The Participants

BODIL NYBOE ANDERSEN JARLE BERGO Chairman of the Board of Deputy Governor Governors Norges Bank Danmarks Nationalbank VILLY BERGSTRÖM WAYNE ANGELL Deputy Governor Economist Bank of Sweden Angell Economics BEN S. BERNANKE GERARD BAKER Governor Chief U.S. Commentator– Board of Governors of the Associate Editor Federal Reserve System Financial Times RICHARD BERNER RICHARD H. BARD Chief U.S. Economist Founder and Manager Morgan Stanley, Inc. IdeaSpring, LLC JOHN BERRY MARTIN H. BARNES Reporter Managing Editor The Bank Credit Analyst Research Group MORENO BERTOLDI Economic and Financial STEVEN BECKNER Counselor Senior Correspondent Delegation of the European Market News International Commission

463 464 The Participants

SUSAN SCHMIDT BIES THOMAS E. DAVIS Governor Former Senior Vice President Board of Governors of the and Director of Research Federal Reserve System Federal Reserve Bank of Kansas City FREDERICK S. BREIMYER Chief Economist GUY DEBELLE State Street Corporation Head Economic Analysis HENK J. BROUWER Reserve Bank of Australia Executive Director De Nederlandsche Bank N.V. WILLIAM C. DUDLEY Chief Economist/ RODERICK CARR Managing Director Acting Governor Goldman Sachs and Company Reserve Bank of New Zealand ROBERT H. DUGGER TODD E. CLARK Managing Director Assistant Vice President Tudor Investment Corporation and Economist Federal Reserve Bank TERRENCE P. DUNN of Kansas City President and Chief Executive Officer KATHLEEN COOPER J.E. Dunn Construction Under Secretary for Company Economic Affairs U.S. Department of Commerce ROBERT A. EISENBEIS Senior Vice President JEAN-PHILIPPE COTIS and Director of Research Chief Economist Federal Reserve Bank of Atlanta OECD CHARLES L. EVANS CHRISTINE M. CUMMING Vice President and Executive Vice President Economic Advisor and Director of Research Federal Reserve Bank Federal Reserve Bank of Chicago of New York The Participants 465

ROGER W. FERGUSON, JR. BARBARA HAGENBAUGH Vice Chairman Correspondent Board of Governors of the USA Today Federal Reserve System CRAIG S. HAKKIO PETER R. FISHER Senior Vice President Under Secretary for and Director of Research Domestic Finance Federal Reserve Bank Department of Kansas City of the Treasury DAVID D. HALE CHARLES FREEDMAN Global Chief Economist Deputy Governor Zurich Financial Services, Inc. Bank of Canada KATHLEEN HAYS ILAN GOLDFAJN Anchor and Economic Editor Deputy Governor CNN Business News for Economic Policy Central Bank of Brazil WILLIAM L. HELKIE Deputy Associate Director MORRIS GOLDSTEIN Division of International Senior Fellow Finance Institute for International Board of Governors of the Economics Federal Reserve System

LYLE E. GRAMLEY PHILIPP M. HILDEBRAND Consulting Economist Managing Director Schwab Washington and Member of the Research Group Executive Committee Union Bancaire Privée EIRIKUR GUDNASON Governor THOMAS M. HOENIG Central Bank of Iceland President and Chief Executive Officer JACK GUYNN Federal Reserve Bank President and of Kansas City Chief Executive Officer Federal Reserve Bank of Atlanta 466 The Participants

STUART G. HOFFMAN HENRY KAUFMAN Senior Vice President President and Chief Economist Henry Kaufman and The PNC Financial Company, Inc. Services Group Economics Division DONALD L. KOHN Governor R. GLENN HUBBARD Board of Governors of the Chairman Federal Reserve System Council of Economic Advisers SERGE KOLB ANDRÈ ICARD Executive Director Deputy General Manager Central Bank of Luxembourg Bank for International Settlements REINER KÖNIG Head of Economics Department GREG IP Deutsche Bundesbank Economics Reporter DINO KOS Executive Vice President JOHN P. JUDD Federal Reserve Bank Senior Vice President of New York and Director of Research Federal Reserve Bank ANNE O. KRUEGER of San Francisco First Deputy Managing Director International Monetary Fund GEORGE A. KAHN Vice President and Economist MICKEY D. LEVY Federal Reserve Bank Chief Economist of Kansas City Bank of America

