Victor Calanog, PhD CRE® is the Chief Economist & Senior Vice President at Reis. He and his team of economists and analysts are responsible for the firm’s market forecasting, valuation, and real estate portfolio analytics services. He holds a PhD in Applied Economics and Management Science, trained by a dissertation committee composed of faculty from the Wharton School of the University of Pennsylvania and Harvard Business School.
Kent Smetters is the Boettner Chair Professor at the University of Pennsylvania’s Wharton School, Faculty Research Fellow at the National Bureau of Economic Research, and Faculty Director of the Penn Wharton Budget Model. His research focuses on applied theory, optimal fiscal policy, personal finance and asset pricing. Previous policy positions include the Congressional Budget Office (1995 to 1998) as well as Deputy Assistant Secretary (Economic Policy) for the United States Treasury (2001-2002). He also served as a member of the Blue Ribbon Commission on Dynamic Scoring (Joint Committee on Taxation), a consultant to The World Bank and as member to the Social Security Technical Panel. He has published academic articles in leading journals, including American Economic Review, Journal of Political Economy, and The Quarterly Journal of Economics. He and his coauthor were recently the recipients of the 2016 TIAA Paul A. Samuelson Award for their study on annuitization. Kent Smetters received his PhD in Economics from Harvard University.
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data and analytical tools. Dr. Zandi is a co-founder of the company Economy.com, which Moody’s purchased in 2005. Dr. Zandi’s broad research interests encompass macroeconomics, financial markets and public policy. His recent research has focused on mortgage finance reform and the determinants of mortgage foreclosure and personal bankruptcy. He has analyzed the economic impact of various tax and government spending policies and assessed the appropriate monetary policy response to bubbles in asset markets.
A trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists and the public, Dr. Zandi frequently testifies before Congress on topics including the economic outlook, the nation’s daunting fiscal challenges, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation.
Dr. Zandi conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. He is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and The Reinvestment Fund, a large CDFI that makes investments in disadvantaged neighborhoods. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs. Dr. Zandi earned his B.S. from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania. He lives with his wife and three children in the suburbs of Philadelphia.
Kim Betancourt is Fannie Mae’s Multifamily Economist. She heads up a team of real estate economists that focus exclusively on the multifamily sector. Ms. Betancourt is responsible for analyzing current economic conditions at both national and local levels, determining their impact on the multifamily sector and identifying future trends. Before joining Fannie Mae, Ms. Betancourt was a Senior Vice President at GMAC Institutional Advisors and managed the Realpoint (now Morningstar Ratings) senior analytical research team. Prior to GMAC, Ms. Betancourt was a Director in the Structured Finance department of Standard & Poor’s and managed a team of 10 senior analysts. She has also held leadership positions with Citicorp and Midlantic National Bank. Ms. Betancourt holds both a Master of Arts and a Bachelor of Arts with honors from Rutgers University. She also received The Counselor of Real Estate designation in 2017.
Barbara Byrne Denham is a Senior Economist in the economics department at Reis, the team responsible for the firm’s market forecasting, valuation and portfolio analytics services. In this role, Barbara has written a number of white papers on the commercial real estate market including Amazon HQ2: Amazon’s Near-Term Impact on the Queens and New York City Real Estate Market; Amazon HQ2: A Scoring Analysis; The Impact of the Tax Cut and Jobs Act on Commercial Real Estate; The Real Estate of College Towns; The Shrinking Office Footprint; and The Impact of E-commerce on Local Markets. Barbara also co-writes Reis’s First Glance and the Preliminary Trend Reports.
Prior to Reis, Barbara served as Chief Economist at Eastern Consolidated where she spearheaded the research effort and wrote a series of white papers. She has also led research efforts at Jones Lang LaSalle, the New York STAT and Colliers, ABR. Barbara’s original research has appeared in The Real Estate Finance Journal, The Wall Street Journal, Crain’s New York Business and The New York Times. She has also appeared on Bloomberg TV, Reuters and CNBC. Barbara is a Ph.D. candidate at New York University where she has studied economics, monetary theory and game theory. She holds a bachelor’s of business administration degree from the University of Notre Dame where she captained the women’s varsity swimming and diving team.
Andres Carbacho-Burgos is an economist at the West Chester office of Moody's Analytics. He covers the U.S. housing market, residential construction, and U.S.regional economies. Before joining Moody's Analytics, he taught economics at Texas State University, where he also researched open-economy macro economics and income inequality. Born in Chile, he obtained his PhD and master's in economics from the University of Massachusetts at Amherst and his BA in economics from Carleton College.
