26th Annual Financial Markets Conference: A New Era of Financial Innovation and Disruption: Challenges and Opportunities - Policy Session Descriptions - May 8–11, 2022

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Speaker Biographies

Keynote Speakers

Photo of Raphael Bostic

Raphael W. Bostic is president and chief executive officer of the Federal Reserve Bank of Atlanta. From 2012 to 2017, Bostic was the Judith and John Bedrosian Chair in Governance and the Public Enterprise at the Sol Price School of Public Policy at the University of Southern California (USC), where he was director of the master's of real estate development degree program and founding director of the Casden Real Estate Economics Forecast. Bostic also served USC's Lusk Center for Real Estate as the interim associate director from 2007 to 2009 and as the interim director from 2015 to 2016. From 2016 to 2017, he was the chair of the center's Governance, Management, and Policy Process Department. From 2009 to 2012, Bostic was the assistant secretary for policy development and research at the US Department of Housing and Urban Development (HUD). Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, first as an economist and then a senior economist. He served as special assistant to HUD's assistant secretary of policy development and research in 1999. He was also a professional lecturer at American University in 1998. He graduated from Harvard University in 1987 with a combined major in economics and psychology. He earned his doctorate in economics from Stanford University in 1995.

Photo of Roger Ferguson

Roger W. Ferguson Jr., the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations, is the immediate past president and CEO of TIAA. Prior to joining TIAA, Ferguson was head of financial services for Swiss Re and Chairman of Swiss Re America Holding Corporation. Ferguson is the former vice chairman of the Board of Governors of the Federal Reserve System. He began his career as an attorney at the New York office of Davis Polk & Wardwell and was an associate and partner at McKinsey & Company. Ferguson is a member of the Smithsonian Institution's board of regents and a fellow of the American Academy of Arts and Sciences. He serves on the boards of Alphabet Inc., Corning Inc., Blend, and International Flavors & Fragrances Inc. Ferguson is also active as an adviser and board member with various private fintech companies. He serves on the boards of The Conference Board, the Institute for Advanced Study, Memorial Sloan Kettering Cancer Center, and other nonprofits. Ferguson holds a BA, JD, and PhD in economics from Harvard University.

Photo of Charles Goodhart

Charles Goodhart was the Norman Sosnow Chair of Banking and Finance at the London School of Economics (LSE) from 1985 until his retirement in 2002, when he became emeritus professor of banking and finance. He was elected a fellow of the British Academy in 1990 and awarded the Commander of the Most Excellent Order of the British Empire in 1997 for services to monetary economics. During 1986, he helped found the Financial Markets Group at LSE. For the previous 17 years he served as a monetary economist at the Bank of England, becoming a chief adviser in 1980. He served on the Hong Kong Exchange Fund Advisory Committee from 1983 until 1997, when he was appointed for three years as one of four independent outside members of the newly formed Bank of England Monetary Policy Committee. He was an economic consultant to Morgan Stanley from 2009 until 2016. During this period, he began work on his recent book, The Great Demographic Reversal, with his colleague Manoj Pradhan. He has written widely on matters relating to monetary policy, especially central banking, and macro-economics. He is the author of Goodhart's Law "that any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes."

Manoj Pradhan, founder of the independent macroeconomic research firm Talking Heads Macroeconomics

Manoj Pradhan is the founder of the independent macroeconomic research firm Talking Heads Macroeconomics. Based in London, the firm specializes in the analysis of global and emerging markets macroeconomic trends, and their implications for financial markets. He was previously managing director at Morgan Stanley where he led the global economics team. Prior to joining Morgan Stanley in 2005, he was at the department of economics of George Washington University and the State University of New York. He has a PhD in economics from George Washington University and a master's in finance from the London Business School.

Photo of Kenneth Rogoff

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. From 2001 to 2003, Rogoff served as chief economist at the International Monetary Fund. His widely cited 2009 book with Carmen Reinhart, This Time Is Different: Eight Centuries of Financial Folly, shows the remarkable quantitative similarities across time and countries in the roots and aftermath of debt and financial crises. Rogoff is also known for his seminal work on central bank independence and exchange rates. With Maurice Obstfeld, he is coauthor of Foundations of International Macroeconomics. His 2016 book The Curse of Cash looks at the past, present, and future of currency from standardized coinage to cryptocurrencies and central bank digital currencies. His monthly syndicated column on global economic issues is published in over 50 countries. Rogoff is an elected member of the National Academy of Sciences and the American Academy of Arts and Sciences. He is an international grandmaster of chess.

