The Research Group is pleased to announce that Mark J. Flannery and Douglas Gale have joined its Program for Resident Scholars for 2009-10.

Professor Flannery is the BankAmerica Eminent Scholar in Finance at the University of Florida’s Graduate School of Business Administration. He has written on a range of banking and finance topics, including government regulation of the financial sector, the information content of security prices, and asset pricing. His work has appeared in the American Economic Review, the Journal of Finance, the Quarterly Journal of Economics, and the Review of Financial Studies.

Professor Flannery has served as editor of the Journal of Money, Credit, and Banking and as associate editor at numerous other finance journals. He was codirector of the Federal Deposit Insurance Corporation’s Center for Financial Research and is president of the Financial Intermediation Research Society. Professor Flannery has been a member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable since its inception in 2006 as well as a visiting scholar at the Bank.

Professor Gale is a Silver Professor and a professor of economics at New York University. He has taught at the London School of Economics, the University of Pennsylvania, and the Massachusetts Institute of Technology. In addition to authoring and coauthoring several scholarly volumes, Professor Gale has published on financial economics, the microstructure of markets, and the foundations of macroeconomics and monetary economics in such journals as the American Economic Review, Econometrica, and the Review of Financial Studies.

Professor Gale is coeditor of the International Journal of Central Banking. He has served on various editorial boards, including the boards of Econometrica, the Journal of Economic Theory, and the Review of Economic Studies. He is a fellow of the Econometric Society. In addition, Professor Gale is a former member of the Economics Advisory Panel of the National Science Foundation, a former visiting scholar at the Federal Reserve Bank of New York, and former chair of New York University’s Economics Department.

The Research Group established its Program for Resident Scholars in 2004 to attract to the New York Fed, for a stay of at least six months, outstanding researchers with an international reputation. The scholars are selected from the top academic and policy institutions in areas related to the Bank’s broad policy interests. Resident scholars pursue their own research agendas while participating fully in the Research Group’s activities. They work closely with the director of research, contribute to policymaking discussions, and provide intellectual leadership by advising and collaborating with the Group’s economists.

Previous resident scholars are: Mark Gertler, the Henry and Lucy Moses Professor of Economics at New York University; Eric Ghysels, the Edward M. Bernstein Distinguished Professor of Economics at the University of North Carolina at Chapel Hill; Nobuhiro Kiyotaki, professor of economics at Princeton University; John Leahy, professor of economics at New York University; Suresh M. Sundaresan, the Chase Manhattan Bank Foundation Professor of Financial Institutions at Columbia Business School; and Jiang Wang, the Mizuho Financial Group Professor at MIT’s Sloan School of Management.