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Chester Spatt

Senior Economic Advisor

Chester Overview


Chester Spatt has served as Senior Economic Advisor to global strategic business consulting firm, Kalorama Partners, LLC, and its law firm affiliate, Kalorama Legal Services, PLLC, since 2008. He is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University, where he has taught since 1979. He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from 2004-2007.

In addition to his academic duties, Mr. Spatt is a well-known scholar of financial economics, with broad expertise in financial markets. He has extensively analyzed market structure, pricing and valuation, and the impact of information in the marketplace. He has been a leading expert on the design of securities markets, mortgage valuation, taxation and investment strategy. His recent research has included studies of credit rating agencies, securitization and equity trading, proxy voting advisors and securities lending. Mr. Spatt is also currently an Associate Editor of several finance journals.

Chester Credentials




  • University of Pennsylvania, Ph.D (Economics)

  • University of Pennsylvania, M.A. (Economics)

  • Princeton University, B.A. (Economics)

Chester Honors & Awards

Honors & Awards


  • TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security, Co-Authored Paper on Asset Location (The Journal of Finance, 2004)

Chester Other Activities

Other Activities



  • Federal Reserve Bank’s Model Validation Council, Member (2012- present)

  • Systemic Risk Council, Member (2012-present)

  • National Bureau of Economic Research, Research Associate (2008-present)

  • Shadow Financial Regulatory Committee, Member (2007-present)

  • TIAA-CREF Institute, Fellow (2007-present)

  • Financial Economists Roundtable, Member (2006-present)




  • Review of Financial Studies, Executive Editor and a Founding Editor (1990-1993)

  • Society for Financial Studies, Founding Committee, President and Member (1993-1996)

  • Western Finance Association, President (1995-1996)

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