Other Speaker Biographies

Morten Bech has been the Centre Head–Switzerland for the Bank for International Settlements (BIS) since 2020. He joined the BIS in mid-2011 and was the head of the secretariat supporting the Committee on Payments and Market Infrastructures with responsibility for coordinating and contributing to the activities of the Committee and its various working groups. He has also served as secretary to the markets committee. He previously worked for the Federal Reserve Bank of New York and the Danish central bank. In 2009, he was a visitor at the Monetary Affairs Division of the Federal Reserve Board in Washington, DC. He holds a PhD in economics from the University of California–Santa Barbara. He has written on various issues relating to monetary policy implementation, money markets, the network topology of financial markets, large-value payment systems, and systemic risk.

Seth Carpenter is a managing director and chief global economist at Morgan Stanley. Previously, he was chief US economist for UBS and head of US research for Rokos Capital. Prior to entering the private sector, Carpenter had an almost two-decade career in the public sector. During his 15 years at the Federal Reserve, he rose to the position of deputy director of the Division of Monetary Affairs, working on monetary policy strategy and implementation. At the US Treasury, he was deputy assistant secretary for macroeconomic analysis and then was nominated by President Barack Obama to be assistant secretary for financial markets. Carpenter earned his PhD in economics from Princeton University.

Julia Coronado is founder of the economic research firm MacroPolicy Perspectives and a clinical associate professor at the McCombs School of Business at the University of Texas. She worked as a staff economist at the Federal Reserve Board of Governors in Washington, DC for eight years. She is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and the Economic Studies Council at the Brookings Institution. Coronado is currently vice president of the National Association of Business Economists. She is on the board of directors of Robert Half International and Dynex Capital and serves on the advisory boards of the Bureau of Economic Analysis, the Pension Research Council at the Wharton School, and the Cleveland Fed's Center for Inflation Research. She has published a number of scholarly articles on issues related to pension finances and market valuations, social security, retirement saving adequacy and behavior, the frontier of private and public data collection, digital currency, and monetary policy and is a regular commentator in financial media. Coronado received her BA in economics from the University of Illinois–Urbana and her PhD from the University of Texas.

Stefania D'Amico is a senior economist and economic adviser in the economic research department at the Federal Reserve Bank of Chicago. D'Amico's research focuses on fixed-income securities modeling and pricing, financial markets impact of large-scale asset purchase programs, monetary policy response to financial shocks and inflation uncertainty, and risk premiums. Before joining the Chicago Fed in 2013, D'Amico was a senior economist at the Board of Governors of the Federal Reserve System in Washington, DC. D'Amico's research has been published in the Journal of Financial Economics, the Economic Journal and the Journal of Business and Economic Statistics. D'Amico received a BA from Tor Vergata University of Rome and a PhD in economics from Columbia University.

Jason Healey is a senior research scholar at Columbia University's School for International and Public Affairs specializing in cyber conflict, competition, and cooperation. Before this, he was the founding director of the Cyber Statecraft Initiative of the Atlantic Council where he remains a senior fellow. He was the editor of the first history of conflict in cyberspace, A Fierce Domain: Cyber Conflict, 1986 to 2012, and coauthored Cyber Security Policy Guidebook. As director for cyber infrastructure protection at the White House from 2003 to 2005, he helped advise the president and coordinated US efforts to secure US cyberspace and critical infrastructure. Starting his career in the United States Air Force, Jason earned two Meritorious Service Medals for his early work in cyber operations at Headquarters Air Force at the Pentagon and as a founding member of the Joint Task Force—Computer Network Defense, the world’s first joint cyber warfighting unit. His ideas on cyber topics have been widely published in over a hundred articles and essays published by the World Economic Forum, Aspen Strategy Group, Atlantic Council, and National Research Council. He has degrees in political science from the United States Air Force Academy, liberal arts from Johns Hopkins University, and information security from James Madison University.

