Research Staff

The Office of Financial Research has a diverse group of financial stability researchers and authors, who have a range of interests and areas of expertise. OFR authors conduct research and produce OFR briefs, working papers, staff discussion papers, and reports such as the Financial Stability Report. Our researchers also produce analyses and products for the Financial Stability Oversight Council and its member agencies.

Jeremiah Bejarano, Researcher, joined the OFR in 2021. His primary areas of research are macroeconomics and asset pricing. He has studied topics such as the role of dividend dynamics on the term structure of equity risk premia, as well as the effects of the shape of production networks on shock propagation throughout the macroeconomy. He holds a doctorate and a master's degree in economics from the University of Chicago. He also holds bachelor’s degrees in mathematics and economics from Brigham Young University. jeremiah.bejarano@ofr.treasury.gov

Ted Berg, Senior Financial Analyst, joined the OFR in 2012. He leads the Office's efforts in monitoring equity and corporate debt markets. He also conducts research on hedge fund activities. Before coming to the OFR, he worked in corporate finance and investment management, including eight years in equity research with Lehman Brothers. He holds a master's degree in business administration from Washington University's Olin Business School and a bachelor's degree in accounting from the University of Missouri. He is a CFA® charterholder, a former certified public accountant and a past lecturer on financial markets at universities. theodore.berg@ofr.treasury.gov

Steve Bright, Financial Analyst, joined the OFR in 2014. He focuses on municipal debt markets, specialty loans, and climate finance. Prior to joining the OFR, he spent 15 years as a research analyst at several top investment banks and covered various business sectors. While serving in the U.S. Army, he worked on budget and readiness analysis, specifically for the Korean Service Corp in coordination with the Eighth Army. He holds master’s degrees in business administration and finance from Indiana University’s Kelley School of Business, and a bachelor’s degree in finance from the University of Texas at San Antonio. steve.bright@ofr.treasury.gov

Dagmar Chiella, Senior Financial Analyst, joined the OFR in 2015. She leads risk analysis of the mutual fund industry and the wholesale funding segment of the debt markets. She helped to create the OFR’s Short-Term Funding Monitor and improve the OFR’s Money Market Fund Monitor. Her analysis appears in the OFR’s and the Financial Stability Oversight Council’s annual reports. Prior to joining the OFR, she was a senior credit analyst in the financial institutions group at Moody's Investors Service. Prior to her tenure at Moody’s, she managed the assets of the pension plan and the foundation of AT&T Corp. She holds a master's degree from New York University's Stern School of Business and a bachelor's degree in accounting from Rutgers University. She is also a certified public accountant (inactive). dagmar.chiella@ofr.treasury.gov

Thomas Doolittle, Financial Analyst, joined the OFR in 2021. His areas of research include residential and commercial real estate and supply-chain issues. He was previously a senior financial analyst with the Federal Housing Finance Agency (FHFA), specializing in risks tied to the mortgage debt sector. Prior to FHFA, he worked in investment banking in commercial real estate for Lazard Group and Morgan Stanley. He has extensive experience in capital markets, mergers and acquisitions, and structured finance. He holds a master's degree in business administration from the University of Chicago Booth School of Business and a bachelor’s degree in economics from the University of Chicago. thomas.doolittle@ofr.treasury.gov

Arthur Fliegelman, Senior Financial Analyst, joined the OFR in 2014. He specializes in the insurance industry and its investment practices, as well as the commercial real estate market and threats to cybersecurity. Previously, he was a program manager with the National Association of Insurance Commissioners. He also held analyst positions at Moody's Investors Service and Salomon Brothers, Inc., where he wrote extensively about the insurance sector. He holds a master's degree in business administration from the Wharton School of the University of Pennsylvania and a bachelor's degree in economics from the University of California, Los Angeles. He is also a CFA® charterholder and an active member of the CFA Society of New York, which honored him with its Benjamin Graham Distinguished Service Award. arthur.fliegelman@ofr.treasury.gov

