November 2007

Anne P. Villamil

ACADEMIC AFFILIATION:

Professor of Economics and Faculty Fellow (217) 244-6330: Office

Department of Economics, University of Illinois (217) 244-6678: FAX

1206 South Sixth Street, Champaign, IL 61820 avillami@uiuc.edu

EDUCATION:

Ph.D. Economics University of Minnesota 1988

B.A. Economics University of Rochester (cum laude) 1980

PROFESSIONAL POSITIONS:

2003 – present Faculty Fellow, University of Illinois

2000 – present Professor of Economics, University of Illinois

1993 – 2000 Associate Professor of Economics, University of Illinois

1988 – 1993 Assistant Professor of Economics, University of Illinois

1987 – 1988 Assistant Professor of Economics, Tulane University

1980 – 1981 International Economist, US Trade Representative’s Office, Executive Office of the President

OTHER APPOINTMENTS:

International Monetary Fund, December 2006, February 2007.

Hallsworth Visiting Professor, University of Manchester, U.K., May 2006, June 2007, 2008.

Singapore Center for Applied Policy Economics (SCAPE), Singapore, March 2006.

National University of Singapore, IMA, Singapore, June 2005

Institute for Advanced Studies, Vienna, Austria, April 2004, May 2006.

Pozzuoli Summer School, University of Naples – Fredericko II, June 2001, 2003.

EDITORIAL BOARDS:

Co-Editor: Annals of Finance, 2006–present.

Associate Editor:

Economic Theory, 1999–present.

European Economic Review, 2003–present.

Quarterly Review of Economics and Finance, 2000–present.

Annuals of Finance, 2004–2006.

Lecture Notes in Economics and Mathematical Systems, 2000–2003.

GRANTS:

NSF Grant SES 0318394: Firm Finance & Enforcement Institutions, 2003–2007.

NCSA Grant SES 050000: Firm Finance & Enforcement Institutions, 2004-2007.

Academy for Entrepreneurial Leadership: Conference Grant, 2006-2007.

Kauffman Foundation Grant: Entrepreneurship, 2006.

Center for the Study of Private Equity Grant: Small Firm Finance, 2002-2003.

UIUC Research Board Grant, 1992, 2000, 2001.

PITA Grant, 1999-2000.

USDA Economic Research Services Grant, 1999, $3000, USDA Grant, 1997.

Illinois Value Added Program Grant, 1996-97.

UIUC Business Innovation and Entrepreneurship Grant, 1995‑96.

BEBR Research Grant, 1989, 1993, 1994.

NSF Grant No. 89-09242, 1989-1991.

NSF/University of Arizona Seminar on Laboratory Experiments in Economics, May 1989.

JOURNAL PUBLICATIONS:

“The Effect of Financial Repression and Enforcement on Entrepreneurship and Economic Development,” (with António Antunes and Tiago Cavalcanti), Journal of Monetary Economics, 55(2), 2008, doi:10.1016/j.jmoneco.2007.10.006

“Bankruptcy and Firm Finance,” with Stefan Krasa and Tridib Sharma, Economic Theory, 2008, doi:10.1007/s00199-007-0267-y

“Computing General Equilibrium Models with Occupational Choice and Financial Frictions,” with António Antunes and Tiago Cavalcanti, Journal of Mathematical Economics, 2008, forthcoming.

“Edward C. Prescott’s Contributions to Economics”, with Stephen Parente, Economic Theory, Special Issue in Honor of 2004 Nobel Prize in Economics, 32, 2007, 1-5.

“Do Lack of Transparency and Enforcement Undermine International Risk-sharing?,” (with Elizabeth Asiedu and Yi Jin), Annals of Finance, 2, 2006, 123-140.

“Debt Contracts and Cooperative Improvements,” with Stefan Krasa and Tridib Sharma, Journal of Mathematical Economics, 41, 2005, 857-874.

“Capital Accumulation and Allocation in Economic Growth,” Quarterly Review of Economics and Finance, 43, 2003, 583-592.

“Optimal Contracts when Enforcement is a Decision Variable: A Reply,” (with Stefan Krasa), Econometrica, 71, 2003, 390-393.