Mark Jensen is a vice president and senior economist on the financial markets team in the research department of the Federal Reserve Bank of Atlanta. He concentrates his research on estimating diffusion models of stock prices using stock and option price data and designing estimators of the volatility present in financial instruments. He has been heavily involved with the Federal Reserve System's comprehensive capital analysis and review, participating on the risk evaluation team for retail products and validating the Fed's asset-backed security models for the model validation group. Before joining the Bank in 2005, Jensen was an associate professor of economics at Brigham Young University. He has also been an assistant professor at the University of Missouri and Southern Illinois University–Carbondale. He is an associate editor of the Journal of Empirical Finance and a member of its executive committee of the Society for Nonlinear Dynamics and Econometrics. He serves on the advisory board of the European Union's Seventh Framework Programme for research. He has published works in the Journal of Econometrics, Econometric Theory, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He earned his bachelor's degree in economics from Weber State University and his master's and doctoral degrees in economics from Washington University in St. Louis.

Charles M. Kahn, professor emeritus of finance and economics at the University of Illinois, is a specialist in financial intermediation and contracting theory and a leading authority on the economics of payments. A visiting scholar at the Bank of Canada and research fellow at the Federal Reserve Bank of St. Louis, he regularly consults for international organizations and central banks worldwide. He has been Houblon-Norman fellow at the Bank of England, visiting fellow at the Australian National University, national fellow of the Hoover Institution of Stanford University, and overseas fellow at Churchill College, Cambridge University. He coauthored one of the first scholarly reviews of the literature on the economics of payments, "Why Pay? An Introduction to Payments Economics," with William Roberds of the Federal Reserve Bank of Atlanta and is editor of the Henry Stewart Talks Series "Effective Oversight of Payment and Settlement Systems," which surveys the field.

S.P. Kothari is Gordon Y. Billard Professor of Accounting and Finance at the Massachusetts Institute of Technology's Sloan School of Management. Kothari has senior executive experience in government, academia, and industry with expertise in strategic and policy issues, securities regulation, auditing, and corporate governance. Most recently, he served as chief economist and director of the Division of Economic and Risk Analysis at the US Securities and Exchange Commission from 2019 to 2021. In academia, Kothari was deputy dean of MIT's Sloan School of Management (2010-15), and previously headed the department of economics, finance, and accounting. In addition, he co-chaired the Board of Governors of Asia School of Business, Kuala Lumpur, served as faculty director of the MIT-India Program, and edited the world-renowned academic publication Journal of Accounting & Economics. Kothari is a recipient of numerous awards for his scholarship, including India's Padma Shri award in 2020, honorary doctorates from London Business School, University of Cyprus, and University of Technology, Sydney, and the American Accounting Association's Distinguished Contributions to the Accounting Literature award. Kothari received his BS in engineering from the Birla Institute of Technology & Science and his MBA (PGDM) from the Indian Institute of Management, Ahmedabad. He earned his PhD from the University of Iowa.

Paul H. Kupiec is a senior fellow at the American Enterprise Institute (AEI), where he studies systemic risk and the management and regulations of banks and financial markets. He also follows the work of financial regulators such as the Federal Reserve and examines the impact of financial regulations on the US economy. Before joining AEI, Kupiec was an associate director of the Division of Insurance and Research within the Center for Financial Research at the Federal Deposit Insurance Corporation (FDIC), where he oversaw research on bank risk measurement and the development of regulatory policies such as Basel III. Kupiec was also director of the Center for Financial Research at the FDIC and chairman of the Research Task Force of the Basel Committee on Banking Supervision. He has previously worked at the International Monetary Fund, Freddie Mac, J.P. Morgan, and for the Division of Research and Statistics of the Federal Reserve System Board of Governors. Kupiec has edited professional journals including the Journal of Financial Services Research, Journal of Risk, and Journal of Investment Management. He has a bachelor's in economics from George Washington University and a doctorate in economics with a specialization in finance, theory, and econometrics from the University of Pennsylvania.

Nellie Liang was confirmed as the undersecretary for domestic finance at the US Department of the Treasury on July 15, 2021. Previously, she was a senior fellow in economic studies at the Brookings Institution. She also was a visiting scholar at the International Monetary Fund's Monetary and Capital Markets Department, lecturer at the Yale School of Management, and a member of the Congressional Budget Office's panel of economic advisers. Liang held a range of positions over three decades at the Board of Governors of the Federal Reserve System, including as the first director of the Division of Financial Stability from 2010 to 2017. In that position, she oversaw the development of financial stability policies related to risks in financial firms and financial markets, and interactions of financial policies with monetary policy. Her recent research has focused on the financial system and macroeconomic growth. Liang received a PhD in economics from the University of Maryland and a BA in economics from the University of Notre Dame.

