2004 Annual Meeting Speakers

Patrick Anderson
Principal
Anderson Economic Group LLC

Susan Schmidt Bies
Governor
Federal Reserve Board

Susan Schmidt Bies took office on December 7, 2001, to a full term as a member of the Board of Governors of the Federal Reserve System ending January 31, 2012.

Dr. Bies was born on May 5, 1947, in Buffalo, New York. She received a B.S. in education from the State College of New York at Buffalo in 1967 and an M.A. (1968) and a Ph.D. (1972), both in economics, from Northwestern University. Dr. Bies has served as a Fellow at the Federal Reserve Bank of Chicago (1969-70) and as a Fellow at the Northwestern University Center for Urban Affairs (1968-69).

Before becoming a member of the Board, Dr. Bies was Executive Vice President for Risk Management and Auditor at First Tennessee National Corporation, Memphis, Tennessee (1995-2001). From 1979 to 1995, she served in various other positions at First Tennessee, including Executive Vice President and Chief Financial Officer, Senior Vice President and Chief Financial Officer, Senior Vice President and Treasurer, Vice President for Corporate Development, Tactical Planning Manager, and Economist.

Before joining First Tennessee, Dr. Bies was Associate Professor of Economics, Rhodes College, Memphis, Tennessee (1977-79); Assistant Professor of Economics, Wayne State University, Detroit, Michigan (1972-77); and Chief Regional and Banking Structure Economist at the Federal Reserve Bank of St. Louis (1970-72).

Dr. Bies has been active in leadership positions for various organizations, including the Emerging Issues Task Force of the Financial Accounting Standards Board, the Committee on Corporate Reporting of the Financial Executives Institute, the End Users of Derivatives Association, the American Bankers Association, and the Bank Administration Institute.

She has also served with numerous other business, professional, academic, civic, and charitable organizations including the American Economic Association, Institute of Management Accountants, International Women's Forum, American Economic Association, Economic Association of Memphis, University of Memphis, Memphis Area Chamber of Commerce, Memphis Youth Initiative, and Memphis Partners.

Dr. Bies is married and has two adult sons.

Alan S. Blinder is currently the Gordon S. Rentschler Memorial Professor of Economics and Co-Director of the Center of Economic Policy Studies at Princeton University, and Vice Chairman of the G7 Group.

Dr. Blinder was the Vice Chairman of the Board of Governors of the Federal Reserve System from June 1994 until January 1996. In this position, he represented the Fed at various international meetings, and was a member of the Board's committees on Bank Supervision and Regulation, Consumer and Community Affairs, and Derivative Instruments. He also chaired the Board in the Chairman's absence.

Before becoming a member of the Board, he served as a Member of President Clinton's original Council of Economic Advisers from January 1993 until June 1994. There he was in charge of the Administration's macroeconomic forecasting and also worked intensively on budget, international trade, and health care issues.

Dr. Blinder was born on October 14, 1945 in Brooklyn, New York. He earned his A.B. at Princeton University in 1967, M.Sc at London School of Economics in 1968, and Ph.D. at the Massachusetts Institute of Technology in 1971 -- all in Economics. At Princeton, Dr. Blinder chaired the Department of Economics from 1988 to 1990, and founded Princeton's Center for Economic Policy Studies. He has taught at Princeton since 1971.

Dr. Blinder is the author or co-author of 12 books, including the textbook Economics: Principles and Policy (with William J Baumol) now in its 7th edition, from which well over a million college students have learned introductory economics. He has also written scores of scholarly articles on such topics as fiscal policy, monetary policy, and the distribution of income. From 1985 until joining the Clinton Administration, Dr. Blinder wrote a lively monthly column in Business Week magazine.

Dr. Blinder served briefly as Deputy Assistant Director of the Congressional Budget Office when that agency started in 1975 and has testified many times before Congress on a wide variety of public policy issues. He is a Governor of the American Stock Exchange, a Trustee of the Russell Sage foundation, and has been elected to the American Philosophical Society and the American Academy of Arts and Sciences.

Heinz-Jürgen Büchner
Vice President, Economics and Research
IKB Deutsche Industriekreditbank

Dr.Heinz-Jürgen Büchner is Vice President, Economics and Research, at IKB Deutsche Industriebank AG in Düsseldorf.

He has been with IKB since September, 1990. Prior to that, he was with the Landesbank Rehinland-Pfalz in Mainz, and from 1981 to 1987 was an Assistant Professor at the Economics Department of the University of Bonn.

Peter Burns
Vice President and Director of the Payment Cards Center
Federal Reserve Bank of Philadelphia

Mr. Burns joined the Federal Reserve Bank of Philadelphia in November 2000 and is responsible for the development and management of the Payment Cards Center.

From 1996-2000 he was managing director of the Financial Institutions Center at the University of Pennsylvania's Wharton School and continues to serve on its advisory board of directors. Mr. Burns has an extensive background in the financial services industry, having held a number of senior management positions during a 25-year career with CoreStates Financial Corporation and its predecessor, Philadelphia National Bank.

Mr. Burns received an AB degree from Lehigh University and an MBA in Finance from the University of Chicago's Graduate School of Business.

Ted Chu
Senior Manager, Economic & Industry Analysis
General Motors Corp.

Ted Haoquan Chu is senior manager of Economic & Industry Analysis at General Motors Corp. He has also been appointed as a professional fellow of GM.

