Published: August 7, 2014
Professor Simon Johnson
MIT Sloan professor Simon Johnson was appointed in July as one of 11 new members of the Financial Research Advisory Committee of the U.S. Treasury’s Office of Financial Research. The Financial Research Advisory Committee provides advice and recommendations to the Office of Financial Research on matters related to financial stability.
“The OFR has a very important task ahead of it. Financial stability is a goal that is broadly shared, but people differ on how best to achieve it and how much progress we’ve made since the financial crisis,“ said Johnson. “I’m honored to have the opportunity to serve on this committee and help tackle this issue.”
“I’ve worked on financial stability issues throughout my academic career as well as in work with the private sector,” he said. “I’m looking forward to applying my knowledge and experience to support the OFR.”
Johnson is the Ronald A. Kurtz (1954) Professor of Entrepreneurship at MIT Sloan and a senior fellow at the Peterson Institute for International Economics in Washington, D.C. From March 2007 through the end of August 2008, Johnson was the International Monetary Fund's chief economist and director of its research department. He also helped to found and run the National Bureau of Economic Research Africa Project.
In addition, he is a cofounder of BaselineScenario.com and a member of the Congressional Budget Office’s Panel of Economic Advisors. In 2013, the Independent Community Bankers of America named him a Main Street Hero for his “articulate and outspoken support for public policies to end too-big-to-fail.”
The author of more than 300 opinion pieces in recent years, Johnson’s book 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, co-authored with James Kwak, has become one of the mostly highly regarded books on the financial crisis. Their follow-up book on U.S. fiscal policy, White House Burning: The Founding Fathers, Our National Debt, and Why It Matters for You, won praise across the political spectrum.
Additional MIT Sloan faculty already serving on the Office of Financial Research’s Financial Research Advisory Committee include Professor Andrew Lo and Nobel Prize winner Professor Robert Merton. Lo is continuing on the committee while Merton’s term is ending.
The Office of Financial Research was established within the U.S. Department of the Treasury to support the Financial Stability Oversight Council, its member agencies, and the public by improving the quality, transparency, and accessibility of financial data and information; conducting and sponsoring research related to financial stability; and promoting best practices in risk management.