Lee Jones, Regional Executive and Senior Officer of the Nashville Branch of the Federal Reserve Bank of Atlanta will present “The Current Economic Outlook for the Region and Job & Employment Prospects for Graduates.”

When: Wednesday November 20, 10-11 a.m.

Where: UTC University Center Raccoon room.

Lee Jones is regional executive and senior officer of the Nashville Branch of the Federal Reserve Bank of Atlanta. He is responsible for the Branch’s Board of Directors, oversees Nashville’s economic and financial education programs, and provides regional input into the Atlanta Fed’s monetary policy process.

Jones represents the Fed in developing relationships and organizing and participating in activities throughout the Middle and East Tennessee region designed to gather both quantitative data and anecdotal grassroots information on economic conditions. This information is provided to Atlanta Fed President Dennis Lockhart and his staff of economists for formulating monetary policy at Federal Open Market Committee meetings.

Other activities managed by Jones in support of the Fed’s monetary policy mission include managing the branch’s seven-member board of directors who meet in advance of each FOMC meeting to provide updates on economic conditions and a 12-member advisory board of small and mid-sized entrepreneurial business owners from throughout the southeast that meet twice each year. Jones and others on his team are also actively involved in outreach activities to promote economic education and financial literacy in schools and communities throughout the region.

Jones began his career with the Fed in 1980 at the Bank’s headquarters in Atlanta. Since that time he has held a variety of positions with the Bank including at the Bank’s branch offices in Jacksonville, Florida (1986-1991), Nashville, Tennessee (1992-2001) and Birmingham, Alabama (2002-2008). In April 2008, Lee returned to Nashville to assume his current responsibilities.

Prior to joining the Bank, he was a research associate at Payment Systems Inc. in Atlanta and an economic research analyst with the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C.

Jones earned both a bachelor of science degree in mass communications and a master of arts degree in economics from Virginia Commonwealth University in Richmond. He completed the Advanced Management Program at Emory University in Atlanta and has attended executive leadership programs at the University of Virginia and Vanderbilt University. He served in the United States Army from 1970 to 1973, including a tour of duty in the Republic of Vietnam.

While in Birmingham, Jones served on the board of directors and the executive committee of the Alabama Council on Economic Education. Jones also was a member of Leadership Birmingham, a select group of business leaders who study the major issues confronting the Birmingham metropolitan area. He is currently a member of the Nashville Rotary and is involved in teaching economics and personal finance to local high school students through Junior Achievement.

For more information about the Federal Reserve, please visit:

For information about the Nashville Branch of the Federal Reserve, please visit:

If you require accommodations for this event, please contact Disability Resource Center 423-425-4006 (V/TTY)



An Inside Look at the Federal Reserve and the Monetary Policy Process by Dennis Lockhart,President of the Federal Reserve Bank of Atlanta. (Fall 2012)

Atlanta Fed President and CEO Dennis Lockhart will speak on the UTC campus on the U.S. economic outlook and monetary policy. He will present an overview of the Federal Reserve's role in monetary policy and talk about the most recent decision by the Federal Open Market Committee (FOMC).

Student Visit to the Federal Reserve Bank of Atlanta (Spring 2012)

Mobile Money and Inclusive Finance: It works in Kenya, will it work in the Pacific? By Reuben Summerlin. (Spring 2012)

Mobile money/ branchless banking services allow users to execute basic banking transactions without visiting a bank. The convenience and affordability of M-Pesa, a mobile money service in Kenya, has assisted many low-income and rural users to actively participate in the financial sector.The Pacific is one of the least banked regions in the world due in part to challenging geography, poor infrastructure and significant populations depending on subsistence livelihoods. In countries like Fiji, there is great hope that mobile money services will dramatically increase financial inclusion, leading to improved lives. While there has been much focus on extending financial inclusion through mobile money technology in the region, it is not clear if service uptake will meet expectations

Reuben Summerlin is a consultant specializing in microfinance and development project management. A resident of North Chattanooga and graduate of nearby Red Bank High School, Reuben co-founded his company, Alternative Credit Technologies, upon moving back to the area after a series of overseas assignments. Reuben has worked in 31 countries, primarily in Latin America and the former Soviet republics. He received his BA from Memphis State University and his MBA from the University of Phoenix Online. A former Peace Corps volunteer, Reuben speaks English, Spanish, Russian, Kyrgyz, and Haitian Creole.

