Biographical Sketches of Panel Members and Staff

SAM Y. CROSS (Chair) is executive in residence at the School of International and Public Affairs at Columbia University. He formerly served as executive vice president of the Federal Reserve Bank of New York, manager for foreign operations of the System Open Market Account for the Federal Reserve System, and U.S. executive director of the International Monetary Fund. He also served in the U.S. Department of the Treasury as special assistant and as Deputy Assistant Secretary for International Monetary and Investment Affairs. He has a B.S. and an M.S. from the University of Tennessee.

STEPHEN H. AXILROD is vice chair of Nikko Securities International, Inc. He previously served as staff director and secretary for the Federal Open Market Committee of the Federal Reserve System and staff director for monetary and financial policy at the Federal Reserve Board. He has also served as U.S. representative on a number of committees of the Organization of Economic Cooperation and Development and the Bank for International Settlements on the subject of international and domestic monetary policy and in advisory positions with the Central Bank of Oman, the Korean Economic Institute, and the Investment Committee of the Japan Society. He has been a regular columnist in the Japan Economic Journal and The American Banker. He received an A.B. from Harvard University and an M.A. from the University of Chicago.



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Following the Money: U.S. Finance in the World Economy Biographical Sketches of Panel Members and Staff SAM Y. CROSS (Chair) is executive in residence at the School of International and Public Affairs at Columbia University. He formerly served as executive vice president of the Federal Reserve Bank of New York, manager for foreign operations of the System Open Market Account for the Federal Reserve System, and U.S. executive director of the International Monetary Fund. He also served in the U.S. Department of the Treasury as special assistant and as Deputy Assistant Secretary for International Monetary and Investment Affairs. He has a B.S. and an M.S. from the University of Tennessee. STEPHEN H. AXILROD is vice chair of Nikko Securities International, Inc. He previously served as staff director and secretary for the Federal Open Market Committee of the Federal Reserve System and staff director for monetary and financial policy at the Federal Reserve Board. He has also served as U.S. representative on a number of committees of the Organization of Economic Cooperation and Development and the Bank for International Settlements on the subject of international and domestic monetary policy and in advisory positions with the Central Bank of Oman, the Korean Economic Institute, and the Investment Committee of the Japan Society. He has been a regular columnist in the Japan Economic Journal and The American Banker. He received an A.B. from Harvard University and an M.A. from the University of Chicago.

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Following the Money: U.S. Finance in the World Economy RICHARD N. COOPER is the Maurits C. Boas professor of international economics at Harvard University. He previously served as Under Secretary for Economic Affairs and Deputy Assistant Secretary for International Monetary Affairs in the U.S. Department of State and as senior staff economist for the Council of Economic Advisers. He was also provost and professor of international economics at Yale University and chair of the Federal Reserve Bank of Boston. He has served as chair of the advisory committee and director of the Institute for International Economics. He serves on the board of directors of a number of corporations and is a member of the Trilateral Commission and the Council on Foreign Relations. He has published over 300 articles and books. He received an A.B. from Oberlin College, an M.Sc. (Econ.) from the London School of Economics, and a Ph.D. from Harvard University. DAVID T. DEVLIN is a vice president and deputy senior adviser for international operations of Citibank. Previously, he served as chief of operations in setting up the Institute of International Finance in Washington, which monitors economic developments in some 50 countries for major international banks. Prior to joining Citibank, he was associate director for international economics at the Bureau of Economic Analysis of the U.S. Department of Commerce and chief of the Balance of Payments Division of the Federal Reserve Bank of New York. He has a Ph.D. in economics from Columbia University. RIMMER DE VRIES is a managing director and senior economic adviser at Morgan Guaranty Trust Co. Previously, he was an economist at the Federal Reserve Bank of New York. He served as a member of the Competitiveness Commission during the Reagan administration and a member of the Balance of Payments Commission during the Ford administration. He is a member of the Council on Foreign Relations and a member of the Advisory Committee of the Institute of International Economics. He received an A.B. from the Netherlands School of Economics and an M.A. and a Ph.D. from Ohio State University. JEFFREY A. FRANKEL is a professor of economics at the University of California, Berkeley, and director of the university's Center for International and Development Economics Research. He is also a research associate and director for international finance