Steven G. Cochrane, PhD, is Chief APAC Economist with Moody’s Analytics. He leads the Asia economic analysis and forecasting activities of the Moody’s Analytics research team, as well as the continual expansion of the company’s international, national and sub national forecast models. In addition, Steve directs consulting projects for clients to help them understand the effect of regional economic developments on their business under baseline forecasts and alternative scenarios. Steve’s expertise lies in providing clear insights into an area’s or region’s strengths, weaknesses and comparative advantages, relative to macro or global economic trends.
A highly-regarded speaker, Dr. Cochrane has provided economic insights at hundreds of engagements over the past 20 years and has been featured on Wall Street Radio, the PBS News Hour, C-SPAN and CNBC. Through his research and presentations, Steve dissects how various components of the macro and regional economies shape patterns of growth. His extensive expertise on regional U.S. economic issues makes also him a popular speaker at client conferences and executive briefings.
Steve holds a PhD from the University of Pennsylvania and is a Penn Institute for Urban Research Scholar. He also holds master's degree from the University of Colorado at Denver and a bachelor's degree from the University of California at Davis. Dr. Cochrane is based out of Moody’s Analytics Singapore office.
Dante DeAntonio is an economist with Moody’s Analytics. He covers the economies of North Carolina and several U.S. metro areas, as well as the U.S. labor market.Before joining Moody’s Analytics, he worked as an economist in the Current Employment Statistics program at the Bureau of Labor Statistics. He holds a master's degree and PhD in economics from Lehigh University and a bachelor’s degree in economics from Pennsylvania State University.
Cristian deRitis is a senior director at Moody’s Analytics where he conducts economic analysis and develops econometric models for a variety of clients. His regular analysis and commentary on consumer credit, housing and the broader economy appear on the firm’s Economy.com web site. He is regularly quoted in publications such as the Wall Street Journal for his views on the economy and consumer credit markets. Dr. deRitis also gives frequent presentations on the state of the economy and credit markets to a wide variety of audiences. Before joining the Moody’s Analytics West Chester PA operation, Cristian worked for Fannie Mae and taught at Johns Hopkins University. He received his PhD in economics from Johns Hopkins University for his work on the relationship between income inequality and technological change. He is named on two US patents related to credit modeling techniques.
Marisa Di Natale is a senior director at Moody's Analytics. Ms. Di Natale’s areas of specialization include international modeling and forecasting, U.S. regional economics, and labor economics. Ms. Di Natale previously oversaw the firm’s U.S. sub-national forecasting service prior to shifting to international economics. Before joining Moody’s Analytics in 2004, she was an economist at the Bureau of Labor Statistics in Washington DC, where she analyzed monthly employment statistics. Ms.Di Natale received an MA in applied economics from Johns Hopkins University and a BA in international relations from Boston University.
Kwame Donaldson is a senior economist with Moody's Analytics. He works closely with the regional house price forecasting models and monitors the economy in Florida and its metropolitan areas. Before joining Moody's Analytics, he worked for the American Housing Survey at the U.S. Census Bureau, and he has extensive experience with systems research and design and database development. He holds a PhD in economics from Georgia State University, an MBA from the Georgia Institute of Technology, and a bachelor’s degree in economics and English from Rice University.
David Fieldhouse is a Director in the Content, Economics and Structured Analytics Division of Moody’s Analytics. His responsibilities include developing and validating models of retail loan performance for financial institutions. He also provides regular analysis and commentary on consumer credit markets. David has a PhD from the University of Western Ontario.
Edward Friedman is a director at Moody’s Analytics. Dr. Friedman prepares monthly updates to multiple regularly produced alternative macroeconomic forecasts to the Moody's Analytics U.S. baseline utilizing the 2,000-equation macroeconomic model,supervises the production of client scenarios, edits monthly regional publications,produces forecasts for Texas and its major metropolitan areas, and prepares analyses of the U.S. financial industry. He previously worked for the Federal Reserve Bank of New York, supervising the collection of data on cross-border transactions in securities.Dr. Friedman received a PhD in international economics from Yale University. His bachelor's degree in mathematics is from Dartmouth College.