Before joining GM in 1996, Mr. Chu served as a macroeconomist at the World Bank (1995-1996). He was also an associate at Decision Focus, Inc., a Silicon Valley management science consulting firm (1992-1994), and a staff consultant at Arthur D. Little, Inc (1988-1992).

Mr. Chu received his Master's and Ph.D. in economics at Georgetown University in Washington, D.C. in 1991 and a B.A. in economic management at Fudan University in Shanghai in 1986. He was a past president of the Washington Chinese Professional Association.

M. Terry Cooke
GC3 Strategy LLC

Merritt T. (“Terry”) Cooke is the Founder and Managing Director of GC3 Strategy LLC, an international consultancy fostering bio/life science technology transactions and partnerships between the US and Asia. As the top three worldwide holders of foreign exchange (exceeding a trillion dollars overall), Japan, China, and Taiwan have increasing political and economic incentives to diversify and invest abroad, particularly in emerging technology sectors. GC3 Strategy’s mission is to assist US companies in forging these partnerships.

Terry is also the Founder of Greater Philadelphia Global Partnership (GP2) BioResponse, a non-profit-in-formation designed to highlight the use of Information Technology tools to promote international coordination and preparedness in countering threats from SARS, HIV-AIDS and bio-terrorism.

Terry advises the University of Pennsylvania’s Lauder Institute (The Wharton School) as well as the City of Philadelphia in their global business outreach. He also serves on several boards.

Over the past year, Terry has been a Senior Fellow at the Foreign Policy Research Institute in Philadelphia, PA. His policy research is an ongoing, multi-year project focusing on the commercial and policy implications of the large capital and foreign exchange flows into, and accelerating market integration between, Taiwan and China, with particular emphasis on the Information Technology sector. Elsewhere in the public policy arena, he has recently joined the RAND Corporation as a Senior Policy Advisor to their Center for Asia-Pacific Policy.

During the fourteen previous years, Terry held progressively more responsible positions within the U.S. & Foreign Commercial Service at world centers in Asia (Taipei, Tokyo, Shanghai) and Europe (Berlin), including being the senior commercial representative of the United States in Taiwan and at the U.S. Embassy Office in Berlin. This work involved consensus building with counterpart governments; with the CEO level in industry; and with top-levels of the Executive Branch of the U.S. Government. These positions required a variety of skills in complex, cross-cultural decision-making environments: transactional skills in major projects and in bilateral negotiations; policy and fund-raising skills in organizing international conferences and trade promotion events; and administrative skills in managing substantial budgets and staffs. In December 2001, Terry was recommended by the U.S. Department of Commerce for promotion to the Senior Foreign Commercial Service (the Senior Executive Service of the U.S. Foreign Service and of the U.S. Department of Commerce). Following President Bush’s nomination of Terry to the U.S. Senate in March 2002, he was confirmed as a member of the Senior Foreign Service in June 2002.

For the past twenty-five years, Terry has worked to combine constructively the perspectives of government, business and academe, with particular emphasis on issues of globalization and growing commercial interdependence. This effort grew directly out of his interest in ethics and cross-cultural studies during university and graduate school. This brought him to international commerce, which, over these decades, has outstripped politics as the world’s main bridge of global interchange.

Richard T. Curtin
Director, Surveys of Consumers
Survey Research Center, University of Michigan

Richard T. Curtin has been the Director of the Surveys of Consumers at the Survey Research Center, The University of Michigan, since 1976.

The results from the surveys are widely used by businesses and financial institutions, by federal agencies responsible for monetary and fiscal policies, as well as by academic researchers. Data from the University of Michigan’s Surveys of Consumers is an official component of the Index of Leading Indicators, designed by the U.S. Department of Commerce and published by the Conference Board. This represents a significant, independent confirmation of the usefulness of the surveys for understanding and forecasting changes in the national economy.

Through frequent presentations and published articles, Dr. Curtin has reported on his research in behavioral economics, including consumer saving and spending behavior, household income and wealth, reactions to changing economic opportunities, and public policy preferences. He is a member of the American Economic Association, the Association for Consumer Research, and the International Association for Research in Economic Psychology. Dr. Curtin received his Ph.D. in economics from the University of Michigan in 1975.

Thomas Davis
Motorola

Jim Diffley
Managing Director
Global Insight

James Diffley is Managing Director of Global Insight’s U.S. Regional Services Group, with overall responsibility for Regional Services, including the Regional Core Macroeconomic Service and the Global Insight Real Estate & Construction Service. Since 1998, he has supervised the quarterly economic forecast of the 50 states and over 300 metropolitan areas of the United States. He regularly makes presentations of these regional economic forecasts and analysis to clients, conferences, governmental bodies, and the press.

He is also responsible for customized consulting projects. These have included long-term projections of cigarette consumption, forecasts of capital gains realizations, analysis of the economic impact of the securities industry on New York State, analysis of the impact of changing oil prices on local economies, and the economic impact of various facilities locations.

Diffley came to Global Insight through WEFA, Inc. Prior to joining WEFA, Diffley was supervising tax analyst with the New Jersey Division of Taxation's Office of Tax Analysis from 1988 to 1996, where he was responsible for developing the state economic forecast for the state executive budget and for business tax revenue forecasting. Diffley did his Doctorate of Philosophy training in economics at the State University of New York at Stony Brook, completing all requirements but the dissertation. From 1982 to 1987, he was on the economics faculty at Adelphi University in New York.

