Stuyvesant High School, New York City                                                                          1951
Oberlin College, Ohio B.A.                                                                                             1954
University of Michigan M.A.                                                                                           1955
University of Iowa (Economics) Ph.D.                                                                              1962

Research Assistant, Bureau of Business and Economic Research;                                 1957-59
      University of Iowa 

Research Fellow, Economist, Senior Economist, Assistant Vice President;                   1959-70
      Federal Reserve Bank of Chicago 

Visiting Professor; University of Southern California                                             Spring 1970

John B. Rogers Professor of Banking and Finance, College of Business
     Administration; University of Oregon                                                                   1970-80
     Director of Doctoral Program, College of Business Administration                        1972-74
     Director, Center for Capital Market Research                                                        1973-80

Visiting Professor, Graduate School of Business; Stanford University                          1975-76

Visiting Scholar; Federal Reserve Bank of San Francisco                                      Winter 1976

Deputy to Assistant Secretary for Economic Policy; U. S. Treasury                 Aug.-Dec. 1976 
     Department 

Visiting Scholar and Acting Director of Research;                                            Jan.-July 1978
     Comptroller of the Currency 

Visiting Professor, School of Business Administration;                                    Jan.-June 1979
     University of California at Berkeley 

John F. Smith, Jr. Professor of Finance and Economics, and Director                           1981- 
     of the Center for Financial and Policy Studies; School of
     Business Administration; Loyola University Chicago