- Financial Economist with 35 years of experience in academia, Wall Street, and government
- Clinical Professor of Finance, NYU Stern School of Business
- Former Chief Economist, Commodity Futures Trading Commission
- Former Managing Director Salomon Brothers, Credit Suisse, Lehman Brothers/Barclays Capital
- Expert in fixed income and derivatives markets
- Effective manager of research in the context of broader organizations
- Creator of Entity-Netted Notionals to measure the true size of swap markets
- Author of Fixed Income Securities: Tools for Today's Markets, John Wiley & Sons
As a Clinical Professor of Finance at the NYU Stern School of Business, I focus on fixed income and derivatives markets, both in teaching and in research. The fourth edition of my textbook, Fixed Income Securities: Tools for Today’s Markets, was published in September 2022. The book has sold over 60,000 English-language copies over its life and has been translated into Japanese and Chinese. I am particularly gratified that the book’s audience is relatively evenly divided between students and practitioners.
From fall 2017 to summer 2020, I was Chief Economist at the Commodity Futures Trading Commission, where I directed a staff of research economists and partnered with the office of the chairman and the rule-making divisions on a variety of policy issues. My team designed and implemented Entity-Netted Notionals, which, for the first time, reasonably measure the size of swap markets. What got worldwide attention, however, was the letter the chairman and I wrote to the Vatican in response to its bollettino that condemned credit default swaps!
When I’m not doing finance, I’m singing or listening to choral music; reading graphic novels; practicing one of the five foreign languages that I’ve spoken at some point in my life; or losing badly in insanely-complicated board games to my two grown sons and their friends.