Photo of Travis D. Nesmith

Travis D. Nesmith

Education

  • Ph.D., Economics, Washington University in St. Louis, 2000
  • M.A., Economics, Washington University in St. Louis, 1995
  • A.B., Economics/Political Science, Duke University, 1990
Current Research Topics
  • Central Counterparties
  • Quantitative Finance and Risk Management
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2016 - present
  • Section Chief

    Board of Governors of the Federal Reserve System

    2013 - present
  • Associate Editor

    Macroeconomic Dynamics

    2020 - present
  • Associate Editor

    Journal of Financial Market Infrastructures

    2020 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2009 - 2012
  • Economist

    Board of Governors of the Federal Reserve System

    1999 - 2009
  • Economist

    Bureau of Labor Statistics

    1998 - 1999
  • Visiting Scholar

    Federal Reserve Bank of St. Louis

    1995 - 1998
  • Central Clearing and Systemic Liquidity Risk
    Thomas B. King, Travis D. Nesmith, Anna Paulson, and Todd Prono
    International Journal of Central Banking (2023)
    See also » FRB Working Paper (2022)
  • Optimal Bidder Selection in Clearing House Default Auctions
    Rodney Garratt, David Murphy, Travis Nesmith, and Xiaopeng Wu
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.033
  • Accurate Evaluation of Expected Shortfall for Linear Portfolios with Elliptically Distributed Risk Factors
    Dobrislav Dobrev, Travis D. Nesmith, and Dong Hwan Oh
    Journal of Risk and Financial Management (2017)
    https://doi.org/10.3390/jrfm10010005
    See also » FRB Working Paper (2017)
  • Linear Cointegration of Nonlinear Time Series with an Application to Interest Rate Dynamics
    Travis D. Nesmith and Barry E. Jones
    Studies in Nonlinear Dynamics and Econometrics (2008)
    https://doi.org/10.2202/1558-3708.1467
    See also » FRB Working Paper (2007)
  • Risk and Concentration in Payment and Securities Settlement Systems
    David C. Mills Jr. and Travis D. Nesmith
    Journal of Monetary Economics (2008)
    https://doi.org/10.1016/j.jmoneco.2008.01.002
    See also » FRB Working Paper (2007)
  • Rational Seasonality
    Travis D. Nesmith
    Functional Structure Inference (2007)
    See also » FRB Working Paper (2007)
  • Solving Stochastic Money-in-the-Utility-Function Models
    Travis D. Nesmith
    Finance and Economics Discussion Series (2005)
    https://doi.org/10.17016/FEDS.2005.52
  • The Nonlinear Skeletons in the Closet
    Travis Nesmith, William A. Barnett, Milka Kirova, and Meenakshi Pasupathy
    Money, Measurement and Computation (2005)
  • Time Series Cointegration Tests and Nonlinearity
    William A. Barnett, Barry E. Jones, and Travis D. Nesmith
    Functional Structure and Approximation in Econometrics (2004)
    https://doi.org/10.1108/S0573-8555(2004)0000261031
  • Time Series Cointegration Tests and Non-linearity
    William A. Barnett, Barry E. Jones, and Travis D. Nesmith
    Nonlinear econometric modeling in time series (2000)
  • Introduction to the St. Louis Monetary Services Index Project
    Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith
    Theory of monetary aggregation (2000)
  • Aggregation Theory and Statistical Index Numbers
    Travis Dean Nesmith
    Washington University (2000)
  • Building New Monetary Services Indexes: Concepts, Data and Methods
    Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith
    Federal Reserve Bank of St. Louis Review (1997)
  • Monetary Aggregation Theory and Statistical Index Numbers
    Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith
    Federal Reserve Bank of St. Louis Review (1997)
  • Introduction to the St. Louis Monetary Services Index Project
    Richard G. Anderson, Barry E. Jones, and Travis D. Nesmith
    Federal Reserve Bank of St. Louis Review (1997)
  • Divisia Second Moments: An Application of Stochastic Index Number Theory
    William A. Barnett, Barry E. Jones, and Travis D. Nesmith
    International Review of Comparative Public Policy (1996)
  • conference

    October 2023

    Economics of payments XII, Federal Reserve Board

  • seminar

    August 2023

    Federal Reserve Bank of Chicago

  • conference

    June 2023

    Society for Economic Measurement, Milan Italy

  • seminar

    May 2023

    Federal Reserve Board

  • conference

    March 2023

    WFEClear: WFE's 40th Clearing & Derivatives Conference, World Federation of Exchanges, Johannesburg, South Africa

  • conference

    May 2022

    IOMA: WFE's 39th Clearing & Derivatives Conference, World Federation of Exchanges, London & Virtual

  • discussion

    March 2022

    Columbia University

  • discussion

    November 2021

    Columbia University

  • conference

    Spring 2021

    FSB Joint Virtual Financial Stability Impact Workshop: Potential system-wide impact from CCP recovery/resolution

  • conference

    April 2021

    IOMA: WFE's 38th Clearing & Derivatives Conference, World Federation of Exchanges

