William L. Silber is the Marcus Nadler Professor of Finance and Economics and Director, Glucksman Institute for Research in Securities Markets, at the Stern School of Business, New York University. He has been a Senior Economist with the President's Council of Economic Advisors and has been a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. He is also a member of the New York Mercantile Exchange where he has traded options and futures contracts. He has testified in Congress and has been an expert witness in a number of court cases. He holds an M.A. and Ph.D. from Princeton University and is a graduate of Yeshiva College. His most recent book is a biography of former Federal Reserve Chairman Paul Volcker, entitled VOLCKER: The Triumph of Persistence. He is the author of the critically acclaimed financial history, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy. He is co-author of the standard textbook, Principles of Money, Banking and Financial Markets and, with Lawrence S. Ritter, of the classic Money.