OFFICERS

Senior Council

Philip Richard Lane is an Irish economist who has served as a Member of the Executive Board of the European Central Bank since June 2019. He previously served as the Governor of the Central Bank of Ireland from 2015 to 2019.

Mr. Lane was a professor of international macroeconomics and Director of the Institute for International Integration Studies at Trinity College Dublin. He received a doctorate in Economics at Harvard University . He then became Assistant Professor of Economics and International Affairs at Columbia University before returning to Trinity College, Dublin in 1997. He remains affiliated with Trinity College as Whatley Professor of Political Economy. He was a research fellow of the Centre for Economic Policy Research and has been a visiting scholar at the International Monetary Fund and the Federal Reserve Bank of New York and a consultant to the European Commission. 

James “Jim” Bullard is the president and CEO of the Federal Reserve Bank of St. Louis. In that role, he is a participant on the Federal Reserve’s Federal Open Market Committee (FOMC), which meets regularly to set the direction of U.S. monetary policy. He also oversees the Federal Reserve’s Eighth District, including activities at the St. Louis headquarters and its branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn.

Bullard is a noted economist and scholar, and his positions are founded on research-based thinking and an intellectual openness to new theories and explanations. A native of Forest Lake, Minn., Bullard received his doctorate in economics from Indiana University in Bloomington.

Ilan Goldfajn is the Director of the IMF’s Western Hemisphere Department. He was Governor of the Banco Central do Brasil (BCB) from May 2016 until February 2019.  Mr. Goldfajn’s experience in the private sector include positions as Chief Economist and Partner of Itaú Unibanco, founding Partner of Ciano Investimentos, and Partner and Economist at Gávea Investimentos—three leading financial institutions in Brazil. More recently he was the Chairman of Credit Suisse Brazil’s Advisory Board. He has also worked as a consultant to a number of global financial organizations, including the World Bank, the United Nations, and the IMF. 

He has taught economics at various universities in Brazil and the United States and has published numerous articles and books. Mr. Goldfajn holds a PhD in Economics from the Massachusetts Institute of Technology (MIT).

Philip Lowe is Governor of the Reserve Bank of Australia. 

Mr Lowe holds a PhD from the Massachusetts Institute of Technology. He has authored numerous papers, including on the linkages between monetary policy and financial stability. He commenced as Governor on 18 September 2016. 

He is Chair of the Reserve Bank Board and Payments System Board, and Chair of the Council of Financial Regulators. He is a member of the Financial Stability Board. Prior to his current role, he held the positions of Deputy Governor, Assistant Governor (Economic) and Assistant Governor (Financial System). He also spent two years at the Bank for International Settlements working on financial stability issues. 

Mr Lowe is Chair of the Financial Markets Foundation for Children and a director of The Anika Foundation. He is also Chair of the Committee on the Global Financial System of the Bank for International Settlements. 

Loretta J. Mester is the president and chief executive officer of the Federal Reserve Bank of Cleveland. She  participates in the formulation of U.S. monetary policy and oversees more than 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014. 

Dr. Mester earned her Ph.D. degree in economics from Princeton University, where she was a National Science Foundation Fellow. Prior to being named president and chief executive officer of the Federal Reserve Bank of Cleveland, Dr. Mester was executive vice president and director of research at the Federal Reserve Bank of Philadelphia. Dr. Mester is an adjunct professor of finance at the Wharton School of the University of Pennsylvania and a fellow at the Wharton Financial Institutions Center. She has also taught in the undergraduate finance and M.B.A. programs at Wharton and in the Ph.D. program in finance at New York University. 

Athanasios Orphanides is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management.  

He is also an Honorary Advisor to the Bank of Japan’s Institute for Monetary and Economic Studies, a member of the Shadow Open Market Committee, a Research Fellow at the Centre for Economic Policy Research, a Senior Fellow at the Center for Financial Studies, and a Research Fellow at the Institute for Monetary and Financial Stability. 

Before joining MIT Sloan, he held positions at central banks in the United States and in Europe.  From May 2007 to May 2012, he served a five-year term as Governor of the Central Bank of Cyprus and 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 Advisor at the Board of Governors of the Federal Reserve System, where he had started his professional career as an economist.   

Athanasios Orphanides obtained his PhD in economics from MIT. 

Federico Sturzenegger  was Governor of the Central Bank of Argentinia between 2015 and 2018. Sturzenegger has a PhD in Economics from Massachusetts Institute of Technology. 

He was a professor of economics at University of California, Los Angeles, Torcuato di Tella University (where he also was Dean of the Business School), and Kennedy School of Government of Harvard University. Currently he teaches at University of San Andres in Buenos Aires and is Honoris Causa Professor at HEC Paris.  

He was also Chief Economist of YPF, President of Bank of the City of Buenos Aires and a National Congressman for the PRO party.

