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.

Meraj Allahrakha, Analyst, a member of the OFR's Policy Studies team, researches macroeconomics and finance. His research focuses on the effects of new regulations on large banking organizations and how those effects flow into the real economy. He also conducts research on short-term funding markets and assists the OFR's efforts related to secured-funding reference rates. Since joining the Office in 2012, he has coauthored OFR briefs and contributed to OFR annual reports and the Financial Stability Report. He has a master of philosophy in economics and a master's in economics from The George Washington University, where he is an instructor. Allahrakha also has a bachelor's in economics from the University of California, Irvine. meraj.allahrakha@ofr.treasury.gov

Daniel Barth, Researcher, joined the OFR in 2014 and is part of the Financial Institutions and Risk Management team. He has written about the effect of household investment beliefs on portfolio choice, and the effect of income risk and risk aversion on career decisions. He has peer-reviewed articles accepted for publication in Management Science and Quantitative Economics. His work at the OFR focuses on the asset management industry, with a particular interest in the investment and risk management decisions of hedge funds. Previously, he was an assistant professor of economics at Hamilton College, where he taught financial economics and microeconomic theory. He has a doctorate and master’s in economics from the Johns Hopkins University and a bachelor’s in business economics from Lewis and Clark College. daniel.barth@ofr.treasury.gov

Ted Berg, Senior Financial Analyst, joined the OFR in 2012 and is part of the Current Analysis team. He leads the Office's hedge fund monitoring efforts, which include developing a monitor to analyze potential risks posed by hedge fund activities. He also leads the OFR's equity market monitoring efforts, which include assessing risks associated with asset valuation and market microstructure. Before coming to the OFR, he worked in the private sector, including eight years with Lehman Brothers. Prior experience includes roles in equity research, corporate finance, and investment management. He has a master's in business administration from Washington University and a bachelor's in accounting from the University of Missouri. He also holds the chartered financial analyst designation. He is a former certified public accountant and has lectured on financial markets at universities. theodore.berg@ofr.treasury.gov

Steve Bright, Financial Analyst, joined the OFR in 2014 and works on the Policy Studies team. He focuses on analyzing company financials and identifying financial market issues and trends, and he has contributed to the OFR Briefs series. Bright was a research analyst in Wells Fargo's Treasury Portfolio Group before joining the OFR. He also worked as a research analyst at other financial institutions covering various equity sectors. While serving in the U.S. Army, he worked on budget and readiness analysis. Bright holds a master's in business administration from Indiana University's Kelley School of Business and a bachelor's in finance from the University of Texas at San Antonio. steve.bright@ofr.treasury.gov

Dagmar Chiella, Senior Financial Analyst, who joined the OFR Policy Studies team in 2015, has extensive private-sector finance experience. During more than 16 years at Moody's Corp., where she was a vice president and senior analyst, she was involved in rating a variety of financial institutions, including U.S. securities firms, specialty finance companies, bond insurers, mortgage insurers, asset managers, pension funds, money market funds, and closed end funds. Before that, she was an investment manager at AT&T Investment Management Corp. At the OFR, she focuses on asset management, broker-dealers, specialty finance, accounting, market liquidity, and risk management. She has been a contributing author to the OFR Financial Stability Report. She has a master's in business administration from New York University's Stern School of Business and a bachelor's in accounting from Rutgers University. She is also a certified public accountant. dagmar.chiella@ofr.treasury.gov

Arthur Fliegelman, Senior Financial Analyst, a member of the OFR Policy Studies team since 2014, specializes in the U.S. insurance industry and its investment practices. Previously, he was a program manager with the National Association of Insurance Commissioners and held analyst positions at Moody's Investors Service and Salomon Brothers, Inc. He has written hundreds of reports on the insurance sector and continues that focus at the OFR. Fliegelman has a master's in business administration from the University of Pennsylvania's Wharton School and a bachelor's in economics from the University of California, Los Angeles. He also holds the chartered financial analyst designation. He is an active member of the New York Society of Security Analysts, where he has twice been honored as volunteer of the year. arthur.fliegelman@ofr.treasury.gov

Mark D. Flood, Research Principal, is a financial economist who is part of the OFR Financial Markets team. He joined the Office in 2011, soon after it was established. He has taught finance and business at universities in the United States and Canada and worked as a financial economist on issues of regulatory policy and risk management at the Federal Reserve Bank of St. Louis, the Office of Thrift Supervision, the Federal Housing Finance Board, and the Federal Housing Finance Agency. He was a founding member of the Committee to Establish a National Institute of Finance. His research focuses on financial data and risk analysis and has appeared in a number of leading scholarly and policy journals, and in the two-volume Handbook of Financial Data and Risk Information. For the OFR, he has written numerous working papers and contributed to several annual reports. He has a doctorate in finance from the University of North Carolina, Chapel Hill, and bachelor's degrees in finance, German, and economics from Indiana University, Bloomington. mark.flood@ofr.treasury.gov