Hashim Hamandi, Supervisory Financial Analyst, joined the OFR in 2012. He leads a team of financial analysts who monitor and study capital markets, products, and institutions, including banks, insurance companies, and non-banks. His areas of focus include bank resolution, bankruptcy reform, and sovereign finance. Previously he worked on federal finance policy for the Department of the Treasury. He has also worked for the Federal Deposit Insurance Corp. (FDIC) as head of policy for complex institutions and in investment banking at Lazard, Citibank, and JPMorgan. He holds a master's degree in economics from Fordham University and a bachelor's degree in economics from Virginia Tech. hashim.hamandi@ofr.treasury.gov

Sam Hempel, Researcher, joined the OFR in 2020. His areas of research broadly include exchange-traded funds (ETFs) and short-term funding markets. Specifically, his research in ETFs focuses on the role of authorized participants and, in short-term funding, focuses on the determinants of repurchase agreement rates. Additionally, he supports the OFR’s research and monitoring efforts on digital assets. Previously, he conducted research on ETFs with the Office of the Chief Economist for the Financial Industry Regulatory Authority (FINRA). He holds a doctorate and a master's degree in finance from Cornell University's Samuel Curtis Johnson Graduate School of Management. Prior to his doctoral studies, he earned a bachelor's degree in statistics from the University of Georgia and master’s and bachelor’s degrees in economics from the University of Georgia's Terry College of Business. samuel.hempel@ofr.treasury.gov

Francisco E. Ilabaca, Researcher, joined the OFR in 2020. His areas of research are macroeconomics and international economics. Specifically, he concentrates on the global transmission of economic shocks, inflation expectations of firms and the financial markets, and the influence of U.S. monetary policy on international asset prices. Before joining the OFR, he was a consultant for The World Bank and, prior to that, an intern at the International Monetary Fund. He holds a doctorate and a master's degree in economics from the University of California, Irvine, and a bachelor’s degree in economics from the University of California, Riverside. francisco.ilabaca@ofr.treasury.gov

R. Jay Kahn, Senior Researcher, joined the OFR in 2019. He specializes in short-term borrowing markets, specifically Treasuries and repurchase agreements. His research examines how the plumbing of the financial sector provides liquidity across diverse sets of investors. He works on the OFR’s Short-Term Funding Monitor and as part of the Office’s repo-market data collection team. He holds a doctorate in finance from the University of Michigan’s Ross School of Business, a master's degree in finance from the University of Rochester’s Simon School of Business, and a bachelor's degree in mathematics and economics from Reed College. robert.kahn@ofr.treasury.gov

Neth Karunamuni, Research Analyst, joined the OFR in 2020. He assists in the OFR’s hedge fund research efforts. Previously, he was a quantitative analytics intern for the U.S. Securities and Exchange Commission and performed additional research for the U.S. Department of Defense’s Defense Advanced Research Projects Agency. He holds a master’s degree in financial engineering with a focus on risk engineering from Stevens Institute of Technology. He also holds a bachelor’s degree in finance from The Ohio State University’s Fisher College of Business. neth.karunamuni@ofr.treasury.gov

Dasol Kim, Research Principal, joined the OFR in 2016. His work centers on the banking sector, financial intermediation, and behavioral finance. Previously, he was an assistant professor at Case Western Reserve University’s Weatherhead School of Management. He holds a doctorate in financial economics from the Yale School of Management, a master’s degree in statistics from Columbia University, and a bachelor’s degree in mathematics and economics from the University of California, Los Angeles. Prior to earning his doctorate, he served as a research and teaching fellow at Stanford Law School. dasol.kim@ofr.treasury.gov