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Following the Money: U.S. Finance in the World Economy and macroeconomics at the National Bureau of Economic Research. He is currently a senior fellow at the Institute for International Economics. He was formerly senior staff economist at the Council of Economic Advisers; a visiting professor at Harvard University; and a visiting scholar at the International Monetary Fund, the Federal Reserve Board, and the Federal Reserve Bank of San Francisco. He is the author of numerous books and articles. He has a Ph.D. from the Massachusetts Institute of Technology. ROBERT F. GEMMILL is an independent economic consultant. He has served on a number of international missions, providing technical assistance and advice to central banks and other institutions. Formerly, he was staff advisor and associate director of the Division of International Finance of the Federal Reserve Board. He has worked on banking issues for several committees of the Bank for International Settlements. He received a Ph.D. from Harvard University. EDWARD I. GEORGE is a professor of statistics in the Department of Management Science and Information Systems at the University of Texas at Austin. Previously, he was an associate professor of statistics in the Graduate School of Business at the University of Chicago. He is a member of the American Statistical Association, the Institute of Mathematical Statistics, and the Royal Statistical Society. He is currently an associate editor of the Journal of the American Statistical Association. He holds an A.B. in mathematics from Cornell University, an M.S. in applied mathematics and statistics from the State University of New York at Stony Brook, and a Ph.D. in statistics from Stanford University. JOHN G. HEIMANN is chair of the Global Financial Institutions Group at Merrill Lynch and Co. and a member of the Office of the Chairman. Previously, he was deputy chair of A.G. Becker Paribas, Inc., Paribas International; senior vice president and director of E.M. Warburg, Pincus, and Co., Inc.; and vice president of Smith Barney and Co. He has also held positions as U.S. Comptroller of the Currency, New York State Commissioner of Housing and Community Renewal, and New York State Superintendent of Banks. He is a director of Merrill Lynch National Financial Bank, a member and the treasurer of the Group of Thirty, and senior advisor to the Board of River Bank America, New York. He has a B.A. in economics from Syracuse University.

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Following the Money: U.S. Finance in the World Economy PETER B. KENEN is a professor of economics and international finance at Princeton University. Previously, he taught at Columbia University. He is the author of numerous books and articles, including The International Economy and The EMU After Masstricht. He is a member of the advisory committee of the Institute for International Economics, the steering committee of the Group of Thirty, the executive committee of the Bretton Woods Committee, and the Council on Foreign Relations. He received an A.B. from Columbia University and an M.A. and a Ph.D. from Harvard University. ANNE Y. KESTER, who served as study director of the panel and an earlier Panel on Foreign Trade Statistics, is currently affiliated with the International Monetary Fund. Previously, she was assistant director of the U.S. General Accounting Office and a research associate at the Graduate School of Business Administration at Harvard University. She has also held positions as a senior management consultant at a Harvard-affiliated consulting firm and as an economic consultant to several federal agencies, research institutions, and various corporations. She received an M.A. in public policy and administration and a Ph.D. in economics from the University of Wisconsin-Madison. LAWRENCE R. KLEIN is Benjamin Franklin professor of economics, emeritus, at the University of Pennsylvania. He is a member of the National Academy of Sciences and a Nobel Laureate for Economics. He has served as director, W.P. Carey & Co, New York; consultant, United Nations; cochair, Economists Against the Arms Race; member, advisory panel, Congressional Budget Office; and a visiting professor at Ritsumeikan University in Kyoto and Reitaku University in Tokyo, Japan. He has also been a columnist for Il Messagero, Rome; Shinano Mainichi Shimbun , Japan; and Seoul Kyungje Shinmun, Republic of Korea. He received a B.A. from the University of California, Berkeley, and a Ph.D. from the Massachusetts Institute of Technology. SAMUEL PIZER is a long-time consultant to the International Monetary Fund, having served at various times as the director of the technical staff and member of the Working Party on the Discrepancy in the World Current Account, consultant to the managing director, and consultant to the Working Party on the Measurement of International Capital Flows. Previously, he was senior adviser and senior economist for the Division of International