Loretta J. Mester, president and chief executive officer of the Federal Reserve Bank of Cleveland, participates in the formulation of US monetary policy and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh. Prior to assuming the role in 2014, Mester was executive vice president and director of research at the Philadelphia Fed, having joined the Bank as an economist in 1985. She has published numerous journal articles on topics including economics, central banking, and financial issues. She also has served as managing editor of the International Journal of Central Banking and coeditor of the Journal of Financial Services Research. She is a director of the Greater Cleveland Partnership, a trustee of the Cleveland Clinic, a trustee of the Musical Arts Association (Cleveland Orchestra), a director of the Council for Economic Education, a founding director of the Financial Intermediation Research Society, a member of the senior council of the Central Bank Research Association (CEBRA), and a member of the advisory board of the Financial Intermediation Network of European Studies (FINEST). Mester is a member of the American Economic Association, the American Finance Association, the Econometric Society, and the Financial Management Association International. She holds a BA in mathematics and economics from Barnard College and an MA and a PhD in economics from Princeton University.

David Mills is an associate director of the Federal Reserve System Board of Governors Division of Reserve Bank Operations and Payment Systems. He has responsibilities for the Board's innovations in payments, retail payments, and payments economic research programs. Mills has been studying developments in digital currencies and distributed ledger technologies for several years. He leads several Federal Reserve policy and research teams in digital innovations, including the Federal Reserve Board's efforts around central bank digital currency and stablecoins, and is an active contributor to international work on the topics. He has published articles related to payments and monetary theory in journals including the Journal of Monetary Economics, the International Economic Review, the Review of Economic Dynamics, and Macroeconomic Dynamics. He received his PhD in economics from the Pennsylvania State University and has a BA in economics and classical languages from Duquesne University.

Patricia C. Mosser, director of the MPA program in economic policy management at Columbia University's School of International and Public Affairs, leads the school's initiative on central banking and financial policy. She was previously head of research and analysis of the Office of Financial Research at the US Treasury and spent over 20 years at the Federal Reserve Bank of New York where she was senior manager of the open market desk. In 2009, Mosser managed the System Open Market Account for the Federal Open Market Committee. She previously served as an economist and manager in the New York Fed research department and as an assistant professor in the economics department at Columbia. She was previously a consultant to the Bank of England, a member of the deputies committee of the Financial Stability Oversight Council, and a board member of the American Economic Association's Committee on the Status of Women in the Economics Profession. She now serves as an outside director of Nomura Holdings Incorporated. She received a BA in mathematics and economics from Wellesley College, an MSc with distinction from the London School of Economics, and a PhD in economics from the Massachusetts Institute of Technology.

Lubos Pastor is Charles P. McQuaid Professor of Finance at the University of Chicago Booth School of Business. He also is a director of the Center for Research in Security Prices (CRSP), member of the CRSP Indexes Advisory Council, and member of the board of the Fama-Miller Center for Research in Finance. He serves as a member of the bank board of the National Bank of Slovakia, director of the European Finance Association, research associate at the National Bureau of Economic Research, and research fellow at the Centre for Economic Policy and Research. He has served as president of the Western Finance Association, director of the American Finance Association, codirector of the Fama-Miller Center for Research in Finance, and associate editor of the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies. His research focuses mostly on financial markets and asset management. His articles have appeared in outlets including the American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Journal of Political Economy, Review of Financial Studies, and his research has been awarded numerous prizes. Pastor has been teaching at Chicago Booth since 1999 when he obtained a PhD in finance from the Wharton School at the University of Pennsylvania.

Anna Pavlova is professor of finance at London Business School. She is also an academic director of the AQR Asset Management Institute at London Business School, a research fellow of the Centre for Economic Policy Research in London, a former director of the European Finance Association, and a director of the American Finance Association. She previously was on the faculty at MIT Sloan School of Management. She holds a PhD in economics from the University of Pennsylvania, an MA in economics from the New Economic School (Moscow) and an MSc in applied mathematics from Moscow State University. Pavlova has published in the American Economic Review, Journal of Finance, Review of Financial Studies, and the Review of Economic Studies. Her recent research focuses on the impact of institutional investors on asset prices, the financialization of commodities, and frictions in international financial markets. She has been awarded a European Research Council Starting Grant and has received a number of awards for her research and teaching. Pavlova is currently one of the academic directors of the AQR Asset Management Institute at LBS.

