RESEARCH POSITIONS

C.O.G. Miller Distinguished Professor of Finance,
     Graduate School of Business, Stanford University, 1987-.

Vice-President, Fixed Income Research, Goldman Sachs Corporation,
     September, 1991 - December, 1992.

Visiting Professor, Department of Economics, University of Tokyo, 1992.

Visiting Scholar, Institute for Monetary Studies, Bank of Japan, 1988.

Professor of Economics, GSIA, Carnegie Mellon University, 1982-87.

CRSP Visiting Professor of Finance, Graduate School of Business,
     Universityof Chicago, Fall 1986.

Associate Professor of Economics, GSIA, Carnegie Mellon, 1981-82.

Assistant Professor of Economics, GSIA, Carnegie Mellon, 1980-81.

Assistant Professor of Economics, University of Virginia, 1977-80.

Research Associate, National Bureau of Economic Research (since 1982)