As president and chief executive officer of the Federal Reserve Bank of Cleveland, Loretta J. Mester participates in the formulation of U.S.
monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking
institutions and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in
Dr. Mester was born in Baltimore, MD. She graduated summa cum laude with a bachelor of arts degree in mathematics and economics from
Barnard College of Columbia University. She earned M.A. and Ph.D. degrees in economics from Princeton University, where she was a National
Science Foundation Fellow.
Prior to being named president and chief executive officer of the Federal Reserve Bank of Cleveland, Dr. Mester had been executive vice
president and director of research at the Federal Reserve Bank of Philadelphia, where she was the chief policy advisor, attended meetings of the
Federal Open Market Committee, and oversaw the economists and analysts in the Research Department, as well as professionals in the
Financial Statistics Department and the Payments Cards Center. She joined the Federal Reserve Bank of Philadelphia in 1985 as an economist,
becoming senior vice president and director of research in 2000, and executive vice president and director of research in 2010.
Dr. Mester is an adjunct professor of finance at the Wharton School of the University of Pennsylvania and is a fellow at the Wharton Financial
Institutions Center. She has also taught in the undergraduate finance and M.B.A. programs at Wharton and in the Ph.D. program in finance at
New York University.
Her areas of research expertise and interest include the organizational structure and productive efficiency of financial institutions, financial
intermediation and regulation, agency problems in credit markets, credit card pricing, central bank governance, and inflation. Dr. Mester has
published numerous articles in refereed academic and professional journals on a variety of topics including economics, central banking, and
financial issues. In addition, Dr. Mester is a management committee member of the International Journal of Central Banking and co-editor of the
Journal of Financial Services Research; and is an associate editor of several other academic journals.
Dr. Mester is a director of the Greater Cleveland Partnership, a trustee of the Cleveland Clinic, a trustee of the Musical Arts Association
(Cleveland Orchestra), a director of the Council for Economic Education, a founding director of the Financial Intermediation Research Society,
and a member of the advisory board of the Financial Intermediation Network of European Studies (FINEST). She is a member of the American
Economic Association, the American Finance Association, the Econometric Society, and the Financial Management Association International.