Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Mary John Miller

Under Secretary for Domestic Finance

Department of the Treasury

Mary John Miller serves as the U.S. Department of the Treasury’s Under Secretary for Domestic Finance. As Under 

Secretary for Domestic Finance, Miller is responsible for developing and coordinating Treasury’s policies and guidance in 

the areas of financial institutions, federal debt financing, financial regulation, and capital markets.

Previously, Miller served as Assistant Secretary for Financial Markets, where she advised the Secretary on broad matters 

of domestic finance, financial markets, federal, state and local finance, and federal government lending policies. In this 

role, she has been responsible for Treasury’s management of the public debt. 

Prior to joining Treasury, Miller spent 26 years working for T. Rowe Price Group, Inc., where she was the director of the 

Fixed Income Division and a member of the firm’s Management Committee.

Miller earned a B.A. from Cornell University and an M.C.R.P. from the University of North Carolina at Chapel Hill. 

Miller also has earned her Chartered Financial Analyst designation.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Terry Belton

Head of Global Fixed Income and FX Strategy

JP Morgan

Terry Belton is Managing Director and Head of Global Fixed Income and FX Strategy at JPMorgan. In this role, he 

oversees the global rates, mortgage, and FX research teams of JPMorgan and is the primary editor of the firm’s flagship 

fixed income publication, US Fixed Income Markets Weekly. He was formerly an Economist at the Federal Reserve 

Board in Washington D.C. and is also currently an Adjunct Professor at the University of Chicago where he has taught 

since 1995. Terry is co-author of The Treasury Bond Basis, Probus Publishing 2005, and Eurodollar Futures and Options; 

Controlling Money Market Risk, Probus Publishing 1991.

Terry received a Ph.D. in Economics from the University of Michigan in 1983 and did his undergraduate studies at Boston 

College. He lives in Kenilworth, IL with his wife and five children.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Daniel Beltran

Senior Economist

Board of Governors of the Federal Reserve System

Daniel Beltran is a senior economist in the Division of International Finance at the Board of Governors of the Federal 

Reserve System, where he helps oversee the Treasury International Capital (TIC) system for collecting U.S. cross-border 

portfolio data. He received his Ph.D. in International Economics from the University of California, Santa Cruz. His 

primary research areas are in international finance, financial stability, and macroeconomics.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

John Campbell

Professor

Harvard University

John Y. Campbell is a member of the 2012 Roundtable program committee. He is the Morton L. and Carole S. Olshan 

Professor of Economics at Harvard University. He grew up in Oxford, England, and received a BA from Oxford in 1979. 

He came to the United States to attend graduate school, earning his PhD from Yale in 1984. He spent the next ten years 

teaching at Princeton, moving to Harvard in 1994. In 2006 his undergraduate teaching was acknowledged with a Harvard 

College Professorship.

Campbell has published over 80 articles on various aspects of finance and macroeconomics, including fixed-income 

securities, equity valuation, and portfolio choice. His books include The Econometrics of Financial Markets (with Andrew 

Lo and Craig MacKinlay, Princeton University Press 1997), Strategic Asset Allocation: Portfolio Choice for Long-Term 

Investors (with Luis Viceira, Oxford University Press 2002), and The Squam Lake Report: Fixing the Financial System

(with the Squam Lake Group of financial economists, Princeton University Press 2010).

Campbell served as President of the American Finance Association in 2005 and as President of the International Atlantic 

Economic Society in 2009. He is a Research Associate and former Director of the Program in Asset Pricing at the National 

Bureau of Economic Research, a Fellow of the Econometric Society and the American Academy of Arts and Sciences, 

a Corresponding Fellow of the British Academy and Honorary Fellow of Corpus Christi College, Oxford, and holds 

honorary doctorates from the University of Maastricht and the University of Paris Dauphine. He is also a founding partner 

of Arrowstreet Capital, LP, a Boston-based quantitative asset management firm. At Harvard, Campbell helped to oversee 

the investment of the endowment as a board member of the Harvard Management Company from 2004-2011 and served 

as Chair of the Department of Economics from 2009-2012.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Maria Cannata

Director General of Public Debt Management

Treasury Department of the Italian Ministry of Economy and Finance

Maria Cannata, born in Turin on January 2nd 1954, is Director General of the Public Debt Management in the Treasury 

Department of the Italian Ministry of Economy and Finance as of December 2000 and, since 2004, she sits in the board of 

Cassa Depositi e Prestiti SpA. Before this position, from 1992 she was responsible for the domestic debt, both in terms of 

issuance strategy and information and statistics on public debt, including the creation and development of the Public Debt 

web site. She has been following the excessive deficit procedure for the Italian Treasury since 1993 and attended all the 

main international (EU, OECD) working groups involved in the analysis of public debt instruments and markets since 1985.

