Members

Michael D. Bordo

Michael D. Bordo is Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, New Jersey. He has held previous academic positions at the University of South Carolina and Carleton University in Ottawa, Canada. He has been a visiting Professor at the University of California Los Angeles, Carnegie Mellon University, Princeton University, Harvard University, Cambridge University where he was Pitt Professor of American History and Institutions, and a Visiting Scholar at the IMF, Federal Reserve Banks of St. Louis and Cleveland, the Federal Reserve Board of Governors the Bank of Canada, the Bank of England and the Bank for International Settlement. He also is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has a B.A. degree from McGill University, a M.Sc.(Econ) from the London School of Economics and he received his Ph.D. at the University of Chicago in 1972. He has published many articles in leading journals and ten books in monetary economics and monetary history. He is editor of a series of books for Cambridge University Press: Studies in Macroeconomic History. Recent publications include: with with Barry Eichengreen, A Retrospective on the Bretton Woods International Monetary System, University of Chicago Press, 1993; with Claudia Goldin and Eugene White, The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, University of Chicago Press, 1998; Essays on the Gold Standard and Related Regimes, Cambridge University Press, 1999; with Alan Taylor and Jeffery Williamson. Globalization in Historical Perspective. University of Chicago Press, 2003.

 

Charles W. Calomiris

Charles W. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia Business School and a Professor at Columbia’s School of International and Public Affairs. He is an adjunct fellow at the Manhattan Institute, a member of the Financial Economists Roundtable, a member of the Shadow Open Market Committee, and a Research Associate of the National Bureau of Economic Research. Professor Calomiris co-directs the Hoover Institution’s Program on Regulation and the Rule of Law, and is co-managing editor of the Journal of Financial Intermediation. His recent book with Stephen Haber, Fragile By Design: The Political Origins of Banking Crises and Scarce Credit (Princeton 2014) was named one of the 2014 books of the year by the Financial Times and by Bloomberg Businessweek. Professor Calomiris served on the International Financial Institution Advisory Commission, a Congressional commission to advise the U.S. government on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans segovernment on the reform of the IMF, the World Bank, the regional development banks, and the WTO. His research spans several areas, including banking, corporate finance, financial history, monetary economics, and economic development. He received a B.A. in economics from Yale University in 1979 and a Ph.D. in economics from Stanford University in 1985.

 

Marvin Goodfriend (inactive)

Marvin Goodfriend holds the Friends of Allan Meltzer Professorship at Carnegie Mellon’s Tepper School of Business. Before coming to Carnegie Mellon he was Director of Research and Policy Advisor at the Federal Reserve Bank of Richmond, regularly attending meetings of the Federal Open Market Committee from 1993 to 2005. Dr. Goodfriend is a research associate of the National Bureau of Economic Research. He is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and an Honorary Advisor of the Institute for Monetary and Economic Studies at the Bank of Japan. He is also a member of the Shadow Open Market Committee. Dr. Goodfriend is co-editor of the Carnegie Rochester Conference Series on Public Policy. He served as a senior staff economist for the President’s Council of Economic Advisors at the White House in 1984-5. Dr. Goodfriend holds a Ph.D. in economics from Brown University and a B.S. in mathematics from Union College.

 

Gregory D. Hess

Gregory D. Hess is the President of Wabash College, a liberal arts college for men in Crawfordsville, Indiana. Hess is a graduate of the University of California, Davis, and earned master’s and doctorate degrees at The Johns Hopkins University. Prior to Wabash, he was Boswell Professor of Economics and Dean of the Faculty at Claremont McKenna College, the Danforth-Lewis Professor of Economics at Oberlin College and a University lecturer at Cambridge University and fellow of St. John’s College. He has served as an economist at the Federal Reserve Board in Washington, D.C., and has been a visiting scholar at the Bank of Japan, the International Monetary Fund, and the Federal Reserve Banks of Cleveland, Kansas City and St. Louis. His teaching and research interests include macroeconomics, public finance, monetary policy, and political economy.

 

Peter Ireland

Peter Ireland is the Murray and Monti Professor of Economics at Boston College, a Research Associate at the National Bureau of Economic Research, and an Editor of the Berkeley Electronic Journal of Macroeconomics. Before joining the faculty at Boston College, Professor Ireland held positions at Rutgers University and at the Federal Reserve Bank of Richmond; he received his Ph.D. in economics from the University of Chicago in 1991. Professor Ireland’s teaching and research focus on macroeconomics and monetary economics, particularly Federal Reserve policy and its effects on the United States economy.

