Ricardo J. Caballero is the Ford International Professor of Economics at MIT, Co-Director of the World Economic Laboratory, and Head of the Economics Department. A Chilean native, he received his Ph.D. from MIT. Before returning to MIT, he taught at Columbia University for three years, and was an Olin Fellow at the NBER. Caballero has also been a visiting scholar and consultant at the European Central Bank, the Federal Reserve Board, the Inter-American Development Bank, the International Monetary Fund, the World Bank, and several central banks and government institutions around the world. Among his most recent publications, “Bubbles and Capital Flow Volatility: Causes and Risk Management” in Journal of Monetary Economics (with A. Krishnamurthy), and "An Equilibrium Model of 'Global Imbalances' and Low Interest Rates" (with Emmanuel Farhi and Pierre-Olivier Gourinchas) in American Economic Review, 2008, Vol. 98:1, pgs 358-393. He serves in the editorial board of several academic journals and was the winner of the 2002 Frisch Medal of the Econometric Society, and the Smith Breeden Prize from the American Finance Association.