No. 2224

FOR RELEASE: WEDNESDAY, SEPTEMBER, 20, 2000

NEW YORK FED NAMES NEW VP RESEARCH GROUP

NEW YORK – Kenneth D. Garbade has been named vice president in the capital markets function of the research and market analysis group of the Federal Reserve Bank of New York.

Mr. Garbade will focus on research in areas which include credit market risk, the performance and vulnerabilities of financial markets and institutions, and the technical aspects of pricing and trading securities and derivatives.

Mr. Garbade had been a professor of finance at the Leonard N. Stern School of Business at New York University since January 1997.

From 1982 through 1997 he worked for Bankers Trust Company, first as a vice president and later as a managing director.

Mr. Garbade taught economics and finance as a professor at NYU from 1980 to 1982.

Mr. Garbade worked at the Federal Reserve Bank of New York from 1978 to 1980. He was hired as a visiting economist and consultant and became a permanent member of the staff as a special assistant in domestic research. In February 1979 Mr. Garbade was promoted to officer and senior economist in research and statistics.

Mr. Garbade holds a Ph.D. degree from Princeton University and a B.S. degree from the California Institute of Technology.

Mr. Garbade has published numerous articles on economics and is the author of three books, "Discretionary Control of Aggregate Economic Activity" (Lexington Books, 1975), "Securities Markets" (McGraw-Hill, 1982), and "Fixed Income Analytics" (MIT Press, 1996).

He and his wife live in suburban New Jersey. They have three children.