President and Chief Executive Officer

Biography
Mr. Rosengren took office on July 23, 2007, as the thirteenth chief executive officer of the Federal Reserve Bank of Boston, serving the First District.  He serves the remainder of a term that began on March 1, 2006.  In 2007, he is a voting member of the Federal Open Market Committee.
 
Mr. Rosengren was born on June 3, 1957, in Ridgewood, New Jersey. He graduated Summa Cum Laude from Colby College with a B.A. and highest honors in economics.  He then spent one year in Australia as a Thomas Watson Fellow.  Following his year in Australia, he attended the University of Wisconsin, Madison, where he earned an M.S. in economics in 1984 and a Ph.D. in economics in 1986.

Mr. Rosengren has held senior positions within the Federal Reserve in both the research and bank supervision functions.  He joined the Federal Reserve Bank of Boston in 1985 as an economist in the Research Department.  He was promoted to Assistant Vice President in 1989 and to Vice President in 1991 as head of the Banking and Monetary Policy section of the Research Department.  In 2000, he was named Senior Vice President and head of the Supervision and Regulation Department.  He assumed the additional title of Chief Discount Officer in 2003, and in 2005, he was named Executive Vice President.  While in the bank supervision function, he obtained significant domestic and international regulatory experience related to the Basel II Capital Accord.

In his work as an economist, Rosengren has made the link between financial problems and the real economy a focus of his research, and he has published extensively on macroeconomics, international banking, bank supervision, and risk management. He has been an author on over 100 articles and papers on economics and finance, including articles in many of the top economics and finance journals.

Education

B.A., Colby College, Waterville, highest honors in economics, 1979

Summa Cum Laude, Phi Beta Kappa

M.S., University of Wisconsin, Madison, 1984

Ph.D., University of Wisconsin, Madison, 1986

Work experience

Federal Reserve Bank of Boston

President and Chief Executive Officer, 2007-
Executive Vice President, Supervision and Regulation Department, and Chief Discount Officer, 2005-2007
Senior Vice President, Supervision and Regulation Department, and Chief Discount Officer, 2003-2005
Senior Vice President, Supervision and Regulation Department, 2000-2002
Vice President and Economist, Research Department, 1991-2000
Assistant Vice President and Economist, Research Department, 1989-1991
Economist, Research Department, 1985-1989

General Accounting Office, Washington, D.C.

Dissertation Fellowship, 1984-1985

University of Wisconsin, Madison

Teaching Assistant, 1981-1984

Thomas Watson Foundation, Melbourne, Australia

Research Fellow, 1979-1980

Publications

Journals

“Capital and Risk: New Evidence on Implications of Large Operational Losses,” with Patrick deFontnouvelle, Virginia DeJesus-Rueff, and John Jordan. Forthcoming in Journal of Money, Credit and Banking.

"Unnatural Selection: Peverse Incentives and the Misallocation of Credit in Japan," with Joe Peek. Forthcoming in The American Economic Review. (September 2005).

"Does the Federal Reserve Possess An Exploitable Informational Advantage?" with Joe Peek and Geoffrey M.B. Tootell. Journal of Monetary Economics. vol. 50, no. 4 (May 2003): 817-839.

"Identifying the Macroeconomic Effect of Loan Supply Shocks," with Joe Peek and Geoffrey M.B. Tootell. Journal of Money, Credit, and Banking. vol. 35, no. 6, part 1 (December 2003): 931-946.

"Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit," with Michael Klein and Joe Peek. The American Economic Review. vol. 92, no. 3 (June 2002): 664-682.

"Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," with Joe Peek. The American Economic Review. vol. 90, no. 1 (March 2000): 30-45.

"Determinants of the Japan Premium: Actions Speak Louder than Words," with Joe Peek. The Journal of International Economics. vol. 53, no. 2 (April 2001): 283-305.

"The Market Reaction to the Disclosure of Supervisory Actions: Implications for Bank Transparency," with Joe Peek and John Jordan. Journal of Financial Intermediation. vol. 9 (June 2000): 298-319.

"Modernizing Financial Regulation: Implications for Bank Supervision." Journal of Financial Services Research. vol. 16, no. 2-3 (December 1999): 117-123.

"The Poor Performance of Foreign Bank Subsidiaries: Were the Problems Acquired or Created?" with Joe Peek and Faith Kasirye. Journal of Banking and Finance. vol. 23, no. 2/4 (February 1999): 579-604.

"Is Bank Supervision Central to Central Banking?" with Joe Peek and Geoffrey M. B. Tootell. The Quarterly Journal of Economics. vol. 114 (May 1999): 629-653.

"Bank Consolidation and Small Business Lending: It's Not Just Bank Size That Matters," with Joe Peek. Journal of Banking and Finance. vol. 22, no. 6-8 (August 1998): 799-819.

"Derivatives Activity at Troubled Banks," with Joe Peek. Journal of Financial Services Research. vol. 12, no. 2/3 (October/December 1997): 287-302.

"The International Transmission of Financial Shocks: The Case of Japan," with Joe Peek. The American Economic Review. vol. 87, no. 4 (September 1997): 495-505.

"Will Legislated Early Intervention Prevent the Next Banking Crisis?" with Joe Peek. Southern Economic Journal. vol. 64, no. 1 (July 1997): 268-280.

"The Capital Crunch: Neither a Borrower Nor a Lender Be," with Joe Peek. Journal of Money, Credit and Banking. vol. 27, no. 3 (August 1995): 625-638.

