 in applied mathematics (1978, Harvard University).He was assistant professor at Barnard College, Columbia University (1983–1989), associate professor and subsequently full professor at Rutgers University (1989–1993).He served as a research adviser and economist at the Federal Reserve Bank of New York (1987–1993) and as an adviser of the Bank of Greece for the next two years (1994–1995), where he also acted as second alternate to the governor at the European Monetary Institute (precursor to the European Central Bank).