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He was educated at East Elementary, J.V. Martin Junior High, and Dillon High School, where he was a high achieving pupil. He taught himself calculus, edited the school newspaper, was class valedictorian and achieved the highest SAT score in the state that year — 1590 out of 1600. He was also the All-State saxophonist, playing in the school’s marching band.
On leaving high school in 1971 he enrolled at Harvard University, where he spent his undergraduate years in Winthrop House and graduated summa cum laude with a B.A. in economics in 1975. He received a PhD in economics from the Massachusetts Institute of Technology in 1979. He taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. He has given several lectures at the London School of Economics on monetary theory and policy and has written three textbooks on macroeconomics, and one on microeconomics. He was the Director of the Monetary Economics Program of the National Bureau of Economic Research and the editor of the American Economic Review.
