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Michal Kowalik is a financial economist and manager in the Supervision, Regulation, and Credit Department at the Federal Reserve Bank of Boston. His policy and research interests are in banking, corporate finance, household finance, and financial stability. He is an associate editor at the Journal of Money, Credit, and Banking as well as an adjunct professor at the Boston College. In the Federal Reserve System, he has held several leadership positions in the National Stress Testing Program. He holds a doctorate in economics from the University of Mannheim in Germany.