  • seminar

    March 2021

    The Future of Financial Market Infrastructure, LSE Law Seminar Series

  • seminar

    October 2020

    Financial Engineering Colloquium, Cornell Financial Engineering Manhattan

  • conference

    October 2019

    FIA Expo, Chicago, IL

  • conference

    October 2019

    6th Annual Conference on CCP Risk Management, Federal Reserve Bank of Chicago

  • seminar

    September 2019

    Federal Reserve Bank of Dallas

  • conference

    October 2018

    FIA Expo, Chicago, IL

  • conference

    July 2018

    FRB Redux of Quantitative Workshop on CCP Risk Management, Washington DC

  • conference

    November 2017

    BoE/FRB 1st Quantitative Workshop on CCP Risk and Validation Models, London UK

  • conference

    October 2016

    3rd Annual Conference on CCP Risk Management: A Deep Dive into Margins for Cleared Derivatives, Federal Reserve Bank of Chicago

  • conference

    October 2016

    PRMIA Workshop: Risks and Opportunities Posed by Changing Market Structures

  • seminar

    December 2015

    Bank of England

  • conference

    July 2015

    Society for Economic Measurement, Paris, FR

  • conference

    July 2015

    Quant Congress USA, Regulatory Keynote Address, NY

  • conference

    March 2015

    Financial Resilience Research Cluster Launch, Univ. of Birmingham, UK

  • conference

    August 2014

    Society for Economic Measurement, Chicago, IL

  • conference

    March 2008

    Risk Symposium, Los Alamos National Laboratory

  • conference

    January 2007

    Policy Workshop on Recent Payments Research, Federal Reserve Bank of New York

  • seminar

    December 2006

    Workshop on Money and Payments, Federal Reserve Bank of New York

  • conference

    August 2006

    Workshop on Nonlinear Dynamical Methods and Time Series Analysis, University of Udine, Italy

  • seminar

    July 2006

    IMF Departmental Seminar Series, International Monetary Fund

  • conference

    May 2006

    Midwest Macroeconomics Conference, St. Louis, Missouri

  • seminar

    March 2006

    Macro-economics and International Finance Seminar Series, George Washington University

  • conference

    October 2005

    Midwest Economic Theory Conference, University of Kansas

  • seminar

    April 2005

    Oswald Distinguished Seminar Series, University of Kansas

  • conference

    May 2004

    Midwest Macroeconomics Conference, Ames, Iowa

  • conference

    June 2000

    Issues in Measuring Price Change and Consumption Conference, Bureau of Labor Statistics

  • conference

    March 1999

    Society for Nonlinear Dynamics and Econometrics, New York City

  • conference

    April 1998

    Midwest Macroeconomics Conference, St. Louis, Missouri

  • conference

    March 1998

    Midwest Economics Association Conference, Chicago, Illinois

  • seminar

    January 1998

    Washington University Economic Theory Seminar, St. Louis, Missouri

  • conference

    October 1996

    International Atlantic Economic Conference, Washington, D.C.

  • conference

    March 1996

    Missouri Valley Economic Association, Memphis, Tennessee

  • seminar

    February 1996

    Federal Reserve Bank of St. Louis

Awards
  • 2012

    Board of Governors of the Federal Reserve System

    Special Achievement Award

  • 2012

    International Financing Review

    America's Structured Finance Issue of the Year

  • 2010

    RBOPS, Board of Governors of the Federal Reserve System

    Spirit of Excellence Award

Conference Organization
  • June 2023 | Milan, Italy

    Society for Economic Measurement 8th International Conference

    Conference Program Committee

  • March 2023 | Johannesburg, South Africa

    WFEClear: WFE's 40th Clearing & Derivatives Conference

    Scientific Committee

  • May 2022 | London, UK and Virtual

    IOMA: WFE's 39th Clearing & Derivatives Conference

    Scientific Committee

  • March 2021 | Virtual

    IOMA: WFE's 38th Clearing & Derivatives Conference

    Scientific Committee

  • March 2020 | Malta

    IOMA: WFE's 37th Clearing & Derivatives Conference

    Scientific Committee

  • July 2018 | Washington, DC

    FRB Redux of Quantitative Workshop on CCP Risk Management

    Workshop Organizer

  • November 2017 | London, UK

    BoE/FRB 1st Quantitative Workshop on CCP Risk and Validation Models

    Workshop Organizer

  • October 2016 | Washington, DC

    PRMIA Workshop: Risks and Opportunities Posed by Changing Market Structures

    Workshop and Session Organizer

  • July 2015 | Paris, France

    Society for Economic Measurement 2nd International Conference

    Session Organizer: Risk Measurement Partie Deux

  • August 2014 | Chicago, Illinois

    Society for Economic Measurement 1st International Conference

    Session Organizer: Risk Measurement

Editor
  • Associate Editor, Macroeconomic Dynamics, July 2020 - Present
  • Associate Editor, Journal of Financial Market Infrastructures, August 2020 - Present
Referee
  • Econometrica
  • Journal of Economic Theory
  • Review of Economic Studies
  • Journal of Econometrics
  • Journal of Monetary Economics
  • Journal of Banking and Finance
  • Macroeconomic Dynamics
  • Mathematical Finance
  • Journal of Money Credit and Banking
  • Journal of Economic Dynamics and Control
  • Journal of Applied Econometrics
  • Journal of Business and Economic Statistics
  • Journal of Mathematical Economics
  • Oxford Economic Papers
  • International Journal of Central Banking
  • Journal of Financial Market Infrastructures
  • Journal of Financial Intermediation
  • Journal of Economics and Business
  • Southern Economic Journal
  • Federal Reserve Bank of New York Economic Policy Review
  • Federal Reserve Bank of St. Louis Review
Professional Affiliation
  • American Economic Society
  • Econometric Society
  • Professional Risk Managers International Association
  • Society for Economic Measurement
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Last Update: January 16, 2024