Session 24 Security Issues
What are the economic issues facing the U.S. defense industry today? The U.S.-EU defense alliance is changing. How will the new wave of defense mergers affect efficiency and cost of weapons systems? What is the role for finance in reconstructing the Iraqi economy? How does venture capital impact innovation in the US defense industries? What are the challenges faced by the U.S. military in manpower planning and retention?
Presentations
Links of Interest
Speakers
Harvey Rosenblum
Federal Reserve Bank of Dallas
Harvey Rosenblum is executive vice president and director of research at the Federal Reserve Bank of Dallas. In this capacity, he serves as economic policy advisor to the Bank's president and as an associate economist for the Federal Open Market Committee, which formulates the nation's monetary policy.
Rosenblum is also a past president and a member of the Executive Committee of the Board of Directors of the National Association for Business Economics (NABE), a prestigious trade association whose 3,000 members are the leading business economists in the United States and many other countries. Past presidents of NABE include several Federal Reserve presidents as well as former Fed Chairman Alan Greenspan. Rosenblum is currently serving as Executive Director of the North American Economics and Finance Association. He also is a member of the Product Development and Small Business Incubator Board, appointed by the governor of Texas.
A widely recognized expert on both the national and Texas economies, Rosenblum has written articles for such publications as The Journal of Finance, New York Times, Southwest Economy and The Handbook of Banking Strategy.
Active in economic education, Rosenblum is a visiting professor of finance at Southern Methodist University, teaching courses in contemporary issues on monetary policy and financial institutions and markets.
Rosenblum received a B.A. in economics from the University of Connecticut in 1965 and a Ph.D. in economics from the University of California, Santa Barbara, in 1972.
He began his career with the Federal Reserve in 1970 as an economist with the Federal Reserve Bank of Chicago, advancing through the ranks to vice president and associate director of research in 1983. He was also a visiting professor of finance with DePaul University from 1973 until 1985. He joined the Dallas Fed as senior vice president and director of research in 1985 and was promoted to executive vice president in 2005.
His current research interests focus on monetary policy, inflation and the growing impact of globalization on the U.S. economy and businesses.
Francois Melese
Defense Resource Management Institute
Dr. Melese earned his Bachelors degree in Economics at U.C. Berkeley, his Masters degree at the University of British Columbia in Canada, and his Doctorate at the Catholic University of Louvain in Belgium. He was a research fellow at the Institut de Recherches Economiques et Sociales (IRES) and the Center for Operations Research and Econometrics (CORE) in Belgium before joining Auburn University’s Business School in 1982. In 1987 he joined the faculty of the Naval Postgraduate School and today is Professor of Economics at the Defense Resources Management Institute (DRMI). Besides teaching resident executive management courses for domestic and international government executives, he has taught short courses in over two dozen countries on public budgeting and defense management. He has consulted extensively, most recently for the Joint Chiefs of Staff and for the Deputy Secretary of Defense’s Directorate for Organizational & Management Planning.
Dr. Melese has published over 50 articles and book chapters on a variety of topics in economics and management including: energy markets, labor & incentive systems, international trade, economic development, applied game theory, defense management, and public budgeting. At the request of NATO Headquarters and the State Department, he has represented the United States as an expert in defense management and public budgeting at NATO meetings in: Budapest, Hungary; Kyiv, Ukraine; Berlin, Germany; Garmisch, Germany; Yerevan, Armenia, and will be representing the U.S. at the upcoming joint NATO/Marshall Center meetings in Ljubljana, Slovenia. His talk to the NABE will be based on a publication co-authored with Professor Jim Blandin and the Honorable Sean O’Keefe entitled “A New Management Model for Government: Integrating Activity-Based Costing, the Balanced Scorecard and Total Quality Management with the Planning, Programming and Budgeting System” (International Public Management Review, Vol. 5, No. 2, 2004) The paper can be downloaded at: www.ipmr.net.
Nayantara Hensel
U.S. Naval Postgraduate School
Dr. Hensel is an Assistant Professor of Economics and Finance at the Graduate School of Business and Public Policy at the US Naval Postgraduate School. She has had an extensive background in industrial organization, antitrust, mergers and acquisitions, corporate finance, strategic valuation, and corporate strategy. Dr. Hensel received her B.A. in Economics, magna cum laude, from Harvard University, where she was a member of Phi Beta Kappa. She received her M. A. and Ph.D. in Business Economics (Applied Economics) from Harvard University. Prior to joining the faculty at the US Naval Postgraduate School, Dr. Hensel taught at Harvard University and the Stern School of Business at NYU, served as a Senior Manager at Ernst & Young and the primary economist for one of its units, was an economist for Marsh and McLennan (within NERA, the economic consulting arm), and served as a Post-Doctoral Research Fellow at the National Bureau of Economic Research. Dr. Hensel’s recent research has examined the impact of size and market structure on efficiency (economies of scale) in European and Japanese banks and on their tendency to open branches or merge, as well as the impact of contracting arrangements and mergers on the utilization of railroad and airline networks. Her most recent publications have been in the European Financial Management Journal and the Journal of Financial Transformation. She has given a number of seminars at institutions, including the Federal Reserve Bank of Chicago, the Federal Reserve Bank of Boston, London Business School, RAND, and Harvard University. Dr. Hensel’s litigation experience has included breach of contract cases, bankruptcies (especially in the energy sector), valuations, market efficiency cases, and various types of securities litigations, including 10b-5 damage analyses and event studies, IPO allocation cases, and market timing cases. Her litigation analyses have spanned a wide range of industries, including telecommunications, energy, manufacturing, and banking.
Jim Hosek
RAND
Jim Hosek is Director of the Forces and Resources Policy Center in the National Defense Research Institute at RAND and an expert on defense manpower. His current work concerns the reform of military compensation and retirement benefits, the effect of deployment on the retention of service members, the supply of recruits to the reserves, and the competitiveness of U.S. science and technology and the adequacy of the supply of scientists and engineers. He is Editor-in-Chief of The RAND Journal of Economics, a leading journal on industrial organization, regulation, and contracts, and professor of economics at the Pardee RAND Graduate School where he teaches game theory. He has served as RAND Corporate Research Manager in Human Capital, Chair of the Economics and Statistics Department, and Chair of the Economic Advisory Council of the California Institute, a nonprofit organization informing California's congressional delegation on policy matters. Jim earned his B.A. in English from Cornell University and his M.A. and Ph.D. in Economics from The University of Chicago.