William Dunkelberg
Professor of Economics
Temple University
Chief Economist
National Federation of Independent Business

Robert A. Eisenbeis
Director of Research
Federal Reserve Bank of Atlanta

Robert Eisenbeis is senior vice president and director of research of the Federal Reserve Bank of Atlanta. In addition to advising the Bank president on monetary policy and related matters, Dr. Eisenbeis oversees the research, public affairs and statistical reports departments. He also serves as a member of the Bank’s Management and Discount Committees.

Before joining the Atlanta Fed in May 1996, Dr. Eisenbeis was the Wachovia Professor of Banking and associate dean for research at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. He joined the faculty in 1982 as Wachovia Professor of Banking and subsequently became coordinator of finance.

In addition to his academic experience, Dr. Eisenbeis worked in the public policy arena — at the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC). He joined the staff of the Board of Governors as an economist in 1967. From 1968 to 1975, with the FDIC, he served as assistant director of research and chief of financial and economic research. In this capacity, he was responsible for basic research, policy analysis and review of all proposed bank mergers. In 1976, Dr. Eisenbeis returned to the Board of Governors and over the next six years held the positions of assistant to the director, associate research division officer and senior deputy associate director in the division of research and statistics.

Dr. Eisenbeis is widely published in the field of banking and finance, and his articles have appeared in such leading publications as the Journal of Finance, the Journal of Financial Services Research, the Journal of Money, Credit, and Banking, the Journal of Banking and Finance, Banking Law Journal and the Journal of Regulatory Economics. His articles have also appeared in several Federal Reserve Bank publications, as well as the Journal of Retail Banking Services and other trade journals. Dr. Eisenbeis has also co-authored several books on banking and statistics and contributed chapters to other books. He served 13 years as executive editor of the Journal of Financial Services Research and currently serves on the editorial boards of various scholarly publications.

Dr. Eisenbeis has also been active in professional organizations, particularly the Financial Management Association, and he has testified frequently before Congress. He was a founding member of the Shadow Financial Regulatory Committee and is presently a member of the Financial Economists Roundtable. He is a past member of the board of directors of the National Association for Business Economics.

Dr. Eisenbeis received his bachelor’s degree from Brown University. He received both his master’s and doctorate degrees from the University of Wisconsin at Madison.

Stephen E. Flynn, Ph.D.
Commander, U.S. Coast Guard
Senior Fellow, National Security Studies Program
Council on Foreign Relations

Stephen Flynn is a Senior Fellow with the National Security Studies Program at the Council on Foreign Relations, headquartered in New York City. He is also a Commander in the U.S. Coast Guard and member of the Permanent Commissioned Teaching Staff at the U.S. Coast Guard Academy. Currently at the Council he is directing a multi-year project on "Protecting the Homeland: Rethinking the Role of Border Controls." He has served in the White House Military Office during the George H.W. Bush administration and as a Director for Global Issues on the National Security Council staff during the Clinton administration.

He is author of several articles and book chapters on border control, homeland security, the illicit drug trade, and transportation security, including the "American the Vulnerable" Foreign Affairs (Jan/Feb 2002) and "The Unguarded America" which appears in a collection of essays on the September 11 attacks published by PublicAffairs Books. He was a Guest Scholar in the Foreign Policy Studies Program at the Brookings Institution from 1991-92, and in 1993-94 he was an Annenberg Scholar-in-Residence at the University of Pennsylvania. He is a 1982 graduate of the U.S. Coast Guard Academy and has served twice in command at sea. He received a M.A.L.D. and Ph.D. in 1990 and 1991 from the Fletcher School of Law and Diplomacy, Tufts University.

Lynn Franco
The Conference Board

Lynn Franco is Director of The Conference Board’s Consumer Research Center. She produces several monthly and quarterly reports that track both general and consumer economic trends, including the widely-followed Consumer Confidence Index. Franco also analyzes and forecasts long-term shifts in the consumer markets.

Franco also directs the Board’s business confidence survey program, and produces the quarterly periodical Business Executives’ Expectations.

She addresses business audiences on economic and demographic trends and is frequently interviewed by the media and quoted in the press.

Franco is a member of the National Association of Business Economists.

She holds an MBA from St. John’s University, and a BA from New York University.

Hubert Fromlet
Chief Economist
Swedbank

Hubert Fromlet is chief economist at Swedbank, Stockholm, and professor at Blekinge Institute of Technology. He received his MBA and Ph.D. from the University of Wurzburg. Prior to joining Swedbank, he was chief economist at Co-operative Bank, Stockholm and responsible for macro research at the SAAB-SCANIA, Sweden.

Ilhan Kubilay Geckil
Economist
Anderson Economic Group

Ilhan Kubilay Geckil is an economist with Anderson Economic Group. His work includes economic analysis, business valuation, strategy development, and forecasting. He holds an MA in economics from Michigan State University and a BA in economics from the KOC University in Turkey.

John Goodman
Chair
Health Economics Roundtable
President
National Center for Policy Analysis

John C. Goodman, Ph.D. founded the NCPA in 1983 and has served as President since the center's inception. The Wall Street Journal called Dr. Goodman "the father of Medical Savings Accounts," and National Journal declared him "winner of the devolution derby" because his ideas on ways to transfer power from government to the people have had a significant impact on Capitol Hill.

Dr. Goodman is the author of seven books, including Economics of Public Policy, a widely used college textbook, and Patient Power: Solving America's Health Care Crisis, the condensed version of which sold 300,000 copies and is credited with playing a pivotal role in the defeat of the Clinton administration's plan to overhaul the U.S. health care system.