“The Optimal Inflation Tax and Structural Reform” (with Tiago Cavalcanti), Macroeconomic Dynamics, 7(3), 2003, 333-362.

“Imperfect Enforcement, Foreign Investment, and Foreign Aid” (with Elizabeth Asiedu), Macroeconomic Dynamics, 6, 2002, 476-495.

“Intertemporal Pricing in Laboratory Posted Offer Markets with Differential Information” (joint with Aldo Rustichini), Economic Theory, 43(4), 2000, 132-156. Reprinted in Advances in Experimental Markets, Cason and Noussair (eds.), Studies in Economic Theory 15, Springer Verlag 2001.

“Optimal Contracts when Enforcement is a Decision Variable” (with Stefan Krasa), Econometrica, 64(1), 2000, 119-138.

“Discount Factors and Thresholds: Foreign Investment When Enforcement is Imperfect” (with Elizabeth Asiedu), Macroeconomic Dynamics, 4(1), 2000, 1-34.

“Government Borrowing Using Bonds with Randomly Determined Return: Welfare Improving Randomization in The Context of Deficit Finance” (with Bruce Smith), Journal of Monetary Economics, 41(2), 1998, 351-370.

“Intertemporal Pricing in Markets with Differential Information” (with Aldo Rustichini), Economic Theory, 8, 1996, 211-227.

“Optimal Multilateral Contracts” (with S. Krasa), Economic Theory, 4(1), 1994, 167‑187.

“Monitoring the Monitor: An Incentive Structure for a Financial Intermediary” (with S. Krasa), Journal of Economic Theory, Vol. 57(1), 1992, 197‑221.

“A Theory of Optimal Bank Size” (with S. Krasa), Oxford Economic Papers, 44, 1992, 38‑63.

“Loan Rationing by Size in Commercial Loan Markets” (with S. L. Schreft), Federal Reserve Bank of Richmond Economic Review, Vol. 78(3), 1992, 3‑8.

“Demand Deposit Contracts, Suspension of Convertibility, and Optimal Financial Intermediation,” Economic Theory, Vol. 3, 1991, 277-289.

“Price Discriminating Monetary Policy: A Non-uniform Pricing Approach,” Journal of Public Economics, Vol. 35, 1988, 385-92.

“Market Power in Oral Double Auctions” (with C. A. Holt and L. W. Langan), Economic Inquiry, Vol. 24, 1986, 107-123.

“A Laboratory Experiment with a Single-Person Cobweb” (with C. A. Holt), Atlantic Economic Journal, Vol. 14(2), 1986, 51-54.

PUBLICATIONS IN BOOKS:

“The Modigliani-Miller Theorem,” The New Palgrave Dictionary of Economics, Steven Durlauf and Lawrence Blume (eds.), Second Edition, Macmillan Press, London, U.K., forthcoming.

“Financial Contracts,” Uncertainty and Information in Economics, R. Anderson, P. Chander, P. Hammond, Y. Sun (ed)., forthcoming.

“Risky Banking and Credit Rationing,” with Pedro Elosegui, Studies in Economics, E. Drandakis (ed.), 2007.

“Intertemporal Pricing in Laboratory Posted Offer Markets with Differential Information” (with Aldo Rustichini), Economic Theory, 43(4), 2000, 132-156. Reprinted in Advances in Experimental Markets, Cason and Noussair (eds.), Studies in Economic Theory 15, Springer Verlag 2001.

“Supra-Competitive Prices and Market Power in Posted-Offer Experiments” (with C. A. Holt and D. Davis), Market Power, Mark Isaac (Ed.), Westview Press, 2002.

“Measuring Consumer Demand for Functional Foods and the Impact of Health Labeling Regulation,” New Approaches to Consumer Welfare, Food and Agriculture Marketing Consortium, 2000.

“Price Discrimination and Monetary Assets,” The New Palgrave Dictionary of Money and Finance, J. Eatwell, M. Milgate, P. Newman (Eds.), Macmillan Press, 1992.

“The Use of Laboratory Experiments in Economics: An Introductory Survey” (with Charles A. Holt), Experiments in Basic Accounting and Economic Issues, Shane Moriority (Ed.), University of Oklahoma Press, 1986.

