A 50-Year Retrospective On The Shadow Open Market Committee And Its Role In Monetary Policy

Michael D. Bordo is a Board of Governors Professor of Economics and director of the Center for Monetary and Financial History at Rutgers University. He is the Ilene and Morton Harris Distinguished Visiting Fellow at the Hoover Institution. He has held previous academic posts at the University of South Carolina and Carleton University in Ottawa, Canada, and was visiting professor at Cambridge, Princeton, and Harvard universities and others. Bordo was also a visiting scholar at the International Monetary Fund; the Federal Reserve Banks of St. Louis, Cleveland, and Dallas; the Federal Reserve Board of Governors; the Bank of Canada; the Bank of England; and the Bank for International Settlements. He is a research associate of the National Bureau of Economic Research and a member of the Shadow Open Market Committee. He has published eighteen books on monetary economics and monetary history, most recently The Historical Performance of the Federal Reserve: The Importance of Rules (Hoover Institution Press, 2019). He is editor of a series of books for Cambridge University Press, Studies in Macroeconomic History. He has a BA from McGill University, an MSc in economics from the London School of Economics, and a PhD from the University of Chicago.

Michael J. Boskin is Hoover’s Wohlford Family Senior Fellow, Stanford’s Tully M. Friedman Professor of Economics and  Research Associate, NBER. He is the author or editor of over 150 articles and eighteen books, most recently, Defense Budgeting for a Safer World, 2023 and American Federalism Today, 2024, Hoover Press. As Chair of the President’s Council of Economic Advisers, 1989-93, he helped resolve the Third World debt and Savings and Loan crises, expand global trade, introduce emissions trading in environmental regulation and implement rules to control government spending while protecting the defense budget. On candidate Ronald Reagan’s tax policy task force, he helped develop  policies for lower marginal tax rates, tax bracket inflation indexing, accelerated depreciation and IRAs and 401ks. He later chaired the CPI Commission, whose report transformed the way government statistical agencies around the world measure inflation, productivity and real GDP. His research continues to focus on a broad array of important  policy issues.

Jim Bullard, former president of Federal Reserve Bank of St. Louis and one of the nation’s foremost economists and respected scholar-leaders, was chosen in July 2023 as the inaugural dean of the reimagined Mitch Daniels School of Business at Purdue University. Bullard is charged with inspiring, further developing and implementing Purdue’s reimagined approach to a top-ranked business school across undergraduate, graduate, executive and research programs, preparing tomorrow’s business leaders and entrepreneurs in the Daniels School that is grounded in the principles of free enterprise, free market economy in generating opportunities and prosperity, and in the hallmarks of a well-rounded Purdue education and with a particular emphasis on tech-driven, analytics-based business success.  Serving 15 years as the sitting president and chief executive officer of the Federal Reserve Bank of St. Louis, Bullard earned significant praise and accolades for his long-standing leadership and innovative thinking as part of the Federal Open Market Committee (FOMC) in guiding the direction of U.S. monetary policy. A noted economist and scholar, Bullard had been the longest-serving Federal Reserve Bank president in the country and ranked as the seventh-most influential economist in the world in 2014.

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the Cato Institute. Before joining Hoover, Cochrane was a professor of finance at the University of Chicago’s Booth School of Business and previously taught in its Economics Department. He served as president of the American Finance Association and is a fellow of the Econometric Society. He writes on asset pricing, financial regulation, business cycles, and monetary policy. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. His books include The Fiscal Theory of the Price Level (Princeton University Press, 2023) and Asset Pricing (Princeton University Press, 2001, rev. 2005). Cochrane frequently contributes essays to the Wall Street Journal, National Review, Project Syndicate, and other publications. He maintains the Grumpy Economist blog. Cochrane earned a bachelor’s degree in physics at the Massachusetts Institute of Technology and his PhD in economics at the University of California–Berkeley.

Steven J. Davis is the Thomas W. and Susan B. Ford Senior Fellow at the Hoover Institution and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is an economic adviser to the U.S. Congressional Budget Office, elected fellow of the Society of Labor Economists, and consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business, serving as both distinguished service professor and deputy dean of the faculty.