During the transition period to the EMU, she dealt with the problems of statistical treatment of borderline transactions in 

the framework of the European Systems of Accounts (ESA79 and ESA95) and was responsible for the Euro changeover 

of the public debt instruments. From 1980 (when she joined the Italian Treasury) to 1992, she was involved in the study 

of debt structure and dynamics and in econometric forecasts of the main components of the State borrowing requirement. 

Maria Cannata holds a degree in mathematics, obtained in 1977 under the supervision of Bruno de Finetti, and an advanced 

diploma in French language.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

James Clark

Deputy Assistant Secretary for Federal Finance

US Treasury

James Clark currently serves at the U.S. Treasury as the Deputy Assistant Secretary for Federal Finance. In this capacity, 

he is responsible for overseeing the Office of Debt Management, which is the policy arm of the Treasury Department. Prior 

to his appointment at Treasury, Mr. Clark worked at the Federal Reserve Bank of New York (FRBNY) where he served 

in a number of different capacities, including: the head of Mortgage Analytics and the FRBNY liaison to the Treasury 

Department. Prior to his time at FRBNY, he worked as an investment banking analyst at UBS in London, United Kingdom.

James holds a M.A. in International Relations and Economics from Johns Hopkins University - SAIS, and a Bachelor of 

Science in Management from The London School of Economics and Political Science. He also serves as a Board Fellow on 

the David and Lucile Packard Foundation and is a CFA charterholder.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

John Cochrane

Professor

University of Chicago

John H. Cochrane is the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago 

Booth School of Business. His recent finance publications include the book Asset Pricing, and articles on dynamics in stock 

and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity 

premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t 

perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, 

the effects of monetary policy, and on the fiscal theory of the price level. He has also written articles on macroeconomics, 

health insurance, time-series econometrics and other topics. He was a coauthor of The Squam Lake Report. He writes 

occasional Op-eds, and blogs as “the Grumpy Economist” at johnhcochrane.blogspot.com.

Cochrane is a Research Associate of the National Bureau of Economic Research and past director of its asset pricing 

program, a Senior Fellow of the Hoover Institution at Stanford University, and an Adjunct Scholar of the CATO Institute. 

He is a past President and Fellow of the American Finance Association, and a Fellow of the Econometric Society. He 

has been an Editor of the Journal of Political Economy, and associate editor of several journals including the Journal of 

Monetary Economics, Journal of Business, and Journal of Economic Dynamics and Control. Recent awards include the 

TIAA-CREF Institute Paul A. Samuelson Award for his book Asset Pricing, the Chookaszian Endowed Risk Management 

Prize, and the Faculty Excellence Award for MBA teaching. 

Cochrane currently teaches the MBA class “Advanced Investments” and a variety of PhD classes in Asset Pricing and 

Monetary Economics. 

Cochrane earned a Bachelor’s degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California 

at Berkeley. He was at the Economics Department of the University of Chicago before joining the Booth School in 1994, 

and visited UCLA Anderson School of Management in 2000-2001. 

