2011 Executive Board Election Results

The 2011 Executive Board Election is now closed. The following candidates were duly elected:

  • Vice President: George G. Kaufman, Loyola University Chicago
  • Academic Director: Makoto Yano, Kyoto University
  • Non-Academic Director: Mary S. Rosenbaum, Observatory Group

The Vice President (2011-2012) automatically ascends to the office of President-Elect (2012-2013) and then to the Presidency (2013-2014). Directors serve three-year terms that begin at the close of the 2011 business meeting and end at the close of the 2014 business meeting. 
 

Incoming Vice President

George G. Kaufman

John F. Smith Professor of Finance and Economics
Director, Center for Financial and Policy Studies
School of Business Administration,
Loyola University Chicago

Professor Kaufman has taught at Loyola University since 1981.  Before teaching at Loyola, he was a research fellow, economist and research officer at the Federal Reserve Bank of Chicago from 1959 to 1970 and has been a consultant to the Bank since 1981. From 1970 to 1980, he was the John Rogers Professor of Banking and Finance and Director of the Center for Capital Market Research in the College of Business Administration at the University of Oregon. He has been a visiting professor at the University of Southern California (1970), Stanford University (1975-76), and the University of California at Berkeley (1979), and a visiting scholar at the Federal Reserve Bank of San Francisco (1976) and the Office of the Comptroller of Currency (1978). He also served as Deputy to the Assistant Secretary for Economic Policy of the U.S. Treasury in 1976. Kaufman received his B.A. from Oberlin College (1954), M.A. from the University of Michigan (1955), and Ph.D. in economics from the University of Iowa (1962).

Professor Kaufman's teaching and research interests are in financial economics, institutions, markets and regulation and in the Federal Reserve and monetary policy. Most recently, he has been involved in developing ways of preventing bank crises and reforming deposit insurance in the U.S. and elsewhere. He has lectured widely on these subjects in the U.S. and abroad. He has published extensively in the American Economic Review, Journal of Finance, Journal of Financial and Quantitative Analysis and other major professional journals. Kaufman is also the author or editor of numerous books, including Money, the Financial System and the Economy (third edition, Houghton-Mifflin, 1981); The U.S. Financial System: Money, Markets, and Institutions (sixth edition, Prentice-Hall, 1995); Perspectives on Safe and Sound Banking: Past, Present, and Future (MIT Press, 1986) (co-author); Asset Price Bubbles (MIT Press, 2003) (co-editor); Systemic Financial Crises (World Scientific, 2005) (co-editor); Globalization and Systemic Risk (World Scientific, 2009) (co-editor); The First Credit Market Turmoil of the 21st Century ( World Scientific, 2009) and the annual Research in Financial Services (JAI/Elsevier Press, 1989-2003) (editor). Kaufman has served as the president of the Western Finance Association (1974-75), Midwest Finance Association (1986-87), and North American Economic and Finance Association (2003) and has served on the board of directors of the American Finance Association (1977-80) and Western Economic Association (2006-08). He was a founding co-editor of both the Journal of Financial Services Research and the Journal of Financial Stability, and is or has served on the editorial boards of a number of major professional journals, including the Journal of Money, Credit and Banking and the Journal of Financial and Quantitative Analysis. In 1992, he was named Loyola University Faculty Member of the Year.  In 2002, he received the Distinguished Scholar Award from the Midwest Finance Association and the Adam Smith Award for “exceptional contributions” by the National Association for Business Economics. In 2006, he was elected Distinguished Fellow by the North American Economic and Finance Association. In Spring 2004, he was the Professional Fellow in Financial Economics at the Reserve Bank of New Zealand.  The May 3, 2003 Economist identified Kaufman as one of “America’s leading financial economists.”

