Leadership & Governance
The National Bureau of Economic Research is governed by a Board of Directors consisting of 51 members from leading North American research universities, economics professional organizations, and the business and labor communities. The board chair, vice-chair, and past-chair are John Lipsky, Peter Blair Henry, and Karen Horn, respectively. Board member James Poterba is the president and chief executive officer. Robert Mednick is the treasurer.
The Board of Directors exercises all of the powers of the Corporation and is responsible for establishing its policies and supervising the direction and management of its affairs. The Board approves the appointment of all research associates, reviews the budget and financial management of the organization, and elects board members and officers. It also approves all NBER books for publication. The Board reviews and approves NBER policies on matters such as conflict of interest disclosures, privacy protections, and discrimination prevention. The board holds two meetings each year.
Directors of the Corporation are divided into three classes: (a) Directors at large, (b) Directors by appointment of universities, (c) Directors by appointment of other organizations. The set of universities and other organizations represented on the Board is amended periodically. At large directors are recruited by a committee consisting of the Board Chair, Vice-Chair, Past Chair, Treasurer, and the President. Directors are not compensated and are subject to the NBER Conflict of Interest Disclosure Policy and the NBER Code of Conduct.
John Lipsky is the Peterson Distinguished Scholar at the Kissinger Center for Global Affairs, and a Senior Fellow of the Foreign Policy Institute, both at Johns Hopkins University's Paul H. Nitze School of Advanced International Studies (SAIS). Previously, he served a five-year term as the International Monetary Fund's First Deputy Managing Director. Prior to his IMF term, Mr. Lipsky was Vice Chairman of the JPMorgan Investment Bank, after serving as JPMorgan's Chief Economist. Currently, Mr. Lipsky is Co-Chair of the Aspen Institute's Program on the World Economy, a Director of the Center for Global Development, and of the American Council on Germany and an Advisory Board member of the Stanford Institute for Economic Policy Research (SIEPR). Mr. Lipsky is a life member of the Council on Foreign Relations, and received a PhD in economics from Stanford University.
Peter Blair Henry is the former dean of NYU's Stern School of Business, where he is also the Berkley Professor of Economics and Finance. Dr. Henry is best known for a series of articles that overturned conventional wisdom on debt relief, international capital flows, and the role of institutions in economic growth. He was appointed head of the external economics advisory group for Barack Obama's presidential campaign and was chosen to lead the president's transition team's review of lending agencies. He was appointed to the Presidential Commission on White House Fellows in May 2009. Dr. Henry is a member of the boards of Citicorp and Nike, and is a nonresident senior fellow of the Brookings Institution. He was previously a director of Kraft Foods Group and General Electric. Dr. Henry received his PhD in economics from MIT, was a Rhodes Scholar at Oxford University, and holds a BA in economics from UNC-Chapel Hill where he was a Morehead Scholar.
Robert Mednick retired as Worldwide Managing Partner-Professional and Regulatory Matters of Arthur Andersen/Andersen Consulting (now Accenture) in 1998. He is also a past chairman of the American Institute of CPAs. In addition, Mr. Mednick serves on the Board of Roosevelt University (senior vice chairman) and three advisory groups within the Government Accountability Office including a small Accountability Advisory Council to the Comptroller General of the United States. He has previously served as a senior adviser to the World Bank and on the Boards of the American Judicature Society (a 100 year-old think tank dedicated to Court reform), the Rand Corporation Institute for Civil Justice, and the Ray Garrett Jr. Corporate and Securities Law Institute of Northwestern University Law School.
James Poterba is the President and Chief Executive Officer of the NBER and the Mitsui Professor of Economics at MIT. He is a past president of the National Tax Association and the Eastern Economic Association, a past Vice President of the American Economic Association, and a former Director of the American Finance Association. His research focuses on taxation, household behavior, and retirement security. He is a member of the National Academy of Sciences, a trustee of the College Retirement Equity Fund (CREF), and a past trustee of the Alfred P. Sloan Foundation. He studied Economics as an undergraduate at Harvard, and received a D. Phil. degree in Economics from Oxford University, where he was a Marshall Scholar.
Directors at Large
Susan M. Collins is serving as Provost and Executive Vice President for Academic Affairs at the University of Michigan. She is the Edward M. Gramlich Collegiate Professor of Public Policy, professor of economics, and former dean of Michigan’s Gerald R. Ford School of Public Policy. An international economist, her research interests center on understanding and fostering economic growth in both developed and developing nations. She received her B.A. in economics from Harvard College, and her Ph.D. in economics from MIT. Prior to joining the University of Michigan, she served on the faculties at Harvard and Georgetown Universities, and as a senior fellow at the Brookings Institution. She is a member of the Boards of Directors of the Federal Reserve Bank of Chicago and the Peterson Institute for International Economics, and a member of the Council on Foreign Relations.