Ignazio Visco has been the Governor of the Bank of Italy since 2011. He is also Chairman of the joint Governing Board of the Insurance Supervisory Authority (IVASS). 

As Governor of the Bank of Italy, he is member of the Governing Council and General Council of the European Central Bank (ECB), the General Board of the European Systemic Risk Board (ESRB), the Board of Directors of the Bank for International Settlements (BIS), the Steering Committee of the Financial Stability Board (FSB), the Boards of Governors of the World Bank, and the Asian Development Bank (ADB). He is also Alternate Governor for Italy at the International Monetary Fund (IMF) and the Inter-American Development Bank (IADB). He takes part in the G7, G10 and G20 Finance Ministers and Central Bank Governors Meetings. 

Mr. Visco holds earned his Ph.D. in Economics from the University of Pennsylvania (Philadelphia, USA). 

Graeme Paul Wheeler is a former Governor of the Reserve Bank of New Zealand (from 2012 to September 2017). Educated at the University of Auckland, Wheeler began working at the New Zealand Treasury in 1973 as an adviser. From 1984 to 1990 he was economic and financial councillor for the New Zealand delegation to the Organisation for Economic Co-operation and Development, eventually becoming director of macroeconomic policy at the New Zealand Treasury in 1990. In 1997, he went to work for the World Bank Group, firstly as director of the Financial Products and Services Department. In 2010, Wheeler left the World Bank to start his own firm, advising investors and Russian policy makers about Russian privatisation. Wheeler currently serves as a company director in Europe and China. 

John C. Williams is the president and chief executive officer of the Federal Reserve Bank of New York. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee. From 2011 to mid-June 2018, Mr. Williams was the president and chief executive officer of the Federal Reserve Bank of San Francisco. Prior to that, he was the executive vice president and director of research at the San Francisco Fed, which he joined in 2002. 
 
Mr. Williams began his career in 1994 as an economist at the Board of Governors of the Federal Reserve System. In addition, he served as a senior economist in the White House Council of Economic Advisers and as a lecturer at Stanford University’s Graduate School of Business. Mr. Williams holds a Ph.D. in economics from Stanford University. He is a research associate at the Centre for Applied Macroeconomic Analysis and served as managing editor of the International Journal of Central Banking from 2011 to 2016. 

CEBRA Officers

Signe Krogstrup is a Danish economist and one of the three governors of Danmarks Nationalbank, the Danish central bank. Previously she has worked for the Swiss National Bank and the International Monetary Fund. Signe Krogstrup holds a MSc in economics from the University of Copenhagen (1999) and a PhD in International Economics from the Graduate Institute of International and Development Studies in Switzerland (2003).

Executive Committee

Raphael Auer is head of the BIS Innovation Hub Eurosystem Centre. He is also the founder and President of CEBRA. He has published extensively in the field of international economics, with a particular focus on microeconomic studies of exchange rate pass through and inflation propagation via GVCs. His recent research focuses on cryptocurrencies, stablecoins and central bank digital currencies. He holds a PhD from MIT.

Ernest Gnan currently serves as counsel to the Board and Head of Economic Analysis Division at the Oesterreichische Nationalbank in Vienna, Austria.  He is also a member of the ECB’s Monetary Policy Committee, expert in Austria’s Fiscal Council, and alternating member in Austria’s Competition Commission. Since 2006, Dr. Gnan has served as Secretary General of SUERF – The European Money and Finance Forum. Dr. Gnan has been a lecturer at the University of Vienna and the Austrian Academy of Accountants.

Raphael Schoenle is an Associate Professor of Economics at the Department of Economics at Brandeis University and recently served as the Deputy Director. Schoenle has published extensively in leading journals. His recent research focuses on climate change, inflation expectations, and fiscal policy. His work has been ecognized by multiple NSF grants and a Dimensional Funds Advisors Distinguished Paper Prize of the Journal of Finance. He holds a Ph.D. in Economics from Princeton University, and a Master’s degree in Statistics from Harvard University where he also obtained his Bachelor’s degree in Economics.

Luc Laeven is the Director-General of the Research Department of the European Central Bank 2015-present. Previously he held senior posts at the International Monetary Fund and the World Bank.  He was also a Professor Finance at Tilburg University from 2009 to 2019. He has been a Research fellow at the Centre for Economic Policy Research in London since 2009.

Frank Packer is the Regional Adviser, located at the Bank for International Settlements (BIS) Representative Office for Asia and the Pacific.  Formerly Mr. Packer was head of Financial Markets in the BIS’s Monetary and Economic Department, and editor of the BIS Quarterly Review of international banking and financial market developments. Prior to assuming the current position, he was line manager in the Asian Office for six years, most recently as Head of Economics and Financial Markets. Earlier in his career, he worked for the Federal Reserve Bank of New York and Nikko Citigroup in Tokyo. He received his PhD from Columbia University, an MBA from the University of Chicago and a BA from Harvard.

