April 28, 2009

Booth prof to advise Congress budget office

Booth School professor of economics and finance Anil Kashyap will serve on the Congressional Budget Office’s (CBO) panel of economic advisers, the CBO announced last week. During his one-year term, Kashyap will meet twice with 20 other panel members to evaluate the CBO’s economic forecasts.

Kashyap, a macroeconomist, is known for his expertise on the current financial crisis here and in Japan.

“I think they asked me to join because they wanted someone who followed financial markets, both inside and outside the U.S., to be involved in their discussions,” Kashyap wrote in an e-mail interview.

A member of the Booth faculty since 1991, Kashyap has earned high praise for his devotion to his work.

“Anil is a Chicago faculty member through and through,” Booth professor emeritus of accounting Roman Weil, a colleague and friend, wrote in an e-mail interview. “Not flashy, but dedicated, skeptical of high status sermons from the mount, empirical, and steeped in institutional knowledge.”

As part of the CBO’s economic advisory board, Kashyap will join the likes of Harvard professor Martin Feldstein, National Bureau of Economics Research president James Poterba, Columbia Business School professor Stephen Zeldes, and former CBO director and McCain campaign adviser Douglas Holtz-Eakin.

Kashyap sees working with these and other economists as one of the perks of the appointment. “It is nice to be selected,” he said. “The other panelists are eminent economists, and many of them are people who I otherwise rarely get to see. So the chance to hear how they think about the issues before the panel will be a good learning opportunity for me.”

Kashyap currently serves on the economic advisory panel of the Federal Reserve Bank of New York and as a consultant to the Federal Reserve Bank of Chicago. He also works as an advisor to the Japanese government for a research project on the Japanese economy over the past 25 years.