Kathleen Cooper, board chair from 2011 to 2014, is a Senior Fellow of the John G. Tower Center for Political Studies at Southern Methodist University and President of Cooper Strategies International, LLC. In addition to her affiliation with the NBER, she is a director of Deutsche Bank Trust Company of the Americas. Dr. Cooper served as Under Secretary for Economic Affairs at the U.S. Commerce Department and as Chief Economist for the Exxon Mobil Corporation. She was a director of the Williams Companies and a founding director of Texas Security Bank. Dr. Cooper has held positions as president of the National Association for Business Economics (NABE), chairman of the American Bankers Association's Economic Advisory Committee, president of the U.S. Association for Energy Economics and Dean of the College of Business at the University of North Texas. She holds a Ph.D. in Economics from the University of Colorado.
Charles H. Dallara is an Advisory Partner and Chairman of the Board of Partners Group USA, based in New York. He has 44 years of industry experience. Prior to joining Partners Group, he was the Managing Director and Chief Executive Officer of the Institute of International Finance. Previously, he was a Managing Director at J.P. Morgan & Co. In addition, he held the following positions in the George H.W. Bush and Ronald Reagan administrations: Assistant Secretary of the Treasury for International Affairs, Assistant Secretary of the Treasury for Policy Development and Senior Advisor for Policy to the Secretary of the Treasury, United States Executive Director of the IMF, and, concurrently, Senior Deputy Assistant Secretary of the Treasury for International Economic Policy and US Alternate Executive Director at the IMF. He holds a Master of Arts, a Master of Arts in Law & Diplomacy and a PhD from the Fletcher School of Law and Diplomacy at Tufts University, Massachusetts, USA, and a bachelor’s degree in economics from the University of South Carolina, USA.
George C. Eads is a retired Senior Consultant, Charles River Associates International, a business and economics consulting firm headquartered in Boston. Prior to this he was Vice President and Chief Economist at General Motors. He has also served as Dean of the School of Public Affairs at the University of Maryland and as a member of the President’s Council of Economic Advisers.
Jessica P. Einhorn served as Dean of SAIS (the Paul H. Nitze School of Advanced International Studies) at Johns Hopkins University from 2002 until 2012. She spent most of her career at the World Bank, where she was Vice President and Treasurer (1992-96) and Managing Director (1996-98). She serves as a Director on the Board of BlackRock and is on the Advisory board of the RockCreek group in Washington D.C. She is a former trustee of the German Marshall Fund and the Rockefeller Brothers Fund, and former Director of the Peterson Institute of International Economics, the Center for Global Development, and the Council on Foreign Relations. She served for more than a decade as Director of Time Warner.
Mohamed A. El-Erian is the President of Queens’ College, Cambridge University (UK), Professor of Practice at the Wharton Business School, and Senior Global Fellow at the Lauder Institute (University of Pennsylvania). He is the Chief Economic Advisor to Allianz, the corporate parent of PIMCO where he served as CEO and co-chief investment officer, and Chair of Gramercy Fund Management. He was the chair of President Obama’s Global Development Council. He is the author of two WSJ/NYT bestsellers, The Only Game in Town and When Markets Collide, a contributing editor at the Financial Times and a Bloomberg Opinion columnist. He earned a BA/MA (Economics) at Cambridge University and a masters and doctorate (Economics) at Oxford University.
Diana Farrell was the founding President and Chief Executive Officer of the JPMorgan Chase Institute, where she created a legacy of producing and publishing unique data analyses and insights that leverage the bank's own transactions data. Previously, Diana was the Global Head of the McKinsey Center for Government and the McKinsey Global Institute. Additionally, Diana served in the White House as Deputy Director of the National Economic Council and Deputy Assistant to the President on Economic Policy for 2009-2010. Diana holds a M.B.A. from Harvard Business School, and has a B.A. from Wesleyan University, from where she was awarded a Distinguished Alumna award.
Helena Foulkes is the former CEO of the Hudson’s Bay Company (HBC), a retail conglomerate, which she led through significant transformation and to a successful privatization in March 2020. Prior to joining HBC, she spent 25 years at CVS Health, most recently as President of CVS Pharmacy and as Executive Vice President of CVS Health. She led both the strategic vision and the operations for all aspects of the company’s retail business and was a principal architect of the company’s move to becoming a recognized leader in the healthcare industry, including its exit from the tobacco business. She graduated from Harvard College with an A.B. in Economics, received an MBA from the Harvard Business School, and serves as a director at Home Depot and on the Harvard University Board of Overseers.
Jacob A. Frenkel is Chairman of the Board of Trustees of the Group of Thirty (G30) and Chairman of the Board of Governors of Tel Aviv University. Previously he was Chairman of JP Morgan Chase International (2009-2020), Chairman and CEO of the Group of Thirty (2000-2011), Vice Chairman of AIG (2004-2009), Chairman of Merrill Lynch International (2000-2004), Governor of the Bank of Israel (1991-2000), Weisfeld Professor of Economics, Tel Aviv University (1994-2001), Economic Counselor and Director of Research, IMF (1987-1991), David Rockefeller Professor of International Economics, University of Chicago (1973-1987). Dr. Frenkel is a Laureate of the 2002 Israel Prize in Economics, a Fellow of the Econometric Society, and a member of the American Academy of Arts and Sciences.
