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Faculty Directory

Peter R. Fisher

Clinical Professor





Personal Website



JD, Harvard Law School, 1985; BA, Harvard, 1980

Areas of Expertise

Monetary policy, capital markets, public finance, fixed income investment management, financial institutions


The Arrhythmia of Finance

Current Research Topics

  • The costs and benefits of extraordinary monetary policies
  • Balance Sheets, risk and the limits of human understanding

Professional Activities

Academic positions

  • Clinical Professor, Tuck School of Business,  2017–present
  • Senior Lecturer, Tuck School of Business, 2013–17

Nonacademic positions

  • Senior Director, BlackRock Investment Institute, 2013–16
  • Head of Fixed Income Portfolio Management, 2010–13, Co-Head, 2008–09, BlackRock Financial Management
  • Chairman, Black Rock Asia, 2005–07
  • Under Secretary for Domestic Finance, United States Department of the Treasury, 2001–03
  • Executive Vice President and Manager of the System Open Market Account, 1995–2001, Senior Vice President, Vice President, and Assistant Vice President, 1990–94, Counsel and Assistant Counsel, 1985–89, Federal Reserve Bank of New York
  • Secretary, Committee on Inter-Bank Netting Schemes of the Central Banks of the G-10 Countries, Bank for International Settlements, 1989–90
  • Analyst, Economics and Technology, Inc., 1980–82

Board memberships and affiliations

  • Member, FINRA Board of Governors, 2019–present
  • Member, The Systemic Risk Council, 2017–present
  • Board of Directors, John F. Kennedy Library Foundation, 2014–present
  • Board of Directors, Peterson Institute for International Economics. 2013-present
  • Advisory Committee on Systemic Resolution, Federal Deposit Insurance Corporation, 2011–present
  • Board of Directors, AIG, 2014–18
  • Board of Directors, KCG Holdings, Inc., 2017–17
  • Investment Advisory Committee, Google, 2012–17
  • Non-Executive Director, Financial Services Authority (United Kingdom), 2007–13
  • Strategic Advisory Committee, Agence France Tresor, 2006–13


  • Distinguished Service Award, The Bond Market Association, 2004
  • The Alexander Hamilton Medal, United States Department of Treasury, 2003
  • Postmaster General’s Partnership for Progress Award, United States Postal Service, 2002

Selected Publications

  • Should the Fed ‘Stay Big’ or ‘Slim Down’?,” Chapter 11, in Currencies, Capital, and Central Bank Balances, edited by John H. Cochrane, John B. Taylor, Kyle Palermo, Hoover Institution Press, 2019
  • "The Great Escape: why the “dual mandate” is not enough," remarks to Money Marketeers of New York University Down Town Association, New York City, October 11, 2018
  • "Finance 'without risk'," keynote address, China Development Research Foundation Program on International Financial Systems, Symposium on Building the Financial System of the 21st Century: An Agenda for China and the United States, Guangzhou, China, June 6, 2018
  • The Many Lessons of the Man Who Knew,” book review of The Man Who Knew—The Life and Times of Alan Greenspan by Sebastian Mallaby, International Finance, Vol. 20.2, 2017
  • Undoing Extraordinary Monetary Policy,” remarks, Grants Interest Rate Observer, Spring 2017 Conference, March 15, 2017
  • What’s the matter with the Fed?”  remarks, Shadow Open Market Committee, Princeton Club, New York, New York, April 29, 2016
  • “Financial Stability and the Hemianopsia of Monetary Policy,” Business Economics, 2016, Vol. 51, No. 2, 68-70.
  • “We borrow too much from the future at our peril,” Financial Times, Market Insights, August 19, 2015
  • “What is money and who says so?” keynote remarks, SUERF/Bank of Finland Conference “Liquidity and market efficiency – alive and well?” Helsinki, July 3, 2015, SUERF Policy Note, Issue No. 1, September 2015
  • The Pathology of Finance,” keynote remarks, MIT Center for Finance and Policy, Inaugural Conference on Finance and Policy, September 12, 2014
  • Responding to Systemic Risk: Restoring the Balance”, co-author with John D. Dugan, Cantwell F. Muckenfuss III, Economic Policy Program, Financial Regulatory Reform Initiative, Bipartisan Policy Center, September 2014
  • "Mistakes Made and Lessons (Being) Learned–Implications for the Fed's Mandate," in Across the Divide–New Perspectives on the Financial Crisis, eds. M.N. Baily and J.B. Taylor, Hoover Institution Press, 652, 2014
  • The Investment Challenge for Central Banks”, based on remarks given at The World Bank Reserve Advisory and Management Program, Executive Forum, Washington D.C., on April 22, 2013, as published by BlackRock as part of “In Search of a New Official Investment Paradigm – Rethinking “Safety, Liquidity and Return,” June 2013
  • "Reflections on the Meaning of 'Risk Free'," in BIS Papers No. 72, Sovereign Risk: a World Without Risk-Free Assets?, Bank for International Settlements, July 2013
  • Discussant Comments on “Global Safe Assets”, Pierre-Olivier Gourinchas and Olivier Jeanne, BIS Working Papers No. 399, Bank for International Settlements, December 2012
  • “Bernanke Runs the Risk of Creating Liquidity Trap,” Financial Times, September 2012
  • “Fed Risks Diminishing Returns with More QE,” Financial Times, June 2012
  • “Thoughts on Debt Sustainability: Supply and Demand,” keynote remarks published in Is U.S. Government Debt Different?, Wharton Financial Institutions Center Press, 2012
  • “A ‘Twist’ for our Economy,” The Washington Post, September 2011
  • “Policymakers Need to Address Uncertainty Not Add it,” Financial Times, August 2011
  • “Bringing Financial Literacy to Washington,” in Measuring and Managing Federal Financial Risk, National Bureau of Economic Research Conference Report, The University of Chicago Press, 2010
  • “The Market View: Incentives Matter,” in The Road Ahead for the Fed, The Hoover Institution Press, 2009
  • “Lending’s Blind Spot,” The Washington Post, September 2008
  • “What Happened to Risk Dispersion,” Banque de France–Financial Stability Review, special issue on liquidity, February 2008
  •  “Risky Business,” The Wall Street Journal, December 2004