2012 - present, Willis H. Booth Chair in Banking and Finance, Haas School of Business 2005 - 2012, James and Merryl Tisch Professor of Economics, Department of Economics, Brown University 2007 - 2012, Director, William R. Rhodes Center for International Economics and Finance, Brown University 1999 - 2006, Curtis L. Carlson Professor of Finance, Department of Finance, University of Minnesota 1999, Professor, Department of Economics, University of Virginia 1997 - 1999, Associate Professor, Department of Economics, University of Virginia 1990 - 1997, Principal Economics, World Bank 1987 - 1990, Economist, Division of International Finance, Board of Governors of the Federal Reserve System
External Service and Assignments
Senior Fellow, Milken Institute
Member, Council on Foreign Relations
National Bureau of Economic Research
Advisor Board, World Economic Forum
Steering Committee, Hoover Working Group on “Intellectual Property, Innovation, and Prosperity”
Visiting Scholar: Board of Governors of the Federal Reserve System, New York Federal Reserve Bank, International Monetary Fund, World Bank, Banco Central de Chile, Central Bank of Israel
Keynote addresses/Lectures (recent): Federal Reserve’s Jackson Hole Symposium, Bank for International Settlements, G20, OECD, World Bank, International Monetary Fund, European Central Bank, Bank of England, Banco de Mexico, etc.
Editorial and Advisory Board Member (present and past): Journal of Financial Intermediation, Journal of International Economics, Journal of Development Economics, Journal of Economic Growth, Financial Intermediation Research Society, Financial and Private Sector Development Steering Committee at the World Bank, Darden International Conference
Current Research and Interests
• Financial regulation and economic growth, income inequality, and poverty • Financial crises • The political economy of financial regulation • International capital flows • The returns to entrepreneurship and the qualities of entrepreneurs
Selected Papers and Publications
“Identifying the Valuation Effects and Agency Costs of Corporate Diversification” Review of Financial Studies, 2013
“Guardians of Finance: Making Regulators Work for Us,” MIT Press, 2012.
“Big Bad Banks: The Winners and Losers from Bank Deregulation in the United States,” Journal of Finance, 2010.
“Bank Governance, Regulation, and Risk Taking,” Journal of Financial Economics, 2009.
“Stock Markets, Banks, and Growth,” American Economic Review, 1998.
“Africa’s Growth Tragedy: Policies and Ethnic Divisions, Quarterly Journal of Economics, 1997.
“Financial Development and Economic Growth: Views and Agenda,” Journal of Economic Literature, 1997.
“Finance and Growth: Schumpeter Might be Right,” Quarterly Journal of Economics, 1993.
“A Sensitivity Analysis of Cross-Country Growth Regressions,” American Economic Review, 1992.
Macroeconomics in the Global Economy, BA 201B
Honors and Awards
2012 PROSE award given by the Association of American Publishers for “Guardians of Finance: Making Regulators Work for Us.”
Literati Outstanding Paper Award 2011.
Brattle Group Prize for Distinguished Paper in Corporate Finance, Journal of Finance, 2010.
Milken Institute Award for Outstanding Paper of the Year 2001.
Omicron Delta Epsilon Best Teacher, Brown University, 2009, 2011.