Robert Hamada is the Edward Eagle Brown Distinguished Service Professor of Finance Emeritus and former Dean (1993-2001) at the University of Chicago Booth School of Business. He had been on its faculty since 1966 with interests in finance and more recently, in corporate strategy. He serves, or has served, on twelve business and nine nonprofit Boards. He received his bachelor's degree from Yale and master's and PhD in financial economics from the MIT Sloan School.
Karen Horn, board chair from 2017 to 2020, is a director of the National Association of Corporate Directors and vice-chairman of the US-Russia Foundation for Economic Development and the Rule of Law. She is a director of Simon Property Group and a partner of Brock Capital Group. Former directorships include Eli Lilly and Company, Norfolk Southern Corporation, T. Rowe Price Mutual Funds, Georgia-Pacific Corporation and the Rockefeller Foundation. She is the former chairman of the board of Case Western Reserve University. Former positions include Head of International Private Banking for Bankers Trust, Chairman and CEO of Bank One Cleveland, and President of the Federal Reserve Bank of Cleveland. She holds a Ph.D. in economics from Johns Hopkins University.
Lisa Jordan is the Director of Education and Membership Development for the United Steelworkers of America. She and her staff create and coordinate the union's education program throughout North America and in the U.K. Dr. Jordan also does a range of applied economic research. She currently serves as an advisor to the AFL-CIO's Commission on Race and is a past Board member of the Labor and Employment Relations Association (LERA). Dr. Jordan graduated from the University of Notre Dame with a PhD in labor economics. She served as a labor educator and assistant professor at the University of Illinois and University of Minnesota before becoming the Director of the School of Business at Brevard College. Her primary areas of interest are labor economics, industrial relations, and race and gender economics.
Laurence H. Meyer is Chairman of Monetary Policy Analytics, an independent research and advisory firm based in Washington, D.C. that focuses on the link between the U.S. macroeconomic outlook, monetary policy, and interest rates. Dr. Meyer served as a Governor on the Federal Reserve Board from June 1996 through January 2002. Previously, he was a professor of economics and a former chairman of the economics department at Washington University, where he taught for 27 years. Dr. Meyer earned a BA from Yale in 1965 and Ph.D from MIT in 1970. He is a fellow of NABE, a member of the Council of Foreign Relations, and a member of the Board of the National Bureau of Economic Research. He is the author of A Term at the Fed: An Insider’s View, published by HarperBusiness in July 2004.
Karen Mills served in President Obama’s Cabinet as Administrator of the U.S. Small Business Administration from 2009 to 2013, and was a member of the President’s National Economic Council. She is currently a Senior Fellow at Harvard Business School, where she is part of the entrepreneurship faculty. Mills is a leading authority on U.S. competitiveness, entrepreneurship, and innovation. She is the author of the book Fintech, Small Business & the American Dream, as well as a number of HBS white papers and publications. Mills is a venture capitalist—the Vice Chair of Envoy, an immigration services provider, and a director of Churchill Capital II and Clarivate Analytics. She also serves in leadership roles for several policy organizations. She is a Member of the Harvard Corporation and a past Vice Chair of the Harvard Overseers. Mills earned an AB in economics from Harvard University and an MBA from the Harvard Business School, where she was a Baker Scholar.
Michael Moskow, board chair from 2002 to 2005, is Vice Chair and Distinguished Fellow on the Global Economy at The Chicago Council on Global Affairs. From 1994 until 2007, he was President and Chief Executive Officer of the Federal Reserve Bank of Chicago. Prior to this post, Mr. Moskow was Professor of Strategy and International Management at the J.L. Kellogg Graduate School of Management, Northwestern University. He served in the George H.W. Bush Administration as Deputy U.S. Trade Representative and has previously held positions in business, government, and universities. He received his Ph.D. in Applied Economics from the University of Pennsylvania and serves as an Emeritus Trustee at Lafayette College. He serves on the Boards of Directors of Discover Financial Services, and Commonwealth Edison (ComEd).
Alicia H. Munnell is the Peter F. Drucker Professor in Management Sciences at Boston College's Carroll School of Management and Director of the Center for Retirement Research at Boston College. She earned her B.A. from Wellesley College, her M.A from Boston University, and her Ph.D. in economics from Harvard University. Previous positions include Senior Vice President and Director of Research at the Federal Reserve Bank of Boston, Assistant Secretary of the U.S. Treasury for Economic Policy, and a member of the President's Council of Economic Advisers from 1995-97. Munnell's research interests include tax policy, Social Security, public and private pensions, and productivity.
