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Assistant Director
    Robert A. Dennis 
Division Administrative Assistant
    Linda Lewis Harris 
Projections Unit
Unit Chief
    John F. Peterson 
Analysts
    Robert W. Arnold (Potential GDP, non-accelerating inflation rate of unemployment, medium-term projections)
    Holly Battelle (Assistant)
    David A. Brauer (Labor markets, inflation)
    Naomi Griffin (Labor markets)
    Priscila Hammett (Assistant)
    Juann H. Hung (International)
    Mark J. Lasky (Macro models)
    Frank S. Russek (Fiscal policy)
    Christopher Williams (Current developments)
Fiscal Policy Studies Unit
Unit Chief
    William Randolph 
Analysts
    Juan M. Contreras (GE Modeling, Labor, Capital)
    Jonathan A. Huntley (Stochastic GE Modeling, Computational Economics, open-economy macro)
    Valentina Michelangeli (Macro effects of tax policy, Computational Economics, GE Modeling)
    Benjamin R. Page (Social Security, long-run effects of the budget on the economy, private saving)
    Marika Santoro (Macro effects of tax policy, GE Modeling, Social Security)
    Robert G. Shackleton Jr. (Open economy, macro models, public finance, energy, climate change)
    Susan Yang (Macroeffects of tax policy, public finance)
Financial Markets Unit
Deputy Assistant Director
    Kim J. Kowalewski 
Analysts
    Francesca Castelli (Financial analysis)
    Wendy Kiska (Financial analysis, accounting, and PBGC)
    Joe Mattey (Financial analysis)
    Damien Moore (Financial analysis, risk modeling, and student loans)
    David Torregrosa (Financial accounting, insurance)
    Steven A. Weinberg (Financial analysis and monetary policy)
 

Macroeconomic Analysis Division

Focusing on the economic "big picture"

The Macroeconomic Analysis Division advises the Congress on macroeconomic issues and issues related to financial markets and to financial aspects of federal programs. Its analyses include short-term macroeconomic projections, dynamic general-equilibrium modeling, and estimates of subsidies in financial programs of the federal government. The division has several key responsibilities:

  • Evaluating the macroeconomic impact of a wide range of fiscal policies—everything from changing the nation's tax system to reforming Social Security and instituting policies to limit greenhouse gases;
  • Using the tools of modern financial analysis to improve the measurement, analysis, and presentation of the costs of the federal government's various financial programs and activities, such as the Troubled Asset Relief Program (TARP), the conservatorship of Fannie Mae and Freddie Mac, credit and insurance programs, and federal investment in risky securities;
  • Studying major developments in the economy, such as systemic risk in financial markets and trends in productivity and participation in the labor force; and
  • Preparing economic projections that serve as the economic assumptions for CBO's projections of the federal budget and help the House and Senate Budget Committees develop their concurrent resolutions on the budget.

The division collaborates extensively with other parts of CBO. Besides helping to produce CBO's twice-yearly Budget and Economic Outlook, the division works with other CBO staff on macroeconomic issues involving tax policy, macroeconomic modeling of environmental, health, and energy matters, issues related to Social Security, and budget matters.

The Macroeconomic Analysis Division employs approximately 26 Ph.D.-level economists. It also offers opportunities to a few assistant analysts—many of whom go on to graduate school after working at CBO. The division gives economists who are interested in public policy a unique opportunity to apply their training in economics. Staff write CBO studies, draft testimony to be delivered at Congressional hearings, and carry out original research for publication in academic journals.

The division offers a collegial work environment. New analysts are often teamed with more experienced staff during their first research projects, and their work is supported by staff of the division and by other economists at CBO. Analysts discuss their work in progress and comment on the work of others during CBO-wide seminars. As is true with all of CBO, the Macroeconomic Analysis Division provides an intellectually challenging environment where analyses help inform the debate over national policy.