Senior Economist and Policy Advisor
Federal Reserve Bank of Dallas

Education

• Ph.D., (Economics) University of Wisconsin-Madison, December 1987
• M.S., (Economics) University of Wisconsin-Madison, May 1986
• B.A., (Economics) University of Missouri-Columbia, August 1982

Honors Received

• Phi Beta Kappa, University of Missouri—Columbia

Employment

• Federal Reserve Bank of Dallas, Financial Industry Studies Department
  • Senior Economist and Policy Advisor, January 1996–present
  • Senior Economist, July 1991–December 1995
     
• Tulane University, Department of Economics
  • Assistant Professor, Fall 1988–Summer 1991
  • Visiting Assistant Professor, Fall 1987–Spring 1988

Federal Reserve Bank of Dallas Publications

• “Has the Housing Boom Increased Mortgage Risk?” with Jeffery W. Gunther, Southwest Economy, September/October 2005.
   
• “Small Banks’ Competitors Loom Large,” with Jeffery W. Gunther, Southwest Economy, January/February 2004.
   
• “Auditing the Auditors: Oversight or Overkill?” with Jeffery W. Gunther, Economic and Financial Policy Review, Volume 1, Number 5, 2002.
   
• “Can the Stock Market Tell Bank Supervisors Anything They Don’t Already Know?” with Jeffery W. Gunther and Mark E. Levonian, Economic and Financial Review, Second Quarter 2001.
   
• “Banks as Real Estate Brokers—Letting Free Enterprise Work,” with Karen Couch and Robert Mahalik, Southwest Economy, May/June 2001.
   
• “Financial Statements and Reality: Do Troubled Banks Tell All?” with Jeffery W. Gunther, Economic and Financial Review, Third Quarter 2000.
   
• “Concentration, Technology, and Market Power in Banking: Is Distance Dead?” Financial Industry Studies, December 1998.
   
• “Bank Mergers: Creating Value or Destroying Competition,” with Thomas F. Siems, Financial Industry Issues, Third Quarter 1998.
   
• “New Banks: Why Enter When Others Exit?” with Edward C. Skelton, Financial Industry Issues, First Quarter 1998.
   
• “Government Guarantees and Banking: Evidence from the Mexican Peso Crisis,” Financial Industry Studies, December 1997.
   
• “Banking’s Merger Fervor: Survival of the Fittest?” Financial Industry Studies, December 1996.
   
• “Has Consumer Credit Growth Jeopardized Bank Profits?” Financial Industry Issues, First Quarter 1996.
   
• “Does Geographic Liberalization Really Hurt Small Banks?” Financial Industry Studies, December 1995.
   
• “Financial Shakeouts Slow Erosion of Small Bank Market Share,” Financial Industry Issues, Second Quarter 1995.
   
• “Have Small Banks Been Caught Off-Balance?” with Karen Couch, Financial Industry Studies, December 1994.
   
• “Banking Panics and the Creation of the Federal Reserve System,” with Jeffery W. Gunther, Economic Study Guide, Fall 1994.
   
• “The Government Budget Deficit and the Banking System: The Case of Mexico,” Financial Industry Studies, October 1993.
   
• “Governments, Deficits and Banking,” with Genie D. Short and Jeffery W. Gunther, Financial Industry Issues, Second Quarter 1993.
   
• “The Role of Bank Capital in Bank Loan Growth: Can the Market Tell Us Anything that Accountants Don't?” Financial Industry Studies, December 1992.
   
• “Mexico Offers Banking Opportunities,” with Jeffery W. Gunther, Financial Industry Issues, Fourth Quarter 1992.
   
• “Credit Crunch Concerns Linger as Banking Industry Improves,” with Linda M. Hooks, Financial Industry Issues, Second Quarter 1992.
   
• “Brokered Deposits: Determinants and Implications for Thrift Institutions,” Financial Industry Studies, Federal Reserve Bank of Dallas, December 1991.

Professional Journal Publications

• “Early Warning Models in Real Time,” with Jeffery W. Gunther, Journal of Banking and Finance, October 2003.
   
• “Loss Underreporting and the Auditing Role of Bank Exams, with Jeffery W. Gunther, Journal of Financial Intermediation, April 2003.
   
• “Mexican Banks and the 1994 Peso Crisis: The Importance of Initial Conditions,” with Jeffery W. Gunther and Genie D. Short, The North American Journal of Economics and Finance, Fall 1996.
   
• “Crédito y Actividad Económica en México,” with Jeffery W. Gunther, Economía Mexicana, December 1993.
   
• “Asymmetric Information, Repeated Lending, and Capital Structure,” Journal of Money, Credit and Banking, August 1993.

Book Chapter

• “When Does Financial Liberalization Make Banks Risky? An Empirical Examination of Argentina, Canada, and Mexico,” with William C. Gruben and Jahyeong Koo, Research in Financial Services: Private and Public Policy vol. 14, JAI/Elsevier Science, 2002.

Trade Journal Publications

• “Small Banks Far From Thriving, Partly Because of Credit Unions,” with Jeffery W. Gunther, American Banker, August 20, 2004.
   
• “Have Small Banks Been Caught Off-Balance?” with Karen Couch, The Zenshinren Report, April 1995.
   
• “Banking North of the Border: A Profile of the U.S. Banking Industry,” with Santos Flores and Genie D. Short, Capital, October 1994.
   
• “Actividad Macroeconómica y Condiciones del Crédito en México,” with Jeffery W. Gunther, Revista Bimestral de la Comisión Nacional Bancaria, November/December 1993.
   
• “Deficit Reduction and Financial Liberalization: A Mexican Triumph,” with Genie D. Short and Jeffery W. Gunther, Mexican Business Review, October 1993.