He has authored numerous editorials in The Wall Street Journal, USA Today, Investor's Business Daily, Los Angeles Times, The Dallas Morning News, Houston Chronicle and The San Diego Union-Tribune, and other papers.

Dr. Goodman regularly appears on television news programs, including the PBS program DebatesDebates, The NewsHour with Jim Lehrer and The Wall Street Journal Report. He has been a debater on several of William F. Buckley Jr.'s Firing Line shows, and has appeared on a number of two-hour prime time debates, including debates on the flat tax, welfare reform and Social Security privatization.

He regularly briefs members of Congress on economic policy issues and frequently testifies before congressional committees.

He is author/co-author of more than 50 published studies on such topics as health policy, tax reform and school choice.

Dr. Goodman has an active speaking schedule and has addressed more than 100 different organizations on public policy issues.

He received the prestigious Duncan Black award in 1988 for the best scholarly article on public choice economics.

Dr. Goodman received a Ph.D. in economics from Columbia University. He has taught and done research at several colleges and universities including Columbia University, Stanford University, Dartmouth University, Southern Methodist University and the University of Dallas.

David Hale
Hale Advisors LLC

David Hale is a Chicago-based economist whose clients include investment management firms, major hedge funds, and multinational companies in North America, Europe, Asia, Australia, and South Africa. He is the founding chairman of Hale Advisors and China Online, which provides daily business news on China. He formerly worked as chief economist for Kemper Financial Services from 1977 to 1995 and Zurich Financial Services which he joined as chief economist when it purchased Kemper in 1995. He advised the group’s fund management and insurance operations on the economic outlook and a wide range of public policy issues until 2002, when he founded Hale Advisors.

Mr. Hale holds a B.Sc. degree in international economic affairs from the Georgetown University School of Foreign Service and a M.Sc. degree in economics from the London School of Economics.

Mr. Hale is a member of the National Association of Business Economists and the New York Society of Security Analysts. He writes on a broad range of economic subjects and his articles have appeared in the Wall Street Journal, The Far Eastern Economic Review, The Financial Times of London, The New York Times, The Nihon Kezai Shimbun, The Australian Financial Review, The Harvard Business Review, Foreign Affairs, Foreign Policy, National Interest, and other publications. He lectures worldwide, to groups including the World Economic Forum, the Fortune Global CEO Conference and the National Association of Governors. He has frequently testified before Congressional committees on domestic and international economic policy issues and does briefings for senior officials in the executive branch, including President Bush. He has also been a consultant to the U.S. Department of Defense on how changes in the global economy are affecting U.S. security relationships.

In September 1990, the New York chapter of the National Association of Business Economists conferred upon Mr. Hale the William F. Butler Award. This award is conferred annually by the society upon a business economist who has made an outstanding contribution to the field. Other recipients have included Paul Volcker, Geoffrey Moore, Lawrence Klein, Alan Greenspan, and Otto Eckstein.

Mr. Hale is a member of the Academic Advisory Board of the Federal Reserve Bank of Chicago, and the Hong Kong Monetary Authority as well as a variety of government and private sector economic policy research groups in Washington, Tokyo, and Berlin. He was also recently appointed to the Competitive Markets Advisory Council of the Chicago Mercantile Exchange. Mr. Hale also maintains close ties to his native state of Vermont and has served on advisory boards in its state government, including the Council of Economic Advisors. He is a member of the Council on Foreign Relations in both New York and Chicago, and is a long-time member of the Australian American Leadership Dialogue.

Mr. Hale is married to Lyric Hughes Hale, publisher of China Online. They live in Chicago with their five children, and are currently writing a book on the Chinese economy.

Robert Hartwig
Senior Vice President and Chief Economist
Insurance Information Institute

Robert P. Hartwig is Senior Vice President and Chief Economist for the Insurance Information Institute.

Dr. Hartwig previously served as Director of Economic Research and Senior Economist with the National Council on Compensation Insurance (NCCI) in Boca Raton, Florida, where he performed rate of return and cost of capital modeling and testified at workers’ compensation rate hearings in many states. He has also worked as Senior Economist for the Swiss Reinsurance Group in New York and as Senior Statistician for the United States Consumer Product Safety Commission in Washington, DC. He is a member of the American Economic Association, the American Risk and Insurance Association, the National Association for Business Economics and the CPCU Society.

Dr. Hartwig received his Ph.D. and Master of Science degrees in economics from the University of Illinois at Urbana-Champaign. He also received a Bachelor of Arts degree in economics cum laude from the University of Massachusetts at Amherst. He has served as an instructor at the University of Illinois and at Florida Atlantic University. Dr. Hartwig also holds the Chartered Property Casualty Underwriter (CPCU) credential.

Dr. Hartwig has authored and co-authored papers that have appeared in numerous publications, including the Journal of Health Economics, the Proceedings of the Casualty Actuarial Society, the John Liner Review (where he also serves on the editorial board), Dossiers et Etudes (Geneva Association), the Journal of Workers’ Compensation, Global Reinsurance, Risk & Insurance, Insurance Day, Compensation and Benefits Review, and is a regular contributor to National Underwriter and many other industry trade publications.