In addition to research and teaching, Cochrane is a competition sailplane pilot and windsurfs. He lives in Chicago with his 

wife Elizabeth Fama and children Sally, Eric, Gene and Lydia. 
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Lou Crandall

Chief Economist

Wrightson ICAP

Lou Crandall is Chief Economist of Wrightson ICAP and author of the firm’s widely-read newsletter, The Money Market 

Observer. Mr. Crandall began his career at the New York Fed in 1980 before joining Wrightson in 1982. The firm has 

a long-standing expertise in the analysis of the U.S. money markets, Treasury debt management and Federal Reserve 

operations and policy.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Jason Cummins

Chief US Economist and Head of Research

Brevan Howard Inc

Jason Cummins has been the chief US economist and head of research of Brevan Howard Inc since 2004. Brevan 

Howard is an international hedge fund management group with over $39 billion under management as in September 

2012. In his role, he develops the firm’s outlook for the economy, politics, and markets, advises the traders on portfolio 

management, and manages the global research/strategy team. Cummins is also a member of the Treasury Borrowing 

Advisory Committee, a government-appointed panel of external experts that has served the country for almost half a 

century. Formerly, Cummins was senior economist at the Federal Reserve Board, where he ran the macro forecasting 

team. Cummins began his career in 1995 as an assistant professor of economics at New York University and also taught 

at Harvard University. Cummins earned a Ph.D. in economics from Columbia University and graduated with high honors 

from Swarthmore College.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Pierre-Olivier Gourinchas

Professor

University of California Berkeley

Pierre-Olivier Gourinchas grew up in France where he attended L’Ecole Polytechnique. He received his PhD in 1996 from 

MIT and taught at Stanford Graduate School of Business and Princeton University before joining UC Berkeley department 

of economics.

Professor Gourinchas’ main research interests are in international macroeconomics and finance. His recent research focuses 

on the importance of the valuation channel for the dynamics of external adjustment and the determination of exchange 

rates (with Hélène Rey); on the determinants of capital flows to and from developing countries (with Olivier Jeanne); on 

international portfolios (with Nicolas Coeurdacier); on global imbalances (with Ricardo Caballero and Emmanuel Farhi), 

on international price discrimination (with Gita Gopinath, Chang-Tai Hsieh and Nick Li) and on the global financial 

crisis (with Maury Obstfeld). He is the laureate of the 2007 Bernàcer Prize for best European economist working in 

macroeconomics and finance under the age of 40, and of the 2008 Prix du Meilleur Jeune Economist for best French 

economist under the age of 40.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Robin Greenwood

Professor

Harvard Business School

Robin Greenwood is an Associate Professor of Business Administration at Harvard Business School. He has been on the 

faculty since 2003. His research investigates the effects of investor demand on asset prices and risk, with a special emphasis 

on credit and debt markets. Professor Greenwood received a Ph.D. from Harvard in Economics in 2003, and holds B.S. 

degrees in Economics and Mathematics from MIT. He has taught in both years of the MBA finance curriculum and various 

executive education programs. Since spring 2009, he has been teaching a course on behavioral and value investing. He is a 

Faculty Research Fellow at the National Bureau of Economic Research and an academic consultant to the Federal Reserve 

Bank of New York. 
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Glenn Hadden

Managing Director and Head of Global Interest Rates Products

Morgan Stanley

Glenn Hadden is a Managing Director and is Head of Global Interest Rates Products at Morgan Stanley. Prior to joining 

Morgan Stanley, Mr. Hadden was a Partner at Goldman Sachs, acting as Head of U.S. Government Bond Trading. He 

joined Goldman Sachs as Head of Canadian Government Bond Trading in Toronto in 1996. He was an Executive Director 

and co-head of European Government Bond Trading in London from 2001 to 2003. Mr. Hadden joined Goldman Sachs 

after working as the senior government bond trader at both TD Securities and BMO Nesbitt Burns in Toronto. Glenn 

currently serves as a founding member of the ECB Bond Market Contact Group and was a member of the New York Fed 

Treasury Market Practices Group in 2008-2009. Mr. Hadden serves as the President of The Hadden Family Foundation, 

which promotes youth education and development initiatives in Canada’s urban at-risk communities. Glenn is a member of 

the Founder’s Club at The University of Western Ontario and is also a member of the 1878 Society. Mr. Hadden earned a 

BA in Economics from the University of Western Ontario in 1992.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Ali Hortacsu

Professor 

University of Chicago

Ali Hortacsu is Professor of Economics at the University of Chicago. He has studied auctions and market mechanisms in 

many different settings including Treasury auctions, wholesale electricity auctions, central bank refinancing operations, 

and Internet auctions. His expertise is in developing econometric methods to analyze data generated by these auctions, and 

to utilize insights from the data to help improve the operations of these markets. He has published extensively in premier 

economics journals, including Econometrica, American Economic Review, Journal of Political Economy, Quarterly Journal 

of Economics, and the RAND Journal of Economics. He is currently an editor of the RAND Journal of Economics, and 

an associate editor of the American Economic Review. He is the recipient of an Alfred P. Sloan Fellowship and an NSF 

CAREER grant to support his research.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Derek Kaufman

Head of Global Fixed Income

Citadel

Derek Kaufman is Head of Global Fixed Income and a member of Citadel’s Portfolio Committee.

