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For
a PDF version, click here.
For a brief biography, click here.
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PERSONAL DATA
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Born:
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September 4, 1958, in Orlando, Florida.
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Marital Status:
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Married to Constance Pond Hubbard.
Two children, Robert Andrew Pond Hubbard
and William Charles Pond Hubbard.
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FIELDS OF SPECIALIZATION
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Public Economics, Corporate Finance and Financial
Institutions, Macroeconomics, Industrial Organization, Natural Resource
Economics, Public Policy.
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Ph.D., Economics, Harvard University, May 1983.
Dissertation: Three Essays on Government Debt and Asset Markets,
supervised by Benjamin M. Friedman, Jerry A. Hausman, and Martin S.
Feldstein.
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A.M., Economics, Harvard University, May 1981.
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B.A., B.S., Economics, University of Central Florida,
June 1979, summa cum laude.
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Fellow of the National Association of Business
Economists, 2005.
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William F. Butler Memorial Award, New York Association
of Business Economists Award, 2005.
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Michelle Akers Award for Distinguished Service,
University of Central Florida, 2001.
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Alumni Hall of Fame, University of Central Florida,
2000.
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Best Paper Award for Corporate Finance, Western Finance
Association, 1998.
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Exceptional Service Award, U.S. Department of the
Treasury, 1992.
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Distinguished Alumnus Award, University of Central
Florida, 1991.
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John M. Olin Fellowship, National Bureau of Economic
Research, 1987-1988.
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Teaching Commendations, Graduate School of Business,
Columbia University.
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Northwestern University Associated Student Government
Teaching Awards, announced in 1985, 1986, and 1987.
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Graduate Distinctions: National Science Foundation
Fellowship, Alfred P. Sloan Foundation Fellowship.
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Undergraduate Distinctions: National Merit Scholarship,
National Society of Professional Engineers Award, Florida Society of
Professional Engineers Award, National Council of Teachers of English
Award, Omicron Delta Kappa, Financial Management Association Honor
Society.
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POSITIONS HELD
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2004-present
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Dean, Graduate School of Business, Columbia
University
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1994-present
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Russell L. Carson Professor of Economics and Finance,
Graduate School of Business, Columbia University
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1997-present
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Professor of Economics, Faculty of Arts and Sciences,
Columbia University
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2007-present
2003-present
1999-2004
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Panel of Economic Advisors, Federal Reserve Bank of New
York (also 1993-2001)
Visiting Scholar American Enterprise Institute (also
1995-2001)
Co-Director, Columbia Business School Entrepreneurship
Program
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2004-2005
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Viewpoint Columnist, Business Week
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2004-2006
2003-present
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Member, Panel of Economic Advisors, Congressional
Budget Office
Featured commentator, Nightly
Business Report
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2003-present
2001-2003
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Featured commentator, Marketplace
Chairman, President’s Council of Economic Advisers
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2001-2003
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Chairman, Economic Policy Committee, Organization for
Economic Cooperation and Development
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2001-2003
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Member, White House National Economic Council and
National Security Council
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2001-2003
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Member, President’s Council on Science and Technology
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1997-1998
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Visiting Professor of Business Administration, Harvard
Business School
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1995-present
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Visiting Scholar and Director of Tax Policy Program,
American Enterprise Institute
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1994-1997
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Senior Vice Dean, Graduate School of Business, Columbia
University
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1994
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MCI Fellow, American Council for Capital Formation
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1994
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John M. Olin Visiting Professor, Center for the Study of
Economy and the State, University of Chicago
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1991-1993
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Deputy Assistant Secretary (Tax Analysis), U.S.
