Executive Vice President and Director of Research
Federal Reserve Bank of Dallas

Professional Employment—Present

• Federal Reserve Bank of Dallas, Executive Vice President and Director of Research (2005 –present).
• Federal Reserve Bank of Dallas, Senior Vice President and Director of Research, 1985–2005.
• Southern Methodist University, Dallas, Visiting Professor of Finance and Economics

Professional Employment—Previous

• Federal Reserve Bank of Chicago
  • Vice President and Associate Director of Research, 1983–85
  • Vice President and Economic Advisor, 1979–83
  • Assistant Vice President and Senior Economist, 1976–79
• DePaul University, Chicago, Visiting Professor, Department of Finance, 1973–85.
• University of Oregon, Eugene, Visiting Associate Professor of Finance, 1977–78.
• Boberski and Company, Chicago, Economist, 1973–74
• Federal Reserve Bank of Chicago, Research Economist, 1970–73

Areas of Specialization

• Monetary theory and policy, financial institutions and markets, industrial organization, finance, microeconomic theory

Publications

• "Comment on Three Papers," in Asset Price Bubbles: Implications for Monetary and Regulatory Policies, George Kaufman, ed., Volume 13, 2001.
   
• "The 1990s Inflation Puzzle," Federal Reserve Bank of Dallas Southwest Economy, May/June 2000.
   
• "Can Low Oil Prices Cripple the Texas Banking System?" Federal Reserve Bank of Dallas Southwest Economy, May/June 1999.
   
• "Why Social Security Should Be Privatized," Federal Reserve Bank of Dallas Southwest Economy, May 1997.
   
• "A Financial System that Strengthens Market Forces: What is Most Needed?" in Regulation and Supervision of Financial Institutions in the NAFTA Countries and Beyond, George von Furstenberg, ed., 1997.
   
• "1996: Another Good Year," Copper Talk: The Magazine of the American Copper Council, June 1996.
   
• "Electronic Money: Hype and Reality," Bank Administration Institute, Banking Strategies, November/December 1996.
   
• "A Financial System that Strengthens Market Forces: What is Most Needed?," Integrating Economies: Banking and Finance in the NAFTA Countries and Chile, Kluwer Academic Publishers, 1996.
   
• "It's Not Broke, So Don't Fix It: Why the Federal Reserve Should Not Be Reformed," Business Economics, 1994.
   
• "Shrinking Profit Opportunites in Banking and the Credit Crunch: Where Do We Go From Here?" in Bottom-line Banking: Meeting the Challange for Survival and Success, John B. McCoy, Larry A. Frieder, and Robert B. Hedges, Jr., eds. , Probus Publishing Co., 1994.
   
• "Banking Conditions and the Credit Crunch: Implications for Monetary Growth and the Economy," with Robert T. Clair, Business Economics, April 1993.
   
• "Growth in the U.S. Economy Depends on Stronger Consumer Spending," with Evan Koenig and D'Ann Ozment Federal Reserve Bank of Dallas Southwest Economy, March/April 1992.
   
• "U.S.–Mexico Free Trade: Impacts on Texas Agriculture and the Texas Economy," Texas Agricultural Forum, Selected State and Federal Issues: Impacts on Texas Agriculture, November 1991.
   
• "Economic Commentary: The Pathology of a Credit Crunch," Federal Reserve Bank of Dallas Southwest Economy, July/August 1991.
   
• "Oil Prices and the Economic Outlook," with Stephen Brown, Evan Koenig, Keith Phillips, and Mine Yücel Federal Reserve Bank of Dallas Southwest Economy, November 1990.
   
• "A Closer Look at Southwest Recovery," with William C. Gruben, Keith R. Phillips, and Fiona Sigalla, Federal Reserve Bank of Dallas Southwest Economy, September 1990.
   
• "Economic Commentary: The Texas Credit Crunch," Federal Reserve Bank of Dallas Southwest Economy, September 1990.
   
• "Credit Availability" and "Is the Eleventh District Suffering from a Credit Crunch?" Federal Reserve Bank of Dallas Cross Roads, Summer 1990.
   
• "Money and Inflation in a Deregulated Financial Environment: An Overview," with W. Michael Cox, Federal Reserve Bank of Dallas Economic Review, May 1989.
   
• "Deposit Insurance and the Credit Shortage in Texas," Federal Reserve Bank of Dallas Southwest Economy, January 1989.
   
• "The Dollar's 'Fall' May Be An Illusion," With W. Michael Cox, New York Times, January 11, 1987.
   
