Michael Gordy is a senior economist in the Research & Statistics Division of the Federal Reserve Board. His current research focuses on the design, estimation and computation of models of portfolio credit risk, and on the adaptation of these models to setting regulatory capital requirements. Michael serves as an associate editor of the Journal of Banking & Finance and the Journal of Credit Risk. He received his Ph.D. in Economics from MIT in 1994 and a B.A. in Mathematics & Philosophy from Yale University in 1985