Professor Kaufman has served as a consultant to numerous government agencies and private firms, including being a member of the Federal Savings and Loan Insurance Corporation Task Force on Reappraising Deposit Insurance (1983), the American Bankers Association Task Force on Bank Safety and Soundness (1985), the American Enterprise Institute Project on Financial Regulation (1987), and the Brookings Institution Task Force on Depository Institutions Reform (1989). He is co-chair of the Shadow Financial Regulatory Committee, a group of independent banking experts who analyze and comment on economic, legislative and regulatory forces affecting the financial services industry, and served as  executive director of Financial Economists Roundtable from 1993 to 2008. He has frequently testified before Congress and other legislative and policy groups. Kaufman was a director of the Rochester Community Savings Bank (New York) from 1988 through 1997 and the Household Bank (Illinois) in 2002-2003, and was a trustee of the Teachers Insurance Annuity Association and College Retirement Equity Fund (TIAA-CREF) from 1982 to 1986.

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Incoming Academic Director

Makoto Yano

Professor and Chairman
Kyoto Institute of Economic Research,
Kyoto University


Professor Yano has taught at Kyoto University since 2007 where he currently serves as a professor and chairman of the Kyoto Institute of Economic Research. Previously he held permanent positions at Keio University, Yokohama National University, Rutgers University, and Cornell University, in addition to being a visiting associate professor at University of Southern California. He earned his B.A. from University of Tokyo (1977), and M.A. (1980) and Ph.D. (1981) from University of Rochester. Yano’s fields of specialization include dynamic economics, international economics, mathematical economics, and law and economics.

Since 2005, Professor Yano has been Managing Editor of the International Journal of Economic Theory, and this year began serving as Editor of the Pacific Economic Review. He also serves as a member of the editorial boards for Technology and Investment, Economics Research International, and Annals of Mathematical Economics. He has served as a reviewer for Mathematical Reviews since 1995. In addition, Yano has filled various editorial roles at journals such as Law and Economics Review, Japanese Economic Review, Keio Economic Studies, Economic Theory, and Economic Studies Quarterly.   

He has served on the Executive Council for IEFS Japan since 1995; has served on the Executive Council of the Japanese Economic Association regularly since 1996 including serving as Vice President (2007-08) and President (2008-09); and also served on the Executive Council for the Japan Law and Economics Association (2003-08).

The following is a very brief summary of Professor Yano's publications:

Book Edited:

  • The Japanese Economy - A Market Quality Perspective, Keio University Press, 2008. 

Papers:

  • “Non-Linear Dynamics and Chaos in Optimal Growth: An Example,” Econometrica 63-4, 981-1001, July 1995 (with K. Nishimura).
  • “On the Least Upper Bound of Discount Factors that are Compatible with Optimal Period-Three Cycles,” Journal of Economic Theory 69-2, 306-333, May 1996 (with K. Nishimura).
  • “On the Dual Stability of a von Neumann Facet and the Inefficacy of Temporary Fiscal Policy,” Econometrica 66-2, 427-452, March 1998.
  •  “Aid, Non-Traded Goods and the Transfer Paradox in Small Countries,”  American Economic Review 89-3, 431-449, June 1999 (with J. Nugent).
  • “The Foundation of Market Quality Economics,” The Japanese Economic Review  60-1, 1-32, 2009.
  • “Optimal growth and competitive equilibrium business cycles under decreasing returns in two-country models,” Review of International Economics 17-2, 371-391, May 2009 (with K. Nishimura and A. Venditti).
  • “Trade Imbalances and Harmonization of Competition Policies,” Journal of Mathematical Economics 46- 4, 438-452, July 2010 (M.Yano and T. Honryo).

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Incoming Non-Academic Director

Mary S. Rosenbaum

Managing Director, Observatory Group

Ms. Rosenbaum runs the Washington office of the Observatory Group. Before co-founding Observatory Group, she ran the Washington office of the G7 Group. Before joining G7 in 2004, she was an economic advisor with McKinsey & Company, where she served as a macroeconomic advisor to consulting teams in Europe, Latin America, and the US. Before McKinsey, Mary was Vice President and Senior Economist at the Federal Reserve Bank of Atlanta, where she served as monetary policy advisor to the Bank’s President while also directing the Macroeconomics Group responsible for domestic and international economic analysis and econometric forecasting. She holds a B.A. in Economics from the George Washington University and an M.A. and M.Phil. in Economics from Columbia University.