Department of the Treasury
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1988-present
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Professor of Finance and Economics, Graduate School of
Business, Columbia University
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1987-1988
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John M. Olin Fellow in residence at the National Bureau of
Economic Research
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1983-1988
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Assistant Professor of Economics, Northwestern
University, with half-time research appointment in the Center for Urban
Affairs and Policy Research
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1985
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Visiting Scholar, Center for Business and Government,
John F. Kennedy School of Government, Harvard University
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1981-1983
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Teaching Fellow (Department of Economics) and Resident
Tutor in Economics (Dunster House), Harvard University
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DIRECTORSHIPS AND BUSINESS ADVISORY POSITIONS
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2007-present
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Met Life; Information Services Group
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2006-present
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Capmark Financial Corporation
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2005-present
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Arcapita (Senior Advisor); Chart Venture Partners
(Advisor); Nomura Securities (Senior Advisor)
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2004-present
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ADP, Inc.; KKR Financial Corporation; BlackRock
Closed-End Funds; Duke Realty Corporation
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2003-present
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Ripplewood Holdings; ITU Ventures
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2004-2006
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Dex Media/R.H. Donnelley
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2000-2001
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Angel Society, LLC; Information Technology
University, LLC
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POSTS IN CHARITABLE ORGANIZATIONS
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2008-present
2006-present
2006-present
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Chairman, Economic Club of New York
Co-Chair, Committee on Capital Markets Regulation
Member, Board of Directors, Resources for the Future
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2004-present
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Trustee, Economic Club of New York
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2004-present
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Member, Advisory Board, National Center on Addiction
and Substance Abuse
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2003-present
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Member, Manhattan District Council Board, Boy Scouts
of America
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2004-2007
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Trustee, Fifth Avenue Presbyterian Church, New York
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PROFESSIONAL ACTIVITIES
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1987-present
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Research Associate, National Bureau of Economic Research
(Monetary Economics, Corporate Finance, Public Economics, Economic Fluctuations,
Industrial Organization)
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2007-present
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Life Member, Council on Foreign Relations
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2006-present
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Co-Chairman, Committee on Capital Markets Regulation
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2005-present
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Chairman, Panel of Academic Advisors, Alliance for
Competitive Taxation
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2003-present
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Chairman, Panel of Academic Advisors, International Tax
Policy Forum
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2003-present
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Member, Panel of Academic Advisors, Tax Foundation
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2003-present
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Member, Panel of Academic Advisors, American Council for
Capital Formation
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2003-present
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Member, Committee of Visitors, National Science
Foundation
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2000
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Panelist, Graduate Fellowship Selection Committee,
National Science Foundation
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1999-2001
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Director, Project on Nonprofit Organizations, National Bureau
of Economic Research
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1997-2001
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Member, COSSA-Liaison Committee, American Economic
Association
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1993-2001
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Board of Advisors, Institutional Investor Project,
School of Law, Columbia University
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1995-1999
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Member, Board of Academic Consultants, American Law
Institute
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1997
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Member, Grants Panel for Integrative Graduate Education
and Research Training Program, National Science Foundation
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1994-1996
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Member, Economics Grants Panel, National Science Foundation
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1993-1996
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Member, Federal Taxation and Finance Committee, National
Tax Association
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1990-1995
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Co-organized research program on International Aspects
of Taxation at the National Bureau of Economic Research, Cambridge,
Massachusetts
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1995
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Member, Program Committee, American Economic Association
Meeting
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1983-1987
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Faculty Research Fellow, National Bureau of Economic
Research
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1983-1986
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Adjunct Faculty Research Fellow, Energy and Environmental
Policy Center, John F. Kennedy School of Government, Harvard
University, Cambridge, Massachusetts
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1986, 1988, 1994
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Member of the Brookings Panel on Economic Activity
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1985, 1987
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Special guest of the Brookings Panel on Economic Activity
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1990-1991
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Organized research program on Environmental Economics
and Public Policy at the National Bureau of Economic Research,
Cambridge, Massachusetts
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1988-1990
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Co-organized research program on Dynamic Models of Firms
and Industries at the National Bureau of Economic Research, Cambridge,
Massachusetts
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1985-1989
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Organized research program and workshops on contracting
in financial markets at the Summer Institute, National Bureau of
Economic Research, Cambridge, Massachusetts
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1988
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Organized Economic Fluctuations program on Industrial
Economics and Macroeconomics, National Bureau of Economic Research,
Stanford, California
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1986-1988
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Organized research program and workshop on links between
macroeconomics and industrial organization at the Summer Institute,
National Bureau of Economic Research, Cambridge, Massachusetts
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1991
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Member, Program Committee, Econometric Society Winter
Meetings
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1982-1983
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Member, Energy Modeling Forum VII Study Group, Stanford
University, Stanford, California
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1981-present
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Consultant on research projects with private
corporations and government and international agencies, including the Internal
Revenue Service, Social Security Administration, U.S. Department of
Energy, U.S. Department of State, U.S. Department of Treasury, and U.S.