• "Financial Darwinism: Banks-and Nonbanks-Are Surviving," with Christine Pavel, Federal Reserve Bank of Chicago, Staff Memoranda 85-5.
   
• "Banks and Nonbanks: The Horse Race Continues," With Christine Pavel, Federal Reserve Bank of Chicago Economic Perspectives, May/June 1985.
   
• "Impact of Nonbank Entry," with Larry Frieder, et.al., in Commercial Banking and Interstate Expansion: Issues, Prospects and Strategies, UMI Research Press, 1985.
   
• "Pros and Cons Surrounding Proposed Relaxations of the Geographic Restrictions on Banking in Illinois," with Christine Pavel, Sue Gregorash, Karl Scheld, and James Morrison, in Financial Issues Seminar for Illinois Legislators, Federal Reserve Bank of Chicago, April 1985.
   
• "The Structure of Banking Services in Illinois," with Sue F. Gregorash in Geographical Deregulation of Financial Services in Illinois: Public Policy Symposium, Loyola University Center for Financial Studies, March 1985.
   
• "The Product Market in Commercial Banking: Cluster's Last Stand?" with John Di Clemente and Kit O'Brien, Federal Reserve Bank of Chicago Economic Perspectives, January/February 1985.
   
• "On Banks, Nonbanks, and Overlapping Markets: A Reassessment of Commercial Banking as a Line of Commerce," with M. Kathleen O'Brien and John J. Di Clemente, Federal Reserve Bank of Chicago Staff Memoranda, 85-1.(Reprint of Tennessee Law Review article)
   
• "Banking Services in Transition: The Effects of Nonbank Competitors," with Christine Pavel, in The Handbook of Banking Strategy, Richard C. Aspinwall and Robert Eisenbeis, eds., John Wiley & Sons, 1985.
   
• "Bank Failures Point to Need for Reform," Commercial West, December 1984.
   
• "Banks and Nonbanks: Who's in Control?" The Bankers Magazine, September/ October 1984.
   
• "An Analysis of Interstate Banking in Florida: Impact of Nonbank Entry," Journal of Corporation Law, Summer 1984.
   
• "Consequences of Deregulation for Commercial Banking," with George G. Kaufman and Larry R. Mote, Journal of Finance, July 1984.
   
• "On Banks, Nonbanks, and Overlapping Markets: A Reassessment of Commercial Banking as a Line of Commerce," with Kathleen O'Brien and John Di Clemente, Tennessee Law Review, Banking Symposium Issue, Spring 1984.
   
• "An Analysis of Interstate Banking in Florida: Impact of Nonbank Entry," in The Report of the Florida Interstate Banking Study Group, Interstate Bank Expansion: Market Forces and Competitive Realities, prepared for the Florida House of Representatives, January 1984.
   
• "Consequences of Deregulation for Commercial Banking," with George G. Kaufman and Larry R. Mote, Federal Reserve Bank of Chicago, Staff Memoranda 84-3, 1984.
   
• "Financial Services in Transition: The Effects of Nonbank Competitors," with Christine Pavel, Federal Reserve Bank of Chicago, Staff Memoranda 84-1, 1984.
   
• "The Future of Commercial Banks in the Financial Services Industry," with George G. Kaufman and Larry R. Mote, Federal Reserve Bank of Chicago, Staff Memoranda 83-5, 1983.
   
• "1983: The Year in Review," Commercial West, Winter 1983.
   
• "Finance Companies and S&Ls: Grinning Like Cheshires, Lending Like Credit Unions," Credit Union Executive, Winter 1983.
   
• "Competition in Financial Services: The Impact of Nonbank Entry," with Diane Siegel, in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1983.
   
• "Banks and Nonbanks:Running Neck and Neck," with Christine Pavel, The NABW Journal, November/ December, 1983.
   
• "Banks Have Already Met the Challenge of Nonbank Competition," (Summary of a paper presented at the Fall Seminar of the Bank Holding Company Association of Minnesota.) Commercial West, November 5, 1983.
   
• "Banks and Nonbanks: A Run for the Money," with Diane Siegel and Christine Pavel, Commercial West, August 1983.
   
• "The Future of Commercial Banks in the Financial Services Industry," with George G. Kaufman and Larry R. Mote, paper prepared for the 64th American Assembly and published in Financial Services: The Changing Institutions and Government Policy, George J. Benston, ed., Prentice Hall: Englewood Cliffs, 1983.
   
• "Comments on: George C. White, 'The Conflicting Roles of the Fed as a Regulator and a Competitor'," Journal of Bank Research, Spring 1983.
   
