The Authors

Stephen G. Cecchetti is Rosen Family Chair in International Finance at the Brandeis International Business School, Chair of the Advisory Scientific Committee of the European Systemic Risk Board, Research Associate at the NBER, and Research Fellow at the CEPR. From 2008 to 2013, Cecchetti served as Economic Adviser and Head of the Monetary and Economic Department at the Bank for International Settlements in Basel, Switzerland. From 1997 to 1999 he was Director of Research at the Federal Reserve Bank of New York from 1997 to 1999. In addition, he has been on the faculty of The Ohio State University and the New York University Leonard N. Stern School of Business. In 2016, he received an Honorary Doctorate in Economics from the University of Basel.

Kermit L. Schoenholtz is Henry Kaufman Professor of the History of Financial Institutions and Markets in the Department of Economics of New York University’s Leonard N. Stern School of Business, where he teaches courses on money and banking and on macroeconomics. He also directs NYU Stern’s Center for Global Economy and Business and serves on the Financial Research Advisory Committee of the U.S. Treasury’s Office of Financial Research. Previously, he was Citigroup’s global chief economist 1997 until 2005. Schoenholtz joined Salomon Brothers in 1986, working in their New York, Tokyo, and London offices, eventually becoming chief economist at Salomon and Salomon Smith Barney, prior to the formation of Citigroup.

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