Lukasz Pomorski is the head of environmental, social, and governance (ESG) research and a managing director at AQR Capital Management. He is responsible for the planning and oversight of the firm's responsible investment research efforts across all asset classes. Lukasz frequently publishes on ESG topics, serves on industry committees, and speaks at conferences globally. He is a member of the United Nations Principles for Responsible Investment (UN PRI) Hedge Fund Advisory Committee and was previously the chair of UN PRI's Equity Hedge Fund Working Group. Prior to AQR, Lukasz was an assistant director for research at the Bank of Canada and an assistant professor of finance at the University of Toronto. Lukasz earned a BA and MA in economics at the Warsaw School of Economics, an MA in finance at Tilburg University, and a PhD in finance at the University of Chicago.

Greg Rattray is partner and founder of Next Peak LLC, a cybersecurity risk management firm focused on addressing advanced cyber threats, and adjunct senior research professor at Columbia University. He is also a senior adviser to Oliver Wyman, a global risk consultancy. Rattray retired from the US Air Force in 2007 as a colonel after 23 years. He was director for cybersecurity in the White House and commanded the operations group of the Air Force Information Warfare Center, where he was responsible for cyber operations and defending against cyber threats. He served as chief internet security adviser for the Internet Corporation for Assigned Names and Numbers from 2007 to 2010. Rattray joined JPMorgan Chase in 2014 as the global chief information security officer and established the JPMC cyber defense strategy and program. He has a bachelor's degree in military history and international affairs from the United States Air Force Academy, a master's of public policy from Harvard University's John F. Kennedy School of Government, and a PhD in international security from Tufts University. He authored Strategic Warfare in Cyberspace and numerous other books and articles related to cyber and national security.

Vincent Reinhart is chief economist and macro strategist at Dreyfus-Mellon. In this role, he is responsible for developing views on the global economy and making relative value recommendations across global bond markets, currencies, and sectors. Previously, he served as the chief US economist and a managing director at Morgan Stanley and was a resident scholar at the American Enterprise Institute. Reinhart also worked in several roles at the Federal Reserve over 24 years, including director of the Division of Monetary Affairs and secretary and economist of the Federal Open Market Committee (FOMC). He was the principal liaison with the domestic desk at the Federal Reserve Bank of New York and was responsible for preparing a document outlining policy alternatives for each FOMC meeting. He was deputy director in the Division of International Finance and Associate Economist of the FOMC and spent five years at the New York Fed in the domestic and international research departments. After undergraduate training at Fordham University, he received graduate degrees in economics at Columbia University.

Brian Sack is a managing director of D.E. Shaw and Co, LP, director of global economics for the D.E. Shaw Group, and a member of the firm’s discretionary macro trading unit. Before joining the D.E. Shaw Group in 2013, Sack was an executive vice president at the Federal Reserve Bank of New York from mid-2009 until early 2013. During that tenure, he was head of the New York Fed’s Markets Group and the manager of the System Open Market Account (SOMA), the portfolio of assets held by the Federal Reserve System. In that capacity, he implemented the monetary policy decisions of the Federal Open Market Committee (FOMC), managed the SOMA’s domestic and international portfolios, and briefed the FOMC on financial market developments. Prior to that, he was a vice president at Macroeconomic Advisers LLC, an economic modeling and forecasting firm, and deputy director of its monetary policy insights service. Sack’s academic research has been published in leading journals in the fields of economics and finance. He is vice chair of the Treasury Borrowing Advisory Committee of the US Department of Treasury and a member of the Academic Advisory Council of the Federal Reserve Bank of San Francisco. Sack earned his BA in mathematics and economics from the University of Vermont.

Mikhaelle Schiappacasse, a partner at Dechert LLP, focuses her practice on the structuring, establishment, management, marketing, and restructuring of fund platforms and investment funds, including hedge, debt, real estate, private equity, and fund of funds across a broad range of asset classes and fund domiciles. She also advises on the establishment of asset management businesses, including the drafting and negotiation of shareholders' agreements and limited liability partnership agreements. She also acts for investment funds and their managers on general corporate, regulatory and compliance matters. She is a member of Dechert LLP's Global environmental, social, and governance working group and advises asset managers on compliance with the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation and other European ESG-related regulatory matters.

