No. 2138

MONDAY, MARCH 24, 1997

NEW YORK FED NAMES NEW DIRECTOR OF RESEARCH

NEW YORK -- Stephen G. Cecchetti, professor of economics at Ohio State University, Columbus, Ohio, has been named the new director of research at the Federal Reserve Bank of New York, effective in August. Mr. Cecchetti, 40, will join the bank as an executive vice president.

"I'm extremely pleased that Steve has agreed to join the bank. We look forward to him making an important contribution to the bank and its research program," said William J. McDonough, president of the New York Fed.

Mr. Cecchetti has been a professor of economics at Ohio State since 1992, and on the faculty of the economics department since 1987. He also has served as a visiting professor of economics at several institutions, including the University of Melbourne in 1986, Boston College in 1994 and 1995, and Princeton University in 1992 and 1993, and on the faculty of the New York University Graduate School of Business from 1982 to 1987.

He will succeed Frederic S. Mishkin, who is leaving the New York Fed after three years as director of research. Mr. Mishkin is returning in September to Columbia University's Graduate School of Business as a professor of economics.

In addition to his teaching at Ohio State University, Mr. Cecchetti has been the editor of the "Journal of Money, Credit and Banking" since 1992, and on the editorial boards of the "American Economic Review," the "Journal of Economic Literature," and the "Ohio State University Press." He also has published numerous articles in academic journals on a variety of topics, including banking, securities markets and monetary policy. He is a research associate of the National Bureau of Economic Research. Mr. Cecchetti earned his undergraduate degree in economics from Massachusetts Institute of Technology in 1977, and a Ph.D. in economics from the University of California at Berkeley in 1982.

He has served as a consultant to several Federal Reserve Banks and other central banks, as well as to the Board of Governors of the Federal Reserve System. He has been a consultant to the Federal Reserve Bank of Cleveland since 1991.

Mr. Cecchetti will continue as an economics professor at Ohio State University until he joins the New York Fed.