JEREMY KAHN JOHN LIPSKY Writer Chief Economist Fortune JP Morgan Chase and Company The Participants 467

YASUHIRO MAEHARA LAURENCE H. MEYER General Manager Distinguished Scholar Chief Representative Office Center for Strategic and in the Americas International Studies Bank of Japan RICHARD MILLER JOHN H. MAKIN Senior Writer Principal Business Week Caxton Corporation JACQUES MISTRAL PHILIPPA MALMGREN Minister, Financial Counselor Special Assistant Embassy of France in the to the President United States for Economic Policy The White House MICHAEL H. MOSKOW President and JORGE MARSHALL Chief Executive Officer Vice President of the Board Federal Reserve Bank Central Bank of Chile of Chicago

ROBERT D. MCTEER, JR. MICHAEL MUSSA President and Senior Fellow Chief Executive Officer Institute for International Federal Reserve Bank of Dallas Economics

ALLAN MELTZER TIM O’NEILL Professor Executive Vice President and Department of Economics Chief Economist Carnegie Mellon University Bank of Montreal

LORETTA J. MESTER MARK W. OLSON Senior Vice President Governor and Director of Research Board of Governors of the Federal Reserve Bank Federal Reserve System of Philadelphia 468 The Participants

FATIH ÖZATAY VINCENT REINHART Vice Governor Director, Division of The Central Bank of the Monetary Affairs Republic of Turkey Board of Governors of the Federal Reserve System CHEUL PARK Deputy Governor BARRY K. ROBINSON Bank of Korea Former Vice President and Public Information Officer ROBERT T. PARRY Federal Reserve Bank President and of Kansas City Chief Executive Officer Federal Reserve Bank KENNETH S. ROGOFF of San Francisco Economic Counsellor and Director of Research SUSAN M. PHILLIPS International Monetary Fund Dean School of Business and HARVEY ROSENBLUM Public Management Senior Vice President The George Washington and Director of Research University Federal Reserve Bank of Dallas

WILLIAM POOLE JEAN-PIERRE ROTH President and Chairman of the Chief Executive Officer Governing Board Federal Reserve Bank Swiss National Bank of St. Louis ROBERTO MIGUEL ROBERT H. RASCHE SALINAS-LEÓN Senior Vice President Executive Director and Director of Research of Policy Analysis Federal Reserve Bank TV Azteca of St. Louis KERMIT L. SCHOENHOLTZ Managing Director and Chief Economist Citigroup The Participants 469

GORDON H. SELLON, JR. DAVID J. STOCKTON Vice President and Economist Director, Division of Federal Reserve Bank Research and Statistics of Kansas City Board of Governors of the Federal Reserve System ALLEN SINAI Chief Global Economist LAWRENCE H. SUMMERS and President President Decision Economics, Inc. Harvard University

PHILIPPE SION DIANE SWONK Associate Director Senior Vice President and Chief Economist BankOne DAVID SKIDMORE Special Assistant to the Board ALONSO GARCIA TAMES Board of Governors of the Director General of Federal Reserve System Public Credit Ministry of Finance and CLAUDE SMADJA Public Credit President Smadja & Associates, Inc. CRAIG TORRES Federal Reserve Reporter MARK S. SNIDERMAN Bloomberg Senior Vice President and Director of Research UMAYYA TOUKAN Federal Reserve Bank Governor and Chairman of Cleveland of the Board Central Bank of Jordan GENE SPERLING Senior Fellow for ALBERTO UNANUE Economic Studies Economic Advisor Council on Foreign Relations Central Bank of Venezuela

RICHARD W. STEVENSON CHRISTIAN UPPER Chief Economic Correspondent Economist Deutsche Bundesbank 470 The Participants

RICHARD WEBB PAM WOODALL President Economics Editor The Central Reserve Bank The Economist of Peru JANET YELLEN JONATHAN L. WILLIS Professor Economist Haas School of Business Federal Reserve Bank University of California of Kansas City at Berkeley

JAMES D. WOLFENSOHN President The World Bank