International Trade Commission; National Science Foundation; The World
Bank; Board of Governors of the Federal Reserve System; Federal Reserve
Bank of New York; Congressional Budget Office
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Member:
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American Economic Association, American Finance
Association, Association for Public Policy and Management, Econometric
Society, International Association of Energy Economists, National Tax
Association, the Royal Economic Society, and the Institute for
Management Science
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Referee:
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American Economic Review; Canadian Journal of Economics;
Columbia Journal of World Business; Econometrica; Economic Journal;
Energy Economics; Energy Journal; International Finance; International
Tax and Public Finance; Journal of Business; Journal of Business and
Economic Statistics; Journal of Economic History; Journal of Economic
Literature; Journal of Finance; Journal of Financial Economics; Journal
of Financial Intermediation; Journal of Financial and Quantitative
Analysis, Journal of Financial Services Research; Journal of Industrial
Economics; Journal of International Money and Finance; Journal of Law
and Economics; Journal of Macroeconomics; Journal of Money, Credit, and
Banking; Journal of Monetary Economics; Journal of Political Economy;
Journal of Public Economics; Journal of Regulatory Economics; Journal
of Small Business Finance; Management Science; National Tax Journal; Quarterly
Journal of Economics; Quarterly Review of Economics and Finance; RAND
Journal of Economics; Review of Economic Dynamics; Review of Economic
Studies; Review of Economics and Statistics; Review of Financial
Economics; Scandinavian Journal of Economics; Southern Economic Journal;
National Science Foundation; C.V. Starr Center for Applied Economics
(New York University); Addison-Wesley Publishing Company; Ballinger
Press; Cambridge University Press; Harvard Business School Press; MIT
Press; W.W. Norton; Oxford University Press
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Former Associate Editor:
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Federal Reserve Bank of New York Economic Policy Review;
International Finance; International Tax and Public Finance; Journal of
Industrial Economics; Journal of Macroeconomics; Journal of Small Business
Finance; National Tax Journal
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PUBLICATIONS AND PAPERS
Edited Volumes
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Transition
Costs of Fundamental Tax Reform (with K.A. Hassett),
Washington, DC: AEI Press, 2001.
Inequality
and Tax Policy (with K.A. Hassett), Washington, DC: AEI
Press, 2001.
Effects of Taxation on
Multinational Corporations (with
M. Feldstein and J.R. Hines), Chicago: University of Chicago Press,
1995.
Taxing Multinational Corporations (with M. Feldstein and J. R. Hines), Chicago:
University of Chicago Press, 1995.
Studies in International Taxation (with A. Giovannini and J.
B. Slemrod), Chicago: University of Chicago Press, 1993.
Financial Markets and Financial Crises, Chicago: University of
Chicago Press, 1991.
Asymmetric Information, Corporate Finance, and Investment,
Chicago: University of Chicago Press, 1990.
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Books
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Healthy, Wealthy, and Wise (with
J.F. Cogan and D.P. Kessler), Washington: AEI Press, 2005.
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Textbooks
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Principles of Economics (with A.P. O'Brien), Prentice-Hall,
forthcoming, 2006.
Money, the Financial System, and
the Economy, Reading:
Addison-Wesley Publishing Company, 1st ed., 1994; 2nd ed., 1997; 3rd
ed., 2000; 4th ed., 2002; 5th ed., 2004.
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Publications
Articles
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“Completion and Shareholder Fees in the Mutual Fund Industry:
Evidence and Implications for Policy” (with J. Coates), Journal of Corporation Law,
forthcoming.
“Evaluating Effects of Tax Preferences on Health Care Spending
and Federal Revenues” (with J.F. Cogan and D.P. Kessler), in J.M.
Poterba, ed., Tax Policy and the Economy, volume 21,
Cambridge: MIT Press, 2007.
“To Bundle or Not to Bundle:
Firms’ Choices Under Pure Building” (with A. Saha and J. Lee), International Journal of the
Economics of Business, forthcoming.
“Precautionary Savings and the
Governance of Nonprofit Organizations” (R. Fisman), Journal of
Public Economics, forthcoming.
“Business, Knowledge, and Global Growth”, Capitalism and Society, 1 (2006).
“Government Debt and Interest Rates” (with E.
Engen), in M. Gertler and K. Rogoff, NBER Macroeconomics Annual 2004, Cambridge: MIT Press, 2005.
