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Last Updated: 08/27/07

News Release

Daniel Sullivan Named New Research Director of Federal Reserve Bank of Chicago

CHICAGO- (August 27, 2007) The Federal Reserve Bank of Chicago today announced that Daniel Sullivan will become the bank's research director effective September 1.

Sullivan, 48, will replace Charles Evans, who last month was named president and CEO of the bank, also effective September 1.

Sullivan is currently vice president and economic advisor in the bank's Economic Research Department, where he heads the applied microeconomics group. His research specialty is in the area of labor economics, especially issues relating to displaced workers and the role that temporary services firms play in the economy.

Sullivan is highly regarded throughout the Federal Reserve System on labor market issues. He has published articles in a variety of scholarly research journals, including the American Economic Review, the Journal of Economic Perspectives, Econometrica, and the Journal of Political Economy.

Before joining the Chicago Fed in 1992, Sullivan was an assistant professor of economics at Northwestern University. He has also taught at Princeton University and is currently an instructor at the Harris School of Public Policy at the University of Chicago.

"Dan is a natural fit for the job," Evans said. "He has excellent leadership skills as well as the depth of knowledge and experience that is needed. I have worked with him closely for many years and look forward to continuing to do so."

Sullivan added that he welcomes the challenge of leading the research team at the Chicago Fed and continuing his work with Evans when he becomes president of the Chicago Fed.

"I'm very excited about the prospect of leading the talented group of people we have in the department and working with Charlie to contribute to the formulation of national monetary policy," he said.

Sullivan received an B.A. in mathematics and statistics from the University of Chicago and a Ph.D. in economics from Princeton University. He is married with three children and lives in Woodridge, Ill.

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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