News Release

Nellie Liang joins Economic Studies at Brookings

February 27, 2017

Washington, D.C. – Nellie Liang, former head of the Federal Reserve Board’s Division of Financial Stability, joined the Economic Studies program at Brookings as a senior fellow, Vice President and Director of Economic Studies Ted Gayer announced today.

In 2010, Liang became the first head of the Office of Financial Stability, which under her leadership, became the Division of Financial Stability in 2016. It supported the Board’s responsibilities for financial stability, including evaluating macroprudential policies to mitigate risks and representing the Board when working with the Financial Stability Oversight Council. She retired from the Federal Reserve Board earlier this year after a 30-year career there.

Her research focuses on credit cycles and macroeconomic dynamics, creditor rights and employment, short-term funding markets, and bank cost of capital.  She has published papers in the Journal of Finance, Journal of Financial Economics, and the Journal of Public Economics. She received her undergraduate degree in economics from the University of Notre Dame and her master’s and Ph.D. from the University of Maryland.

“It is with great pleasure that we welcome Nellie to Economic Studies,” said Gayer. “Nellie brings to ES policy and research experience on financial stability, credit markets, and the intersection of monetary policy and financial policy. We look forward to her joining our deep bench of experts and in particular, her collaborating with the Hutchins Center on Fiscal and Monetary Policy and with our new Center on Regulation and Markets.”


The Brookings Economic Studies program analyzes current and emerging economic issues facing the United States and the world, focusing on ideas to achieve broad-based economic growth, a strong labor market, sound fiscal and monetary policy, and economic opportunity and social mobility. The research aims to increase understanding of how the economy works and what can be done to make it work better.

About Brookings

The Brookings Institution is a nonprofit organization based in Washington, D.C. Our mission is to conduct in-depth, nonpartisan research to improve policy and governance at local, national, and global levels.