“The Effects of Progressive Income Taxation on Job Turnover”
(with W.M. Gentry), Journal of Public Economics 88 (2004):
2301-2322.
“Taxing Multinationals” (with M. Devereux), International Taxation
and Public Finance, forthcoming.
“Entrepreneurship
and Household Saving” (with W.M. Gentry),
Advances in Economic Analysis and Policy, 4 (2004).
“The Effect of the Tax Reform Act of
1986 on the Location of Assets in Financial Services Firms” (with R.
Altshuler), Journal of Public Economics, 87 (January
2003):109-127.
“The Role of Nonprofit Endowments” (with R. Fisman), in E. Glaeser,
ed., The Governance of Not-For-Profit Organizations, Chicago:
University of Chicago Press, 2003.
“Are There Bank Effects in Borrowers’ Costs of Funds?: Evidence from
a Matched Sample of Borrowers and Banks” (with K.N. Kuttner and D.N.
Palia), Journal of Business, 75 (October 2002): 559-581.
“The Share Price Effects of Dividend Taxes and Tax Imputation
Credits” (with T.S. Harris and D. Kemsley), Journal of Public
Economics 79 (March 2001): 569-596.
“Tax Policy and Entrepreneurial Entry” (with W.M. Gentry), American
Economic Review 90 (May 2000): 283-287.
“Understanding the Determinants of
Managerial Ownership and the Link Between Ownership and Performance”
(with C.P. Himmelberg and D. Palia), Journal of Financial
Economics 53 (1999): 353-384.
“A Reexamination of the Conglomerate Merger Wave in the 1960s” (with
D. Palia), Journal of Finance 54 (June 1999): 1131-1152.
“Inflation and the User Cost of Capital: Does Inflation Still
Matter?” (with D. Cohen and K.A. Hassett), in M. Feldstein, ed., The
Costs and Benefits of Achieving Price Stability, Chicago:
University of Chicago Press, 1999.
“Are Investment Incentives Blunted by Changes in Prices of Capital
Goods?: International Evidence” (with K.A. Hassett), International
Finance 1 (October 1998): 103-125.
“Capital-Market Imperfections and Investment,” Journal of Economic
Literature 36 (March 1998): 193-225.
“Fundamental Tax Reform and Corporate Financial Policy” (with W.M.
Gentry), in J.M. Poterba, ed., TaxPolicy and the Economy,
volume 12, Cambridge: MIT Press, 1998.
“Distributional Implications of Introducing a Broad-Based Consumption
Tax” (with W.M. Gentry), in J.M. Poterba, ed., Tax Policy and the
Economy, volume 11, Cambridge: MIT Press, 1997.
“How Different Are Income and Consumption Taxes?,” American
Economic Review 87 (May 1997): 138-142.
“Tax Policy and Investment,” (with K.A. Hassett), in A.J. Auerbach,
ed., Fiscal Policy: Lessons from Economic Research, Cambridge:
MIT Press, 1997.
“Assessing the Effectiveness of Saving Incentives” (with J. Skinner),
Journal of Economic Perspectives 10 (Fall 1996): 73-90.
“The Political Economy of Branching Restrictions and Deposit
Insurance: A Model of Monopolistic Competition Among Small and Large
Banks" (with N. Economides and D. Palia), Journal of Law and
Economics 39 (October 1996): 667-704.
“Tax Reforms and Investment: A Cross-Country Comparison” (with J.G.
Cummins and K.A. Hassett), Journal of Public Economics 62
(1996): 237-273.
“Benefits of Control, Managerial Ownership, and the Stock Returns of
Acquiring Firms” (with D. Palia), RAND Journal of Economics 26
(Winter 1995): 782-792.
“Executive Pay and Performance: Evidence from the U.S. Banking
Industry” (with D. Palia), Journal of Financial Economics 39
(1995): 105-130.
"Tax Policy, Internal Finance, and Investment: Evidence from the
Undistributed Profits Tax of 1936-1937" (with C. Calomiris), Journal
of Business 68 (October 1995): 443-482.
"A Reconsideration of Investment Behavior Using Tax Reforms as
Natural Experiments" (with J.G. Cummins and K.A. Hassett), Brookings
Papers on Economic Activity (1994:2): 1-59.
"Precautionary Saving and Social Insurance" (with J.
Skinner and S. Zeldes), Journal of Political Economy 105
(April 1995): 360-399.