Robert T. Parry is the former President and CEO of the Federal Reserve Bank of San Francisco. Prior to joining the Federal Reserve System, he served as Executive Vice President and Chief Economist of Security Pacific National Bank. He received his B.A. from Gettysburg College in 1960 and his M.A. and Ph.D. in economics from the University of Pennsylvania in 1961 and 1967. Mr. Parry was Chairman of the Economic Advisory Committee of the American Bankers Association, and is a past President of the National Association for Business Economics.
Doug Peterson has served as President, Chief Executive Officer and a member of the Board of Directors of S&P Global since 2013. He joined the Company in 2011 as President of Standard & Poor’s Ratings Services. Mr. Peterson has repositioned S&P Global to power the global capital and commodity markets of the future with transparent, innovative and independent credit ratings, benchmarks, analytics and data. Previously, Mr. Peterson was the Chief Operating Officer of Citibank, N.A., Citigroup’s principal banking entity that operates in more than 100 countries. Mr. Peterson was with Citigroup for 26 years. His prior roles include CEO of Citigroup Japan, Chief Auditor of Citigroup and Country Manager for Costa Rica and Uruguay. Outside of S&P Global, Mr. Peterson is a member of the Board of Directors of Business Roundtable and serves on the Boards of a range of other nonprofit business-related, academic and arts organizations.
John Reed spent his working life with Citibank and its various parents, serving as Chairman from 1984-2000. He was Chairman of the New York Stock Exchange from 2003-2005. He is the Chairman Emeritus of the MIT Corporation. Long interested in academics and the social sciences, Mr. Reed has served on the Board of MIT (1980 till present), The Russell Sage Foundation (1975 -1987; 1990-1998), Center for Advanced Study in the Behavioral Sciences (1983-2007), The Spencer Foundation (1988-2005), and MDRC (2003-2018). Mr. Reed is a Fellow of the American Academy of Arts and Sciences and the American Philosophical Society. Mr. Reed is a Trustee of the Boston Athenaeum.
Hal Varian is the Chief Economist at Google and an Emeritus Professor in the School of Information, the Haas School of Business, and the Department of Economics at the University of California, Berkeley. His research has made important contributions in industrial organization, consumer search, the theory of public goods, and demand theory. He is the author of two very successful microeconomic theory textbooks, one graduate, and one undergraduate, as well as Information Rules: A Strategic Guide to the Network Economy (with Carl Shapiro), an early guide to the information economy. Varian received his undergraduate degree from MIT and his Ph.D. from the University of California, Berkeley.
Mark Weinberger is the former Chairman and Chief Executive Officer of EY, a global professional services firm with 300,000 people in over 150 countries. Under his leadership, the company added net 100,000 people. He served as Assistant Secretary of the U. S. Department of the Treasury in the George W. Bush administration; was appointed by President William J. Clinton to serve on the U.S. Social Security Administration Advisory Board; served on President Obama’s Infrastructure task force and President Trump’s Strategic and Policy Forum. He serves on the Board of Directors of Johnson & Johnson, Metlife and Saudi Aramco. He is a Trustee of Emory University and Case Western University. Weinberger received his B.A. from Emory University, an MBA and J.D. from Case Western Reserve University, and an L.L.M. in Taxation from Georgetown University.
Martin Zimmerman, board chair from 2014 to 2017, previously was Group Vice President, Corporate Affairs at Ford Motor Company. He was previously Vice President, Governmental Affairs; prior to this, he was Executive Director, Governmental Relations and Corporate Economics. He is a former faculty member of the Sloan School of Management at MIT. He is a graduate of Dartmouth College (A.B.) and MIT (Ph.D.). He is a member of Phi Beta Kappa, NABE, and serves on Board of Trustees of the CED, the National Commission on Energy Policy and the Community Foundation of Southeast Michigan.
Directors by University Appointment
Timothy Bresnahan is the Landau Professor in Technology and the Economy at Stanford University, and Director of the Center on Employment and Economic Growth in the Stanford Institute for Economic Policy Research. He has served as Chief Economist of the Antitrust Division in the U. S. Department of Justice and the Chair of the Economics Department at Stanford. Professor Bresnahan’s research focus is in industrial organization and the economics of technologies, with a particular interest in competition and innovation in high-technology industries and technical change by users of information technologies.
Pierre-André Chiappori is the E. Rowan and Barbara Steinschneider Professor of Economics at Columbia University. A former student of the Ecole normale supérieure, he received a Master in Mathematics at the University Paris VI and a PhD in Economics at the University Paris 1. Prior to joining the Columbia faculty in 2004, he taught in France (Paris 1, EHESS, Ecole Polytechnique, ENSAE) and at the University of Chicago. His research focuses on household behavior, risk, insurance and contract theory, general equilibrium and mathematical economics. He is a Fellow of the European Economic Association, of the Econometric Society, of the Society for the Advancement of Economic Theory and of the Society of Labor Economists. He is also a Member of the Institut de France (Académie des Sciences Morales et Politiques).
