BA, Economics and History, Binghamton University
PhD, Economics, Northwestern University
At Haas since 1978
2009 - 2013, James J. and Marianne B. Lowery Chair in Business
1978 - present, Professor, Haas School of Business
1999 - 2001, Chief Economist, Office of the Comptroller of the Currency, Washington, DC
1995 - 1997, Chair, Finance Group, Haas School of Business
1991 - 1992, Economist, Federal Reserve Board
1990 - 1991, Senior Economist, President's Council of Economic Advisers
External Service and Assignments
- Member, Advisory Board: North American Economics and Finance Association
- Treasurer and Member, Board of Directors, Cal State 9 Credit Union
- Economic and financial consulting
Current Research and Interests
- Banking: mergers and acquisitions, cost reductions by consolidation, lending and bank capital, effects of economic conditions on banks, small business and banking
- Business conditions: Federal Reserve monetary policy and interest rates, unemployment and inflation, consumer spending, outlook for the economy
- Conversions: mutual-to-stock conversions of financial institutions, credit union failures and losses, credit union cost and profit performance
Selected Papers and Publications
- "Bank Safety and Soundness and the Structure of Bank Supervision: A Cross-Country Analysis," with James R. Barth, Luis G. Dopico, and Daniel E. Nolle. International Review of Finance 3, no. 3 & 4 (2002): 163-188.
- "The Increasing Integration and Competition of Financial Institutions and of Financial Regulation" in vol. 22 of Research in Finance, edited by Andrew H. Chen, 215-238. Elsevier Press, 2005.
- "Failures and Insurance Losses of Federally-Insured Credit Unions: 1971-2004," 7-111. Madision, WI: Filene Research Institute and the Center for Credit Union Research, 2005.
- "Credit Union Conversions to Banks: Facts, Incentives, Issues and Reforms," 1-104. Madison, WI: Filene Research Institute, 2006.
- "Housing, Credit Constraints, and Macro Stability: The Secondary Mortgage Market and Reduced Cyclicality of Redisential Investment," with Joe Peek. American Economic Review Papers and Proceedings 96, no. 2 (May 2006): 135-140.
- Macroeconomics, UGBA 101B
Honors and Awards
- Earl F. Cheit Award for Excellence in Teaching, 1997
- Earl F. Cheit Award for Excellence in Teaching, 1995
- Earl F. Cheit Award for Excellence in Teaching, 1987
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