"Expanding the Life-Cycle Model: Precautionary Saving and Public
Policy" (with J. Skinner and S. Zeldes), American Economic
Review 84 (May 1994): 174-179.
"The Tax Sensitivity of Foreign Direct Investment: Evidence from
Firm-Level Panel Data" (with J. Cummins), in M. Feldstein, J.R.
Hines, and R.G. Hubbard, eds., Effects of Taxation on
Multinational Corporations, Chicago: University of Chicago Press,
1995.
"International Adjustment Under the Classical Gold Standard:
Evidence for the U.S. and Britain, 1879- 1914" (with C.
Calomiris), in T. Bauoumi, B. Eichengreen, and M. Taylor, eds., Modern
Perspectives on the Gold Standard, Cambridge: Cambridge
University Press, 1995.
"Internal Finance and Firm-Level Investment" (with A.
Kashyap and T. Whited), Journal of Money, Credit, and Banking 27
(August 1995): 683-701.
"Do Tax Reforms Affect Investment?" (with J.G. Cummins and
K.A. Hassett), in J.M. Poterba, ed., Tax Policy and the Economy,
vol. 9, Cambridge: MIT Press, 1995.
"The Importance of Precautionary Motives for Explaining
Individual and Aggregate Saving" (with J. Skinner and S.
Zeldes), Carnegie-Rochester Conference Series on Public Policy 40
(June 1994): 59-126.
"Corporate Financial Policy, Taxation, and Macroeconomic
Risk" (with M. Gertler), RAND Journal of Economics 24
(Summer 1993): 286-303.
"Internal Net Worth and the Investment Process: An Application
to U.S. Agriculture" (with A. Kashyap), Journal of Political
Economy 100 (June 1992): 506-534.
"Long-Term Contracting and Multiple-Price Systems" (with R.
Weiner), Journal of Business 65 (April 1992): 177-198.
"Efficient Contracting and Market Power: Evidence from the U.S.
Natural Gas Industry" (with R. Weiner), Journal of Law and
Economics 34 (April 1991): 25-67.
"Interest Rate Differentials, Credit Constraints, and Investment
Fluctuations" (with M. Gertler and A. Kashyap), in R.G. Hubbard,
ed., Financial Markets and Financial Crises, Chicago:
University of Chicago Press, 1991.
"Taxation, Corporate Capital Structure, and Financial
Distress" (with M. Gertler), in L.H. Summers, ed., Tax Policy
and the Economy, volume 4, Cambridge: MIT Press, 1990.
"Firm Heterogeneity, Internal Finance, and Credit
Rationing" (with C. Calomiris), Economic Journal 100
(March 1990): 90-104.
"Coming Home to America: Dividend Repatriations in U.S.
Multinationals" (with J. Hines), in A. Razin and J.B. Slemrod,
eds., Taxation in the Global Economy, Chicago: University of
Chicago Press, 1990.
"Price Flexibility, Credit Availability, and Economic
Fluctuations: Evidence from the U.S., 1894-1909" (with C.
Calomiris), Quarterly Journal of Economics 104 (August 1989):
429-452.
"Financial Factors in Business Fluctuations" (with M.
Gertler), in Federal Reserve Bank of Kansas City, Financial Market
Volatility--Causes, Consequences, and Policy Responses, 1989.
"Contracting and Price Adjustment in Commodity Markets: Evidence
from Copper and Oil" (with R. Weiner), Review of Economics
and Statistics 71 (February 1989): 80-89.
"Financing Constraints and Corporate Investment" (with S.
Fazzari and B.C. Petersen), Brookings Papers on Economic Activity,
1988:1: 141-195; Reprinted in Z.J. Acs, ed., Small Firms and
Economic Growth, Cheltenham, U.K.: Edward Elgar Publishing Ltd.,
1995.
"Investment, Financing Decisions, and Tax Policy" (with S.
Fazzari and B.C. Petersen), American Economic Review 78 (May
1988): 200-205.
"Market Structure and Cyclical Fluctuations in U.S.
Manufacturing" (with I. Domowitz and B.C. Petersen), Review
of Economics and Statistics 70 (February 1988): 55-66.
"Capital Market Imperfections and Tax Policy Analysis in the
Life-Cycle Model" (with K. Judd), Annales d' Economie et de
Statistique 9 (January-March 1988): 111-139.
