Steven Baker is a senior financial economist in the Quantitative Supervision and Research group. His research on how heterogeneous investors impact the macroeconomy in general equilibrium includes studies of disagreement about disaster risk and its impact on aggregate investment, and studies of commodity price dynamics when investors with different risk appetites trade in the futures market.

Baker’s supervisory work incorporates a background in computer science. He is a member of a team applying natural language processing and machine learning techniques to improve ratings and supervisory feedback to financial institutions. He is also studying cybersecurity risk and its impact on financial stability.

Prior to joining the Richmond Fed in 2022, Baker was an assistant professor at the University of Virginia. He holds a doctorate in financial economics from Carnegie Mellon University.