2007 News Releases

For immediate release: September 17, 2007

Dallas Fed Announces Leadership and Staff of Globalization and Monetary Policy Institute

DALLAS—The Federal Reserve Bank of Dallas today announced the formal organization of its Globalization and Monetary Policy Institute, appointing Senior Economist and Vice President Mark A. Wynne as Director and Stanford University Professor John B. Taylor as Advisory Board Chairman.

“Globalization of the economy and the financial markets is an irreversible force, compounding the difficulty of making monetary policy for all central banks, including the Fed,” said Dallas Fed President and CEO Richard W. Fisher. “The purpose of the Institute is to shed better light on the impact of globalization. We are most fortunate to have recruited some of the world's foremost scholars to assist us in this task.”

The Bank announced the appointment of Dallas Fed Chief Economist W. Michael Cox, University of British Columbia economics Professor Michael Devereux and University of Virginia Associate Professor Francis Warnock as senior fellows of the Institute.

In addition, Simona Cociuba, Anthony Landry, Enrique Martinez-Garcia, Ananth Ramanarayanan and Jian Wang were appointed to the Institute's initial team of research economists. Dallas Fed Executive Vice President and Research Director Harvey Rosenblum will be intimately involved in developing the Institute's agenda.

(See biographies of Institute personnel below.)

“The cornerstone for the institute grew from the Manshel Lecture that Richard Fisher gave at Harvard University in 2005,” said Mark Wynne. “We have been working for the past two years to build around that. Now we have in place the Institute itself. Our work has begun in researching the many vexing monetary policy issues deriving from globalization.” (See lecture at http://dallasfed.org/news/speeches/fisher/2005/fs051103.html.)

Biographies

Director of Institute

Mark A. Wynne joined the Dallas Fed in 1989 and most recently held the position of senior economist and vice president. He is widely published in many leading professional journals. During 1997–98, Wynne worked on issues related to monetary policy strategy under economic and monetary union for the European Monetary Institute and, later, the European Central Bank. He holds first-class honors B.A. and M.A. degrees from the National University of Ireland (University College, Dublin) and an M.A. and a Ph.D. from the University of Rochester. He is a member of the academic board of the Open Republic Institute in Dublin.

Advisory Board Chairman (See additional board members below)

John B. Taylor is Mary and Robert Raymond Professor of Economics at Stanford University. He is a globally recognized expert on international monetary and financial issues and has produced extensive research on monetary policy, fiscal policy and international economic policy.

He is recognized throughout the economics profession and within monetary policy circles as the originator of the Taylor Rule, a guiding principle for macroeconomic stabilization followed by many central banks. Taylor also serves as Senior Fellow at the Hoover Institution and Stanford Institute for Economic Policy Research, was founding director of the Stanford Introductory Economics Center, and research associate at the National Bureau of Economic Research.

Taylor has many years of distinguished service with the U.S. government, most recently as undersecretary of Treasury for international affairs from 2001–05. He was a member of the president's Council of Economic Advisers from 1989–91.

Taylor currently serves as the managing editor of the International Journal of Central Banking. He received a B.A. in economics from Princeton University and a Ph.D. in economics from Stanford University.

Senior Fellows

W. Michael Cox, senior vice president and chief economist, joined the Dallas Fed in 1984. Cox authors the Bank's annual report essays, which have received extensive attention from leading publications such as The Wall Street Journal, New York Times and USA Today. He is also widely published in the nation's leading economic journals. Cox received an undergraduate degree in business and economics from Hendrix College and a Ph.D. in economics from Tulane University.

Michael B. Devereux is professor of economics at the University of British Columbia and a visiting scholar at the International Monetary Fund in Washington, D.C. He is widely published in the nation's leading economic journals and is associate editor of the International Journal of Central Banking. He received a B.A. in economics and politics and an M.A. in economics from University College, Dublin, and Ph.D. from Queen's University, Kingston, Ontario.

Francis E. Warnock is associate professor of business administration at the Darden Graduate School of Business at the University of Virginia. He is currently a faculty research fellow at the National Bureau of Economic Research and a research associate at the Institute for International Integration Studies at Trinity College Dublin. He was recently a consultant at the International Monetary Fund and a research fellow at the Hong Kong Monetary Authority. In addition, he served for several years as senior economist in the International Finance Division at the Federal Reserve Board. Warnock received a B.A. from Johns Hopkins University and Ph.D. from the University of North Carolina at Chapel Hill.

Institute Research Economists

Anthony Landry joined the Federal Reserve Bank of Dallas in August 2006. Previously, he served with the Bank of Canada and Federal Reserve System Board of Governors. Landry's recent work focuses on the effects of nominal rigidities in the context of open-economy macroeconomic models. He holds an M.A. in economics from McGill University and a Ph.D. in economics from Boston University.

Jian Wang joined the Dallas Fed in October 2006. He is a senior economist with primary research interests in open economy macroeconomics, international finance and monetary economics. Prior to joining the Bank, he taught at the University of Wisconsin–Madison and served with the Bank of England. He holds an M.A. from the University of Arkansas and a Ph.D. in economics from UW–Madison.

Enrique Martinez-Garcia joined the Dallas Fed in July 2007. Previously, Martinez-Garcia was a teaching and research assistant at the University of Wisconsin–Madison and at the university's Center for World Affairs and the Global Economy. He also served with the Bank of England. His main research interests are in the fields of international macroeconomics and finance, monetary economics and applied econometrics. He holds a B.A. from the University of Alicante in Spain, an M.A. from the University of Pennsylvania and a Ph.D. from the University of Wisconsin–Madison, all in economics.

Ananth Ramanarayanan joined the Dallas Fed in August 2007. His major fields of concentration are international trade and macroeconomics. Most recently, he was a research assistant at the Minneapolis Fed and for Professor Timothy J. Kehoe. Ramanarayanan earned a Ph.D. in economics from the University of Minnesota, where he received the Graduate School Doctoral Dissertation Fellowship.

Simona E. Cociuba joined the Dallas Fed in September 2007. Her major fields of concentration are macroeconomics, growth and development. She recently received a Ph.D. in economics from the University of Minnesota, where she was honored with the Edward C. Prescott Fellowship.

Globalization and Monetary Policy Institute Advisory Board

Dr. John B. Taylor, Chairman
Professor of Economics, Stanford University
Senior Fellow, Hoover Institution

Dr. Charles R. Bean
Chief Economist and Executive Director
Bank of England

Dr. Martin Feldstein
President
National Bureau of Economic Research
George F. Baker Professor of Economics, Harvard University

Dr. Glenn R. Hubbard
Dean, Columbia Business School

Dr. Otmar Issing
President, Center for Financial Studies
Former Member, European Central Bank Executive Board

Dr. Finn Kydland
Jeff Henley Professor of Economics
University of California, Santa Barbara
Nobel Prize Laureate (2004)

Dr. Kenneth S. Rogoff
Thomas D. Cabot Professor of Public Policy
Harvard University
Visiting Fellow, The Brookings Institution

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