PhD, Economics, Northwestern University
BA, Economics and History, Binghamton 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