Ruth Leung, Senior Financial Analyst, joined the OFR in 2014. Her areas of research range from insurance, stress testing, and structured finance. Her work has appeared in the OFR Briefs series and the Office's annual reports to Congress. Prior to joining the OFR, she was a senior financial analyst with the Federal Deposit Insurance Corp. (FDIC), where she was subject matter expert for the insurance industry. Prior to the FDIC, she worked in the financial services industry for 25 years and has extensive experience in capital markets, commercial banking, and structured finance. She has a master's degree in business administration from New York University's Stern School of Business and a bachelor's degree in operations research from Columbia University. ruth.leung@ofr.treasury.gov

Philip Mulder, Researcher, joined the OFR in 2022. His research focuses on insurance and real estate with an emphasis on applications in climate finance. He has studied the effect of risk information on efficiency in the flood insurance market, how home equity affects demand for disaster insurance, and recent dynamics in housing markets exposed to sea level rise. He holds a doctorate in applied economics from the Wharton School of the University of Pennsylvania and earned a bachelor's degree in mathematics and economics from Kalamazoo College. Prior to earning his doctorate, he worked as a senior research analyst at the Federal Reserve Bank of New York. philip.mulder@ofr.treasury.gov

Vy Nguyen, Research Analyst, joined the OFR in 2021. Her research focuses primarily on international economic and finance. She coordinates the OFR’s quarterly financial monitoring reports and supports research on the repo market for the OFR Briefs series. She also contributed extensively to the research and editing of the OFR’s 2021 Annual Report. She holds a master’s degree in international affairs from the University of California, San Diego, and a bachelor’s degree in international relations from the University of Texas at Austin. She is a 2021-2023 Presidential Management Fellow. vy.nguyen@ofr.treasury.gov

Luke Olson, Quantitative Analyst, joined the OFR in 2020. His research interests include short-term funding markets and empirical methods. Prior to joining the OFR, he worked as a financial analyst at the Office of the Comptroller of the Currency, where he focused on projects in credit risk and machine learning. He also worked as an economic research analyst at the Federal Trade Commission, where he co-authored articles in empirical industrial organization, behavioral economics, and housing economics. He holds a master’s degree in economics from Michigan State University, a bachelor’s degree in mathematics with an emphasis in statistics from Northern Arizona University, and a bachelor’s degree in liberal arts from St. John’s College. luke.olson@ofr.treasury.gov

Mark Paddrik, Associate Director of Financial Institutions, joined the OFR in 2013. His research focuses on market microstructure, central clearing, financial intermediaries, and stress test design. With Sriram Rajan, he co-leads efforts to assess emerging financial stability risks. Prior to joining the OFR, he was a visiting researcher at the Commodity Futures Trading Commission and the Consumer Financial Protection Bureau. He holds a doctorate in systems engineering from the University of Virginia and a bachelor's degree in systems engineering and economics from the University of Virginia. mark.paddrik@ofr.treasury.gov

Gregory Phelan, Senior Researcher, joined the OFR in 2022. He is an associate professor at Williams College. His areas of research include macroeconomics and financial theory. He primarily studies how characteristics of financial markets and intermediaries affect asset prices, financial stability, and the broader economy, with a focus on appropriate policy responses. Prior to graduate school, he worked as a fixed-income trader at DE Shaw. He holds a doctorate and masters' degrees in economics from Yale University and a bachelor's degree in mathematics and economics from Yale University. gregory.phelan@ofr.treasury.gov

Sriram Rajan, Associate Director of Financial Markets, joined the OFR in 2012. His research covers a variety of topics, including financial contagion, stress testing, central clearing, and financial intermediation. With Mark Paddrik, he co-leads efforts to assess emerging financial stability risks. Prior to joining the OFR, he held positions at Goldman Sachs, Standard & Poor’s and Bear Stearns related to the risk management and securitization of credit risk. He holds a master's degree in computational finance from Carnegie Mellon University and bachelor's degrees in chemistry and economics from Duke University. sriram.rajan@ofr.treasury.gov