“Comments on Information Asymmetry and Capital Market Behavior,” Experiments in Basic Accounting and Economic Issues, Shane Moriority (Ed.), University of Oklahoma Press, 1986.

VOLUMES EDITED:

Annals of Finance: Special Issue on Entrepreneurship, co-edited with Mariacristina De Nardi, in progress.

Economic Theory: Special Issue in Honor of Edward C. Prescott: 2004 Nobel Prize in Economics, co-edited with Stephen Parente, June 2007.

Quarterly Review of Economics and Finance: Special Issue on Capital Accumulation and Allocation in Economic Growth, 43, 2003.

FACULTY WORKING PAPERS:

“Are Entrepreneurs Different?,” with Neus Herranz and Stefan Krasa.

“Enforcement and Credit Rationing,” with Stefan Krasa and Tridib Sharma.

“The Effect of Financial Frictions on Economic Development: the Case of China,” with Alex Mourmouras.

“Homework in Financial Economics: Quantitative Implications of Limited Commitment and Moral Hazard,” with António Antunes and Tiago Cavalcanti.

HONORS:

Incomplete List of Excellent Teachers, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2001, 2002, 2003, 2004, 2005, 2006.

UIUC Academy for Entrepreneurial Leadership Fellow, 2007-2008.

UIUC Graduate College, member.

UIUC Campus Honors Program, faculty member.

Commerce Alumni Association Award, 1996.

MBA Alumni Association Award, 1992.

Lilly Endowment Fellow, 1989-90.

REFEREE: NSF, Econometrica, Journal of Public Economics, American Economic Review, Quarterly Review of Business and Economics, Economic Journal, Journal of Economic Behavior and Organization, Journal of Financial Intermediation, Journal of Macroeconomics, Journal of Monetary Economics, Economic Theory, Journal of Economic Theory, Journal of Political Economy, International Economic Review, Oxford Economic Papers, Scandinavian Journal of Economics, European Economic Review, University of Chicago Press, Houghton-Mifflin Press, Harcourt-Brace-Jovanovich Press, McGraw Hill, Worth Publishing, Springer-Verlag Press, West Publishing.

TEACHING:

PhD: Macroeconomics I (Econ 403), Macroeconomics II (Econ 405), Monetary Theory I (Econ. 420), Monetary Theory II (Econ. 421), Advanced Topics (Econ 410, 490)

MSPE: Macroeconomic Policy (Econ 401), Monetary Policy I (Econ 420), Monetary Policy II (Econ 421)

MBA: The Business Environment (BUS 403)

EMBA: Macroeconomics (ECON 423)

Undergraduate: Intermediate Macroeconomics (Econ 300), Macroeconomic Policy (Econ 303)

*Incomplete List of Teachers Ranked as Excellent by Their Students each year at UIUC.

SERVICE:

Department:

Recruiting Committee, Chair, 2002-2007, member 2005-2006,1994-2000, 1990-1991

Advisory Committee, Chair, 2002-2003, member 2006-08, 2004-05, 1995-96, 1992-93

Kinley Lecture Committee, Chair, 2002-2003, member 2000-2002, 1996-1997

Promotion and Tenure Committee 2006-2008, 2000-2003, 1994-1995

Prelim Committee Chair, Macroeconomics, 1988-2008

Teaching Awards Committee Chair, 1998-99.

Head Search Committee, member, 1994‑1996.

College:

Executive Committee 2002-2003, 1999-2000, 1992-1993, 1995-1997

MBA Policy & Review Committee 2002-2003, 1993-1997, 1991

LAB Committee 2001-2002

EMBA Policy Committee 1999-2000, 1998-1999

Educational Policy Committee (1997-00), chair.

MBA Communication Committee (1996-97).

Steering Committee (1995‑96).

MBA Curriculum Committee Co-Chair (1993‑96).

MBA-NCSA Curriculum Project, member (1994‑96).

University:

Campus Budget Oversight Committee, 2000-2003.

Provost’s Committee on Faculty Equity, Recruiting and Retention, 2000-2003.

CHP Selection Committee, 2001.

Dean Search Committee, 1999-2001.

Behavioral & Social Sciences Committee, Graduate College Exec. Committee, 1999-01.