Maureen Cropper is a Distinguished University Professor at the Department of Economics at the University of Maryland at College Park. She is an environmental economist whose research has examined the links between air pollution and the risks of chronic illness and mortality, the impact of climate change on migration, and the role of collective action in pandemic flu control. She is an elected member of the National Academy of Sciences, a senior fellow at Resources for the Future, a past president of the Association of Environmental and Resource Economists, and a past chair of the Environmental Economics Advisory Committee of the Science Advisory Board at the Environmental Protection Agency. She received her B.A. in economics from Bryn Mawr and her Ph.D. from Cornell University.
Alan V. Deardorff is Professor Emeritus of Public Policy and Economics at the Gerald R. Ford School of Public Policy and Department of Economics of the University of Michigan. He received his Ph.D. in economics from Cornell University in 1971 and was on the faculty at the University of Michigan from 1970, retiring in 2021. He served as Chair of the Department of Economics from 1991 to 1995 and as Associate Dean of the Gerald R. Ford School of Public Policy from 2007 to 2015. His specialty in teaching and research is the economics of international trade and trade policy, to which he contributed both to the pure theory of international trade and to the computer modelling of trade policy.
Graham Elliott is a professor of economics and the former chair of the economics department at the University of California at San Diego. His research focuses on econometrics and statistical theory, particularly the design of tools for hypothesis testing in time series econometric applications and on economic forecasting. More recently he has begun work on issues revolving around the application of energy storage in grid applications. Elliott received his undergraduate degree from the University of New South Wales and his Ph.D. from Harvard University. He has served as co-editor of the International Journal of Forecasting and is the co-author of the book "Economic Forecasting."
Edward Foster is a Professor of Economics (Emeritus) and past department chair (2000-2006) at the University of Minnesota. He received his Ph.D. from the Massachusetts Institute of Technology in 1961, and joined the Minnesota faculty that year. He also served as Associate and Acting Dean of the School of Management, and as the University's Associate Vice President for Academic Affairs. An expert on public finance and cost benefit analysis, with a particular focus on health and safety issues, he is a past president of the National Association of Forensic Economics.
Benjamin Hermalin holds professorships in UC Berkeley’s Economics Department and its Haas School of Business, where he is the Thomas & Alison Schneider Distinguished Professor of Finance. He currently serves as Berkeley’s Vice Provost for the Faculty. Previous service includes being Economics Department Chair, interim dean of the Haas School, and Chair of Berkeley’s Academic Senate. He has served as an editor or on the editorial boards of a number of leading journals in economics. His research interests include corporate governance, the study of organizations, and industrial organization. He is the author of over 60 journal articles and book chapters. He received his A.B. from Princeton and his Ph.D. from MIT.
Samuel Kortum is the James Burrows Moffatt Professor of Economics at Yale University. His principal areas of research are international economics, industrial organization, and macroeconomics. In 2004, he and Jonathan Eaton shared the Econometric Society’s Frisch Medal for their work on geography, technology, and trade. They were also honored with the 2018 Onassis Prize in International Trade. Kortum is a member of the American Academy of Arts and Sciences, a Fellow of the Econometric Society, and a past editor of the Journal of Political Economy. He was an NBER affiliate from 1993 until joining the Board in 2018. He received his B.A. from Wesleyan University and his Ph.D. from Yale.
George J. Mailath is the Walter H. Annenberg Professor in the Social Sciences and Professor of Economics at the University of Pennsylvania, and Goldsmith Professor in the Research School of Economics at the Australian National University. His research focuses on microeconomic theory, particularly on pricing, repeated games, non-cooperative and evolutionary game theory, social norms, and the theory of reputations. He is a Fellow of the American Academy of Arts & Sciences, the Econometric Society, the Game Theory Society, and the Society for the Advancement of Economic Theory, and has served on the Councils of the Econometric Society and the Game Theory Society.
Joel Mokyr is the Robert H. Strotz Professor of Arts and Sciences, and Professor of Economics and History at Northwestern University. He is an economic historian with interests in the economic history of technological change and population. His most recent books include The Lever of Riches (1990) and The British Industrial Revolution: an Economic Perspective (2nd edition, 1998), The Gifts of Athena (2002), The Enlightened Economy (2009), and A Culture of Growth. He is also Editor-in-Chief of the Oxford Encyclopedia of Economic History, published in 2003. He was elected a distinguished member of the American Economic Association in 2018.
Richard Schmalensee is the Howard W. Johnson Professor of Management, Emeritus and Professor of Economics, Emeritus at the Massachusetts Institute of Technology. He served as the John C Head III Dean of the MIT Sloan School of Management from 1998 through 2007, was a Member of the President’s Council of Economic Advisers from 1989 through 1991, and served as Chairman of the Board of Resources for the Future from 2014 through 2018. Schmalensee is a Fellow of the Econometric Society and the American Academy of Arts and Sciences and a Distinguished Fellow of the Industrial Organization Society. He holds an S.B. and a Ph.D. in economics from MIT.
