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Session 8: Monetary Policy and Inflation Targeting in the United States
8:00 - 9:00 am Ballroom BC
Hear a prominent Federal Reserve Bank president, known for his thoughtful work and candor.
Session Downloads
Monetary Policy and Inflation Targeting in the US (speech )
Links of Interest
Federal Reserve Bank of Philadelphia
Preparing for the 21st Century Economy, by Anthony Santomero, 6/22/2004
Bernanke, Ben. A Perspective on Inflation Targeting, Business Economics, July 2003
Speaker
David Kotok
Cumberland Advisors
presiding
Anthony Santomero
President
Federal Reserve Bank of Philadelphia
Anthony M. Santomero took office on July 10, 2000. He is currently serving a five-year term ending March 1, 2006, as the ninth President of the Federal Reserve Bank of Philadelphia.
Dr. Santomero was born on September 29, 1946, in New York City. He received an A.B. in economics from Fordham University in 1968 and a Ph.D. in economics from Brown University in 1971. He also holds an honorary doctorate from the Stockholm School of Economics in Sweden, received in 1992, and an honorary degree from the University of Rome, received in 2003.
Before becoming president of the Philadelphia Fed, Dr. Santomero was the Richard K. Mellon Professor of Finance at the University of Pennsylvania's Wharton School. During his 30-year tenure at Wharton, he held a number of academic and managerial positions including Deputy Dean of the school, Vice Dean of the graduate division, Associate Director of the doctoral program, and Co-Chairman of the finance department. He also served as the Director of the Wharton Financial Institutions Center, which focuses academic research on the financial services industry.
While at Wharton, Dr. Santomero established a reputation as a recognized consultant to major financial institutions and regulatory agencies throughout North America, Europe and the Far East. In the U.S., he advised the Federal Reserve Board of Governors, the FDIC, and the General Accounting Office on a wide range of issues relating to capital regulation and structural reform. Internationally, he consulted for the European Economic Community in Brussels, the Inter-American Development Bank, the Kingdom of Sweden, the Ministry of Finance of Japan, the Treasury of New Zealand, the Bank of Israel, the National Housing Bank of India, the Saudi Arabian Monetary Agency, and the Capital Markets Board of Turkey. In addition, he served as a long-standing advisor to the Swedish Central Bank.
Dr. Santomero is a leading authority on financial risk management and financial structure. His studies into the effects of capital regulation have influenced the way regulators around the world control the industry, and his examination of risk management systems continues to lead to new approaches and techniques in this area as well.
As an academic author, he has written more than 100 articles, books and monographs on financial sector regulation and economic performance. His two most recent books are Financial Markets, Instruments, and Institutions, co-authored with David Babbel, and Challenges for Modern Central Banking, with Staffan Viotti and Anders Vredin.
In keeping with his commitment to education and research, Dr. Santomero serves on Drexel University's Board of Trustees as well as its LeBow Business School Advisory Board. He is also on the University of Delaware's Visiting Committee for the Alfred Lerner School of Business and Economics, and the Advisory Boards of the Wharton Financial Institutions Center and the Penn Institute for Economic Research. He is Chairman of the Economic Advisory Board of the Stockholm Institute for Financial Research, and serves on the advisory boards of the Copenhagen Center for Law Economics and Financial Institutions, and the Italian Bankers Association's European Banking Report.
Active in the community, Dr. Santomero is on the Board of Directors of the Greater Philadelphia Chamber of Commerce. He is also a member of the Board of the Mann Center for the Performing Arts.
Dr. Santomero is married and has two adult children.
