Session 22: National Bureau of Economic Research
The annual NBER session presents the views of leading academic economists on a topic of broad interest. This year, two prominent financial economists will discuss various aspects of the financial crisis and the appropriate design of financial market regulation going forward.
Presentations
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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.
Arvind Krishnamurthy
Kellogg School at Northwestern University
Rene Stulz
Ohio State University
René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and the Director of the Dice Center for Research in Financial Economics at the Ohio State University. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He received his Ph.D. from the Massachusetts Institute of Technology. He was awarded a Marvin Bower Fellowship from the Harvard Business School, a Doctorat Honoris Causa from the University of Neuchâtel, and the 1999 Eastern Finance Association Distinguished Scholar Award. In 2004, the magazine Treasury and Risk Management named him one of the 100 most influential people in finance. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, of the Financial Management Association, and of the European Corporate Governance Institute.
René M. Stulz was the editor of the Journal of Finance, the leading academic publication in the field of finance, for twelve years. He is on the editorial board of more than ten academic and practitioner journals. Further, he is a member of the Asset Pricing and Corporate Finance Programs and the director of the Risk of Financial Institutions Group of the National Bureau of Economic Research.
He has published more than sixty papers in finance and economics journals, including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Finance, and the Review of Financial Studies. His published research deals with topics such as the valuation discount of conglomerates, the gains from acquisitions, the benefits and costs of leverage, spinoffs and asset sales, the determinants of liquid asset holdings of firms, secured debt, bank loans, the pricing of exotic options, credit risks, the cost of capital, managerial ownership, the market for corporate control, corporate governance, the performance of firms issuing debt and equity, the determinants of firm capital structures and liquid asset holdings, the use of derivatives in risk management, capital flows, and financial globalization. He is the author of a textbook titled Risk Management and Derivatives and has edited several books, including the Handbook of the Economics of Finance.
René M. Stulz has taught in executive development programs in the U.S., Europe, and Asia. He has consulted for major corporations, law firms, the New York Stock Exchange, the IMF, and the World Bank. He is a director of several companies, the president of the Gamma Foundation, and a trustee of the Global Association of Risk Professionals.