Robert Garrison, Research Analyst, part of the OFR Financial Markets team, joined the Office in 2015. Prior to the OFR, he served as an economist at the Bureau of Labor Statistics for the National Compensation Survey. Garrison has also held analyst positions at the Department of Labor and the Maryland Comptroller's office. At the OFR, Garrison supports research on projects including mortgage pricing and market liquidity. His interests include asset pricing, time series modeling, and macrofinance. He has a master's in applied economics from the Johns Hopkins University and a bachelor's in finance from the Robert H. Smith School of Business at the University of Maryland. robert.garrison@ofr.treasury.gov

Katherine Gleason, Senior Financial Analyst, a member of the OFR Policy Studies team since 2015, leads the Office's Risks in Financial Institutions Program. Her research focuses on risks and regulation in banking. She has authored numerous sections of the Office's annual reports and Financial Stability Report. Gleason previously worked for the Federal Deposit Insurance Corp. analyzing financial institution, market, and economic risks associated with the 2007-09 financial crisis and its aftermath. Prior to her government service, she was an assistant professor of finance at the University of New Orleans. She has a doctorate and master's in finance from The George Washington University and a bachelor's in electrical engineering from Texas A&M University. katherine.gleason@ofr.treasury.gov

Hashim Hamandi, Supervisory Financial Analyst, part of the OFR's Policy Studies team, joined the Office in 2012. Previously he worked on financial reform issues for the Treasury Department. He has also worked for the Federal Deposit Insurance Corp. and in investment banking at Citibank and JPMorgan. His interests include shadow banking and resolution planning. He has a master's in business administration from the University of Virginia, a master's in economics from Fordham University, and a bachelor's in economics from Virginia Tech. hashim.hamandi@ofr.treasury.gov

Laurel Hammond, Research Analyst, joined the OFR in 2017 and is part of the Financial Institutions and Risk Management team. Her areas of research are in macroeconomics and international finance. At the OFR, she focuses on financial stability risks in European and emerging markets. Previously, she was an economist at the Bureau of Labor Statistics. She is completing her doctorate in economics from the George Washington University and has a master’s in economics from Boston University and a bachelor’s in economics from the University of Florida. laurel.hammond@ofr.treasury.gov

Ben Hobbs, Research Analyst, part of the OFR Financial Markets team, joined the Office in 2015. His research focuses on financial networks, volatility derivatives, and corporate bond liquidity. Previously, he was an economist at the Bureau of Economic Analysis responsible for estimates of gross domestic product by industry. He has a master's in economics and a bachelor's in economics and finance from the University of South Carolina. benjamin.hobbs@ofr.treasury.gov

Mike Horton, Senior Financial Analyst, joined the OFR’s Policy Studies team in 2016 after more than 25 years in the financial services industry. His work focuses on the use of high-performance computing, modeling, machine learning, and data visualization in financial-sector monitoring and analysis. He has a particular interest in evaluating private funds. He previously worked for Merrill Lynch, Fidelity, Prudential, and most recently, as an analyst and data scientist for the Employee Benefits Security Administration at the Department of Labor. Horton is a doctoral student at Drexel University’s LeBow College of Business. He has a master’s in business intelligence and analytics from Saint Joseph’s University, where he is also an adjunct professor, and a bachelor’s in computer science from the United States Military Academy at West Point. michael.horton@ofr.treasury.gov

David C. Johnson, Senior Researcher, has been with the OFR since 2010 and part of the Policy Studies team since 2014. His primary research area is asset management, focusing on regulatory policy and analysis of private funds. He has contributed to numerous OFR publications, including its annual reports and Financial Stability Report. Previously, he worked in the Office of Strategic Planning at the Treasury Department and as a research analyst with Alan Biller and Associates, an investment consultancy in California. He has a doctorate in political science and a master's in economics from the University of California, Los Angeles; a master's in Pacific international affairs from the University of California, San Diego; and a bachelor's in political science from Carleton College. Prior to his graduate studies, he spent several years living and working in Taiwan and Hong Kong. david.johnson@ofr.treasury.gov

Dasol Kim, Senior Researcher, joined the OFR in 2016 and is part of the Financial Institutions and Risk Management team. His primary research areas are in banking, financial intermediation, and behavioral finance. He has worked as an assistant professor in banking and finance at Weatherhead School of Management, Case Western Reserve University, where he taught in subjects including fixed income analysis and financial modeling. His research has been featured in media outlets including the Wall Street Journal, Barron’s, and Forbes. He has a doctorate in financial economics from Yale School of Management, Yale University; a master’s in statistics from Columbia University; and a bachelor’s in mathematics and economics with a minor in English literature from the University of California, Los Angeles. Prior to his doctoral program, he served as a research and teaching fellow at Stanford Law School, Stanford University. dasol.kim@ofr.treasury.gov