Seminar: Application of Mixtures to the Study of Investment under Financial Constraints by Dr. Judex Hyppolite. (Fall 2011)

Abstract: This paper investigates the empirical investment behavior of a set of US manufacturing firms obtained from the COMPUSTAT database using several alternative finite mixture models. Boot- strap likelihood ratio tests favor all the mixtures of two components against the corresponding one-component models. Comparison of the two-component models has also revealed that the endogenous switching regression model used in several previous investment studies does not fit the data much better than the alternative exogenous switching regression model. Moreover, a hidden Markov model (HMM) with time homogeneous transition matrix and a hidden Markov model with covariate-dependent transition matrix have both outperformed the endogeneous switching regression model judging by the information criteria AIC and BIC. The evidence supports the hypothesis that the investment behavior of financially constrained firms differ from the behavior of the unconstrained ones. The financial status of a firm is also revealed to be time-dependent and that neglecting this feature has a more detrimental effect on the fit of a model to the data than neglecting the interdependence between a firm’s financial status and its investment choices. Of the two possible financial states, the financially unconstrained state appears to be the most persistent. In fact, the probability that a firm classified as financially unconstrained stays in the same state from one period to the next is estimated to be at least 80% versus approximately 50% for a firm classified as financially constrained. Also, in the long run, the majority of the observations (71%) is expected to be classified as unconstrained.


Presentation: Federal Reserve response to current economic crisis by Lee Jones, Regional Executive and Senior Officer of the Nashville Branch of the Federal Reserve Bank of Atlanta. (Fall 2009)


Racial/Ethnic Differences in Income Inequality across the U.S." by Dr. Gary Hoover. (Spring 2009)

Dr. Gary Hoover is a Professor of Economics at the University of Alabama. His research profile can be seen at .

Abstract: In this study we investigate the differences in income inequality among different racial/ethnic groups in the United States using both personal and household income. We find that income inequality is negatively related to the percentage of males but that the impact is muted for blacks as opposed to whites or Hispanics. In addition, we find income inequality among blacks and Hispanics is affected in vastly different ways, due to unemployment, than for whites. Finally, the impacts on inequality from the removal of given groups is significantly influenced by education and the percentage of males contributing to household income but not in a uniform manner for whites, blacks, and Hispanics.


Seminar presentation on Navigating The Current Market by David A. Belitz, Chief Financial Officer, The Lupton Company and Rickard A. Park Jr., Wealth Advisor, UBS Financial Services. (Spring 2009)

Mr. Belitz currently serves as the Chief Financial Officer for The Lupton Company. The Lupton Company is a family office that has a diversified portfolio covering both traditional and alternative assets classes. Prior to The Lupton Company David served at Burkhart & Company, P.C. a Knoxville based accounting and consulting firm. David graduated from the University of Tennessee at Knoxville (UTK) in 1993 with a degree in accounting and business law. He subsequently earned his Masters in Accounting, emphasis in taxation, from UTK and an MBA, emphasis in finance, from the University of Tennessee at Chattanooga.

Mr. Park is a Wealth advisor with UBS Financial Services. Since joining the Chattanooga office of UBS in 2002, he has focused his business on planning and investments for high net worth individuals, foundations, and non-profit organizations. At UBS Financial Services, he and his partners currently manage over $350 million in assets and bring over 40 years of experience in the financial services industry. Prior to UBS Ricky has worked for Amsouth Bank as Vice President of lending. He graduated from McCallie High School in 1983 and The University of Tennessee, Knoxville in 1988 with a BS in Business Administration, Finance Major.