Linda Goldberg is a Senior Vice President at the Federal Reserve Bank of New York. Linda’s main areas of expertise are global banking, international capital flows, and the international roles of currencies. Linda is the co-chair of the International Banking Research Network, Bank for International Settlements Technical Advisor, CEPR Distinguished Fellow, and an NBER Research Associate. Linda is co-editor of the International Journal of Central Banking and on editorial boards of the Journal of Financial Intermediation and Journal of Financial Services Research. She also is on board of the Central Banking Economic Research Association, advisory board of the Academic Female Finance Committee of the American Finance Association, and is the Vice President of the Association of Princeton Graduate Alumni. Linda previously engaged with the World Economic Forum, including as chair and vice chair of the Council on Global Economic Imbalances. Linda has a PhD in Economics from Princeton University, and a B.A. in Mathematics and Economics from Queens College CUNY, where she graduated Phi Beta Kappa and Summa Cum Laude.

Program Directors

Julian Di Giovanni is Assistant Vice President in the International Research Function of the Research and Statistics Group of the Federal Reserve Bank of New York.
Mr. Di Giovanni’s work lies at the intersection of international economics and macroeconomics, currently focusing on the international transmission of shocks and the role of firms and production linkages. Di Giovanni is an associate editor of the Journal of International Economics and his work has appeared in the American Economic Review, Econometrica, Journal of Political Economy, and Journal of the European Economic Association, among others. He holds a Joint-Honors B.A. in Economics and Finance from McGill University, and a PhD in Economics from the University of California, Berkeley.

Galina Hale is Professor of Economics at the University of California Santa Cruz.  Galina received her PhD in Economics from UC Berkeley. Her research interests lie in three main areas: understanding patterns of international capital flows, stability of the financial system, and the nexus between ESG sustainability goals and financial system. Galina has published her work in such journals as the Economic Journal, Journal of Econometrics, Journal of European Economic Association, Journal of International Economics, Journal of Financial Economics, Journal of Banking and Finance, IMF Economic Review, Review of Financial Studies, among others. Galina is co-director of the UCSC Center for Analytical Finance (CAFIN).

Andrei Levchenko is a Professor of Economics at the University of Michigan, Editor-in-Chief of IMF Economic Review, and the Director of the International Trade and Macroeconomics program of the Central Bank Research Association. He is also a Research Associate at the National Bureau of Economic Research, a Research Fellow at the Centre for Economic Policy Research, and a member of the editorial boards of Journal of International Economics and Journal of Comparative Economics. Previously, he was an Economist at the International Monetary Fund, and has held visiting positions at the University of Chicago Booth School of Business and the University of Zurich. He received a Ph.D. in Economics from MIT in 2004. Prof. Levchenko’s current research focuses on the propagation of macroeconomic shocks within and across borders. His research has been funded by several agencies including the US National Science Foundation and the UK Department for International Development, and has appeared in a variety of journals including American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics, and Review of Economic Studies.

Robert Rich is the director of the Center for Inflation Research and a senior economic and policy advisor in the Research Department at the Federal Reserve Bank of Cleveland. Dr. Rich specializes in research related to macroeconomics and forecasting. He has published articles on a variety of topics, including the dynamics of price and wage inflation, the expectations formation process, the duration of labor contracts, the estimation of trend productivity growth, and coincident and leading indexes of regional economic activity.

Before joining the Bank in 2018, Dr. Rich was an assistant vice president in the Research Department at the Federal Reserve Bank of New York, where he served as a founding editor and contributor to Liberty Street Economics, the Federal Reserve Bank of New York’s blog, and as the editor of US Economy in a Snapshot, the Federal Reserve Bank of New York’s monthly update of economic and financial developments. Prior to joining the New York Fed, he was an assistant professor of economics at Vanderbilt University.

Dr. Rich holds a BA from Fordham University, an MA from Northwestern University, and a PhD from Brown University, all in economics.

 

Raphael Schoenle is Associate Professor of Economics at Brandeis University where he joined the department in 2010. His research uses micro price data from the Bureau of Labor Statistics to study how firms set prices and the implications for macro-economic modeling and policy. Recent work expands his research on price setting to include the interaction of price setting with the network structure of the economy, and the inflation expectations. His research also explores the role of beliefs for household finance decisions. He is currently on leave as the Deputy Director at the Center for Inflation Research at the Federal Reserve Bank of Cleveland and has a Ph.D. from Princeton University.

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Disclaimer: CEBRA’s officers are elected based on their research credentials and their support of research at central banks and do not represent the institutions they are affiliated with.