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Following the Money: U.S. Finance in the World Economy Finance at the Federal Reserve Board, and he worked at the U.S. Department of Commerce and served as assistant chief of the Balance of Payments Division. He has a B.A. and an M.A. from George Washington University. ROBERT L. SAMMONS is an independent consultant, principally to U.S. government agencies, including the Departments of the Treasury, State, and Commerce and the Agency for International Development, but also to the International Monetary Fund and the Center for Strategic and International Studies. Formerly, he was director of the Monetary Division of the Department of Economics and Statistics of the Organization for Economic Cooperation and Development, associate director of the Division of International Finance of the Board of Governors of the Federal Reserve System, statistical consultant to the Puerto Rico Planning Board, and chief of the Balance-of-Payments Division at the U.S. Department of Commerce. He holds an A.B. and an M.A. from George Washington University and an M.A. in public administration from Harvard University. COURTENAY M. SLATER is president of Slater Hall, Inc., a data preparation and analysis firm. Before founding Slater Hall, Inc., she served as chief economist for the U.S. Department of Commerce, senior economist with the Joint Economic Committee of Congress, and senior economist with the Council of Economic Advisers. She is a fellow of the American Statistical Association and has served as chair of the Council of Professional Associations on Federal Statistics. She has also served on the Committee on National Statistics of the National Research Council. She holds a B.A. from Oberlin College and a Ph.D. in economics from American University. ROBERT SOLOMON is a guest scholar at the Brookings Institution. He previously served as director of the Division of International Finance at the Federal Reserve Board and senior staff economist of the Council of Economic Advisers. He is a member of the Council on Foreign Relations and the editor of The International Economic Letter. He received a B.A. from the University of Michigan and an M.A. and a Ph.D. from Harvard University. J. MICHAEL STEELE is C.F. Koo professor of statistics at the Wharton School of the University of Pennsylvania. Previously, he was a professor at Stanford University and Princeton University.

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Following the Money: U.S. Finance in the World Economy He is a fellow of the American Statistical Association and the Institute of Mathematical Statistics. He has served on several panels at the National Research Council and on the advisory committee of the American Statistical Association to the Bureau of the Census. He was the founding editor of the Annals of Applied Probability. He received a Ph.D. from Stanford University. NANCY H. TEETERS is a former governor of the Federal Reserve Board and former vice president of economics and chief economist at the IBM Corporation. Earlier, she served as assistant director and chief economist of the Committee on Budget of the U.S. House of Representatives, senior specialist at the Congressional Research Service of the Library of Congress, economist at the U.S. Bureau of the Budget, staff of the Council of Economic Advisers, and staff economist for the Government Financial Section of the Federal Reserve System Board of Governors. She has also been an instructor at the University of Michigan and the University of Maryland. Currently, she serves on corporate boards for Prudential Mutual Funds and Inland Steel Industries and is a member of the Council on Foreign Relations. She received an A.B. from Oberlin College and an M.A. from the University of Michigan. LAWRENCE A. THIBODEAU is a partner at Price Waterhouse and directs the statistical practice within the Dispute Analysis and Corporate Recovery Group. He is a member of the American Association for the Advancement of Science and the American Statistical Association. He previously served as associate professional lecturer in statistics at George Washington University, director of the Statistical and Quantitative Services Division at Applied Management Sciences, and assistant professor at Harvard University. He received a Ph.D. in statistics from the University of Minnesota. H. DAVID WILLEY is an advisor to Morgan Stanley & Co., Inc. Formerly, he served as vice president of the Federal Reserve Bank of New York and director of the Research and Policy Division of the Office of Foreign Direct Investment in the U.S. Department of Commerce. He has also served as a slate analyst at ESSO International, Inc., and as a foreign service officer and analyst for the U.S. government. He received a B.A. from Colgate University, an M.A. from the Fletcher School of Law and Diplomacy, and a Ph.D. from Columbia University.