EXPERIENCE

Independent Economic Research and Consultant, 2006-present. · · · · Research and publications on children’s well-being, jobs of last resort, alternative and improved measures of the unemployment rate.

Gerald R. Ford School of Public Policy, University of Michigan, Visiting Scholar, National Poverty Center, 2003-2006. · · Researched and published papers critical of the Welfare Reform Act of 1996. Published analyses of subsidized employment programs. Researched the history of equal opportunity in the United States.

International Law Institute, Washington DC, Adjunct Professor, 2003. · Lectured on International Trade, Finance & Growth.

Board of Governors of the Federal Reserve System, Washington DC, 1969 – 2002.

Senior Economist, Division of International Finance 1984 – 2002. · In charge of forecasting, monitoring and analyzing direct investment and the activities of multinational firms for the Division and the Board of Governors.

· Served as the Board’s representative to various U.S. Interagency Committees on direct investment statistics. · Served as the Board’s representative on the multi-year OECD working group on The Globalization of Capital Markets and the Tax Treatment of Income and Capital (1994-96). · Conducted and published research on macro-econometric modelling; direct investment data and its adequacy; the impact on investment functions of internal funds and measurement error in the capital stock; interactions between direct foreign and domestic fixed investment; the impact on direct investment of exchange rates, political risk, and NAFTA; topics on portfolio analysis including the characterization of optimal asset holdings and the impact of risk on efficient capital markets; welfare reform and its effects on children’s well-being. · Delivered talks on research and other work at conferences, university seminars, and other meetings in the United States and abroad.

Chief, Trade and Financial Studies, Division of International Finance 1981-84; Chief, Quantitative Studies, Division of International Finance 1973-81.

· Directed the International Division’s two research sections for a combined period of eleven years; helped design and organize Quantitative Studies from its inception. In charge of budget, recruitment, and planning for a section of 5 to 6 economists and an equal number of support personnel. · Directed the Division’s Multi-Country Model project (MCM) from its inception to its completion (1973-81) – a project created to model the international influences on the U.S. economy under a regime of flexible exchange rates. The unique product, a system of 6 linked econometric models of the United States and its major trading and financial partners, featured, among other innovations, four endogenous bilateral exchange rates. The MCM was the first in the line of similar systems that were used for many years (and may be used today) for simulation and forecasting purposes at the Federal Reserve. · Authored and co-authored numerous published articles on the MCM, including the book The U.S. Economy in an Interdependent World (1984). · Made presentations on the MCM and other subjects to the Federal Reserve Board of Governors, various Central Banks around the world, universities, and professional conferences. · Authored, during this period, publications on the subjects of the impact of risk and uncertainty on the theory of fixed investment and the internationalization of the business firm; the interaction between trade and direct investment; and the impact of governmental controls on foreign investment. · Chaired the International Division’s Visiting Scholars Committee (1975-84) and the Federal Reserve’s Statistical Package Development Committee (1976-80). · Testified before U.S. Senate Subcommittees and submitted statements on the collection of data on multinational firms and on the proposed Int’l Investment Survey Act (1975-76).

Economist, Special Studies, Div. of International Finance 1972-73; Economist, Special Studies and Capital Markets, Div. Research & Statistics 1969-72. · Carried on research and publication in the areas of multinational investment, capital mobility, portfolio theory, and corporate bond yields.

University of Maryland, Special Member of Graduate Faculty, 1998-2000. · Co-directed a Ph.D. dissertation that tested and extended my earlier work on political and economic determinants of direct investment flows to developing countries.

University of Pennsylvania, Adjunct Professor of Economics, Wharton School, 1981. · Taught graduate course on International Trade and Finance.

U.S. Dept. of Commerce, Office of Foreign Direct Investments, Consultant, 1969-74. · Carried out and advised on research and data gathering for the agency charged with administering controls on U.S. direct investment abroad.

The Brookings Institution, Washington DC, Research Associate, 1966-69. · Completed Ph.D. dissertation on the fixed investment of U.S. foreign affiliates using U.S. Commerce Department data. Carried out further research on multinational investment and portfolio analysis.

U.S. Department of State, Agency for International Development, Consultant, 1968. · Researched and wrote paper U.S. Direct Investment in Latin America: Some Economic and Political Determinants.

U.S. Department of Commerce, Bureau of Economic Analysis Various years, Consultant, 1963-90. · Initially carried out the gathering and processing of micro data on the operations of U.S. foreign subsidiaries for use in my Ph.D. dissertation. · Subsequently advised the Bureau on revisions to their census and survey forms, and on promoting interactions with academic researchers.

Yale University, Cowles Foundation, Research Associate, 1960. · Completed study Corporate Dividend Payout Ratios: Their Significance and Determination (Cowles Foundation Discussion Paper #94).

EDUCATION

Yale University, Ph.D. in Economics, 1967

Dissertation: Fixed Investment of Foreign Manufacturing Affiliates of U.S. Firms: Theoretical Models and Empirical Evidence

Yale Law School, LL.B., 1966

Cambridge University, M.A. 1967, B.A. 1962

Yale University, B.A., summa cum laude, 1960

HONORS

Fellow, World Academy of Art and Science, 2002-2012

Member, Board of Trustees, 2005- 2012; Treasurer, 2009-2012

Anbar Citation of Excellence for article in Journal of Finance, 1998

Special Achievement Award, Federal Reserve Board, 1979

Sperry and Hutchinson Scholar, Yale Law School, 1963-66

National Science Foundation Graduate Fellow, 1962-63

Clark Fellowship, Yale Graduate School, 1962-63

Marshall Scholar, Cambridge University, 1960-62

Searle Prize, Pembroke College, Cambridge University, 1961

B.A., summa cum laude, with Highest Distinction in Economics, Yale University, 1960

Warren Memorial Prize for Scholarship, Yale University (highest 4-year B.A. average, Class of 1960)

Dickerman Prize, Yale University (best senior honors essay in economics), 1960

Phi Beta Kappa, 1958

N.Y. Yale Club Prize for Scholarship, 1957

Eagle Scout, 1955

Exchange student to Lycée de Fontainebleau, France, 1955-56

WORK IN PROGRESS

Programs and Costs for Assuring Child Well-Being and Equal Opportunity (ongoing).

A History of Equal Opportunity in the United States (ongoing). Draft available.

See publications, below, for completed work.