Professor of Economic Analysis and Policy and Finance

Expertise and Research Interests:

Small Business Lending
Bank Mergers and Acquisitions
Banking
Business Conditions
Consumer Spending
Unemployment And Inflation
Federal Reserve Monetary Policy And Interest Rates
Credit Union Failures And Losses

Positions Held:

1978 – present, Professor, Haas School of Business
2016 – present, Member, Financial Economists Roundtable
2014 – 2016, Member, Board of Directors, VirtualBeam, Inc.
2012 – present, Member, Board of Directors, Finance Scholars Group
2012 – 2015, Chair, Economic Analysis and Policy Group, Haas School of Business
2003 – present, Fellow, Wharton Financial Institutions Center
1999 – 2001, Chief Economist, Office of the Comptroller of the Currency, Washington, DC
1991 – 1992, Economist, Federal Reserve Board
1990 – 1991, Senior Economist, President’s Council of Economic Advisers

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Many businesses — from the tiniest mom and pop stores to the largest chains —“can survive getting knocked down once or maybe twice,” he said, “but there’s a limit to how many months they can survive without operating at some reasonable level.”

- https://www.politico.com/news/2020/07/15/congress-pressure-pandemic-recovery-364915

"Entertainment and tourism, along with the restaurants and hotels they feed into, will feel the pain of a sputtering economy for the foreseeable future. You’re just going to have this unusually high unemployment for really quite some time. All this depends ... frankly on how much people dare to travel or go to movies or go to bookstores.”

- https://www.sfchronicle.com/business/article/Almost-1-in-6-Californian-workers-are-unemployed-15352231.php

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