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 Education
1979 | Pancyprian Gymnasium, Nicosia, Cyprus
| 1985 | Bachelor of Science (S.B.) in Mathematics, Massachusetts Institute of Technology, Cambridge, MA, USA
| 1985 | Bachelor of Science (S.B.) in Economics, Massachusetts Institute of Technology, Cambridge, MA, USA
| 1990 | Doctor of Philosophy (Ph.D) in Economics, Massachusetts Institute of Technology, Cambridge, MA, USA
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Professional career 1990-1996 | Economist, Federal Reserve Board
| 1996-2003 | Senior Economist, Federal Reserve Board
| 2003-2006 | Adviser, Federal Reserve Board
| 2006-2007 | Senior Adviser, Federal Reserve Board
| 2007- | Governor of the Central Bank of Cyprus
| 2008- | Member of the Governing Council of the European Central Bank
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Other posts / affiliations Adjunct Professor, Georgetown University (Spring 1992) Visiting/Adjunct Professor, Johns Hopkins University (1995-2004) Lecturer, Goethe University, Frankfurt (August 2002) Lecturer, Kiel Institute for World Economics (November 2004) Associate Editor, Journal of Economic Dynamics and Control (2002-2007) Research Fellow, Centre for Economic Policy Research, London Fellow, Center for Financial Studies, Frankfurt International Research Fellow, Kiel Institute for World Economics Publications "Reflections on inflation targeting" in D. Cobham (ed) Twenty Years of Inflation Targeting: Lessons Learned and Future Prospects, Cambridge University Press, forthcoming, 2010. The Great Inflation (with M.D. Bordo, eds), University of Chicago Press, forthcoming. "Recent policy challenges through the lens of economic forecasts", Cyprus Economic Policy Review, 3(2), December 2009, pp.73-79. "Imperfect knowledge and the pitfalls of optimal control policy" (with J.C. Williams) in K. Schmidt-Hebbel and C.E. Walsh (eds) Monetary Policy Under Uncertainty and Learning, Santiago: Central Bank of Chile, 2009. "Comment on ‘What have economists learned about monetary policy over the past 50 years?’ by Lars Svensson" in Deutsche Bundesbank (ed) Monetary Policy Over Fifty Years – Experiences and Lessons, Routledge, 2009. "Comment on ‘Torn between new data needs and respondents’ fatigue - are efficiency gains the philosophers’ stone?’ by Klaus Liebscher and Aurel Schubert" in European Central Bank (ed) A Strategic Vision for Statistics: Challenges for the Next 10 years, Frankfurt: European Central Bank, 2008. "Preparing for the euro - perspectives from the monetary policy strategy in Cyprus" in K. Liebscher, J. Christl, P. Mooslechner and D. Ritzberger-Grunwald (eds) Currency and Competitiveness in Europe, Cheltenham: Edward Elgar, 2008. "Learning, expectations formation, and the pitfalls of optimal control monetary policy" (with J.C. Williams), Journal of Monetary Economics, 55, Supplement 1, October 2008, pp. S80-S96. "Taylor rules" in S.N. Durlauf and L. E. Blume (eds) The New Palgrave, Second Edition, New York: Palgrave Macmillian, 2008. "Robust monetary policy with imperfect knowledge" (with J.C. Williams), Journal of Monetary Economics, 54 (5), July 2007, pp. 1406-1435. "The bond market term premium: what is it, and how can we measure it?" (with D.H. Kim), BIS Quarterly Review, June 2007, pp. 27-40. "Inflation targeting under imperfect knowledge" (with J.C. Williams) in F. Mishkin and K. Schmidt-Hebbel (eds) Monetary Policy under Inflation Targeting, Santiago: Central Bank of Chile, 2007. "A quantitative exploration of the opportunistic approach to disinflation" (with Y. Aksoy, D.H. Small, V. Wieland, and D.W. Wilcox), Journal of Monetary Economics, 53(8), November 2006, pp. 1877-1893. "Monetary policy with imperfect knowledge" (with J.C. Williams), Journal of the European Economic Association, 