Christopher Sims is the John J. F. Sherrerd '52 University Professor of Economics, emeritus, at Princeton University. His main areas of research are econometric theory for dynamic models and macroeconomic theory and policy. Together with Thomas Sargent, he was awarded the Nobel Memorial Prize in Economic Sciences in 2011 for "empirical research on cause and effect in the macroeconomy". Sims is a past president of the American Economic Association and the Econometric Society, and a member of the American Academy of Arts and Sciences and the National Academy of Sciences. He was an NBER Research Associate for more than four decades before joining the Board of Directors. He earned both his A.B. in mathematics and his Ph.D. in economics from Harvard University.
Richard H. Steckel is a Distinguished University Professor and Professor of Economics, Emeritus, at The Ohio State University. He is an economic historian with strong interests in demography, focusing his research on measurement of long-term trends in the standard of living using diverse sources and methodologies, including heights and skeletal remains. He is a pioneer in the field of anthropometric history, and is the past president of both the Economic History Association and the Social Science History Association. He was an NBER Research Associate for four decades before joining the board of directors. Steckel earned his A.B. from Oberlin College, masters degrees in both economics and mathematics from the University of Oklahoma, and an M.A. and Ph.D. degree in economics from the University of Chicago.
Lars Stole is the David W. Johnson Professor of Economics at the Booth School of Business at the University of Chicago. His research interests include applied contract theory, industrial economics, and game theory. He is a past editor of the RAND Journal of Economics, and the founder of the Applied Theory Initiative at the Booth School, which he co-directed from 2009-2019. He has been an Alfred P. Sloan Research Fellow, a National Science Foundation Presidential Faculty Fellow, and an Olin Fellow in Law and Economics. Stole received his undergraduate degree from the University of Illinois, an MSc in Economics from the London School of Economics, and a PhD from MIT.
Ingo Walter is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics (emeritus) at New York University's Stern School of Business. His principal areas of teaching and research include international banking and capital markets, corporate governance and risk management. He has authored or co-authored papers in most of the professional journals in these fields and is the author, co-author or editor of 27 books and monographs, most recently _Bridging the Gaps_ (2019). He received his B.S. and M.S. degrees from Lehigh University and his Ph.D. from New York University.
David B. Yoffie is the Max and Doris Starr Professor of International Business Administration at the Harvard Business School. Over 40 years, he has served in numerous roles at Harvard, including department chair and senior associate dean. Professor Yoffie's research has focused on technology, competitive strategy, and international competition. He has served on the boards of numerous technology companies. Professor Yoffie is the author or co-author of ten books, including most recently, The Business of Platforms: Strategy in the Age of Digital Competition, Innovation and Power (Harper Business, 2019). Professor Yoffie has also published more than 200 case studies. He holds a Ph.D. from Stanford University.
Directors by Appointment of Other Organizations
Timothy Beatty is a professor of Agricultural and Resource Economics at the University of California at Davis. His research focuses on the empirical analysis of consumption behavior, particularly the demand for nutrition and health, and in the links between consumption and health outcomes. He has served as co-editor of the American Journal of Agricultural Economics, and is currently a member of the Executive Board of the Agricultural and Applied Economics Association. Beatty received his B.A. from Universite Laval, an M.Sc. from the University of Montreal, and his Ph.D. from the University of California at Berkeley.
Philip Hoffman is the Rea A. and Lela G. Axline Professor of Business Economics and History at the California Institute of Technology. His research combines economic theory and historical evidence to explain long-term changes in politics, society, and the economy, with particular attention to economic growth and political development.He is currently studying cross-country differences in long-term patterns of economic development, the evolution of financial institutions, and the way states develop the capacity to levy taxes and provide public goods.He has served as president of the Economic History Association, as co-editor of the Journal of Economic History, and has been a John Simon Guggenheim Fellow. He received his Ph.D. from Yale University.
Arthur Kennickell is an independent economic measurement consultant. He is a former official at the Federal Reserve Board, where he had worked since 1984. He has a Ph.D. in economics from the University of Pennsylvania, and a B.A. from the University of Chicago. He was the 2007 winner of the Julius Shiskin Memorial Award for innovation in economic statistics. He has long been associated with the development of the Survey of Consumer Finances and the Global Legal Entity Identifier System.
Maureen O'Hara is the Robert W. Purcell Professor of Finance at the Johnson Graduate School of Management at Cornell University. Her research focuses on issues in market microstructure, and her recent work has examined issues such as how ETFs affect market stability, liquidity issues in corporate bond markets, and transaction costs in bitcoin. She is the past president of the American Finance Association, the Western Finance Association, the Financial Management Association, and the Society for Financial Studies, and she serves on the Board of Trustees of Teachers Insurance and Annuity Association (TIAA). For more than a decade, she chaired the board of the Investment Technology Group, Inc. (ITG), a global agency brokerage firm. She received her BS in economics from the University of Illinois, and an MS in Economics and Ph.D. in finance from Northwestern University.
