Paul A. Spindt is Keehn Berry Chair of Banking and Finance at A.B. Freeman School of Business in Tulane University and has been Visiting Professor of Finance at the University of North Carolina at Chapel Hill as well as Chief of the Monetary and Financial Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System. Professor Spindt holds a PhD and a MA in Economics from the University of Carolina at Santa Barbara and he is coauthor of «T vs Q: The Measurement and Analysis of Monetary transactions», among others.