Stacey Schreft is deputy director of research and analysis at the US Treasury's Office of Financial Research (OFR) and currently on assignment to the Federal Reserve Board. Her work in the public and private sectors has influenced policy discussions on topics including cyber risk, financial crises, monetary policy, and payment systems. At the Board, she is focused on cyber risk to financial stability. At the OFR, she leads a team that conducts research to support US financial stability and the Financial Stability Oversight Council. Prior to the OFR, she held senior leadership roles in industry as chief economist at an asset manager and director of investment strategy at a registered investment advisory firm. In the latter role, she developed the patented Retirement Paycheck® strategy. Within the Federal Reserve System, she served as an officer and economist at the Federal Reserve Banks of Kansas City and Richmond. She has held academic appointments at the Wharton School of the University of Pennsylvania and Michigan State University. She holds a doctorate in economics from the University of Minnesota and a bachelor's degree in economics from Smith College.

Laura T. Starks, PhD, is the George Kozmetsky Centennial Distinguished University Chair and professor of finance at the McCombs School of Business, University of Texas, where she teaches graduate and undergraduate courses on environmental, social, and governance (ESG) investing. Her current research focuses on ESG issues, including climate finance and board diversity, as well as molecular genetics and financial decisions. She has won many awards for her research and teaching, including the 2021 Moskowitz Prize, the premier global prize for research in sustainable finance. She is president of the American Finance Association. She has served on mutual funds’ boards of directors, pension fund advisory committees, the board of governors of the Investment Company Institute, and advisory committees for the Norwegian Government Pension Fund. She currently serves on advisory boards or committees for AIF Global, FTSE-Russell, Pacific Center for Asset Management, Texas Wall Street Women and PRI (Principles of Responsible Investing), where she is also vice chair.

Jeremy C. Stein is the Moise Y. Safra Professor of Economics at Harvard University, where he teaches in the undergraduate and PhD programs, and serves on the board of directors of the Harvard Management Company. He was chair of Harvard's economics department from 2018 to 2021 and was a member of the Federal Reserve System's Board of Governors from May 2012 to May 2014. Previously, he was on the finance faculty of the Massachusetts Institute of Technology's Sloan School of Management and was an assistant professor of finance at the Harvard Business School. He received an AB in economics summa cum laude from Princeton University and a PhD in economics from MIT. He is a fellow of the American Academy of Arts and Sciences, a research associate at the National Bureau of Economic Research, and a member of the Federal Reserve Bank of New York's Financial Advisory Roundtable. He was president of the American Finance Association in 2008 and served as a senior adviser to the Treasury Secretary and on the staff of the National Economic Council in 2009. His research has covered behavioral finance and market efficiency, corporate investment and financing decisions, risk management, capital allocation inside firm, banking, financial regulation, and monetary policy.

Paula Tkac is a senior vice president and associate director of research at the Federal Reserve Bank of Atlanta. She leads the financial markets and micro/macro research economics teams, serves as a policy adviser, and provides strategic direction for the research division. Tkac conducts research on various financial market topics including investor decision-making, the mutual fund industry, financial regulation, and the recent financial crisis and policy responses. Her research has won two William F. Sharpe Awards at the Journal of Financial and Quantitative Analysis. In addition to publishing in academic journals, Tkac frequently speaks to academic and practitioner groups and has appeared on C-SPAN and as an op-ed writer in the Wall Street Journal. Before she joined the Federal Reserve Bank of Atlanta in 2000, Tkac was on the faculty of the finance department at the University of Notre Dame. Tkac earned her bachelor's, master's, and doctoral degrees in economics from the University of Chicago.

Sheila L. Tschinkel is visiting faculty in economics at Emory University. Earlier, she served as resident US Department of the Treasury economic adviser in four former Soviet countries, including her last post as adviser to the prime minister of Ukraine. She helped nations negotiate economic and financial agreements, including the division of the remaining assets and liabilities of countries once part of Yugoslavia. Prior to her work abroad, Tschinkel was senior vice president and director of research at the Federal Reserve Bank of Atlanta and a member of the Bank's management committee. She was also a manager at the New York Fed Trading Desk. Her private sector experience includes the Chase Manhattan Bank, NA, where she was vice president and director of global asset management. Tschinkel did her graduate work at Yale University. Later, she completed the advanced management program at Harvard University and was the first woman elected class chair.