• "The Implications of Deregulation in Banking," with George G. Kaufman and Larry R. Mote, Journal of Bank Research, Spring 1983.
   
• "Banks and Nonbanks: A Run for the Money," Federal Reserve Bank of Chicago Economic Perspectives, May/June, 1983.
   
• "Interest Rate Volatility in Historical Perspective," with Steven Strongin, Federal Reserve Bank of Chicago Economic Perspectives, January/February 1983.
   
• "Competition in Financial Services: The Impact of Nonbank Entry," with Diane Siegel, Federal Reserve Bank of Chicago Staff Study 83-1, 1983.
   
• "The Changing Nature of Financial Markets and the Implications for Credit Flows in Rural Areas," in Proceedings of a Conference on Rural Financial Markets, Federal Reserve Bank of Chicago, 1983.
   
• "Implications of Deregulation for Product Lines and Geographical Markets of Financial Institutions," with George G. Kaufman and Larry R. Mote, Federal Reserve Bank of Chicago, Staff Memoranda, 82-2, 1982.
   
• "The Impact of Depository Institution Deregulation on Consumer Finance Companies," Credit, July/August 1982.
   
• "Impact of Deregulation: Product Lines, Geographic Markets," with George G. Kaufman and Larry R. Mote, Bankers Monthly, May 1982.
   
• "Implications of Deregulation for Product Lines and Geographical Markets of Financial Institutions," with George G. Kaufman and Larry R. Mote, in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1982.)
   
• "Liability Strategies for Minimizing Interest Rate Risk," in Managing Interest Rate Risk in the Thrift Industry, Proceedings of the Seventh Annual Conference, Federal Home Loan Bank of San Francisco, 1981.
   
• "The Implications of DIDMCA for Federal Reserve Supervisory and Regulatory Policy-Making," with George G. Kaufman, in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1981.)
   
• "Interest Rate Volatility, Regulation Q and the Problems of Thrift Institutions," in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1980.
   
• "The U.S. Dollar Problem from an American Perspective," with Eckart Mildenstein, in Wirtschaftsdienst, May 1978.
   
• "A Cost–Benefit Analysis of the Bank Holding Company Act of 1956," in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1978.
   
• "Bank Capital Adequacy," Federal Reserve Bank of Chicago Business Conditions, September 1976.
   
• "Bank Holding Companies-Part II," Federal Reserve Bank of Chicago Business Conditions, April 1975.
   
• "Bank Holding Company Review 1973/74-Part I," Federal Reserve Bank of Chicago Business Conditions, February 1975.
   
• "Bank Holding Companies: An Overview," Federal Reserve Bank of Chicago Business Conditions, August 1973.
   
• "The Impact of Limited Branch Banking upon Farm Lending in Wisconsin," in Improved Fund Availability at Rural Banks, Board of Governors of the Federal Reserve System, June 1972.
   
• "The Effect of Alternative Banking Structures upon Agricultural Lending in Ohio, Florida, and Wisconsin," in Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1971.
   
• "Sales Maximization: A Further Look," (Abstract of paper read before Western Economic Association meetings, August 1967), Western Economic Journal, September 1967.

Speeches and Testimony

• Changing Risks in the Global Economy
  Presentation to the Global Interdependence Center, Santiago, Chile, March 5, 2007
   
• The Economic Outlook for 2007
  January 18, 2007: Women's Financial Series (SMU)
  January 19, 2007: Dallas Economists Club
  January 24, 2007: American Marketing Association
  February 13, 2007: Texas Mortgage Bankers
  February 15, 2007: Houston NABE Chapter 
   
• "The Trimmed Mean PCE Inflation Rate: A Fitter, Trimmer Core Measure" , Presentation to the NABE Annual Meeting
  Boston, Mass, September 10, 2006
   
• "Understanding Inflation: Lessons from My Central Banking Career," Presidential Address, National Association for Business Economics annual meeting, Washington, D.C., October 1, 2002.
   
• "What Economic Information Does the Fed Have That the Market Doesn't?" Remarks before the American Copper Council, El Paso, Texas, April 26, 2001.
   
• "The Texas Economy: Conditions and Prospects for Recovery," Congressional Testimony before the Committee on Banking, Finance, and Urban Affairs, U.S. House of Representatives, Field Hearings, Houston, Texas, June 1990.

Professional Activities

• Executive Director, North American Economics and Finance Association.
• Past President, National Association for Business Economics
• Member, Executive Committee, Board of Directors, National Association for Business Economics
• Member, Dallas Committee on Foreign Relations.
• Past President, Dallas Economics Club.
• Steering Committee, President's Research Council, UT Southwestern Medical School