Prior to joining Citadel in 2008, Mr. Kaufman was a Managing Director at JPMorgan Chase, where he most recently served 

as Global Head of Fixed Income in the Proprietary Positioning Business. He started at J.P. Morgan in 1996, and was one of 

the earliest members of the firm’s Proprietary Positioning Business. 

Mr. Kaufman currently serves on the board of The Preparatory Foundation, an affiliate of The Boston Preparatory Charter 

Public School and on the Board of Trustees for Third Way, an innovative think-tank in Washington, D.C.

Mr. Kaufman received a bachelor’s degree in Applied Math/Economics from Harvard College.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Colin Kim

Director, Office of Debt Management

US Treasury

Colin Kim is the Director of the U.S. Treasury’s Office of Debt Management. Prior to the Treasury, he spent 7 years in 

Tokyo as a Japanese government bond market-maker and proprietary trader at Merrill Lynch and UBS Securities. After 

taking time off for further education, he worked for 5 years as a trader at fixed income relative value hedge funds, the last of 

which was Platinum Grove Asset Management, whose chairman Myron Scholes was awarded the Nobel Memorial Prize in 

Economic Sciences in 1997.

Mr. Kim holds a MS in Financial Mathematics, a MA in Economics, and a MS in Computer Science from Columbia 

University, New York University, and University of Chicago respectively, along with a Bachelor of Arts in Public Policy 

from Princeton University.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Arvind Krishnamurthy

Professor

Northwestern University

Arvind Krishnamurthy is a member of the 2012 Roundtable program committee. He is the Harold Stuart Professor of 

Finance at the Kellogg School of Management, Northwestern University, Research Associate of the National Bureau of 

Economic Research, and Faculty Fellow of the Center for International Economics and Development at Northwestern 

University. 

He received his B.S in Economics and Electrical Engineering from the University of Pennsylvania in 1990 and his Ph.D. in 

Financial Economics from the Massachusetts Institute of Technology in 1998. His research is on financial crises, liquidity, 

and how central bank policy can alleviate crises. He has studied international financial crises in emerging markets. He 

has also studied liquidity in U.S. bond markets and developed models of why liquidity falls during a crisis. He has been a 

visiting scholar at the IMF and the Federal Reserve. He is currently an Associate Editor at American Economic Review, and 

has previously been Associate Editor at the Journal of Finance and AEJ-Macroeconomics.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Francis Longstaff

Professor

University of California, Los Angeles

Francis A. Longstaff is a member of the 2012 Roundtable program committee. He is a Certified Public Accountant (CPA) 

and a Chartered Financial Analyst (CFA). From 1995 to 1998, Professor Longstaff was head of Fixed Income Derivative 

Research at Salomon Brothers Inc. in New York. Professor Longstaff has also worked in the research department of the 

Chicago Board of Trade and for Deloitte and Touche as a management consultant.

His current research interests include the following:

1. Fixed income markets and term structure theory.

2. Derivative markets and valuation theory.

3. Credit risk.

4. Computational Finance.

5. Liquidity and its effects on prices and markets.

6. The role of arbitrage in financial markets.

Several of his recent term structure papers have focused on the expectations hypothesis. Recent papers in the area 

of derivatives have focused on the valuation of American options by simulation and on the valuation of interest rate 

derivatives in string models of the term structure. Other recent papers provide upper bounds on the size of discounts for 

lack of liquidity that can be sustained in financial markets and also examine the risk/return relationship for hedge funds 

investing in pure arbitrage opportunities when there are margin constraints. He has published nearly 40 articles in academic 

and practitioner journals.