Eric Gaus is an economist with Moody’s Analytics. His primary responsibilities include the development and improvement of country forecast models. Before joining Moody’s Analytics, Eric worked as a Professor at Ursinus College and Haverford College. Eric received his PhD in economics from the University of Oregon. He graduated from Boston University with a BA and MA in economics.
Gus Harris is currently Executive Director of MA’s Content Solutions group. Content Solutions is widely recognized throughout the world as a leading provider of data, research, analytics and software tools for the credit markets. The team manages and distributes rating agency content from Moody’s Investors Service and generates substantial other content, including Economics and Structured Finance data, research and analysis. The team also provides consumer credit and other forecasting solutions for some of the largest financial institutions throughout the world in helping them comply with regulatory, financial reporting and general risk management requirements.
Gus has over 30 years of experience in the capital markets with an emphasis on mutual funds, securitizations, and commercial banking – including in the area of regulatory and financial reporting. Gus joined Moody’s in 1995 as a rating analyst. During his 12 years in the rating agency, Gus held several roles in the Managed Funds, Structured Finance and New Products teams. He spearheaded several initiatives to create research and data services for the credit markets. At Moody’s Analytics since 2008, Gus has managed several business units including the Structured Finance Analytics and Valuations unit, Economics and Consumer Credit team and the Research group. Gus also spearheaded several MA-wide initiatives, including MA’s initial global regulatory stress testing efforts. Prior to joining Moody’s, Gus was a Manager at Price Waterhouse’s auditing group where he focused primarily on mutual funds, hedge funds and commercial banking.
Gus holds a B.S. in Accounting and Economics from NYU’s Stern School of Business, MBA from Columbia Business School, M.S. in Business Statistics from NYU’s Stern School, and M.S. in Information Systems from Pace University. Gus holds CFA and CPA designations.
Mark Hopkins is a director at Moody’s Analytics, with responsibilities for international macroeconomic research and global forecasting, including the design and maintenance of the Moody’s Analytics suite of country forecast models. Dr. Hopkins has also been responsible for forecasting Canada’s economy and U.S. federal fiscal policy. Previously, he taught macroeconomics at Gettysburg College and served as international economist on the staff of the President’s Council of Economic Advisers.He has published in the areas of international economics, economic growth, and foreign policy. He received his PhD in economics from the University of Wisconsin-Madison, an MSc from the London School of Economics, and a BA from Wesleyan University.
Scott Hoyt is senior director for Moody’s Analytics, responsible for the firm's consumer forecasts and analysis. Dr. Hoyt contributes to Economy.com, speaks at conferences, and oversees the production of the U.S. economic forecast. He has done custom modeling for credit and consumer sector clients. His projects include estimating market size geographically for several large retail clients, analysis of spending by demographic groups and implications for the spending outlook, credit portfolio modeling, and delinquency and loss modeling. His areas of expertise include consumer spending, retail sales and industry performance, consumer credit,household income, demographics, and other aspects of consumer behavior and its macroeconomic and industry implications.
Before joining Moody’s Analytics, Dr. Hoyt spent five years as an economist for J.C.Penney, where he did extensive work supporting the company's strategic planning efforts, real estate research department, merchandise departments, and credit department. He received his PhD and MA in economics from the University of Pennsylvania and his BA summa cum laude from Bates College.
Tony Hughes is a Managing Director in the Economic & Consumer Credit group at Moody’s Analytics. He is the head of a small group of high-caliber modelers, charged with identifying new business opportunities for the company. Prior to this appointment, he led the Consumer Credit Analytics team for eight years from its inception in 2007. His first role after joining the company in 2003 was as lead economist and head of the Sydney office of Moody’s Economy.com.
Dr. Hughes helped develop a number of Moody’s Analytics products.He proposed the methodology behind CreditCycle and CreditForecast 4.0, developed the pilot version of the Stressed EDF module for CreditEdge, and initiated the construction of the Default, Prepayment and Loss Curves product, which provides forecasts and stress scenarios of collateral performance for asset-backed securities and residential mortgage-backed securities deals worldwide. More recently, he championed the development of the Pre-Provision Net Revenue Factors Library, a tool that provides industry-level projections of key bank balance sheet line items. In the credit field, Dr. Hughes’ research has covered all forms of retail lending, large corporate loans, commercial real estate, peer-to-peer, structured finance, and the full range of PPNR elements. He has conducted innovative research in deposit modeling and in the construction of macroeconomic scenarios for use in stress testing.