Dr. Hartwig also makes frequent presentations to industry associations, company management, industry executives, analysts and clients and speaks internationally on a wide range of insurance issues. He has testified before numerous regulatory and legislative bodies, including the U.S. Senate Judiciary Committee and the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Dr. Hartwig serves as a media spokesperson for the property/casualty insurance industry, and is quoted frequently in leading publications such as The Wall Street Journal, New York Times, USA Today, Washington Post, Los Angeles Times, The Financial Times, Business Week, NewsWeek, U.S. News & World Report, CFO, Fortune, Forbes, The Economist and many others throughout the world. Dr. Hartwig also appears regularly on television, including appearances on ABC, CBS, NBC, CNN, CNBC, Fox, PBS and the BBC.

Cecilia Hermansson
Senior Economist
Swedbank

Cecilia Hermansson is a senior economist at Swedbank, Stockholm. She is also a Ph.D. student at the Royal Institute of Technology, Stockholm. She received a masters in economics and business administration from the Stockholm School of Economics. She has also worked in the Ministry of Finance, Sweden; for the Swedish International Development Cooperation Agency; as a senior economist for Kenya and Uganda at the embassy of Sweden in Nairobi, Kenya.

Ellen Hughes-Cromwick
Director and Chief Economist
Corporate Economics and Strategic Issues
Ford Motor Company

Ellen Hughes-Cromwick joined Ford Motor Company in 1996. Ellen directs the corporate economics group with major responsibility for the Company's global economic and automotive industry forecasts used to support business strategy, finance, and planning.

Prior to joining Ford, Ellen was a senior economist at Mellon Bank from 1990 to 1996, and assistant professor of economics at Trinity College in Hartford, Connecticut during the late 1980s. She also served for two years as a staff economist on the President's Council of Economic Advisers during the Reagan Administration.

Ellen received her Bachelor's Degree in Government and French Language at the University of Notre Dame, a Master's Degree in International Development and a Ph.D. in Economics at Clark University in Massachusetts.

John P. Jones III
CEO
Air Products

John P. Jones joined Air Products and Chemicals, Inc. in 1972 as a participant in the company's Career Development Program. Following assignments in economic evaluation, project engineering, and the process equipment division, he became business area manager of the process gas international division in 1979. In 1980 he was named director of planning for the International Coal Refining Company (ICRC)-an Air Products joint venture-and in 1981 was appointed vice president of planning for ICRC. In 1983 Jones was named manager of commercial development for Stearns Catalytic World Corporation-an Air Products wholly owned engineering services subsidiary-and in 1986 was appointed vice president of Stearns' eastern region. He became general manager of environmental systems in 1987, and vice president and general manager of Environmental and Energy Systems in 1988. In 1992 Jones was appointed group vice president for the Process Systems Group, and in 1993 was transferred to Air Products Europe where he was named president. He returned to the U.S. in June 1996 and was named executive vice president, Gases and Equipment Group. He was appointed president in October 1998, and assumed his current position in December 2000.

Jones was born in 1950 in Blakely, Pennsylvania. He received a B.S. degree in chemical engineering from Villanova University.

Jones currently serves on the board of directors of the American Chemistry Council and on the executive committee of the Society of Chemical Industry-American Section. He also serves on the board of trustees of The Rider-Pool Foundation.

Elinda Fishman Kiss
Teaching Professor
University of Maryland

Elinda Fishman Kiss is a Teaching Professor in the Department of Finance at the Robert H. Smith School of Business at the University of Maryland.

She has served as an Associate Professor in the Departments of Finance and Accounting at Rutgers University School of Business – Newark and New Brunswick. Prior to teaching at Rutgers she was Corporate Treasurer of Custom Equipment Manufacturing, held various management positions at the Resolution Trust Corporation, and was Vice President of PSFS Bank, Assistant Vice President of Citicorp Investment Bank, and a Commercial Lender at First Pennsylvania Bank. She has also worked as an Economist at the Board of Governors of the Federal Reserve System and at the U.S. Treasury.

Dr. Kiss has also taught Finance and Economics at: The College of New Jersey, Drexel University, Pennsylvania State University, The College of New Jersey, Temple University, Wellesley College, West Chester University, and The Wharton School of the University of Pennsylvania.

Dr. Kiss received her Ph.D. and MA degrees from the University of Rochester and her BA Cum Laude from Washington University in St. Louis.

Elinda Kiss is a member of the Board of Directors of NABE and of Board of Directors of the Financial Management Association. She is past president of the Philadelphia Council for Business Economics.

Her primary areas of research include: European Central Bank, Bank Regulation, Bank Management, Fixed Income Securities, and World Sugar Markets.

Her primary areas of teaching include: Corporate Finance, Investment Analysis and Management, Financial Institutions Management, Financial Instruments and Markets, Managerial Finance, Managerial Economics, Microeconomics, International Finance, Financial Accounting, Accounting for Managers, Financial Statement Analysis, International Banking and Capital Markets.

She lives in the Philadelphia area with her husband.

Kevin Kliesen
Economist
Federal Reserve Bank of St. Louis

Kevin L. Kliesen is an economist at the Federal Reserve Bank of St. Louis, where he has been employed since October 1988. He came to the Bank after graduating from Colorado State University with an M.A. in Economics. As a business economist, the bulk of his duties comprise reporting on and analyzing current U.S. and international macroeconomic developments and trends. Previously, he was part of the Research Department's Regional Economics group.

In that capacity, he monitored developments in the automotive, agricultural, and natural resources sectors. In his capacity as a business economist, he writes the Bank's monthly Report on Economic Activity, an internal report on general economic conditions, which is prepared prior to each Board of Directors meeting. An important aspect of this position also involves speaking to the general public about the U.S. economy, monetary policy developments and the economic outlook. Besides writing for the Regional Economist, a quarterly publication written for a nontechnical audience, he also writes for the Review, which is the Bank's peerreviewed economic journal. He has also written for professional economics journals, and he has authored several book reviews.