Many of his valuation models have been used widely on Wall Street and throughout the global financial markets. He has 

extensive experience as a consultant for many Wall Street firms, mutual funds, hedge funds, commercial banks and other 

financial institutions, software developers and risk management firms, as well as in litigation support. He is a frequent 

speaker at practitioner seminars and conferences.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Hanno Lustig

Professor

University of California Los Angeles

Professor Hanno Lustig is currently teaching at the UCLA Anderson School of Management. His research interests focus 

on asset pricing, macroeconomics and international finance. His most recent research explores the impact of implicit 

government guarantees on the price of tail risk in financial markets. He has conducted seminars in the field of economics at 

MIT, Harvard, Northwestern University and many other leading schools.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Paul McCulley

Chairman

Society of Fellows of the Global Interdependence Center

Paul McCulley is Chairman of the Society of Fellows of the Global Interdependence Center (GIC), Philadelphia, 

Pennsylvania. 

The Society, founded in late 2010, had its inaugural event at the Bank of France in March of this year: Re-Examining 

Central Bank Orthodoxy for Un-Orthodox Times (http://www.interdependence.org/resources/re-examining-central-bankorthodoxy-for-un-orthodox-times/).

Prior to endowing the Society and becoming its first Chair, Paul was a senior partner at PIMCO, the world’s premier fixed 

income investment advisory firm, where he was a member of the Investment Committee, manager of multi-billion dollar 

portfolios and founding author of the research publication, Global Central Bank Focus.

A devout Keynesian and interpreter of the work of Hyman Minsky, Paul coined the terms Minsky Moment and Shadow 

Banking System. While at PIMCO, he appeared regularly in the business media. Paul was also a member of the US 

Treasury’s Borrowing Advisory Committee (TBAC).

Mr. McCulley earned his BA from Grinnell College, Grinnell, Iowa, where he now sits on the Board of Trustees, and his 

MBA from Columbia University’s Graduate School of Business.

In his retirement from active portfolio management, Paul spends a lot of time fishing and listening to his whiskers grow, 

while nurturing his family life as a father.

He also is an entrepreneur in angel investing opportunities, while pursuing his philanthropic visions as President of the 

Morgan le Fey Dreams Foundation, which he founded and endowed in 2006.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Matthew Raskin

Officer

Federal Reserve Bank of New York

Matthew Raskin is an Officer in the Markets Group of the Federal Reserve Bank of New York. He works on the Open 

Market Desk, where he leads analysis of global financial markets and monetary policy and has been involved in the design 

and implementation of the Federal Reserve’s purchases of agency and Treasury securities. He is currently on loan to the 

Division of Monetary Affairs at the Board of Governors of the Federal Reserve System.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Ricardo Reis

Professor

Columbia University

Ricardo Reis is a professor of economics at Columbia University. Originally from Portugal, he received his B.Sc. degree 

from the London School of Economics in 1999, and his Ph.D. from Harvard University in 2004. He taught previously 

at Princeton University, and he has been a visitor at Stanford University, Yale University, the University of Chicago, and 

the Russell Sage Foundation. Reis is a Research Associate of the National Bureau of Economic Research (Cambridge, 

Mass.), a Research Fellow of the Centre for Economic Policy Research (London), is a co-editor of the Journal of Monetary 

Economics, a member of the Board of Editors of the American Economic Review and the Journal of Economic Literature, 

and an associate editor of the Economic Journal and the Journal of Money, Credit and Banking, and he is an academic 

advisor and visiting scholar the Federal Reserve Bank of New York. His main area of research is macroeconomics, both 

theoretical and applied. Some of his past work has focused on theories of inattention, models of sticky information, inflation 

dynamics, price indices, and the study of monetary and fiscal policy. More recent work investigates the role of fiscal 

automatic stabilizers in U.S. recessions, the targeting of liquidity injections by central banks during crises, and the financial 

strength and exposure of central banks pursuing unconventional policies.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Matthew Rutherford

Assistant Secretary for Financial Markets

US Treasury

Matthew Rutherford currently serves as the Assistant Secretary for Financial Markets. Prior to his appointment at Treasury, 

Mr. Rutherford worked at the Federal Reserve Bank of New York (FRBNY), where he served in a number of different 

capacities, including: the FRBNY liaison to the Treasury Department, debt management advisor, and Treasury market 

analyst. Prior to his time at FRBNY, he served as a Presidential Management Fellow in Washington D.C. Mr. Rutherford 

holds a Master’s in Public Policy from The University of Chicago, and a Bachelor of Arts in Economics from Lafayette 

College.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Robert Stheeman

Chief Executive

United Kingdom Debt Management Office

Robert Stheeman was appointed Chief Executive of the United Kingdom Debt Management Office in January 2003.

