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Personnel: Economist Promoted to Officer

For immediate release
Contact: Katherine Dibling at (215) 574-4119

PHILADEPHIA, Pa. – The Philadelphia Fed has promoted Leonard Nakamura to assistant vice president and economist in the Bank’s Research Department. He has been an economist in the Banking and Financial Markets section of the department for nearly 20 years. The promotion is effective on Monday, July 2, 2007.

Nakamura will lead that department’s Regional and Microeconomics section. Formerly that position was held by Ted Crone, who is retiring after nearly 26 years of service with the Bank.

Nakamura’s primary research interests are information, credit, and innovation. In his credit research, he has been studying how lenders acquire information on borrowers' activities and collateral. On innovation, he has been primarily interested in how to measure innovative activity. A general theme explored throughout his work is examining how information is gathered for making economic decisions and evaluating the accuracy of this information. His work in this area dates back to the 1970s, when he was a consultant to the Rees Commission on Productivity Measurement while working as a senior economist for The Conference Board.

Before joining the Philadelphia Fed in 1988, Dr. Nakamura worked as an economist for Citibank.

He has co-authored two books on energy economics: Saving Energy in Manufacturing: The Post-Embargo Record and Energy Consumption in Manufacturing, both with John G. Myers. Nakamura has also published numerous articles in economics and finance journals. He’s been published in the Journal of Finance; the Review of Financial Studies; the Journal of Monetary Economics; the Review of Economics and Statistics; the Journal of Money, Credit, and Banking; the Journal of Real Estate Finance and Economics; and the Journal of Urban Economics. He has taught economics at Rutgers University and lectured at the Wharton School, Swarthmore College, and Bryn Mawr College. 

He received his B.A. from Swarthmore College and his M.A. and Ph.D. from Princeton University. 

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.

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