Darrell Duffie is the Adams Distinguished Professor of Management and Professor of Finance at Stanford University’s Graduate School of Business. He is a Research Fellow of the National Bureau of Economic Research and a Fellow of Econometric Society and of  the American Academy of Arts and Sciences. Duffie is a past president of the American Finance Association and chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform. He is an independent director of the Dimensional Funds and a member of the leadership teams of the G30 Working Groups chaired by Tim Geithner on Treasury Market Liquidity and chaired by Bill Dudley on  Bank Failures and Contagion: Lender of Last Resort, Liquidity, and Risk Management. Duffie’s most recent book is Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity. in 2024, Duffie is teaching a new course at Stanford, “The Future of Money and Payments.”

Roger W. Ferguson, Jr., is the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. He is the Immediate Past President and CEO of TIAA. Prior to joining TIAA, Mr. Ferguson was head of financial services for Swiss Re and Chairman of Swiss Re America Holding Corporation. Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. Mr. Ferguson is currently the Chief Investment Officer at incubation firm Red Cell Partners, where he is also the Chairman of the Investment Committee and a Director. He began his career as an attorney at the New York City office of Davis Polk & Wardwell and was an Associate and Partner at McKinsey & Company. Mr. Ferguson is a member of the Smithsonian Institution’s Board of Regents. He is a fellow of the American Academy of Arts & Sciences. He serves on the boards of Alphabet, Inc.; Corning, Inc.; and International Flavors & Fragrances, Inc. Mr. Ferguson is also active as an advisor and board member with various private fintech companies. He serves on the boards of the Institute for Advanced Study, and Memorial Sloan Kettering Cancer Center and other non for profits. Mr. Ferguson holds a B.A., J.D., and a Ph.D. in economics, all from Harvard University.

Esther L. George was president and chief executive officer of the Federal Reserve Bank of Kansas City and a member of the Federal Open Market Committee from 2011 to 2023. Her Federal Reserve System service spans more than 40 years including considerable experience as a bank supervisor.  In 2009, she served as the Federal Reserve’s acting director of Banking Supervision and Regulation in Washington D.C.  George was actively involved in the Federal Reserve’s work to ensure the smooth and efficient functioning of the nation’s payment system, including leading the effort to establish instant retail payments known as the FedNow Service.  She hosted the Kansas City Fed’s annual Jackson Hole international Economic Policy Symposium. George currently serves on the boards of the Hallmark Corporation, the Ewing Marion Kauffman Foundation, the Peterson Institute for International Economics, the National Bureau of Economic Research, the Committee for a Responsible Federal Budget, and the Kansas City 2026 World Cup.

Charles Goodhart’s career has alternated between academia (Cambridge, 1963-65; LSE, 1967/68; again 1985-date), and work in the official sector, mostly in the Bank of England (Department of Economic Affairs, 1965/66; Bank of England, 1968-85; Monetary Policy Committee, 1997-2000).  He has been a specialist monetary economist, focussing on policy issues and on financial regulation.

Robert Heller began his career as a professor of economics at UCLA. Subsequently, he became Chief of the Financial Studies Division of the International Monetary Fund and served as Senior Vice President and Director of International Economics at Bank of America.  President Reagan appointed him as a member of the Board of Governors of the Federal Reserve System in Washington DC, where he served together with Chairman Volcker and Greenspan.   After that, he was an Executive Vice President with VISA International and President and CEO of VISA U.S.A.    He has served as Chairman of Marin General Hospital and on the boards of several public and private corporations. He is also a Staff Commodore of The San Francisco Yacht Club.  He is the author of seven books on international economics and finance. His autobiography is entitled: The Unlikely Governor and is available on Amazon.

Gregory D. Hess, Ph.D., is President and CEO of IES Global, a not-for-profit academic consortium of 270 top-tier American Colleges and universities, with more than 240 additional partner universities worldwide. Having joined IES Global in 2020, Greg is an extremely well-rounded leader, and brings a wealth of expertise and experience across higher education, liberal arts, and business. His passion for education and economics brings an important and distinctive perspective, which greatly benefits IES Global. A native of San Francisco, he earned his bachelor’s degree with high honors from the University of California-Davis, and his master’s degree and Ph.D. in economics from The Johns Hopkins University. Prior to his position at IES, Greg was the 16th president of Wabash College in Crawfordsville, Indiana.