"Bank Regulation and the Credit Crunch," with Joe Peek. Journal of Banking and Finance. vol. 19, no. 1 (June 1995): 679-692.

"Bank Regulatory Agreements and Real Estate Lending," with Joe Peek. Real Estate Economics. vol. 24, no. 1 (Spring 1995): 55-73.

"The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects," with Michael Klein. Journal of International Economics. vol. 36, no. 3-4 (May 1994): 373-390.

"Empirical Evidence on Vertical Foreclosure," with Jim Meehan. Economic Inquiry. vol. 32 no. 2 (April 1994): 303-317.

"Failed Bank Resolution and the Collateral Crunch: The Advantages of Transferable Puts," with Katerina Simons. Journal of the American Real Estate and Urban Economics Association. vol. 22, no. 1 (Winter 1994): 135-147.

"Bank Real Estate Lending and the New England Credit Crunch, " with Joe Peek. Journal of the American Real Estate and Urban Economics Association. vol. 22, no. 1 (Winter 1994): 33-58.

"Defaults of Original Issue High-Yield Convertible Bonds." The Journal of Finance. vol. 48, no. 1 (March 1993): 345-362.

"State Restrictions of Hostile Takeovers." Publius: The Journal of Federalism. vol. 18, no. 3 (Summer 1988).

"The Australian Trucking Industry: Is There a Need for Government Regulation?" Australian Economic Papers (December 1981).

Other material

"Crisis Resolution and Credit Allocation: The Case of Japan," with Joe Peek. In Systemic Financial Crises: Containment and Resolution, Patrick Honohan and Luc Laeven, eds. Cambridge University Press, New York, NY, 2005, pp. 276-306.

"Implications of Alternative Operational Risk Modeling Techniques," with Patrick de Fontnouvelle and John Jordan. In National Bureau of Economic Research Conference Volume, forthcoming.

"Innovations in Risk Management - Lessons from the Banking Industry," with Linda Barriga. In Understanding Business Risk, forthcoming.

"Commentary on 'Disclosure, Volatility, and Transparency: An Empirical Investigation into the Value of Bank Disclosure.'" Economic Policy Review. vol. 10, no. 2 (September 2004): 49-51.

"Comments on 'The Morning After: Restructuring in the Aftermath of an Asset Bubble.'" In Asset Price Bubbles: The Implications for Monetary, Regulatory, and International Policies, William C. Hunter, George G. Kaufman, and Michael Pomerleano, eds. MIT Press, 2003, pp. 529-536.

"Comment on 'Banking in Europe.'" In The Transformation of the European Financial System, Vitor Gaspar, Philipp Hartmann, Olaf Sleijpen, eds., European Central Bank, 2002, pp. 104-116.

"Quantification of Operational Risk," with Matthew Brown and John Jordan. In Financial Market Behavior and Appropriate Regulation over the Business Cycle. Proceedings of the 38th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 2002, pp. 239-248.

"Comments on 'How Good are EU Deposit Insurance Schemes in a Bubble Environment.'" In Asset Price Bubbles: Implications for Monetary and Regulatory Policies, George G. Kaufman, ed., Elsevier Science Ltd., 2001, pp. 195-200.

"Synergies Between Bank Supervision and Monetary Policy: Implications for the Design of Bank Regulatory Structure," with Joe Peek and Geoffrey M.B. Tootell. In Prudential Supervision: What Works and What Doesn't, Frederic S. Mishkin, ed., University of Chicago Press, 2001, pp. 273-299.

"Japanese Banking: Implications for Southeast Asia," with Joe Peek. In Global Financial Crises and Reforms: Cases and Caveats, B.N. Ghosh ed., 2001, pp. 102-126.

"Will Greater Disclosure and Transparency Prevent the Next Banking Crisis?" In The Asian Financial Crisis: Origins, Implications and Solutions, William C. Hunter, George Kaufman, and Thomas Krueger, eds., Kluwer Academic Publishers, 1999.

"Factors Affecting the Japan Premium," with Joe Peek. In Global Financial Crises: Implications for Banking and Regulation. Proceedings of the 35th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1999, pp. 489-495.

"International Implications of Disclosing Supervisory Information," with John S. Jordan and Joe Peek. In Global Financial Crises: Implications for Banking and Regulation. Proceedings of 35th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1999, pp. 72-78.

"Can Bank Supervisory Information Improve Forecasts of Variables Critical to Monetary Policy?" with Joe Peek and Geoffrey M. B. Tootell. In Payments Systems in the Global Economy: Risks and Opportunities. Proceedings of the 34th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1998, pp. 422-430.

"Small Business Credit Availability: How Important Is Size of Lender?" with Joe Peek. In Universal Banking: Financial System Design Reconsidered. Anthony Saunders and Ingo Walter eds. Chicago, IL: Irwin Professional Publishing, 1996, pp. 628-655.

"The Effects of Interstate Branching on Small Business Lending," with Joe Peek. In The New Tools Set: Assessing Innovations in Banking. Proceedings of the 31st Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 1995, pp. 314-331.

Public service

Referee, for The American Economic Review; Economic Inquiry; Economic Record; Economic Study; Global Finance Journal; International Finance and Institute for International Economics; Journal of Banking and Finance; Journal of Business; Journal of Macroeconomics; Journal of Financial Services Research; Journal of International Economics; Journal of the Japanese and International Economies; Journal of Money, Credit and Banking; National Science Foundation; Real Estate Economics.