The DMO was established as an executive agency of HM Treasury in April 1998 to carry out Government debt 

management (issuing gilts and managing the gilts market) and cash management (balancing the Government’s daily cash 

needs by issuing Treasury Bills and other transactions in the sterling money markets). The DMO assumed responsibility for 

debt management on 1 April 1998 and for cash management on 3 April 2000. 

In institutional terms, the DMO is legally and constitutionally part of HM Treasury, but as an executive agency, it operates 

at arm’s length from Ministers. The Chancellor of the Exchequer determines the policy and operational framework within 

which the DMO operates, but delegates to the Chief Executive operational decisions on debt and cash management, and 

day-to-day management of the office.

From 1986 until 2002 Robert Stheeman held a number of positions with Deutsche Bank AG in Frankfurt and London. 

Robert Stheeman was born and educated in the UK. He held positions with Vereins-und Westbank AG in Germany from 

1979-1985 and completed his bank business degree at the Hamburg Chamber of Commerce in 1982.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Chris Vogel

Managing Director, Global Head of Fixed Income and Currency Trading

BlackRock

Chris Vogel, Managing Director, Global Head of Fixed Income and Currency Trading within BlackRock’s Trading and 

Liquidity Strategies Group.

Prior to joining BlackRock in 2011, Mr. Vogel served as Global Head of G-10 Foreign Exchange Trading at Bank of 

America Merrill Lynch in 2009. Prior to the merger, he was Global Head of Currency Trading at Bank of America 2007-

2008. Before moving to Foreign Exchange, he was head of a Global Strategic Trading Team situated in Global Rates. In 

between joining BlackRock and leaving Bank of America Merrill Lynch, Mr. Vogel was head of Derivatives at Pierpont 

Securities LLC where he assisted in the creation of the wholly owned subsidiary Pierpont Derivatives LLC. From 1990-

2005 Mr. Vogel worked at JPMorganChase, holding multiple senior trading positions primarily in USD High Grade Rates 

and Derivatives Trading.

Mr. Vogel was a member of the NY FRB’s ‘Foreign Exchange Committee’ (FXC) 2008-2009, and is currently a ‘Buy-Side’ 

member of the FXC. He earned a BSBA with minors in Finance and Criminal Justice from Villanova University, graduating 

cum laude. Prior to his commencing a career in Finance, Mr. Vogel served in the U.S. Marine Corps.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Jonathan Wright

Professor

Johns Hopkins University

Jonathan Wright is a professor in the Economics department at Johns Hopkins University, working in econometrics, 

empirical macroeconomics and empirical finance. His work spans a wide range of topics including forecasting in a datarich environment, the high-frequency effects of news announcements, term structure analysis and the econometrics of weak 

identification.
Second Annual Roundtable

on Treasury Markets and Debt Management

November 15, 2012

Min Zhu

Deputy Managing Director

International Monetary Fund

Min Zhu assumed the position of Deputy Managing Director on July 26, 2011. Previously he served as Special Advisor to 

the Managing Director of the International Monetary Fund from May 3, 2010 to July 25, 2011.

Mr. Zhu, a native of China, was a Deputy Governor of the People’s Bank of China. He was responsible for international 

affairs, policy research, and credit information. Prior to his service at China’s central bank, he held various positions at the 

Bank of China where he served as Group Executive Vice president, responsible for finance and treasury, risk management, 

internal control, legal and compliance, and strategy and research. Mr. Zhu also worked at the World Bank and taught 

economics at both Johns Hopkins University and Fudan University.

Mr. Zhu received a Ph.D and an M.A. in economics from Johns Hopkins University, an M.P.A. from the Woodrow Wilson 

School of Public and International Affairs at Princeton University, and a B.A. in economics from Fudan University.