Yale School of Management

Program on Financial Stability

Improving our understanding and management of systemic risk.



  • Andrew Metrick

    Program Director and Janet L. Yellen Professor of Finance and Management

    Metrick’s current research and teaching is focused on financial stability, including the regulation of systemic risk, the activities of complex financial institutions, and the causes and consequences of the financial crisis of 2007-2009. From August 2009 to July 2010, he served on the staff of the Council of Economic Advisers and as the financial economist staffing the President’s Economic Recovery Board, where he worked extensively on what became the Dodd-Frank Act, and on many areas relating to the ongoing crisis.

  • Ashley Cumberledge

    Assistant Director, Yale Program on Financial Stability and Master of Management Studies in Systemic Risk

    Ashley joined the Yale School of Management in 2014. She initially served as the assistant to Andrew Metrick and Gary Gorton. In 2017, she became the Yale School of Management’s first Assistant Director of the YPFS and Master of Management Studies in Systemic Risk program. Ashley is the organizer of the annual Yale Program on Financial Stability Institute.

  • Jaan Elias

    Director, Case Research and Development

    In 2006, Jaan Elias became the Yale School of Management’s first Director of Case Study Research. In his time at Yale, Elias and his team developed the “raw” case study format that draw together Internet links, interactive exhibits, text and video on a multimedia, web platform. These cases have been widely used not only at Yale, but in management curriculum through the world.  Elias received a Ph.D. in Organizational Behavior (a joint degree program between the Harvard Sociology Department and the Harvard Business School).

  • Alex Hoglen

    AlexProgram Coordinator, Yale Program on Financial Stability and Master of Management Studies in Systemic Risk

    Alex joined the Yale School of Management in 2018 and joined the YPFS team in 2019. Alex serves as the primary faculty support for Andrew Metrick and Gary Gorton.

  • Katie Hunsberger

    Administrative Assistant, Yale Program on Financial Stability and Master of Management Studies in Systemic Risk

    Katie Hunsberger joined the Yale Program on Financial Stability and Master of Management Studies in Systemic Risk program as an Administrative Assistant in 2017. She is the primary support for William English, and serves as course support for other MMS and YPFS courses. Prior to working at Yale, Katie worked at National Philanthropic Trust, a donor-advised fund located outside of Philadelphia, and was a member of their development team. She has her BA in English from The Pennsylvania State University.

  • Christian McNamara

    Director, New Bagehot Project and Senior Editor

    Prior to joining the staff of the YPFS, McNamara spent several years as an associate at a law firm in New Haven where his practice focused on M&A, private equity and venture capital transactions, as well as the preparation of securities filings.  McNamara has also worked as a strategic consultant for a consulting firm focused on the social sector.  McNamara received a BBA from the University of Notre Dame and a JD from Harvard Law School.

  • June Rhee

    Director, Master of Management Studies in Systemic Risk and Senior Editor

    Prior to joining the YPFS, Rhee was a fellow at the Harvard Law School’s Program on Corporate Governance and served as an editor for the Harvard Law School Forum on Corporate Governance and Financial Regulation. During her fellowship, Rhee focused on corporate governance problems within U.S. public companies. Rhee also spent several years as an associate at a law firm in New York where her practice focused on securities regulation and structured finance, and a general counsel for Samsung Corporation where she managed compliance and governance issues.  Rhee received a JD from Harvard Law School.

  • Roz Wiggins

    Director, Global Financial Crisis Project and Senior Editor

    Wiggins joined the YPFS with over two decades of experience in securities disclosure, corporate governance, Sarbanes-Oxley compliance, and business law from her years as in-house counsel at Pitney Bowes and Equifax.  Wiggins was also previously an adjunct professor at the University of Connecticut Law School where she co-taught a course on Tax-Exempt organizations.  She is particularly interested in the corporate governance aspects of decisions made during the crisis and teaches a version of Professor Metrick’s Global Financial Crisis class in the MBA for Executives program. Wiggins began her career at the law firm of Day, Berry and Howard.  She received a BA from Yale and a JD from Stanford Law School.

Affiliated Faculty and Staff

  • William B. English

    Professor in the Practice of Finance

    Bill English joined Yale University from the Board of Governors of the Federal Reserve System, where he was the Senior Special Advisor to the Board for monetary policy.  Over more than 20 years at the Board of Governors, he has held a range of positions, including, from 2010 to 2015, Director of the Division of Monetary Affairs and Secretary to the Federal Open Market Committee.  In that position, Bill oversaw the development of monetary policy, working extensively on issues related to asset purchases, policy normalization, and policy communication. Prior to joining the Federal Reserve, Bill taught at the University of Pennsylvania and the University of Chicago.  He received a PhD in economics from the Massachusetts Institute of Technology in 1986 and a BA in economics and mathematics from Yale University in 1982.

