THEO BALDERSTON The University of Manchester, UKWILLIAM A. BARNETT University of Kansas, USAMICHAEL BINDER University of Maryland, USAMICHAEL D. BORDO Rutgers University, USAJ. H. BOYD University of Minnesota, USAPHILLIP CAGAN Professor Emeritus, Columbia University, USACHARLES W. CALOMIRIS Columbia University, USASATYAJIT CHATTERJEE Federal Reserve Bank of Philadelphia, USAP. DEAN CORBAE University of Texas, USAROBERT W. DIMAND Brock University, CanadaGAUTI B. EGGERTSSON Federal Reserve Bank of New York, USACHRIS ERCEG Federal Reserve Board, Washington DC, USABENJAMIN M. FRIEDMAN Harvard University, USAMILTON FRIEDMAN Deceased. Hoover Institution, Stanford University, USATIMOTHY S. FUERST Bowling Green State University, USADOUGLAS GALE New York University, USAMIKHAIL GOLOSOV Massachusetts Institute of Technology, USACHARLES A. E. GOODHART London School of Economics, UKCHRISTIAN HELLWIG University of California Los Angeles, USADONALD D. HESTER University of Wisconsin Madison, USAPETER N. IRELAND Boston College, USAPAUL KLEIN University of Western Ontario, CanadaNARAYANA R. KOCHERLAKOTA Federal Reserve Bank of Minneapolis, USARICARDO LAGOS New York University, USAJAMES M. NASON Federal Reserve Bank of Atlanta, USAJUAN PABLO NICOLINI Universidad Torcuato di Tella, ArgentinaLAWRENCE H. OFFICER University of Illinois at Chicago, USAATHANASIOS ORPHANIDES Federal Reserve Board, Washington DC, USADON PATINKIN Deceased. Hebrew University of Jerusalem, IsraelADAM S. POSEN Peterson Institute for International EconomicsWILLIAM ROBERDS Federal Reserve Bank of Atlanta, USAARTHUR J. ROLNICK Federal Reserve Bank of Minneapolis, USALARS E.O. SVENSSON Princeton University, USAJAMES TOBIN Deceased. Former Sterling Professor of Economics, Yale University, USAALEH TSYVINSKI Yale Department of Economics, USAFRANÇOIS R. VELDE Federal Reserve Bank of ChicagoNEIL WALLACE Pennsylvania State University, USACARL E. WALSH University of California Santa Cruz, USAWARREN E. WEBER Federal Reserve Bank of MinneapolisRANDALL WRIGHT University of Pennsylvania, USA