"Social Security and Individual Welfare: Precautionary Saving,
Borrowing Constraints, and the Payroll Tax" (with K. Judd), American
Economic Review 77 (September 1987): 630-646.
"Oligopoly Supergames: Some Empirical Evidence on Prices and
Margins" (with I. Domowitz and B.C. Petersen), Journal of
Industrial Economics 36 (June 1987): 379-398.
"Uncertain Lifetimes, Pensions, and Individual Saving," in
Zvi Bodie, John B. Shoven, and David A. Wise (eds.), Issues in
Pension Economics, Chicago: University of Chicago Press, 1987,
pp. 175-205.
"The Farm Debt Crisis and Public
Policy" (with C. Calomiris and J. Stock), Brookings Papers on
Economic Activity, 1986:2: 441-479.
"Liquidity Constraints, Fiscal Policy, and Consumption"
(with K. Judd), Brookings Papers on Economic Activity, 1986:1:
1-50.
"The Intertemporal Stability of the Concentration-Margins
Relationship" (with I. Domowitz and B.C. Petersen), Journal
of Industrial Economics 35 (September 1986): 13-34.
"Pension Wealth and Individual Saving: Some New Evidence," Journal
of Money, Credit, and Banking 18 (May 1986): 167-178.
"Supply Shocks and Price Adjustment in the World Oil
Market," Quarterly Journal of Economics 101 (February
1986): 85-102.
"Regulation and Long-Term Contracts in U.S. Natural Gas
Markets" (with R. Weiner), Journal of Industrial Economics 35
(September 1986): 51-71.
"Business Cycles and the Relationship Between Concentration and Price-Cost
Margins" (with I. Domowitz and B.C. Petersen), RAND Journal
of Economics 17 (Spring 1986): 1-17.
"Inventory Optimization in the U.S. Petroleum Industry:
Empirical Analysis and Implications for Energy Emergency Policy"
(with R. Weiner), Management Science 32 (July 1986): 773-790.
"Social Security, Liquidity Constraints, and Pre-Retirement
Consumption," Southern Economic Journal 51 (October
1985): 471-484.
"Personal Taxation, Pension Wealth, and Portfolio
Composition," Review of Economics and Statistics 67
(February 1985): 53-60.
"Industry Margins and the Business Cycle: Some New Microeconomic
Evidence" (with I. Domowitz and B.C. Petersen), Economics
Letters 19 (1985): 73-77.
"Oil Supply Shocks and International Policy Coordination"
(with R. Weiner), European Economic Review 30 (February 1986):
91-106.
"Do IRAs and Keoghs Increase Saving?," National Tax
Journal 37 (March 1984): 43-54.
The Financial Impacts of Social
Security: A Study of Effects on Household Wealth Accumulation and
Allocation, in Monograph Series in Finance and Economics, New York University, 1983.
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Writings on Public Policy
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“The Best Business Education Ever”, BizEd, Volume VI, Issue 5:
2007
“An Action Plan for US Capital Markets”, International
Finance, 10:1 (2007): 91-99.
“Nondestructive
Creation,” strategy+business 27 (Summer 2007): 30-35.
“The
Productivity Riddle,” strategy+business 45 (Winter 2006):
28-33.
“Overview of the Japanese Deficit Question,”
(with Takatoshi Ito), “Tackling Japan’s Fiscal Challenges: Strategies
to Cope with High Public Debt and Population Ageing (International
Monetary Fund Book) Palgrave Macmillan (October 31,
2006).
“The U.S. Current Account Deficit
and Public Policy,” Journal of Policy Modeling 28, (2006):
665-671.
“Making Markets Work,” (with J.F. Cogan and D.P.
Kessler), Health Affairs 24 (November/December 2005):
1447-1457.
How Capital Markets Enhance Economic Performance
and Facilitate Job Creation (with W.C. Dudley), New York:
Goldman Sachs Global Markets Institute, 2004.
“Would
a Consumption Tax Favor the Rich?”
In A.J. Auerbach and K.A. Hassett, eds., Toward Fundamental
Tax Reform. Washington,
DC: AEI Press, 2005.
“The Economist as Public Intellectual,” Journal
of Economic Education 35 (Fall 2004): 391-394.
“Success Taxes, Entrepreneurship, and Innovation,”
(with W.M. Gentry), in Innovation and the Economy, volume 5,
forthcoming.
“Tax Policy and International
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