Dana M. Peterson is the Chief Economist of the Conference Board. She was previously the North American and Global economist at Citigroup, where she analyzed global economic themes with financial market implications, as well as a researcher in the Fiscal Analysis Section of the Federal Reserve Board. She is also the rising 1st Vice Chair of the New York Association for Business Economics. Peterson received her undergraduate degree in economics (with honors) from Wesleyan University and a masters in economics from the University of Wisconsin-Madison.
Lynn Reaser is a faculty member and the Chief Economist for the Fermanian Business & Economic Institute at Point Loma Nazarene University. She recently completed a four-year term as Chief Economist of the California Treasurer's Council of Economic Advisors. She was previously the Chief Economist for the Bank of America Investment Strategies Group and for First Interstate Bank. She is the past President of the National Association for Business Economics (NABE) and has been honored as a NABE Fellow. Reaser received her B.A., M.A., and Ph.D. degrees in economics from the University of California at Los Angeles (UCLA).
Peter L. Rousseau is the Hubbard Family Chair in Economics, Professor of History, and chair of the Department of Economics at Vanderbilt University. He is also the Secretary-Treasurer of the American Economic Association, and a former Research Associate at the NBER. Professor Rousseau studies macroeconomics and economic history, with a research focus on the role of financial markets and institutions in economic growth and development. He is particularly interested in monetary history, and in how financial markets assist in spreading transformative technological change through an economy. He holds a PhD from New York University.
Gregor W. Smith is the Douglas D. Purvis Professor of Economics at Queen's University, Canada. He is a past president of the Canadian Economics Association and a former co-editor of the Journal of International Economics and the Canadian Journal of Economics. His research interests are in international macroeconomics and economic history. He graduated from Queen's University, the University of St. Andrews, and Oxford University (D.Phil. 1986).
William Spriggs is a professor in, and former Chair of, the Department of Economics at Howard University and serves as Chief Economist to the AFL-CIO. From 2009 until 2012, he served as the Assistant Secretary for the Office of Policy at the U.S. Department of Labor. He has served as chairman of the Healthcare Trust for UAW Retirees of the Ford Motor Company, as a Senior Fellow and Economist at the Economic Policy Institute, and worked on the economic staff of the Joint Economic Committee. Bill graduated from Williams College and holds a Ph.D. in economics from the University of Wisconsin-Madison.
George A. Akerlof is a University Professor at Georgetown University. Prior to his appointment at Georgetown, he spent more than four decades on the faculty of the University of California at Berkeley, where he was most recently the Koshland Professor of Economics. He is also a senior fellow at the Brookings Institution. He has made contributions to microeconomic and macroeconomic theory and also to behavioral economics. He is a 1962 graduate of Yale University and received his Ph.D. from MIT in 1966. He received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2001.
Peter C. Aldrich is a founder and retired CEO and Chairman of AEW Capital Management, one the oldest and largest real estate investments advisors in the United States. Mr. Aldrich was Chairman of AEGIS, LLC, an investment holding company, and the Faculty Chairman of The Research Council on Global Investment of The Conference Board. He was the founder of the Pension Real Estate Association as well as a past faculty member of the Harvard Graduate School of Business Administration and Yale Graduate School of Organization and Management. He is a director of a Blackrock real estate fund and Trustee of numerous Fidelity funds. Mr. Aldrich is a graduate of Harvard University (B.A. and M.B.A.).
Elizabeth Bailey, board chair from 2005 to 2008, is the Hower Professor of Public Policy and Management Emeritus at the Wharton School of University of Pennsylvania. She was formerly the Dean of the Carnegie Mellon Business School. She served as a member of the Civil Aeronautics Board. She serves on the board of Altria Group Inc. She is an honorary trustee of the Brookings Institution.
Jagdish Bhagwati is University Professor at Columbia University and former Senior Fellow at the Council on Foreign Relations. He has served as Economic Policy Adviser to the Director-General, GATT, Special Adviser to the UN on Globalization, and External Adviser to the WTO. His current research interests include trade, immigration, climate change, the future of capitalism, and globalization issues.
John Biggs, board chair from 1996 to 1999, is the former Chairman and CEO of TIAA, with 22 years of service as Trustee, then president and retired in 2002 after 11 years as Chairman and CEO. He then served as an Executive in Residence and Adjunct Professor of Finance and Actuarial Science at NYU’s Stern School of Business. He is a Fellow of the Society of Actuaries, and has a PhD in economics from Washington University in St. Louis, where he also served as Vice Chancellor for Administration and Finance for 6 years. His interests are in pensions, social security, insurance and corporate governance. He retired as a former Director of the Boeing Company after twenty-two years and also retired from the JPMorganChase Board. He is an Emeritus trustee of Washington University in St. Louis, and former Chair and now emeritus trustee of the Getty Trust and served on several opera Boards, and a number of other non-profit boards, mostly in education.