  • Greg Feldberg

    Research Scholar and Director of ResearchGreg

    Greg Feldberg is a Research Scholar at the Yale School of Management and Director of Research for the Yale Program on Financial Stability. Prior to joining the YPFS, Feldberg spent six years at the Office of Financial Research, where he helmed the Office’s annual Financial Stability Report and other publications. In 2010, he was the Director of Research at the Financial Crisis Inquiry Commission, which was established by Congress to investigate the causes of the global financial crisis. Feldberg spent 10 years at the Federal Reserve Board as a researcher and financial analyst. He has also worked in the financial industry, heading technology research teams at two investment banks. His research focuses on financial stability, macroprudential policy, and financial crisis management.

  • Gary Gorton

    Co-Director of the Systemic Risk Institute and Frederick Frank Class of  1954 Professor of Management and Finance

    Gorton has done research in many areas of finance and economics, including both theoretical and empirical work. His recent work on the financial crisis, particularly the role of the repo market and the shadow banking system, has been influential in shaping how the events of 2007-2008 are understood. He is the author of Slapped by the Invisible Hand: The Panic of 2007 (Oxford University Press) and Misunderstanding Financial Crises (Oxford University Press).

Research Associates

  • Ben Henken

    Ben Henken joined YPFS as a research associate in July 2017. Ben is originally from Milwaukee, Wisconsin, and received his B.A. in Economics and Political Science from Northwestern University in June 2017.

  • Aidan Lawson

    Aidan LawsonAidan Lawson graduated from George Washington University with a B.S. in Economics and a minor in Political Science,  Magna Cum Laude. He is originally from Woodstock, Georgia and joined the YPFS team in August of 2018.

  • Manuel León Hoyos

    ManuelManuel León Hoyos joined the YPFS team as a Research Associate in 2018. He is originally from Merida, Yucatan, Mexico. He graduated from Webster University in 2017 with a B.A. in Economics and International Relations and a M.A. in International Relations. Manuel is a chess Grandmaster and aspires to earn a PhD in Economics.

  • Riki Matsumoto

    RikiRiki Matsumoto joined the YPFS team as a Research Associate in August 2018. He is originally from Japan but grew up in Bangkok, Thailand. Riki received his B.A. in International Affairs and Economics from the Elliot School of International Affairs, George Washington University in June 2018. Outside of YPFS, he is a regular writer on Medium.

  • Alexander Nye

    AlexanderAlex Nye joined the YPFS team as a Research Associate in August 2018. He is originally from the Chicagoland area. He received his B.A. in Law, Letters and Society and his M.A. in International Relations from the University of Chicago in 2017. Before coming to YPFS, Alex provided social impact consulting to Social Alpha (an initiative developing India’s social enterprise ecosystem supported by the Tata Trust) through International Innovation Corps’ Project Associate Fellowship. There, he designed programming aimed at developing successful social enterprises for India’s food and agriculture sector.

  • Kaleb Nygaard

    KalebBefore joining YPFS, Kaleb Nygaard spent four years within the Statistics division at the Federal Reserve Bank of Chicago where he worked on reference rate data (e.g. Fed Funds, Repo Rates) and the National Information Center database of bank organizational structures. He graduated with a B.S. in Financial Economics from Brigham Young University Idaho. Kaleb also produces and hosts the central banking education and history podcast, The Bankster Podcast.

  • Keni Sabath

    KeniKeni Sabath received her B.A. in Political Science and American Studies from Yale University in 2016. After graduation, she received a Yale University Woodbridge Fellowship to explore careers in academia and higher education. In her first year, she conducted pedagogical research for Yale’s Center for Teaching and Learning, and in her second, she performed legal and policy analysis for Yale’s Office of General Counsel. She joined the YPFS team as a Research Associate in July 2018.

  • Ariel Smith

    Ariel Smith joined YPFS in July from Chapel Hill, North Carolina. She received her B.A. in Diplomatic History in the Spring of 2017 from the University of Pennsylvania. 

  • David Tam

    David Tam graduated from Yale in 2016 with a B.A. in Political Science and joined YPFS in August 2017. This past year, he researched the Spanish and Hong Kong governments’ responses to the Global Financial Crisis as well as Federal Reserve novel and conventional lender of last resort programs established during the GFC. This year, in addition to his work with YPFS, he will be serving at the teaching assistant for Professor Jeffrey Garten’s MBA class “The Future of Global Finance” and assisting Professor Garten on an upcoming book.

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