Faculty Directory

Peter R. Fisher

Senior Lecturer; Senior Fellow, Center for Global Business and Government



DegreeJD, Harvard Law School, 1985; BA, Harvard, 1980

AREAS OF EXPERTISEMonetary policy, capital markets, public finance, fixed income investment management, financial institutions

Current Research Topics

  • The costs and benefits of extraordinary monetary policies
  • Effective leadership at the intersection of business and government

Selected Publications

  • "Mistakes Made and Lessons (Being) Learned–Implications for the Fed's Mandate," in Across the Divide–New Perspectives on the Financial Crisis, eds. M.N. Baily and J.B. Taylor, Hoover Institution Press, 652, 2014
  • "Reflections on the Meaning of 'Risk Free'," in BIS Papers No. 72, Sovereign Risk: a World Without Risk-Free Assets?, Bank for International Settlements, July 2013
  • “Bernanke Runs the Risk of Creating Liquidity Trap,” Financial Times, September 2012
  • “Fed Risks Diminishing Returns with More QE,” Financial Times, June 2012
  • “Thoughts on Debt Sustainability: Supply and Demand,” keynote remarks published in Is U.S. Government Debt Different?, Wharton Financial Institutions Center Press, 2012
  • “A ‘Twist’ for our Economy,” The Washington Post, September 2011
  • “Policymakers Need to Address Uncertainty Not Add it,” Financial Times, August 2011
  • “Bringing Financial Literacy to Washington,” in Measuring and Managing Federal Financial Risk, National Bureau of Economic Research Conference Report, The University of Chicago Press, 2010
  • “The Market View: Incentives Matter,” in The Road Ahead for the Fed, The Hoover Institution Press, 2009
  • “Lending’s Blind Spot,” The Washington Post, September 2008
  • “What Happened to Risk Dispersion,” Banque de France–Financial Stability Review, special issue on liquidity, February 2008
  •  “Risky Business,” The Wall Street Journal, December 2004


  • Distinguished Service Award, The Bond Market Association, 2004
  • The Alexander Hamilton Medal, United States Department of Treasury, 2003
  • Postmaster General’s Partnership for Progress Award, United States Postal Service, 2002

Professional Activities

Academic positions

  • Senior Lecturer, Tuck School of Business, 2013–present

Nonacademic positions

  • Senior Director, BlackRock Investment Institute, 2013–present
  • Head of Fixed Income Portfolio Management, 2010–2013, Co-Head, 2008–09, BlackRock Financial Management
  • Chairman, Black Rock Asia, 2005–07
  • Under Secretary for Domestic Finance, United States Department of the Treasury, 2001–03
  • Executive Vice President and Manager of the System Open Market Account, 1995–2001, Senior Vice President, Vice President, and Assistant Vice President, 1990–94, Counsel and Assistant Counsel, 1985–89, Federal Reserve Bank of New York
  • Secretary, Committee on Inter-Bank Netting Schemes of the Central Banks of the G-10 Countries, Bank for International Settlements, 1989–90
  • Analyst, Economics and Technology, Inc., 1980–82

Board memberships

  • Board of Directors, AIG, 2014–present
  • Board of Directors, John F. Kennedy Library Foundation, 2014–present
  • Investment Advisory Committee, Google, 2012–present
  • Advisory Committee on Systemic Resolution, Federal Deposit Insurance Corporation, 2011–present
  • Non-Executive Director, Financial Services Authority (United Kingdom), 2007–13
  • Strategic Advisory Committee, Agence France Tresor, 2006–13