 

Mickey D. Levy

Mickey D. Levy is Chief Economist for the Americas and Asia for Berenberg Capital Markets. He conducts research on a variety of US and global economic and macroeconomic topics. Dr. Levy is an advisor to several Federal Reserve Banks and has testified before US Congressional committees on topics concerning the Federal Reserve and monetary policy, fiscal and budget policies, economic and credit conditions and the banking industry. Prior to his current position, Dr. Levy was Chief Economist at Bank of America and Blenheim Capital Management. He has also conducted research at the American Enterprise Institute and the Congressional Budget Office.

 

Deborah Lucas

Deborah J. Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and the Director of the MIT Golub Center for Finance and Policy. Her recent research has focused on how to better measure and account for the costs and risks of the government’s financial obligations. She also has published extensively in the areas of asset pricing and portfolio choice, dynamic models of corporate finance, money and banking, and retirement policy.

Previous appointments include assistant director at the Congressional Budget Office; professor at Northwestern University’s Kellogg School; chief economist at the Congressional Budget Office; and senior staff economist at the Council of Economic Advisers. She has been a director on several corporate and non-profit boards, including the American Finance Association.

She currently is an associate editor for the AEJ-Policy, the Annual Review of Financial Economics, and the Journal of Financial Intermediation; an NBER Research Associate; serves on advisory boards for the New York Fed, the Urban Institute, and the Census Bureau.

She received her BA, MA, and a PhD in economics from the University of Chicago.

 

Athanasios Orphanides

Athanasios Orphanides is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management. From 2007 to 2012 he served a five-year term as governor of the Central Bank of Cyprus and from 2008 to 2012 he was a member of the Governing Council of the European Central Bank. Following the creation of the European Systemic Risk Board in 2010, he was elected a member of its first Steering Committee. Earlier, he served as senior adviser at the Board of Governors of the Federal Reserve System, where he had started his professional career as an economist. His research interests are on central banking, finance, and political economy and he has published extensively on these topics. He obtained his undergraduate degrees in mathematics and economics as well as a PhD in economics from MIT.

 

 

PAST MEMBERS

Allan H. Meltzer (1928-2017)

Allan H. Meltzer was an economist and the Allan H. Meltzer University Professor of Political Economy at Carnegie-Mellon University’s Tepper School of Business and, with Karl Brunner, one the founders of the Shadow Open Market Committee. A prolific researcher and commentator on a wide range of topics relating to monetary and economic policies, Meltzer’s two-volume study, A History of the Federal Reserve, provides comprehensive analysis of the Fed and its activities from its founding in 1913 through 1986. Meltzer served as a member of President Reagan’s Council of Economic Advisors in 1988. In 1998, as Chair of the International Financial Institution Advisory Commission (also known as the Meltzer Commission), Meltzer helped reshape US involvement with the International Monetary Fund, World Bank, and other international economic organizations. In addition to the SOMC, Meltzer founded the Journal of Monetary Economics and the Carnegie-Rochester Conference Series on Public Policy.

 

Karl Brunner (1916-1989)

Karl Brunner was the Fred H. Gowen Professor of Economics at the University of Rochester’s William E. Simon Graduate School of Business Administration and Director of its Bradley Policy Research Center. Together with Allan Meltzer, Brunner founded the Shadow Open Market Committee, the Journal of Monetary Economics, and the Carnegie-Rochester Conference Series on Public Policy. Brunner also served as founding editor of the Journal of Money, Credit, and Banking. Born in Zurich, Switzerland, Brunner held academic appointments at the University of California at Los Angeles and Ohio State University before moving to the University of Rochester. In recognition of his intellectual contributions, especially those that helped shape the theory and practice of central banking, the Swiss National Bank has held its Karl Brunner Distinguished Lecture Series annually since 2016.

 

Anna Schwartz (1915-2012)

Anna Schwartz was an economist at the National Bureau of Economic Research in New York City, and was widely recognized as one of the world’s greatest monetary scholars. She was known in part for her collaboration with Milton Friedman on A Monetary History of the United States, 1867-1960. She was a past president of the Western Economic Association and was a distinguished fellow of the American Economic Association.

 

Bennett McCallum

Bennett McCallum is a Professor of Economics at Carnegie Mellon and member of the SOMC from 1997 to 2016.

 

 

 

W. Lee Hoskins

W. Lee Hoskins was the President and CEO of the Federal Reserve Bank of Cleveland, 1987-1991.

 

William Poole

William Poole was the president and CEO of the Federal Reserve Bank of St. Louis from 1998 through 2008 and, prior to that, the Herbert H. Goldberger Professor of Economics at Brown University.

 

Robert Rasche (1941-2016)

Robert Rasche was the former Director of Research at the Federal Reserve Bank of St Louis from 1999 until his death. Rasche was a member of the SOMC from its inception in 1973-1998.

 

 

 

Jerry Jordan

Jerry Jordan was the President and CEO of the Federal Reserve Bank of Cleveland, 1992-2003.