PhD, Economics, Northwestern University
BA, Economics and History, Binghamton University
1978 – present, Professor, Haas School of Business
2016 – present, Member, Financial Economists Roundtable
2014 – 2016, Member, Board of Directors, VirtualBeam, Inc.
2012 – present, Member, Board of Directors, Finance Scholars Group
2012 – 2015, Chair, Economic Analysis and Policy Group, Haas School of Business
2003 – present, Fellow, Wharton Financial Institutions Center
1999 – 2001, Chief Economist, Office of the Comptroller of the Currency, Washington, DC
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
“Impacts of Mergers on Credit Union Costs: 1984-2009,” Filene Research Institute, Madison, WI, 2010.
“Conversions and Capital of Mutual Thrifts: Connections, Problems, and Proposals for Credit Unions,” with Stephanie I. Crofton and Luis G. Dopico. Essays in Economic and Business History, vol. 30 (2012), 31-48.
“Understanding Bank Supervisors’ Risk Assessments,” with John O’Keefe, CAPCO Journal 35: Zicklin-Capco Institute Paper Series in Applied Finance, (2012), 159-171.
“Regime Shifts in Real Estate Markets: Time-Varying Effects of the U.S. and Japanese Economies on House Prices in Hawaii,” with John R. Krainer. Real Estate Economics, vol. 41, Issue 3, (Fall 2013), 449-480.
The Home Purchase Sentiment Index: A New Housing Indicator,” Business Economics, v. 50, (October 2015), 178-190, doi:10.1057/be.2015.27. National Association for Business Economics’ 2015 Edmund A. Mennis Contributed Paper Award.
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