Kaleb Nygaard

Immediately before coming to the University of Pennsylvania, Kaleb worked at the Yale Program on Financial Stability, where he researched how central banks and fiscal authorities have fought financial crises. The team built (and continues to expand) a financial crisis fighting and training tool called The New Bagehot Project. He also conducted oral history interviews with senior policymakers such as Paul Volcker. 

Before Yale, Kaleb worked as a Statistical Analyst at the Federal Reserve Bank of Chicago where he operated the Fed’s financial institutions structure database (NIC). He also worked on the Fed’s collection and processing of reference rate data that, for example, leads into the calculation of the SOFR.

Kaleb built and maintains the largest historical biographical database of Federal Reserve leadership. He runs a central bank education website called The Centralverse, and he hosts two podcasts: The Reserve, a current events interview show on the Federal Reserve; and The Bankster Podcast, a scripted show on central banking (in one recent season he produced an unabridged reading of “the bible of central banking” called Lombard Street by Walter Bagehot; in another season he told the history of the Lender of Last Resort in seven parts). He is frequently quoted in the financial press for his views on issues related to Federal Reserve structure, governance, and independence.

He enjoys reading, running, traveling with his wife, and playing with his two little kids.


M.M.S., Systemic Risk, Yale University

B.S., Financial Economics, Brigham Young University Idaho

Research Interests

Federal Reserve System, central banking, financial system supervision and regulation, financial crime, anti-money laundering

Selected Publications

“The Federal Reserve System: Diversity and Governance” Journal of Financial Crises, forthcoming December 2022 (with Peter Conti-Brown)

“Board Diversity Matters: an Empirical Assessment of Community Lending at Federal Reserve-Regulated Banks,” submitted, forthcoming 2022 (with Peter Conti-Brown and Brian Feinstein)


Fellow at The Business, Economic, and Financial History Project (BEF History), a project of the Wharton Initiative on Financial Policy and Regulation.

CV (file)