Dean’s Review Committee, 1996-97.

Vice Chancellor’s Teaching Scholar, Selection Committee, 1993‑94.

Faculty Fellow Program: 1991.

Professional:

Co-Editor, Economic Theory, Special Issue in Honor of Edward C. Prescott Nobel Prize in Economics, 2007.

Co-Editor, Annals of Finance, Special Issue on Entrepreneurship, 2008.

Program Committee, Society for the Advancement of Economic Theory, Kos, Greece, 2006-2007.

Program Committee, Society for the Advancement of Economic Theory, Vigo, Spain, 2004-2005.

Keynote Speaker, MUNI, April 2005.

European University, Florence, Italy, External Ph.D. Reviewer, 2004

Oberlin College, Honors Program External Reviewer, 2003

Program Committee, Society for the Advancement of Economic Theory, Rodos, Greece, 2002-2003.

Program Committee, Society for the Advancement of Economic Theory, Ischia, Italy, 2000-2001.

Program Committee, Midwest Mathematical Economics Theory Conference, UIUC, Champaign, IL, 1999.

Midwest Economic Association Nominating Committee, 1998.

Financial Management Association, Program Committee, 1995.

ESA Dissertation Prize Committee, 1994.

RECENT CONFERENCE PARTICIPATION, SEMINARS and RESEARCH REVIEWS

NCSA, 2007, http://www.ncsa.uiuc.edu/News/07/0806UsingNCSA.html

Fudan University, Shanghais, China, “The Effect of Financial Frictions on Economic Development: the Case of China,” June 2008

Cambridge University, “The Impact of Entrepreneur Characteristics and Bankruptcy Rules on Firm Performance,” November 2007

University of London, Queen Mary, “The Impact of Entrepreneur Characteristics and Bankruptcy Rules on Firm Performance,” November 2007

WUN Conference, Chicago, IL, “Global Entrepreneurship: Facts, Theories and Tools,” October 2007

Philadelphia Federal Reserve Bank, Conference on Recent Developments in Consumer Credit and Payments, Discussant, September 2007

XVI European Workshop on General Equilibrium, Warwick, UK, “Are Entrepreneurs Different?,” June 2007.

SAET Conference, Kos, Greece, “The Effect of Financial Frictions on Economic Development: the Case of China,” June 2007

Washington University, St. Louis, “Financial Contracts,” April 2007

International Monetary Fund, “The Effect of Financial Frictions on Economic Development: the Case of China,” February 2007.

Midwest Theory Conference, Purdue University, “Are Entrepreneurs Different?,” October 2006

5th Oxford Finance Summer Symposium Said Business School, Oxford University, Oxford, UK, June 2006.

City University, London, UK, “The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development,” June 2006.

Ph.D. Conference, University of Manchester, Manchester, UK, May 2006.

London School of Economics, Conference on Financial Market Stability, London, UK, May 2006.

Singapore Center for Applied and Policy Economics, National University of Singapore, “The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development,”March 2006.

University of Kentucky, “The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development,”March 2006.

Purdue University, “The Effect of Financial Repression & Enforcement on Entrepreneurship and Economic Development,”October 2005.

SAET Conference, Vigo, Spain, “Intermediation Costs, Investor Protection and Economic Development,” July 2005.

Society for Economic Dynamics Conference, Budapest, Hungary, June 2005, “Intermediation Costs, Investor Protection and Economic Development.”

National University of Singapore, “Bankruptcy and Firm Finance,” Singapore, June 2005.

Program on Uncertainty and Information in Economics, IMA, “Lectures on Financial Contracts” Singapore, June 2005.

Society for Economic Dynamics Conference, Florence, Italy, July 2004, “Enforcement and Small Firm Finance.”

Institute for Advanced Studies, “Lectures on Financial Contracts,” Vienna, Austria, April 2004.

Institute for Advanced Studies Public Lecture, “Enforcement and Firm Finance,” Vienna, Austria, April 2004.

University of Cairo, “Enforcement and Small Firm Finance,” Cairo, Egypt, March 2004.

SAET Conference, Rodos, Greece, “Private Equity and Small Firm Finance,” July 2003.

