Tobias Adrian is the Financial Counsellor and Director of the IMF's Monetary and Capital Markets Department. He leads the IMF's work on financial sector surveillance and capacity building, monetary and macroprudential policies, financial regulation, debt management, and capital markets. Prior to joining the IMF, he was a Senior Vice President of the Federal Reserve Bank of New York, and the Associate Director of the Research and Statistics Group. Mr. Adrian has taught at Princeton University and New York University, and has published in economics and finance journals, including the American Economic Review and the Journal of Finance. His research focuses on the aggregate consequences of capital market developments. He holds a PhD from the Massachusetts Institute of Technology; an MSc from the London School of Economics; a Diplom from Goethe University Frankfurt; and a Maîtrise from Dauphine University Paris.