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News Release

Institute Announces Three New Senior Fellows

January 11, 2001

Contact:    C. Fred Bergsten    (202) 328-9000

Washington, DC—The Institute for International Economics is delighted to announce that Martin N. Baily, Robert Z. Lawrence, and Edwin M. Truman will join its staff as senior fellows upon their departure from the government after January 20. All three are distinguished economists with extensive public service records and have published on a wide range of international economic issues. Each will be undertaking important new research on major policy topics upon their arrival at the Institute.

Martin N. Baily has been Chairman of the Council of Economic Advisers and a Member of the President's Cabinet since August 1999, after having been a Member of the Council during 1994-96. He was a Principal at McKinsey and Company during 1996-99, where he co-led its Global Institute's projects on services and manufacturing productivity in a number of major countries (including Brazil, France, Germany, Korea, Russia, and the United Kingdom).

Dr. Baily also worked with McKinsey client teams, providing advice to corporate CEOs on a wide range of economic issues. Dr. Baily has taught at MIT, Yale, and the University of Maryland. He was a Senior Fellow at the Brookings Institution through most of the 1980s, where he co-founded the microeconomics issue of the Brookings Papers on Economic Activity. He was also an academic adviser to the Congressional Budget Office and the Federal Reserve Board. Dr. Baily received his Ph.D. in economics from MIT in 1972. His initial research at the Institute will focus on the international competitive position of the United States, and possible strategies to increase productivity and growth in Europe.

Robert Z. Lawrence has been a Member of the Council of Economic Advisers since June 1999, with responsibility for international economic issues. He will be returning to Harvard as the Albert L. Williams Professor of Trade and Investment at the John F. Kennedy School of Government, where he has also chaired the Project on Middle East Trade, while simultaneously becoming a senior fellow at the Institute.

Dr. Lawrence was previously both a non-resident and resident senior fellow in the Economic Studies Program at Brookings, where he founded and edited the Brookings Trade Forum. He has taught at Yale and SAIS and served as a consultant to the Federal Reserve Bank of New York, the World Bank, the OECD, and UNCTAD. He has published over 100 articles and papers on international economics including Globaphobia: Confronting Fears About Open Trade (coauthored, 1998) and Can America Compete? (1984). Dr. Lawrence received his Ph.D. in economics from Yale in 1978. His initial research at the Institute will address labor adjustment to trade dislocation in the United States, and the potential gains from further trade liberalization among the industrial countries.

Edwin M. Truman has been Assistant Secretary of the Treasury for International Affairs since December 1998. He was formerly director and staff director of the Division of International Finance of the Federal Reserve Board from 1977 to 1998, where he worked closely with Chairmen Paul Volcker and Alan Greenspan on the entire range of international monetary issues and crises during that period.

Dr. Truman has participated in numerous intergovernmental economic and financial groups including G-10 working groups on Financial Stability in Emerging Market Economies and The Resolution of Sovereign Liquidity Crises, and the Financial Stability Forum's Working Group on Highly Leveraged Institutions. He has published on international monetary economics, international debt problems, economic development, and European economic integration. Dr. Truman received his Ph.D. in economics at Yale in 1967 and taught there thereafter. His initial research at the Institute will include inflation targeting, in both industrial and emerging market economies, and the resolution of international financial crises.

The Institute is extremely pleased to welcome these three distinguished economists and public servants to its senior staff. Dr. Baily will assume residence at the Institute on March 1 and Dr. Truman will do so on April 1.

About the Institute

The Institute for International Economics is the only major research center in the United States that is devoted to global economic policy issues. Its staff of about 50 emphasizes macroeconomic topics, international money and finance, trade and related social issues, and international investment, and covers all key regions-especially Europe, Asia, and Latin America. The Institute averages one or more publications per month; holds one or more meetings, seminars, or conferences almost every week; and is widely tapped over its popular Web site ( It will celebrate its twentieth anniversary in 2001 and plans to move into its new building at 1750 Massachusetts Avenue, NW, in July.