Dr. Hughes has managed a wide variety of large projects for major banks and other lending institutions. In addition, he has published widely in industry publications such as American Banker, Nikkei, GARP, and the Journal of Structured Finance as well as four papers in peer-reviewed academic journals. He obtained his PhD in econometrics from Monash University in Australia in 1997.
Adam Kamins is a senior economist at Moody’s Analytics. He manages the firm’s U.S. sub national forecasting process and covers a wide variety of topics related to regional economics while frequently writing and presenting about both the New York and broader Northeast economies. Adam is also responsible for state and metro area scenarios, analyzing and forecasting commercial real estate prices and activity, and quantifying the impact of external events such as natural disasters. Prior to joining Moody’s Analytics, Adam was a research manager at the Initiative for a Competitive Inner City, where he analyzed urban economies. He holds an MBA from the University of Chicago Booth School of Business and a bachelor's degree in quantitative economics from Tufts University.
Chris Lafakis is a director at Moody's Analytics. His expertise is in model validation,macroeconomics and energy economics. Based in West Chester PA, he also covers the California economy and contributes to Economy.com. Chris has been quoted by media outlets, including CNBC and the Wall Street Journal, and often speaks at economic conferences and events. He received his bachelor's degree in economics from the Georgia Institute of Technology and his master's degree in economics from the University of Alabama.
Dr. Juan Licari is a Managing Director at Moody’s Analytics and the head of the Economics and Consumer Credit Analytics team for Asia-Pacific and EMEA. Dr. Licari’s team is responsible for generating alternative macroeconomic forecasts for Europe and for building econometric tools to model credit risk phenomena.His team is an industry leader in developing and implementing risk solutions that explicitly connect credit data to the underlying economic cycle, allowing portfolio managers to plan for alternative macroeconomic scenarios. These solutions are leveraged into stress testing, reverse stress testing, and IFRS 9 practices.Juan is actively involved in communicating the team’s research and methodologies to the market. He often speaks at credit events and economic conferences worldwide. Dr. Licari holds a PhD and an MA in economics from the University of Pennsylvania and graduated summa cum laude from the National University of Cordoba in Argentina.
Damien Moore is a director of economic research at Moody’s Analytics. He covers U.S. financial markets and provides research on finance-related topics including developing stress scenarios for financial time series and modeling state and local government finances.Prior to joining Moody’s Analytics, Damien spent 12 years at the Congressional Budget Office, most recently as the head of the agency’s Financial Analysis Division,where he supervised projects analyzing the federal role in the financial system. The Division produced numerous reports on a variety of topics including the federal conservatorships of Fannie Mae and Freddie Mac, the federal role in housing and mortgage markets, the Pension Benefits Guarantee Corporation, and federal student loan programs. Before his time at the CBO, Damien was a lecturer in the School of Business at the University of Sydney. He taught classes in investments, fixed income securities, and corporate finance.Damien holds a PhD in economics from Northwestern University as well as undergraduate degrees in economics and accounting from the Australian National University.
Adam Ozimek is a senior economist at Moody’s Analytics. Adam covers the Pennsylvania economy, as well U.S. labor markets and demographics. He is responsible for the Moody’s Analytics U.S. demographics forecasts, including population, immigration, and household formation. Prior to joining Moody's Analytics, Adam was Director of Research for Econsult Solutions, an economics consulting company. He received his PhD in economics from Temple University.
Jesse Rogers is an economist at Moody’s Analytics and covers Latin American and U.S.state and metropolitan area economies. He holds a master’s degree in economics and international relations from the Johns Hopkins School of Advanced International Studies. While completing his degree, he interned with the U.S. Treasury and Institute of International Finance. Previously, he was a finance and politics reporter for El Diario New York and worked in Mexico City for the Center for Research and Teaching in Economics (CIDE). He received his undergraduate degree in Hispanic studies at the University of Pennsylvania.
Ryan Severino is the chief economist at JLL where he manages the economics team and is responsible for global and regional economic research, analysis and forecasting as well as property market forecasting.Prior to JLL, Ryan served as senior economist and director of research at Reis in the research and economics department, the team responsible for the firm’s market forecasting, valuation, and portfolio analytics services. Ryan also served as the associate director of research at MetLife Real Estate Investments where he was responsible for macroeconomic and real estate market analysis, formulating portfolio strategy, and conducting deal reviews. Before joining MetLife, Ryan served as the director of investment strategy and market research at Starwood Capital Group where he directed the entire research effort at the firm. Ryan has also held research positions at Prudential Real Estate Investors and UBS.
