Nellie Liang

Director, Division of Financial Stability, Federal Reserve Board

Nellie Liang is the Director of the Division of Financial Stability at the Federal Reserve Board. She started the division in 2010 to focus greater attention at the Fed on identifying risks to financial stability and developing macroprudential policies to mitigate systemic risks. Ms. Liang’s recent research has focused on financial vulnerabilities and macroeconomic dynamics, fragilities in short-term funding markets, effect of creditor rights on real economic activity, and the cost of equity capital.

Her research has been published in Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Public Economics, among other places. She holds a Ph.D. in economics from the University of Maryland, and a B.A. in economics from the University of Notre Dame.

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