THEO BALDERSTON The University of Manchester, UK WILLIAM A. BARNETT University of Kansas, USA MICHAEL BINDER University of Maryland, USA MICHAEL D. BORDO Rutgers University, USA J. H. BOYD University of Minnesota, USA PHILLIP CAGAN Professor Emeritus, Columbia University, USA CHARLES W. CALOMIRIS Columbia University, USA SATYAJIT CHATTERJEE Federal Reserve Bank of Philadelphia, USA P. DEAN CORBAE University of Texas, USA ROBERT W. DIMAND Brock University, Canada GAUTI B. EGGERTSSON Federal Reserve Bank of New York, USA CHRIS ERCEG Federal Reserve Board, Washington DC, USA BENJAMIN M. FRIEDMAN Harvard University, USA MILTON FRIEDMAN Deceased. Hoover Institution, Stanford University, USA TIMOTHY S. FUERST Bowling Green State University, USA DOUGLAS GALE New York University, USA MIKHAIL GOLOSOV Massachusetts Institute of Technology, USA CHARLES A. E. GOODHART London School of Economics, UK CHRISTIAN HELLWIG University of California Los Angeles, USA DONALD D. HESTER University of Wisconsin Madison, USA PETER N. IRELAND Boston College, USA PAUL KLEIN University of Western Ontario, Canada NARAYANA R. KOCHERLAKOTA Federal Reserve Bank of Minneapolis, USA RICARDO LAGOS New York University, USA JAMES M. NASON Federal Reserve Bank of Atlanta, USA JUAN PABLO NICOLINI Universidad Torcuato di Tella, Argentina LAWRENCE H. OFFICER University of Illinois at Chicago, USA ATHANASIOS ORPHANIDES Federal Reserve Board, Washington DC, USA DON PATINKIN Deceased. Hebrew University of Jerusalem, Israel ADAM S. POSEN Peterson Institute for International Economics WILLIAM ROBERDS Federal Reserve Bank of Atlanta, USA ARTHUR J. ROLNICK Federal Reserve Bank of Minneapolis, USA LARS E.O. SVENSSON Princeton University, USA JAMES TOBIN Deceased. Former Sterling Professor of Economics, Yale University, USA ALEH TSYVINSKI Yale Department of Economics, USA FRANÇOIS R. VELDE Federal Reserve Bank of Chicago NEIL WALLACE Pennsylvania State University, USA CARL E. WALSH University of California Santa Cruz, USA WARREN E. WEBER Federal Reserve Bank of Minneapolis RANDALL WRIGHT University of Pennsylvania, USA