Robert M. Townsend is the Elizabeth and James Killian Professor of Economics in the Department of Economics at MIT. Prior to that, Townsend was the Charles E. Merriam Distinguished Service Professor in the Department of Economics at the University of Chicago, where he remains a Research Associate. In addition to these roles, he is a fellow of both the American Academy of Arts and Sciences and The Econometric Society. Townsend is an American economist whose recent work focuses on analyzing the role and contributions of financial systems on developing economies by studying applied dynamic general equilibrium models and contract theory. His contributions in economic theory include the role of financial intermediaries in general equilibrium Arrow-Debreu models, the revelation principle, the costly state verification approach, optimal multi-period contracts, decentralization of economies with private information, money with spatially separated agents, financial institutions and economic growth, and forecasting the forecasts of others. His contributions in econometrics include the study of risk and insurance in developing countries, and his work on village India was awarded the Frisch Medal in 1998. For more information, please visit http://www.robertmtownsend.net.