He is a member of the American Economic Association and the National Association for Business Economics (NABE). He was President of the St. Louis Gateway Chapter of NABE from 1999 to 2000. He is currently serving a threeyear term on the Board of the Directors of the national NABE organization. In addition to his interests in business economics and monetary policy, he is also interested in the long-term fiscal problems facing the United States.

Lawrence Klein
Benjamin Franklin Professor Emeritus
University of Pennsylvania

Dr. Lawrence R. Klein earned his B.A. from at University of California, Berkeley and his doctorate at the Massachusetts Institute of Technology. He has served on the faculties of the University of Chicago, University of Michigan, University of Oxford, and the University of Pennsylvania. He was the Benjamin Franklin Professor of Economics and Finance at Penn, where he taught for 33 years. He is currently the Benjamin Franklin Professor of Economics Emeritus.

Dr. Klein is an econometrician. He constructed several statistical models of the United States and various other countries. At Penn, he founded the Wharton Econometric Forecasting Associates (WEFA) and was a principal investigator of Project LINK, which combined models from countries throughout the world for studying international trade and payments, and global economic activity.

Dr. Klein served as president of many learned societies, edited scholarly journals, and advised governments in matters of economic policy. In 1976, he coordinated Jimmy Carter's economic task force in a successful campaign for the presidency of the United States. In 1980, he was the Nobel Laureate in Economics.

Since 1984, Dr. Klein has been director and chairman of the Economic Policy Committee of W.P. Carey & Co.

Sophia Koropeckj
Director of Industry Economics
Economy.com

Sophia Koropeckyj is Director of Industry Economics at Economy.com. She covers labor markets, auto and related industries, and two states in the industrial Midwest, Illinois and Michigan; edits several company publications and works on special consulting projects. She went to University of Pennsylvania for her undergraduate degree and received graduate degrees from the University of Michigan and Drexel University.

Ralph H. Kozlow
Associate Director for International Economics
Bureau of Economic Analysis

Ralph H. Kozlow is the Associate Director for International Economics at the Bureau of Economic Analysis (BEA), where he oversees its international economics programs. Previous positions at BEA include chief of the National Income and Wealth Division (responsible for producing the National Income and Product Accounts and GDP estimates) and of the International Investment Division’s Special Surveys Branch (responsible for conducting most of BEA’s surveys of international services transactions). He holds an MBA degree from The American University.

Gregory Mankiw
Chair
Council of Economic Advisers

Dr. N. Gregory Mankiw was appointed by the President and sworn into office as Chairman of the Council of Economic Advisers on May 29, 2003.

Dr. Mankiw is on leave from Harvard University where he is Professor of Economics. As a student, he studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics, and principles of economies. He even spent one summer long ago as a sailing instructor on Long Beach Island

Dr. Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals, such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more widely accessible forums, such as The New York Times, The Financial Times, The Wall Street Journal, and Fortune.

He has written two popular textbooks - the intermediate-level textbook "Macroeconomics" (Worth Publishers) and the introductory textbook "Principles of Economics" (South- Western/Thomson), Together, these two books have sold about a million copies and have been translated into seventeen languages. In addition to his teaching, research, and writing, Professor Mankiw is a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the advanced placement exam in economics. Dr. Mankiw lives in Wellesley, Massachusetts, with his wife and three children.

Rosemary Marcuss
Deputy Director,
Bureau of Economic Analysis

Rosemary Marcuss is Deputy Director of the U.S. Bureau of Economic Analysis (BEA), the federal government's national economic accounting agency. BEA produces the U.S. Gross Domestic Product (GDP) accounts, the U.S. Balance of Payments accounts, U.S. input-output accounts, and other national, state, and international-transactions data accounts. Dr. Marcuss focuses on the Survey of Current Business, BEA's monthly journal; development of BEA's web site; and investment in BEA's data-processing and producing capabilities.

Before joining BEA in 1998, Dr. Marcuss served for fifteen years as the Assistant Director for Tax Analysis of the Congressional Budget Office (CBO), where she oversaw federal-budget revenue estimation and tax-policy analysis. She started in Washington as a junior member of the staff of the President's Council of Economic Advisers and, after that, spent several years as an economist and managing consultant at Data Resources, Inc. She holds a Ph.D. in economics from the University of Maryland.

Duncan Meldrum
Chief Economist
Air Products and Chemicals
NABE President

Duncan Meldrum is the Chief Economist for Air Products and Chemicals, Inc., a $5.5 billion industrial gas and chemicals company serving customers in over 30 countries. As Chief Economist, he assesses the impact of the economic environment on the company’s performance for the executive management team and develops global economic assumptions for the company’s operating plans. He provides operating groups with pricing assistance, contract support and market analyses. He also serves as the company’s economics spokesperson.

He received a B.S. degree from the U.S. Naval Academy in 1973, a M.S. degree in Operations Research from the U.S. Naval Postgraduate School in 1974, and a Ph.D. in Economics from Lehigh University in 1992. He is a member of the Advisory Committee to the U.S. Census Bureau. He serves as a director on the boards of the APCI Federal Credit Union and the nonprofit Parkette National Gymnastics Center. His other professional associations include the Conference of Business Economists, the National Business Economic Issues Council, and the American Economics Association.

