Contact Information
michael.t.gapen@frb.gov

Fields of Interest
Macroeconomics
Financial Markets
Monetary Policy

Education
Ph.D., Economics, Indiana University, 2004
B.A., Economics and Finance, Augustana College, 1991

Professional Experience
Board of Governors of the Federal Reserve System, 2008-present
Economist, International Monetary Fund, 2000-2008
Adjunct Assistant Professor, Johns Hopkins University, 2007
Visiting Assistant Professor, University of Notre Dame, 1998-2000

Selected Publications

• Evaluating the Implicit Guarantee to Fannie Mae and Freddie Mac Using Contingent Claims (ed. with J. Jay Choi and Michael Papaioannou). Currency, Credit and Capital: Crisis from the Wall Street to Main Street and the World, International Financial Review, vol. 10. U.K.: Emerald Group Publishing, 2009.
• ''Absolute Zero'' (with Celine Rochon), Business at Oxford, vol. 15 (Spring 2009), pp. 49-50.
• Macroeconomic Consequences of Remittances (with Ralph Chami, Adolfo Barajas, Connel Fullenkamp, and others). IMF Occasional Paper, vol. 259. Washington: International Monetary Fund, 2008.
• ''Measuring and Analyzing Sovereign Risk Using Contingent Claims'' (with Dale Gray, Cheng Hoon Lim, and Yingbin Xiao), IMF Staff Papers, vol. 55 (2008).
• ''Reserve Accumulation: Macroeconomics and Management Issues'' (with Michael Papaioannou), in Yutaka Kurihari, Sadayoshi Takaya, Hisashi Harui, and Hiroshi Kamae, eds., Information Technology and Economic Development. Hershey: IGI Global, 2008.
• ''Solving Ramsey Problems with Nonlinear Projection Methods'' (with Thomas Cosimano), Studies in Nonlinear Dynamics and Econometrics, vol. 9 (2005), pp. 1-36.
• ''The Contingent Claims Approach to Vulnerability Analysis: Estimating Default Risk and Economy-wide Risk Transfer'' (with Dale Gray, Cheng Hoon Lim, and Yingbin Xiao), in Michael Pomerleano and William Shaw, eds., Corporate Restructuring: Lessons from Experience. Washington: The World Bank Group, 2004.
• ''Seasonal Indexation Bias in U.S. Treasury Inflation-Indexed Securities,'' Applied Financial Economics, vol. 13 (July 2003), pp. 509-16.
• ''Conditional Indexation Bias in Yields Reported on Inflation Indexed Securities with Special Reference to UDIBONOS and TIPS'' (with George von Furstenberg), Economia Mexicana, vol. 7 (Spring 1998), pp. 149-88.