Robert Hetzel is a retired economist from the Federal Reserve Bank of Richmond.  He received an AB and a PhD from the University of Chicago.  While at Chicago, he was in the Money and Banking workshop and did his thesis work under Milton Friedman.  He joined the research department at the Federal Reserve Bank of Richmond in 1975, where, as Senior Economist and Research Advisor, he counseled the Bank’s president on matters concerning participation in FOMC meetings.  He has written three books on the history of the Federal Reserve System: The Monetary Policy of the Federal Reserve: A History (2008) and The Great Recession: Market Failure or Policy Failure? (2012), both published by Cambridge University Press, and The Federal Reserve-A New History (2022), published by the University of Chicago Press.  He is a Senior Affiliated Scholar at the Mercatus Center (George Mason University) and Fellow in the Institute for Applied Economics at Johns Hopkins University.

Thomas Hoenig is a Distinguished Senior Fellow at the Mercatus Center at George Mason University. Prior to joining the Mercatus Center, Mr. Hoenig served as Vice Chairman of the Federal Deposit Insurance Corporation from 2012 until 2018. Prior to this, Mr. Hoenig was President and Chief Executive Officer of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal Open Market Committee from 1991 to 2011.

Peter Ireland is the Murray and Monti Professor of Economics at Boston College, where he teaches courses on macroeconomics and financial economics for undergraduates and doctoral students, and a member of the Shadow Open Market Committee.  His writing and research focus on monetary policy and its effects on the economy.  Before joining the faculty at Boston College in 1998, Ireland held a teaching position at Rutgers University in New Brunswick, New Jersey and worked as a research economist at the Federal Reserve Bank of Richmond in Virginia.  He received undergraduate and graduate degrees in economics from the University of Chicago.

Otmar Issing was the chief economist and a member of the Executive Board of the ECB from 1998 to 2006. From 1990 to 1998, he held the same positions at the Deutsche Bundesbank. Before joining the two central banks, he was a professor at German universities. From 2006 to 2018, he was the president of the Center for Financial Studies at Frankfurt University. He acted as chairman of the Expert Group on the new Financial Order appointed by Chancellor Merkel; he served on the High Level Group of the European Commission chaired by J. de Larosière and on the G20 Eminent Persons Group on Global Financial Governance. Among many awards he received the High Cross of the Order of Merit of the German Republic.

Patrick Kehoe is a professor of economics at Stanford University, a position he has held since 2015. He previously taught at the University of Minnesota, where he was a Frenzel Professor of International Economics; Princeton University, where he was a Frank Graham Professor of International Economics; University College London; and the University of Pennsylvania, where he was the Lauder Professor of International Economics. He received his PhD in economics from Harvard University in 1986. Kehoe’s research focuses on international macroeconomics. Recently, he has focused on developing business cycle models that quantitatively account for the Great Recession and on developing optimal bailout policies during such downturns. Prior to that he worked on categorizing patterns of business cycles across countries and over time, new models of financial frictions, optimal monetary and fiscal policy, and time inconsistency issues in policies. Kehoe is a fellow of the Econometric Society, a senior fellow at the Stanford Institute for Economic Policy Research, a monetary advisor at the Federal Reserve Bank of Minneapolis (a position he has held for several decades), and a faculty research fellow at the National Bureau of Economic Research. He has served on the board of editors of the American Economic Review, as a co-editor of the International Economic Review, as an associate editor of the Journal of International Economics, and as an associate editor of the Quarterly Review of the Federal Reserve Bank of Minneapolis.

Robert G. King is a professor of economics at Boston University, having previously held professorial positions at the University of Rochester (1978–1993) and University of Virginia (1993–2000). He is a consultant to the Federal Reserve Bank of Richmond, a research associate of the National Bureau of Economic Research, and editor of the Journal of Monetary Economics. He spent his childhood in Manchester, Connecticut; Jupiter, Florida; and Bethesda, Maryland. At Brown University, he studied economics, mathematics and history while earning BA, MA and PhD degrees. Over the course of his career, he has taught macroeconomics, financial economics, and monetary economics to BA, MBA and PhD students.

Donald Kohn holds the Robert V. Roosa Chair in International Economics and is a senior fellow in the Economic Studies program at the Brookings Institution. Kohn is a 40-year veteran of the Federal Reserve system, serving as member and then vice chair of the Board of Governors from 2002-2010. He also served as an external member of the Financial Policy Committee at the Bank of England from 2011-2021.