Rudolph Penner
Senior Fellow
Urban Institute

Rudolph G. Penner is a senior fellow at the Urban Institute and holds the Arjay and Frances Miller Chair in Public Policy. Previously, he was a managing director of the Barents Group, a KPMG Company. He was director of the Congressional Budget Office from 1983 to 1987. From 1977 to 1983, he was a resident scholar at the American Enterprise Institute. Previous posts in government include assistant director for economic policy at the Office of Management and Budget, deputy assistant secretary for economic affairs at the Department of Housing and Urban Development, and senior staff economist at the Council of Economic Advisors. Before 1975, Dr. Penner was a professor of economics at the University of Rochester.

He is past president of the National Economists Club and, in 1989, he was elected to the Board of Directors of NABE and also received the Abramson Prize for the best article published in 1988-89 in Business Economics.

Elizabeth Robinson
Deputy Director
Congressional Budget Office

Beth Robinson currently serves as Deputy Director for the Congressional Budget Office (CBO) in Washington, D.C. She oversees development for the Congress of objective, timely, nonpartisan analyses needed for economic- and budget-related legislative decisions. (The agency’s subject matter gives it a broad reach, reflecting the wide array of activities that the federal budget covers and the major role that the budget plays in the U.S. economy.) Further responsibilities include the day-to-day management of the Office, a 235-person organization.

Prior to working at CBO, Beth Robinson served as the Deputy Assistant Director for Budget Review and Concepts at the Office of Management and Budget (OMB). In that role, she oversaw the development of the President’s annual budget requests and analyzed budget appropriations and execution issues. For several years after she first came to OMB in 1998, she was also a program examiner for defense and energy issues.

From 1989 to 1998, Beth first worked at the congressional Office of Technology Assessment and then was a staff member on the Committee on Science in the House of Representatives.

Beth received her Ph.D. in 1987 from the Massachusetts Institute of Technology in Geophysics and subsequently taught at Stanford University. In 1989, she participated in the Geological Society of America’s Congressional Fellows Program, which first took her to Washington, D.C. Beth spent the very earliest part of her career on the West Coast, receiving her B.S. in physics from Reed College in Portland, OR, after beginning her college career at the University of Washington in Seattle.

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.

Robert Sinche
Managing Director
Bank of America

Robert Sinche joined Bank of America in August 2004 as Managing director and Head of Global Currency Research and Strategy. In this role he directs a team that is responsible for currency research and strategy for developed and developing countries.

Prior to joining Bank of America, Bob was Managing Director and Head of Global Currency Strategy at Citigroup. In the most recent Euromoney survey (2004) of foreign exchange participants, Citigroup foreign exchange research was the top ranked firm in all of the eight research categories in the survey.

Before joining Citigroup in 1998 Bob directed global fixed income teams at a number of asset management firms. From 1996 - 1996 he was Managing Director - Global Fixed Income at Prudential Investments. From 1988 - 1995 Bob directed the global fixed income unit at Alliance Capital Management, with direct responsibility for managing portfolios for institutional investors, Central Banks and mutual funds. In addition, he was responsible for all aspects of the global fixed income investment business, including investment process design and implementation and client contact. From 1995 - 1998 Bob directed the global fixed income investment unit at Simms Capital Management.

Mr. Sinche began his career as an economist at Paine Webber (1976 - 79), analyzing economic developments as they impacted fixed income markets. He joined Bear Stearns in 1979 as a financial market economist, becoming Chief Economist in 1981. In this role he also was responsible for fixed income strategy and co-authored the firm's equity strategy publications.

Bob holds a BA in Economics (Phi Beta Kappa) from Hamilton College and an MA in Economics from Brown University.

Stuart Slutzky
Vice President, Technical Marketing
Destiny Health

As vice president of technical marketing for Destiny Health, Stuart Slutzky is responsible for the overall quality of work the company delivers through its actuarial department. An expert in consumer-driven healthcare and plan design, he is leading Destiny's efforts to optimize its cutting-edge plans that are designed to inspire members to change their behaviors.

Mr. Slutzky joined Destiny in October of 1999, and as one of the first employees has been a driving force behind the development and delivery of the company's unique Comprehensive Consumer-Driven HealthcareT (CCDH) model in the United States. His leadership has been instrumental in taking an internationally proven plan that changes the way members think about and use their health insurance benefit dollars, adapting it, and successfully implementing it in the United States. The product uses incentives to engage consumers to make smart healthcare decisions. For employers, this CCDH model is proven to control rising healthcare costs through lower premium increases.

In addition to product development his responsibilities include pricing, risk management, underwriting strategy, as well as broker and employer education.

Prior to joining Destiny Health, Mr. Slutzky spent over three years as a senior actuarial associate at the Trustmark Insurance Company, a Lake Forest, IL-based insurance carrier. There, Mr. Slutzky worked on risk management, pricing and product development of individual and small group health insurance.

He received a Bachelor of Science degree in cellular and molecular biology from the University of Michigan, Ann Arbor.

Joseph Stiglitz
University Professor
Columbia University
2001 Nobel Laureate in Economics

Joseph E. Stiglitz was born in Gary, Indiana in 1943. A graduate of Amherst College, he received his PHD from MIT in 1967, became a full professor at Yale in 1970, and in 1979 was awarded the John Bates Clark Award, given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to the field. He has taught at Princeton, Stanford, MIT and was the Drummond Professor and a fellow of All Souls College, Oxford. He is now University Professor at Columbia University in New York. In 2001, he was awarded the Nobel Prize in economics.