4(2-3), 2006, pp. 366-375. "The road to price stability" American Economic Review, Papers and Proceedings, May 2006, pp. 178-181. "Real-time data and monetary policy" (with H. Herrmann and P.L. Siklos), North American Journal of Economics and Finance, 16(3), December 2005, pp. 271-276. "The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations" (with J.C. Williams), Journal of Economic Dynamics and Control, 29(11), November 2005, pp.1927-1950. "Expectations, learning and monetary policy" (with J.C. Williams), Journal of Economic Dynamics and Control, 29(11), November 2005, pp. 1807-1808. "Term structure estimation with survey data on interest rate forecasts" (with D.H. Kim), Federal Reserve Board, Finance and Economics Discussion Series, 2005-48, October. "Comment on ‘The incredible Volcker disinflation’ by Marvin Goodfriend and Robert G. King", Journal of Monetary Economics, 52(5), July 2005, pp. 1017-1023. "The reliability of inflation forecasts based on output gap estimates in real time" (with S. van Norden), Journal of Money, Credit and Banking, 37(3), June 2005, pp. 583-601. "Inflation scares and forecast-based monetary policy" (with J.C. Williams), Review of Economic Dynamics, 8(2), April 2005, pp. 498-527. "The reform of October 1979: how it happened and why" (with D.E. Lindsey and R.H. Rasche), Federal Reserve Bank of St Louis Review, 87(2, Part 2), March/April 2005, pp.187-236. "Reflections on monetary policy 25 years after October 1979: editors' introduction" (with D.L. Thornton), Federal Reserve Bank of St Louis Review, 87(2), Part 2), March/April 2005, pp. 139-144. "Imperfect knowledge, inflation expectations, and monetary policy" (with J.C. Williams) in B. Bernanke and M. Woodford (eds) The Inflation-Targeting Debate, Chicago: University of Chicago Press, 2005. "The macroeconomic consequences of terrorism" (with S.B. Blomberg, and G.D. Hess), Journal of Monetary Economics, 51(5), July 2004, pp. 1007-1032. "Monetary policy rules, macroeconomic stability, and inflation: a view from the trenches", Journal of Money, Credit and Banking, 36(2), March 2004, pp.151-175. "Monetary policy in deflation: the liquidity trap in history and practice", North American Journal of Economics and Finance, 15(1), March 2004, pp. 101-124. "Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero" (with G. Coenen and V. Wieland), Advances in Macroeconomics, 4(1), 2004, Article 1. "Monetary policy when the nominal short-term interest rate is zero" (with J. Clouse, D. Henderson, D.H. Small, and P. A. Tinsley), Topics in Macroeconomics, 3(1), 2003, Article 12. "Historical monetary policy analysis and the Taylor Rule", Journal of Monetary Economics, 50(5), July 2003, pp. 983-1022. "The quest for prosperity without inflation", Journal of Monetary Economics, 50(3), April 2003, pp. 633-663. "Monetary policy evaluation with noisy information", Journal of Monetary Economics, 50(3), April 2003, pp. 605-631. "The unreliability of output gap estimates in real time" (with S. van Norden), Review of Economics and Statistics, 84(4), November 2002, pp. 569-583. "Comment on ‘The conduct of monetary policy with a shrinking stock of government debt’ by Stacey L. Schreft, and Bruce D. Smith", Journal of Money, Credit and Banking, 34(3, Part 2), August 2002, pp. 883-886. "Optimal discretion" (with Y. Lengwiler), Scandinavian Journal of Economics, 104(2), June 2002, pp. 261-276. "Monetary policy rules and the great inflation", American Economic Review, Papers and Proceedings, 92(2), May 2002, pp. 115-120. "The opportunistic approach to disinflation" (with D. Wilcox), International Finance, 5(1), Spring 2002, pp. 47-71. "Robust monetary policy rules with unknown natural rates" (with J.C. Williams), Brookings Papers on Economic Activity, 2, 2002, pp. 63-118. "Monetary policy