Ruth Leung, Senior Financial Analyst, a member of the OFR Policy Studies team, joined the Office in 2014. Her areas of research include insurance, stress testing, and structured finance. Her work has appeared in OFR briefs and the Office's annual reports and Financial Stability Report. Leung was previously a senior financial analyst with the Federal Deposit Insurance Corp., where she was an insurance expert. 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 in business administration from New York University's Stern School of Business and a bachelor's in operations research from Columbia University. ruth.leung@ofr.treasury.gov

Matthew McCormick, Researcher, part of the OFR Policy Studies team, joined the Office in 2012. His research focuses on wholesale funding markets and housing finance. He has a background in credit modeling, financial analysis, regional economic analysis, data visualization, computer programming, analysis of large data sets, spatial analysis/geographic information systems, and econometrics. Previously, he worked as an economist for the Federal Housing Finance Agency and for the Bureau of Economic Analysis, as part of a team that developed the agency's estimates of gross domestic product by metropolitan area. At the OFR, he has written about the need for a universal mortgage loan identifier, and he leads the OFR's efforts relating to secured funding reference rates. McCormick also has contributed to the Office's annual reports. He has a master's in economics from George Mason University and a bachelor's in economics and political science from Northwestern University. matthew.mccormick@ofr.treasury.gov

Phillip Monin, Researcher, a research mathematician who is part of the OFR Financial Markets team, joined the Office in 2012. His research focuses on hedge funds and other asset managers, as well as on quantitative methods in finance and financial stability. He codeveloped the OFR Financial Stress Index and has contributed to the OFR's annual reports and Financial Stability Report. He has written several OFR working papers and staff discussion papers and has been published in peer-reviewed journals including The Journal of Alternative Investments, Quantitative Finance, and The Journal of Financial Engineering. Monin has a doctorate and master's in mathematics from the University of Texas at Austin, where he was an assistant instructor, and a bachelor's in mathematics from Canisius College. He also holds the chartered financial analyst and financial risk manager designations. phillip.monin@ofr.treasury.gov

Mark Paddrik, Researcher, part of the OFR's Financial Markets team, joined the Office in 2013. His doctoral dissertation work focused on decomposing complexity in price discovery data using visualizations, agent-based models, and Markov models. His research at the OFR, where he has written several working papers, focuses on network models of contagion and stress testing for the financial system and on examining the influence of market microstructure and market participant behavior on price discovery. He has a doctorate, master's, and bachelor's in systems engineering and a bachelor's in economics from the University of Virginia. mark.paddrik@ofr.treasury.gov

Sriram Rajan, Senior Researcher, part of the OFR Financial Markets team, joined the Office in 2012. He focuses on credit derivatives markets, counterparty risk management, and measures of financial stability. His OFR working papers have evaluated counterparty concentration risk in stress tests and the market diversity implications of central clearing. In addition, Rajan is designing a systemic risk monitor for credit default swap markets. In prior private-sector positions, he brought to market a carbon portfolio risk management system used in European emissions markets and also worked in structuring and quantitative development roles in structured credit for several Wall Street firms. He has a master's in computational finance from Carnegie Mellon University and a bachelor's in chemistry/economics from Duke University. sriram.rajan@ofr.treasury.gov

Stacey Schreft, Deputy Director for Research and Analysis, who oversees the OFR Research and Analysis Center, joined the Office in 2015. Her areas of research expertise include financial crises, credit crunches, monetary policy, and payment systems. She has published dozens of articles in academic and Federal Reserve journals. Schreft came to the OFR from Scout Investments, where she was chief economist and a member of the senior leadership team. Previously, she was director of investment strategy at The Mutual Fund Store, and before that served for many years as an officer and economist at the Federal Reserve Bank of Kansas City and the Federal Reserve Bank of Richmond. She was on the economics department faculty at Michigan State University and a visiting finance professor at the Wharton School of the University of Pennsylvania. She has a doctorate and a master's in economics from the University of Minnesota and a bachelor's in economics from Smith College. stacey.schreft@ofr.treasury.gov

Daniel Stemp, Financial Analyst, part of the OFR Current Analysis team, joined the Office in 2013. Previously, he was an economist at the Bureau of Labor Statistics. He is the lead developer of the Money Market Fund Monitor and contributes regularly to the Financial Markets Monitor. He has bachelor's degrees in economics and geography from the University of Washington and also holds the chartered financial analyst and professional risk manager designations. He is a former Chinese government scholar and a fluent speaker of Mandarin Chinese. daniel.stemp@ofr.treasury.gov

Peyton Young, Research Principal, joined the OFR part-time in 2012; he also holds professorships at the University of Oxford and the London School of Economics. He has written widely on game theory, social norms, evolution, and bounded rationality. His research at the OFR focuses on network models of contagion in the financial system, and the effect of managerial compensation on risk-taking behavior. 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, a fellow of the British Academy, and a former president of the Game Theory Society. He has a doctorate in mathematics from the University of Michigan and a bachelor's from Harvard University. peyton.young@ofr.treasury.gov