1968, BA, University of Wisconsin, Madison; 1973, PhD in Economics, New York University. 1972-79, Staff Economist, Federal Reserve Board; 1979-82, Vice-President, Economics, Morgan Guaranty Trust. With Morgan Stanley: 1982-2007, Chief Economist; 2007-10, Chairman, Morgan Stanley Asia; 2010-12, Non-Executive Chairman, Morgan Stanley Asia. Since mid-2010, Senior Fellow, Yale University.