Additionally, Ryan currently serves as an adjunct professor of finance and economics at Columbia University and New York University teaching courses such as urban economics, portfolio and risk management, microeconomics, and macroeconomics. He also has experience in real estate asset management, portfolio management, and acquisitions.Ryan’s original research has appeared in a number of journals such as the Wharton Real Estate Review and The Real Estate Finance Journal. His assessments of market conditions have appeared in international publications like The Economist, The Wall Street Journal, The New York Times, and The Financial Times and on business networks such as CNBC and Bloomberg. Ryan is a member of the CFA Institute, the American Economic Association, the National Association for Business Economics, ULI, and NCREIF. Ryan holds a master’s degree from Columbia University, where he studied international finance and economics, a bachelor’s degree from Georgetown University, where he studied finance, Japanese, and economics, and is a CFA Charterholder.
Shuying Shen is an associate director of the Consumer Credit Analytics team at Moody’s Analytics. Before joining Moody’s Analytics, Shuying was a model development manager at Huntington National Bank, where she oversaw loss forecasting models for the bank’s commercial/industrial and commercial real estate portfolio. Shuying was extensively involved in various Comprehensive Capital Analysis and Review exercises, including model development and implementation, MRA remediation, data reconciliation, and merger and acquisition due diligence. Shuying holds a PhD from Ohio State University and a BA from Peking University in China.
Ryan Sweet is director of real-time economics at Moody's Analytics. He is also editor-in-chief of Economy.com, to which he regularly contributes, and a member of the U.S.macroeconomics team in West Chester PA. His areas of specialization include U.S.monetary policy and forecasting high-frequency economic indicators. He is among the most accurate high-frequency forecasters of the U.S. economy, according to MarketWatch. He is also an adjunct professor in the Economics and Finance Department at West Chester University of Pennsylvania. He received his master's degree in economics from the University of Delaware and his bachelor's degree in economics from Washington College.
Deniz Tudor is a director in the Content Economics and Structured Analytics Group at Moody's Analytics. She leads projects developing and testing econometric models fora variety of clients. She is a product manager for consumer credit industry models. Deniz is also responsible for partnerships with other data vendors and involved with new product development and strategy. Deniz has a PhD from the University of California, San Diego.
Michael Vogan is the lead auto economist at Moody’s Analytics. His expertise lies in conducting research and analysis about trends in the auto industry and auto credit markets. Additionally, Michael manages the development of AutoCycle, an econometric model used to forecast vehicle residual values. Before his current position, Michael worked in the Credit Analytics group building credit loss forecasting models for stress-testing applications. He holds a master’s degree in applied economics and econometrics from the University of Delaware and a bachelor’s degree in economics from Bloomsburg University.
Dan White is a director at Moody’s Analytics, responsible for directing government consulting and economic research with an emphasis on public finance and fiscal policy. He regularly presents to clients and conferences, and has been featured in a number of print, radio and televised media outlets, ranging from Bloomberg Television to the Wall Street Journal. He also has the pleasure of working closely with a number of governments and policymakers in an advisory role and teaches economics as an adjunct professor at Villanova University. Before joining Moody's Analytics, Dan worked as a financial economist for the State of New Mexico, where he forecast revenues and analyzed a wide range of policy issues concentrated around economic development, public investment and debt management. Dan holds an MA in economics as well as undergraduate degrees in finance and international business from New Mexico State University.
Martin A. Wurm is an economist with Moody’s Analytics. He covers financial markets,with a focus on market risk, as well as regional economies in the U.S. Before joining Moody’s Analytics, he served as associate professor of Economics at Pacific Lutheran University in Tacoma WA. Dr. Wurm has published on financial market development and informal economies and has conducted local impact studies and forecasts. He holds a doctorate and master’s degree from the University of Wisconsin–Milwaukee and completed his undergraduate work at the University of Potsdam and the Ludwig-Maximilian’s University in Munich, Germany.
Bernard Yaros is an economist at Moody’s Analytics focused primarily on federal fiscal policy. Bernard is responsible for maintaining the Moody’s Analytics forecast models for federal government fiscal conditions and state tax revenues. Additionally, he covers Virginia and Puerto Rico, develops forecasts for Switzerland, and manages a database of global sub-national forecasts for Europe, Asia and Mexico. Bernard holds an MSc in international trade, finance and development from the Barcelona Graduate School of Economics and a BA in political economy from Williams College.
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