Jeffrey M. Lacker served as President and CEO of the Federal Reserve Bank of Richmond, from August 2004 to April 2017. He is currently a member of the Shadow Open Market Committee and a senior affiliated scholar at the Mercatus Center at George Mason University. From August 2018 to May 2022, Dr. Lacker was a distinguished professor in the Department of Economics at the Virginia Commonwealth University School of Business. In 2022, Lacker was named to the and inducted into the Global Interdependence Center College of Central Bankers. Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University from 1984 to 1989 before joining the Richmond Fed in 1989 as an economist. Lacker received a bachelor’s degree in economics from Franklin & Marshall College in 1977 and a doctorate in economics from the University of Wisconsin in 1984.

Andrew Levin is a professor of economics at Dartmouth College. His research has been highly influential, with a total citation count that ranks among the top dozen monetary economists worldwide. In addition to being a regular visiting scholar at the International Monetary Fund, he has served as an external consultant to the European Central Bank, an external adviser to the Bank of Korea, a scientific advisor to the central banks of Norway and Sweden, a consultant to the Government of Australia’s review of the Reserve Bank of Australia, and a visiting scholar at the central banks of Canada, Japan, Netherlands, and New Zealand; he has also provided technical assistance to the central banks of Albania, Argentina, Ghana, Macedonia, and Ukraine. He received his Ph.D. in economics from Stanford University and worked at the Federal Reserve Board for two decades, including two years as a special adviser to the Chair and Vice Chair on monetary policy strategy and communications, and he was an adviser at the International Monetary Fund prior to joining the Dartmouth faculty.

Mickey D. Levy is a visiting scholar at the Hoover Institution and a long-standing member of the Shadow Open Market Committee. He is also a member of the Council on Foreign Relations. Levy is a past member of the Financial Research Advisory Committee of the Office of Financial Research. From 1998 to 2013 he was chief economist at Bank of America, where he was on the executive asset, liability, and finance committees. Currently he runs a consulting firm (MDL Insights) and a website (mickeydlevy.com). He conducts research on monetary and fiscal policies and on how they influence economic and financial market performance. He has authored numerous articles on the Federal Reserve, the effectiveness of monetary and fiscal policies, and those policies’ interactions with and influences on the business cycle, credit conditions, and inflation. His articles appear frequently in the Wall Street Journal and various policy journals. He testifies often before the US Congress on various aspects of monetary policy and banking regulation, credit conditions and debt, and fiscal and budget policies.

Deborah Lucas is the Sloan Distinguished Professor of Finance at the MIT Sloan School of Management and Director of the MIT Golub Center for Finance and Policy. Her current research focuses on assessing the cost and risk of contingent claims on governments. She is a Research Associate at the NBER, a senior fellow at the ABFER, a member of the SOMC, and an elected member of the National Academy of Social Insurance and the National Academy of Public Administration. She is a board member of the Chicago Mercantile Exchange and P/E Investments. Previous appointments include chief economist, assistant and associate director at the Congressional Budget Office. She received her BA, MA, and a PhD in economics from the University of Chicago.

Loretta J. Mester was president and chief executive officer of the Federal Reserve Bank of Cleveland from June 1, 2014 through June 30, 2024.  In that role, she participated in the formulation of U.S. monetary policy and oversaw more than 1,000 employees based at the Bank’s Cleveland office and Branch offices in Cincinnati and Pittsburgh.  Mester is an adjunct professor of finance at the Wharton School of the University of Pennsylvania.  She has taught in the undergraduate finance and M.B.A. programs at Wharton and in the Ph.D. program in finance at New York University.   Mester is a trustee of the Cleveland Clinic, a trustee of the Musical Arts Association (Cleveland Orchestra), and a director of the Council for Economic Education.   Mester graduated summa cum laude with a bachelor of arts degree in mathematics and economics from Barnard College of Columbia University.  She earned M.A. and Ph.D. degrees in economics from Princeton University, where she was a National Science Foundation Fellow.

William R. Nelson is an executive vice president and chief economist at the Bank Policy Institute where he oversees research and analysis in support of the advocacy of the Institute’s member banks. Previously he served as executive managing director, chief economist, and head of research at the Clearing House Association and chief economist of the Clearing House Payments Company.  Prior to joining The Clearing House in 2016, Mr. Nelson was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision.  Mr. Nelson earned a PhD, an MS, and an MA in economics from Yale University and a BA from the University of Virginia. He has published research on a wide range of topics including monetary policy rules; monetary policy communications; and the intersection of monetary policy, lender of last resort policy, financial stability, and bank supervision and regulation.

