professor Zeldes is a member of the Advisory Board of the
Pension Research Council and is also a member of the Board
of Overseers of the Panel Study of Income Dynamics. He previously
served as a member of the Technical Panel on Trends and Issues
in Retirement Saving that reported to the 1994-96 Advisory
Council on Social Security, and the National Academy of Social
Insurance Panel on Social Security Privatization.
Professor Zeldes joined the Columbia faculty in 1996. Prior
to this, he was a Professor at the Wharton School of the University
of Pennsylvania. He received his doctorate in economics from
Massachusetts Institute of Technology in 1984 and his bachelor’s
degree in economics and applied mathematics from Brown University