Randall S. Kroszner
Norman R. Bobins Professor di Economia
Booth School of Business, University of Chicago, Chicago, USA
Main Topics:
- Financial crisis
- Money and banking
- Regulation of financial institutions
- Corporate governance
- Debt restructuring and bankruptcy
- Monetary economics
Professional Profile:
Randall S. Kroszner served as a Governor of the Federal Reserve System from March 2006 until January 2009. During his time as a member of the Federal Reserve Board, he chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards, and was director of NeighborWorks America. He represented the Federal Reserve Board on the Financial Stability Forum and the Basel Committee on Banking Supervision. As a member of the Board, he was also a voting member of the Federal Open Market Committee.
Before becoming a member of the Board, Dr. Kroszner was a professor of economics at the Booth School of Business of the University of Chicago where he is now returning to assume a newly-created chair titled the Norman R. Bobins Professor of Economics. Dr. Kroszner was Director of the George J. Stigler Center for the Study of the Economy and the State and editor of the Journal of Law & Economics. He was a visiting scholar at the American Enterprise Institute, a research associate at the National Bureau of Economic Research, and a director at the National Association for Business Economics. Dr. Kroszner also was a member of the Federal Economic Statistics Advisory Committee at the Bureau of Labor Statistics in the Department of Labor.
Dr. Kroszner was a member of the President’s Council of Economic Advisers (CEA) from 2001 to 2003. While at the CEA, he was heavily involved in formulating the policy response to corporate governance scandals as well as in advising on a wide range of domestic and international issues, including banking and financial regulation, government-sponsored enterprises, pension reform, terrorism risk insurance, tax reform, currency crisis management, sovereign debt restructuring, the role of the International Monetary Fund (IMF), international trade, and economic development.
Dr. Kroszner has been a visiting scholar at the Securities and Exchange Commission, the IMF, the Stockholm School of Economics, the Stockholm University, the Free University of Berlin, Germany, and the London School of Economics.
He was the John M. Olin Visiting Fellow in Law and Economics at the University of Chicago Law School and the Bertil Danielson Visiting Professor of Banking and Finance at the Stockholm School of Economics.
Education:
- Sc.B. magna cum laude in Applied Mathematics, Brown University 1984
- M.A. and Ph.D. in Economics, Harvard University, Cambridge, 1992
Selected Works:
- With Thomas Stratmann, “Corporate Campaign Contributions, Repeat Giving, and the Rewards to Legislator Reputation”, Journal of Law and Economics (April 2005)
- With Wallace Mullin, Judson Jaffe and Cindy Alexander, “Economic Organization and Competition Policy”, Yale Journal on Regulation (Summer 2002)
- With Philip Strahan, “Bankers on Boards: Monitoring, Conflicts of Interest, and Lender Liability,” Journal of Financial Economics (December 2001)
- With Philip Strahan, “What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions,” Quarterly Journal of Economics (November 1999)
- With C. Holderness and D. Sheehan, “Were the Good Old Days that Good? Changes in Managerial Stock Ownership since the Great Depression,” Journal of Finance (April 1999)
- The Economic Nature of the Firm: A Reader, second edition, New York, Cambridge University Press, 1996, co-edited with Louis Putterman (first edition 1986, Spanish edition 1994)
- Explorations in the New Monetary Economics, Cambridge, Basil Blackwell, 1994, with Tyler Cowen
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