rules based on real-time data", American Economic Review, 91(4), September 2001, pp. 964-985. "War and democracy" (with G.D. Hess), Journal of Political Economy, 109(4), August 2001, pp. 776-810. "Commentary on ‘Expectations, open market operations, and changes in the Federal Funds Rate’", Federal Reserve Bank of St Louis Review, 83(4), July/August 2001, pp. 49-57. "Economic conditions, elections, and the magnitude of foreign conflicts" (with G.D. Hess), Journal of Public Economics, 80(1), April 2001, pp.121-140. "Money and inflation: the role of information regarding the determinants of M2 behavior" (with R.D. Porter) in H. J. Klockers and C. Willeke (eds) Monetary Analysis: Tools and Applications, Frankfurt: European Central Bank, 2001. "Inflation zone targeting" (with V. Wieland), European Economic Review, 44(7), June 2000, pp. 1351-1387. "Errors in the measurement of the output gap and the design of monetary policy" (with R.D. Porter, D. Reifschneider, R. Tetlow, and F. Finan), Journal of Economics and Business, 52(1-2), January/April 2000, pp. 117-141. "P* revisited: money-based inflation forecasts with a changing equilibrium velocity" (with R.D. Porter), Journal of Economics and Business, 52(1-2), January/April 2000, pp. 87-100. "Efficient monetary policy design near price stability" (with V. Wieland), Journal of the Japanese and International Economies, 14, 2000, pp. 327-365. "Inflation, volatility and growth" (with R. Judson), International Finance, 2(1), April 1999, pp. 117-138. "Myopia and addictive behaviour" (with D. Zervos), Economic Journal, 108, January 1998, pp. 75-91. "Leverage as a state variable for employment, inventory accumulation, and fixed investment" (with C. Calomiris and A.S. Sharpe) in F. Capie and G. Wood (eds) Asset Prices and the Real Economy, London: Macmillan 1997. "Earnings, forecasts and the predictability of stock returns: evidence from trading the S&P" (with J. Lander and M. Douvogiannis), Journal of Portfolio Management, 23(4), Summer 1997, pp. 24-35. "Optimal reform postponement", Economics Letters, 52, December 1996, pp. 299-307. "Taxation and intergenerational transfers with family size heterogeneity: do parents with more children prefer higher taxes?'' (with G.D. Hess), Journal of Money, Credit and Banking, 28(2), May 1996, pp. 162-177. "The timing of stabilizations", Journal of Economic Dynamics and Control, 20(1), January 1996, pp. 257-279. "Compensation incentives and risk taking behavior: evidence from mutual funds" in M. Loretan (ed) Risk Measurement and Systemic Risk, Washington D.C.: Board of Governors of the Federal Reserve System, 1996. "War politics: an economic, rational voter framework" (with G.D. Hess), American Economic Review, 85(4), September 1995, pp. 828-846. "Rational addiction with learning and regret" (with D. Zervos), Journal of Political Economy, 103(4), August 1995, pp. 739-758. "Estimating the interest rate risk of liquid retail deposit values" (with J. O’Brien and D. Small) in The Declining Role of Banking, The 30th Annual Conference on Bank Structure and Competition, Chicago: Federal Reserve Bank of Chicago, 1994. "The empirical properties of a monetary aggregate that adds bond and stock mutual funds to M2" (with B. Reid and D.H. Small), Federal Reserve Bank of St Louis Review, 76(6), November/December 1994, pp. 31-51. "Optimal consumption dynamics with non-concave habit forming utility" (with D. Zervos), Economics Letters, 44, January 1994, pp. 67-72. "Labor hoarding when unemployment is a worker discipline device", Scandinavian Journal of Economics, 95(1), March 1993, pp. 111-118. "Money, inflation and growth" (with R.M. Solow) in B. Friedman and F.Hahn (eds) Handbook of Monetary Economics, Amsterdam: Elsevier North-Holland, 1990.
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