Athanasios Orphanides is Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management and Co-Chair of the Board of Governors of Asia School of Business.   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 in 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.  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.

Charles I. Plosser, a visiting scholar at the Hoover Institution, served as president and CEO of the Federal Reserve Bank of Philadelphia from 2006 until his retirement in 2015. He has been a longtime advocate of the Federal Reserve adopting an explicit inflation target, which the Federal Open Market Committee did in January 2012. Before joining the Philadelphia Fed in 2006, Plosser served as dean of the University of Rochester’s Simon Business School from 1993 to 2003. He has been a research associate of the National Bureau of Economic Research as well as a visiting scholar at the Bank of England. Plosser served as coeditor of the Journal of Monetary Economics for two decades and cochaired the Shadow Open Market Committee with Anna Schwartz. His research and teaching interests include monetary and fiscal policy, long-term economic growth, and banking and financial markets. Plosser earned PhD and MBA degrees from the University of Chicago.

Condoleezza Rice is the Tad and Dianne Taube Director and the Stephenson Senior Fellow on Public Policy at the Hoover Institution. She is also the Denning Professor in Global Business and the Economy at Stanford’s Graduate School of Business and a founding partner of international strategic consulting firm Rice, Hadley, Gates & Manuel LLC. Rice served as the sixty-sixth US secretary of state (2005–09) and national security advisor (2001–05) in the George W. Bush administration. She previously served on President George H. W. Bush’s National Security Council staff and as Stanford University’s provost. She has been on the Stanford faculty since 1981 and has won two of the university’s highest teaching honors. Rice is a fellow of the American Academy of Arts & Sciences and has been awarded over fifteen honorary doctorates. Born in Birmingham, Alabama, Rice earned her bachelor’s degree, cum laude and Phi Beta Kappa, from the University of Denver; her master’s degree from the University of Notre Dame; and her PhD from the Graduate School of International Studies at the University of Denver, all in political science.

Georg Rich was born in 1939 in Schaffhausen, Switzerland. He pursued his undergraduate studies at the University of Zurich and obtained a Ph.D. in economics from Brown University in 1969. From 1967 to 1977, he taught economics at Carleton University in Ottawa, Canada. From 1972 to 1974, he served as chair of Carleton's economics department. In 1977, he joined the Swiss National Bank and was promoted to director and chief economist in 1985, a post which he held until his retirement from that institution in 2001. In 2002 Georg Rich became an honorary professor at the University of Bern. In addition, he taught a course at the Graduate Institute of International and Development Studies in Geneva until 2008. He has published widely on monetary matters, including studies on Canadian monetary history and Swiss monetary policy.

Amit Seru is a senior fellow at the Hoover Institution, the Steven and Roberta Denning Professor of Finance at Stanford’s Graduate School of Business, a senior fellow at the Stanford Institute for Economic Policy Research, and a research associate at the National Bureau of Economic Research. He was formerly a tenured faculty member at the University of Chicago’s Booth School of Business. Seru’s primary research interest relates to financial intermediation and regulation. He has served on several editorial boards and was most recently a coeditor of the Journal of Finance. He has received various National Science Foundation grants and the Alexandre Lamfalussy Research Fellowship from the Bank for International Settlements, and was named as one of the Top 25 Economists under 45 by the International Monetary Fund in 2014. He has presented his research to US and international regulatory agencies. His research has been featured in leading economic journals and major media outlets. Seru earned his PhD in finance from the University of Michigan.

George S. Tavlas is the Alternate to the Governor of the Bank of Greece at the Governing Council of the ECB and a Distinguished Visiting Scholar at the Hoover Institution at Stanford University. He was Director General of the Bank from 2010 to 2013, and a Member of the Bank’s General Council and the Monetary Policy Council from 2013 to 2020. Previously, Tavlas was a Division Chief at the IMF. He also worked as a senior economist at the U.S. Department of State, and as an advisor for the World Bank and the OECD. He was a Visiting Professor at Leicester University, and a visiting scholar at the Brookings Institution, the Reserve Bank of South Africa, the LeBow School of Business at Drexel University, the Becker Friedman Institute at the University of Chicago, and Duke University’s Center for the History of Political Economy.