Society for Economic Dynamics Conference, Paris, France, June 2003, “The Effect of Enforcement on Firm Finance.”

Pozzuoli Summer School, University of Naples – Fredericko II, “Lectures on Financial Contracts,” Naples, Italy, June 8-20, 2003.

Money and Payment Systems Conference, Purdue University, May 2003, Discussant

University of Iowa, “The Effect of Enforcement on Firm Finance,” October 2002.

New University, Lisbon, Portugal, “The Effect of Enforcement on Firm Finance,” October 2002.

University of Illinois, Finance Department, “Private Equity and Small Firm Finance,” September 2002.

Washington University, St. Louis, “The Effect of Imperfect Enforcement on Firm Finance,” April 2002

ASSA Meetings, Atlanta, GA, “Aggregate Risk, Credit Rationing and Financial Intermediation,” Invited Session, January 4-6, 2002.

University of Iowa, “Aggregate Risk, Credit Rationing and Financial Intermediation,” November 2001.

Minnesota Workshop in Macroeconomic Theory, Federal Reserve Bank of Minneapolis and the University of Minnesota, July 31 – August 4, 2001.

SAET Conference, Ischia, Italy, “The Optimal Inflation Tax and Structural Reform,” July 2-8, 2001, session organizer.

Pozzuoli Summer School, University of Naples – Fredericko III, “Lectures on Financial Contracts,” Naples, Italy, June 8-17, 2001.

NBER Decentralization Conference, Northwestern University, April 17-19, 2001.

Midwest Theory and International Economics Conference, University of Wisconsin, May 2001.

University of Brasilia, “The Optimal Inflation Tax and Structural Reform,” October 2000.

LACEA Meetings, Rio de Janeiro, Brazil, “The Optimal Inflation Tax and Structural Reform,” October 2000.

University of Kansas, “The Optimal Inflation Tax and Structural Reform,” October 2000.

DePaul University, “The Optimal Inflation Tax and Structural Reform,” September, 2000.

Minnesota Workshop in Macroeconomic Theory, Federal Reserve Bank of Minneapolis and the University of Minnesota, August 1–5, 2000

CEPR Conference on International Finance and Economic Activity, Vouliagmeni, Greece, June 11-12, 2000

Money and Payment Systems Conference, Purdue University, May 6-7, 2000, Discussant

NBER Conference, New York University, April 2000.

Southeast Economic Theory Conference, Georgetown University, “Insurance, Verification, and Enforcement: A Role for Multilateral Organizations,” November 1999.

Purdue University, “The Effect of Information on Willingness-to-Pay,”October 1999.

Society for the Advancement of Economic Theory Conference, Rhodes, Greece, June 1999, “Insurance, Verification, and Enforcement: A Role for Multilateral Organizations.”

NBER Conference, Purdue University, April 1999.

Southern Illinois University, April 1999, “Discount Factors and Thresholds: Foreign Investment when Enforcement is Imperfect.”

New Economic Approaches to Consumer Welfare, USDA Economic Research Services, Invited Paper, Washington, DC, January 1999, “The Effect of Health Information on Willingness to Pay.”

Mid-west International Economics Conference, October, 1998, “Imperfect Enforcement and Foreign Investment: A Rationale for Multilateral Organizations,” University of Michigan.

Indiana University-Purdue University, April 1998, “Limited Enforcement and Time Consistent Foreign Investment.”

Public Choice Meetings, New Orleans, LA, March 1998, “Limited Enforcement and Time Consistent Foreign Investment.”

Atlanta Federal Reserve Bank, December 1997, “Limited Enforcement and Time Consistent Foreign Investment.”

Society for Economic Dynamics Conference, Oxford, England, July 1997 “Limited Enforcement and Time Consistent Foreign Investment.”

Economic Theory Conference, Antalya, Turkey, June 1997, “Limited Enforcement and Time Consistent Foreign Investment.”

Kansas City Federal Reserve Bank, November 1996, “Government Borrowing Using Bonds with Randomly Distributed Returns.”

Purdue University, October 1996, “Time Consistent Contracts and Enforcement.”

UCLA, October 1996, Conference on Macroeconomics and Economic Growth.

University of Iowa, April 1996, “Time Consistent Contracts and Enforcement.”