Don R. Conlan retired in 1996 as President and Director of The Capital Group Companies, Inc., a large Los Angeles based global investment management organization that includes The American Funds family of mutual funds. Earlier in his career, he had been Chief Economist of Chemical Bank (now J.P. Morgan Chase Bank), Dean Witter (now Morgan Stanley), the Nixon administration's Cost of Living Council as well as of The Capital Group Companies. He is a former President of the Conference of Business Economists as well as former President of the National Association for Business Economics and is a Director Emeritus of the National Bureau of Economic Research. He is also a member and former Chair of the Board of Governors of The Huntington Library, Art Museum & Botanical Gardens. In the past he has served on the boards of Occidental College, the Cal Tech Humanities and Social Science Council, The Yosemite Conservancy, Joslin Diabetes Center; The American Funds mutual funds; Claremont Graduate University; Value Schools Charter Schools [which he founded]; and the Pardee RAND Graduate School of RAND Corporation. Mr. Conlan holds B.B.A. and M.B.A. degrees from the University of Michigan. He travels world-wide, studying socio-political and cultural issues in "battered" societies around the globe.
Ray C. Fair is a professor of economics at Yale University. Fair’s main research is in macroeconometrics, but he has also done work in the areas of finance, voting behavior, and aging in sports. He has made quarterly updates of his U.S. macroeconometric model and made forecasts since 1983. He has made four-year updates of his presidential vote share equation and made forecasts since 1980. He has estimated how fast people should slow down as they age if they remain in peak shape. He is a 1964 graduate of Fresno State College and received his Ph.D. from MIT in 1968.
Martin Gruber is a Scholar in Residence and Professor Emeritus at the Stern School of Business of New York University. A graduate of MIT, he received his Ph.D. from Columbia in 1966, and taught at NYU from 1965 through 2010. He has been a co-editor of the Journal of Finance, and a department editor of Management Science. He has served as President of the American Finance Association, and is a Fellow of both the American Finance Association and the Financial Management Association. He has been a Director of several mutual fund complexes, including DWS, CREF, SGCowen, Daiwa and Aberdeen Funds.
Saul Hymans is Emeritus Professor of Economics and Statistics at the University of Michigan, and the past Director of the university's Research Seminar in Quantitative Economics. An expert on macroeconomics and economic forecasting, he is a two-time recipient of the Blue Chip Annual Economic Forecasting Award (984 and 1987), and served as a senior staff economist on the President's Council of Economic Advisers. Hymans graduated from Harvard College and holds a Ph.D. in economics and an M.A. in statistics from the University of California, Berkeley.
Marjorie McElroy is a Professor of Economics at Duke University. Publications include articles in econometrics, consumer and producer demand systems, and arbitrage pricing theory. Her current research is in labor economics and, in particular, family decision making, intra-household allocations, and marriage markets.
Rudolph A. Oswald is retired from the position of AFL-CIO Chief Economist and Director, Department of Economic Research. He is a past President of the Labor and Employment Relations Association. He was a board member of the National Council of Economic Education and the National Policy Association. He served on a number of governmental advisory committees including the President’s Advisory Committee on Policy and Trade Negotiations, the Labor research advisory Council to the Bureau of Labor Statistics and the Economic Advisory Committee to the Congressional Budget Office. He was a participant in various international conferences.
Andrew Postlewaite is the Harry P. Kamen Professor of Economics and Professor of Finance, University of Pennsylvania. His work integrates social phenomena, such as concern for one's relative income or wealth ranking in society into traditional economic models. The aim of this research is to provide theoretical foundations for empirical work on savings behavior and employment that takes such sociological considerations into account.
John J. Siegfried is Professor of Economics Emeritus at Vanderbilt University and Secretary-Treasurer Emeritus of the American Economic Association. He was President of the Southern Economic Association in 1996 and the Midwest Economics Association in 2000. His research interests include antitrust economics, the economics of sports, the economics of higher education, and economics education.
Craig Swan is Professor of Economics Emeritus, University of Minnesota. Over his career he served as chair of the Department of Economics, Associate Dean of the College of Liberal Arts, Vice Provost for Undergraduate Education and President of the Minnesota Economics Association. He has served on the Board of Directors of the Minnesota Opera, the Colleagues Advisory Board of the Weisman Museum, University of Minnesota and the Board of the Friends of the University Library. His published research has focused on issues related to housing markets and residential construction.
Marina v.N. Whitman is a Professor of Business Administration and Public Policy at the University of Michigan. She previously served as Vice President and Chief Economist, and as GroupVice President for Public Affairs at General Motors. She was a member of the Council of Economic Advisers in 1972-1973.