Sharon Y. Ross, Researcher, joined the OFR in 2021. Her primary research areas are asset pricing, financial intermediation, and macrofinance. Previously, she was an analyst in the global economics research group at Goldman Sachs. She holds a doctorate and master’s degree in financial economics from the Yale School of Management, as well as a bachelor’s degree in statistics from Yale University. sharon.ross@ofr.treasury.gov

Thomas Ruchti, Research Principal, joined the OFR in 2022. His research focuses on earnings management and disclosure, financial intermediation, and market microstructure. Previously, he was an assistant professor at Carnegie Mellon University's Tepper School of Business. He holds a doctorate in social sciences from California Institute of Technology, and a bachelor's degree in mathematics from Ohio University. thomas.ruchti@ofr.treasury.gov

Priya Sankar, Research Analyst, joined the OFR in 2021. Her research interests are in financial crisis policy response and financial technology. She coordinates the OFR’s quarterly reports to Congress. Previously, she was a research associate for the Yale Program on Financial Stability. In that role, she wrote case studies on policy responses to financial crises and co-founded and developed the COVID-19 Financial Response Tracker. She holds a bachelor’s degree in economics and government from Dartmouth College. priya.sankar@ofr.treasury.gov

Stacey Schreft, Deputy Director for Research and Analysis, joined the OFR in 2015 and leads the Office’s Research and Analysis Center. Her areas of research expertise include financial crises, cyber risk, monetary policy, and payment systems. Prior to joining the OFR, she held senior leadership roles in industry as chief economist at Scout Investments and director of investment strategy at the Mutual Fund Store. Within the Federal Reserve System, she served as an officer and economist at the Federal Reserve Banks of Kansas City and Richmond, respectively. She has held academic appointments at Michigan State University and the Wharton School of the University of Pennsylvania. She holds a doctorate and master's degree in economics from the University of Minnesota, and a bachelor's degree, also in economics, from Smith College. stacey.schreft@ofr.treasury.gov

Garren Wegener, Quantitative Analyst, joined the OFR in 2022. His primary interests are in economic mobility, economic evolution, artificial intelligence, and machine learning. Previously, he was a treasury services intern at the Federal Reserve Bank of St. Louis. He holds a master's degree in data science and analytics and bachelor's degrees in business, psychology, and spanish from the University of Missouri. garren.waganar@ofr.treasury.gov

Ram Yamarthy, Senior Researcher, joined the OFR in 2019. His primary research areas are asset management, corporate credit, and macroeconomics. His research focuses on the ways financial markets interact with macroeconomic forces, as well as the risks the hedge fund industry presents to financial stability. He contributes to the OFR’s policy initiatives through work on the OFR’s Financial Stability Index and its monitoring of hedge fund risks. Prior to joining the OFR, he was a research associate at asset management firm AQR Capital Management. He holds a doctorate and master's degree in finance from the Wharton School of the University of Pennsylvania and a bachelor's degree in economics and in mathematics from New York University’s Stern School of Business. ram.yamarthy@ofr.treasury.gov

H. Peyton Young, Research Principal, joined the OFR part-time in 2012. He is an Emeritus Professor at Oxford University and a visiting professor at the London School of Economics. His research at the OFR focuses on network models of contagion in the financial system, the risk analysis of central counterparties, and the effect of managerial compensation on risk-taking behavior in the hedge fund industry. He has written widely on game theory, social norms, evolution, and bounded rationality. He has published four books and more than 70 articles in leading economics and game theory journals. He is a fellow of the Econometric Society, the British Academy, the American Academy of Arts and Sciences, and a former president of the Game Theory Society. He holds a doctorate in mathematics from the University of Michigan and a bachelor's degree in general studies from Harvard University. hobart.young@ofr.treasury.gov

Kevin Zhao, Researcher, joined OFR in 2021. His research focuses on the application of behavioral finance to asset pricing, household finance, and asset management. He holds a doctorate and master’s degree in financial economics from the Yale School of Management, and a bachelor’s degree in applied and computational mathematics from the California Institute of Technology. kevin.zhao@ofr.treasury.gov