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution, where he chairs the Economic Policy Working Group and cochairs the Technology, Economics, and Governance Working Group; and the Mary and Robert Raymond Professor of Economics at Stanford University. He also directs Stanford’s Introductory Economics Center and cochairs the Faculty Council of the Stanford Emerging Technologies Review. He served as senior economist on the president’s Council of Economic Advisers; as under secretary of the Treasury for international affairs; as president of the Mont Pelerin Society; and on the G20 Eminent Persons Group on Global Financial Governance. His most recent books are Principles of Economics, tenth edition (with Akila Weerapana, FlatWorld, 2023); Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s (with George P. Shultz, Hoover Institution Press, 2020); and Reform of the International Monetary System (MIT Press, 2019). Among his many awards are the US Treasury’s Alexander Hamilton Award and Distinguished Service Award, the Medal of the Oriental Republic of Uruguay, the Truman Medal for Economic Policy, the Bradley Prize, and the Hayek Prize for his book First Principles (W. W. Norton, 2012). Taylor received a BA in economics, summa cum laude, from Princeton and a PhD in economics from Stanford.

Christopher J. Waller took office as a member of the Board of Governors of the Federal Reserve System on December 18, 2020, to fill an unexpired term ending January 31, 2030. Prior to his appointment at the Board, Dr. Waller served as executive vice president and director of research at the Federal Reserve Bank of St. Louis since 2009. In addition to his experience in the Federal Reserve System, Dr. Waller served as a professor and the Gilbert F. Schaefer Chair of Economics at the University of Notre Dame. He was also a research fellow with Notre Dame's Kellogg Institute for International Studies. From 1998 to 2003, Dr. Waller was a professor and the Carol Martin Gatton Chair of Macroeconomics and Monetary Economics at the University of Kentucky. During that time, he was also a research fellow at the Center for European Integration Studies at the University of Bonn. From 1992 to 1994, he served as the director of graduate studies at Indiana University's Department of Economics, where he also served as associate professor and an assistant professor. Dr. Waller received a BS in economics from Bemidji State University and an MA and PhD from Washington State University.

Kevin Warsh serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and lecturer at the Stanford Graduate School of Business.  He is a partner of Stanley Druckenmiller at Duquesne Family Office LLC and serves on the board of directors of UPS and Coupang, the leading Korean e-commerce company.  Warsh is a member of the Group of Thirty (G30) and the Panel of Economic Advisers of the Congressional Budget Office (CBO).     Warsh conducts extensive research in the field of economics and finance.  He issued an independent report to the Bank of England proposing reforms in the conduct of monetary policy in the United Kingdom.  Parliament adopted the report’s recommendations.   Governor Warsh served as a member of the Board of Governors of the Federal Reserve System from 2006 until 2011.  Warsh served as the Federal Reserve's representative to the Group of Twenty (G-20) and as the Board's emissary to the emerging and advanced economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance.   Prior to his appointment to the Board, from 2002 until 2006, Warsh served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council.  Previously, Warsh was a member of the Mergers & Acquisitions department at Morgan Stanley & Co. in New York, serving as Vice President and Executive Director.   Warsh received his A.B. from Stanford University, and J.D. from Harvard Law School.

Axel A. Weber is President of the Center for Financial Studies, Goethe University Frankfurt. He is the Chairman of the VISA Economic Empowerment Institute, Chairman of the Advisory Board of RAISIN GmbH, Chairman of the Trilateral Commission Europe and a Member of the Group of Thirty. He also is a Member of the TEMASEK International Advisory Council and Senior Advisor to CVC Advisors Limited and Boston Consulting Group. He was Chairman of UBS Group AG (2012 – 2022), President of the Deutsche Bundesbank (2004-2011) and member of the Governing Council of the European Central Bank.

David C. Wheelock is a senior vice president and policy advisor at the Federal Reserve Bank of St. Louis, where he has been employed since 1993. He previously served as the Bank’s deputy director of research. Dr. Wheelock received his B.S. degree in economics from Iowa State University, and his M.S. and Ph.D. degrees from the University of Illinois at Urbana-Champaign. Before joining the Federal Reserve Bank of St. Louis, Dr. Wheelock was a faculty member at the University of Texas at Austin and a visiting scholar at the St. Louis Fed. Dr. Wheelock has written articles on banking and monetary policy topics for professional journals and Federal Reserve publications, and is an authority on the history of the Federal Reserve and the Great Depression. He is the author of The Strategy and Consistency of Federal Reserve Monetary Policy, 1924-1933, published by Cambridge University Press in 1991.