He was a member of the Council of Economic Advisors from 1993-95, during the Clinton administration, and served as CEA chairman from 1995-97. He then became Chief Economist and Senior Vice-President of the World Bank from 1997-2000.

Stiglitz helped create a new branch of economics, "The Economics of Information," exploring the consequences of information asymmetries and pioneering such pivotal concepts as adverse selection and moral hazard, which have now become standard tools not only of theorists, but of policy analysts. He has made major contributions to macro-economics and monetary theory, to development economics and trade theory, to public and corporate finance, to the theories of industrial organization and rural organization, and to the theories of welfare economics and of income and wealth distribution. In the 1980s, he helped revive interest in the economics of R&D.

His work has helped explain the circumstances in which markets do not work well, and how selective government intervention can improve their performance.

Recognized around the world as a leading economic educator, he has written textbooks that have been translated into more than a dozen languages. He founded one of the leading economics journals, The Journal of Economic Perspectives. He has recently come out with a new book, The Roaring Nineties (W.W. Norton). His book Globalization and Its Discontents (W.W. Norton June 2001) has been translated into 20 languages and is an international bestseller.

Donald Straszheim
Principal
Straszheim Global Advisors

Donald H. Straszheim is founder and principal of Straszheim Global Advisors, an independent research firm. The firm focuses on the U.S. and global economies, business conditions and financial markets, serving the buy- and sell-sides of the financial community, as well as business, industry and government. Assignments during the last year have taken him to China, Russia, Romania and Korea, as well as throughout the United States. Dr. Straszheim is also Vice Chairman of the Milken Institute, a not-for-profit, nonpartisan economic-and public-policy think tank located in southern California. He left Wall Street in 1997 to join the Institute, and served as its President from 1997 to 2001, building it into a business- and finance-oriented research organization with a global reach.

From 1985 to 1997, Straszheim was Chief Economist for Merrill Lynch and Co., then the world's largest securities firm. Headquartered in New York City, he was Merrill's primary economic spokesman, led a worldwide team, guided its economic research effort and was the architect of its global economic viewpoint. He was voted ten consecutive years to Institutional Investor's All-Star Team (equity or fixed income). He traveled and represented the firm worldwide, writing and speaking extensively. He split his time between research, the internal sales and trading units, and counseling major institutional investors, investment- banking clients, government officials of many nations, and large individual investors for the firm's private client division.

Straszheim is a widely quoted commentator in nearly all the major business and financial print media, a regular analyst on CNBC, CNN and FOX, a guest on all of the major networks, and a well-known participant on the speaking circuit. He has testified before Congress and has been a frequent writer on economics, business and finance. He is a member of the Board of Governors of the Los Angeles Society of Financial Analysts. In addition, he serves on various other civic, public and private-sector boards.

Earlier in his career he ran U.S. operations for Wharton Econometrics, the economic forecasting and research unit at the University of Pennsylvania's Wharton School of Finance. He also was chief economist for the Weyerhaeuser Company, a major forest products firm. And he was an economist for Investors Diversified Services, a money management firm now known as American Express Advisors. He is a Vietnam veteran, and was a member of the Purdue University NCAA Championship golf team. He holds a B.S., M.S. and Ph.D. from Purdue University.

Carl Tannenbaum
Chief Economist
LaSalle Bank-ABN AMRO

Jean-Claude Trichet
President, European Central Bank
Governor, Banque de France

Daniel Waggoner
Economist and Assistant Policy Adviser
Federal Reserve Bank of Atlanta

Daniel Waggoner is a research economist and assistant policy adviser with the financial section of the research department of the Federal Reserve Bank of Atlanta. His interests include the term structure of interest rates, Bayesian econometrics, and mathematical modeling.

Before joining the Fed, he was an assistant professor of mathematics at Agnes Scott College and, prior to that, a visiting assistant professor at Lehigh University. Dr. Waggoner’s work has been published in a number of journals including Transactions of the American Mathematical Society and The Review of Economics and Statistics.

Dr. Waggoner earned his bachelor’s in mathematics from the University of Mississippi. He earned a master’s degree and a doctorate in mathematics from the University of Kentucky. He also holds a master’s degree in finance from Georgia State University.

William Witherell
Director for Financial and Enterprise Affairs
OECD

Dr. Witherell joined the Secretariat of the Organization for Economic Cooperation and Development (OECD) in 1977 and since 1989 has been Director for Financial, Fiscal and Enterprise Affairs – recently renamed Financial and Enterprise Affairs. In that position he manages the Secretariat teams responsible for OECD activities in the following policy areas: financial markets, corporate governance, international investment and multinational enterprises, competition law and policy, insurance and pensions, bribery and anti-corruption, privatization, insolvency reform and, prior to January 2004, tax policy and administration. The Secretariat for the Financial Action Task Force (on money laundering) -- a separate institution -- is also part of his Directorate. He represents the OECD in the Financial Stability Forum.

Dr. Witherell, a U.S. citizen, is a 1963 Graduate of Colby College and holds an M.A. (1965) and a Ph.D. (1967) in Economics from Princeton University. Dr. Witherell began his career as a business economist with Exxon and Esso Eastern (1967-73), where he held positions in the economics, treasury and corporate planning functions. He moved to the international economic and financial relations field in 1973 with positions first in the U.S. Department of State (under the President's Executive Interchange Program) and then in the Department of the Treasury (1974-77) as Director of the Office of Financial Resources and Energy Finance.