Senior Economist and
Advisor to the Director of Research
T: 617-973-3650
F: 617-973-3957
Peter.Fortune@bos.frb.org
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| Education
| Work experience | Publications
| Public service |
Primary fields of research
Money and capital markets |
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Biography
Peter Fortune joined the Federal Reserve Bank of Boston
in 1970. From 1970 to 1973, he served on the research
staff of the Bank as an Economist. He became an assistant
professor of economics at Harvard in 1973, and in 1977
became a member of the faculty at Tufts University. Promoted
to full professor in 1985, he administered the graduate
program in economics for ten years, and served as chairman
of the Economics Department from 1991 to 1994. In 1996,
he became a Senior Economist and Advisor to the Director
of Research at the Federal Reserve Bank of Boston.
Mr. Fortune’s research concentrates on financial markets.
He has published articles in the areas of mutual funds,
municipal government finance, and the markets for common
stocks and options. He is currently working on the issue
of margin requirements for equity securities.
Mr. Fortune earned a B.A. in economics from Indiana
University and a Ph.D. in economics from Harvard University.
In addition to his duties at the Fed, Mr. Fortune has
served on the editorial board for the Journal of
Business and Economic Studies and on the Board of
Directors for the Northeast Business and Economic Association. |
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| Education
Ph.D., economics, Harvard University, 1972
Woodrow Wilson Fellow, 1967-1968
NSF Fellowship, 1968-1969
Teaching Fellow, 1969-1970
B.A., Indiana University, Magna Cum Laude, Phi
Beta Kappa, 1967 |
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| Work
experience
Federal Reserve Bank of Boston
Senior Economist and Advisor to the Director of Research,
1996-
Visiting Scholar, 1990-1996
Economist, 1970-1973
Tufts University
Professor, 1985-1996
Chairman of Economics Department, 1991-1994
Associate Professor, 1979-1985
Assistant Professor, 1977-1979
Harvard University
Assistant Professor, 1973-1977
Northeastern University
Lecturer, 1972-1973
United States Marine Corps, 1961-1965 |
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| Publications
Books
“Municipal Debt Finance: Implications of Tax-Exempt
Municipal Bonds,” in Handbook of Debt Management,
Gerald J. Miller, ed. New York: Marcel Dekker, Inc.,
1996.
Journals
New England Economic Review
“Margin
Requirements Across Equity-Related Instruments: How
Level Is the Playing Field?” (2003).
“Security
Loans at Banks and Nonbanks: Regulation U.”
(Fourth Quarter 2002).
“Margin
Lending and Stock Market Volatility.” (Issue
Number 4, 2001).
“Margin
Requirements, Margin Loans, and Margin Rates: Practice
and Principles.” (September/October 2000).
“Are
Stock Returns Different over Weekends? A Jump Diffusion
Analysis of the ‘Weekend Effect’”
(September/October 1999).
“A Primer
on U.S. Stock Price Indices.” (November/December
1998).
“Mutual
Funds Part II: Fund Flows and Security Returns.”
(January/February 1998).
“Mutual
Funds, Part I: Reshaping the American Financial System.”
(July/August 1997).
“Do
Municipal Bond Yields Forecast Tax Policy?”
(September/October 1996).
“Anomalies
in Option Pricing: The Black-Scholes Model Revisited.”
(March/April 1996).
“Stocks,
Bonds, Options, Futures, and Portfolio Insurance:
A Rose by Any Other Name...” (July/August
1995).
Regional Review
“Book
Review: Trading & Exchanges: Market Microstructure
for Practicioners” vol. 14, no. 2 (Quarter
2/Quarter 3, 2004).
“Is
Margin Lending Marginal?” vol. 11, no. 3
(Quarter 3, 2001).
“Motoring
Toward a Better Future.” vol. 10, no. 3 (Quarter
3, 2000).
“Issues
in Economics: Mutual Fund Myths.” vol. 8,
no. 2 (Quarter 2, 1998).
“Book
Review: Against the Gods.” vol. 7, no. 2
(Spring 1997).
“Book Review: Beam Me Up, Scotty. My Portfolio’s
in Warp Drive.” (Spring 1996).
“Issues in Finance: Municipal Bonds and the
Distribution of Income.” (Winter 1995).
“Issues in Finance: Living with the D-Word.”
(Spring 1995).
Other journal articles
“Tax-Exempt Bonds Really Do Subsidize Municipal
Capital.” National Tax Journal. vol. 51,
no. 1 (March 1998).
“Tax-Exemption, Tax-Exclusion and Tax-Reform:
The Subsidy for Municipal Investment.” Journal
of Business and Economic Studies. vol. 3, no.
1 (1996).
Working papers
“Weekends
Can Be Rough: Revisiting the Weekend Effect in Stock
Prices.” FRB Boston Series, paper no. 98-6
(1998).
“Tax-Exempt
Rates Really Do Subsidize Municipal Investments!”
FRB Boston Series, paper no. 96-9 (1996).
“Debt Capacity
and the Cost of Municipal Capital: A Reassessment
of the New View.” FRB Boston Series, paper
no. 95-8 (1995).
Other material
“Review of Issues Related to Mutual Funds and
Financial Stability.” Internal Staff Report (October
30, 1997).
A Constrained Econometric Analysis of Household
Sector Liquid Asset Allocation, FRB Boston Research
Report no. 50. (1972).
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| Public
service
Tufts University
Member, Chair’s Task Force, 1992-1993
Member, Computer Facilities and Usage Committee, 1986-1990,
1992-1994
Member, Search Committees, 1988-1989, 1989-1990, 1993-1994
Finance Committee, Weston, MA (appointed), 1990-1995
Northeast Business and Economic Association, Board
of Directors, 1995-2000
Journal of Business and Economic Studies, Editorial
Board Member, 1995-2000
Referee: Journal of Macroeconomics; Journal
of Business and Economic Studies; National Tax
Journal; and Public Finance Quarterly |
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