December 2018 Bios

Jerry Nickelsburg joined the UCLA’s Anderson School of Management and The Anderson Forecast in 2006. Since 2017 he has been the Director of The Anderson Forecast. He teaches economics in the MBA program with a focus on Asian economies. As the Director of The Anderson Forecast he plays a key role in the economic modeling and forecasting of the National, and California economies. He has conducted research in the areas of labor economics, industrial organization, statistics, and international monetary economics, focusing on the development of new data and the application of economic theory and statistical methods to policy issues. His current academic research is on specific skills, structural unemployment, and on energy efficiency in transportation. He is a regular presenter at Economic Conferences and is cited in the national media including the Financial Times, Wall Street Journal, New York Times, Los Angeles Times, and Reuters.

He received his Ph.D. in economics from the University of Minnesota in 1980 specializing in monetary economics and econometrics. He was formerly a professor of Economics at the University of Southern California and has held executive positions with McDonnell Douglas, FlightSafety International, and FlightSafety Boeing during a fifteen-year span in the aviation business. He also held a position with the Federal Reserve Board of Governors developing forecasting tools, and has advised banks, investors and financial institutions.

From 2000 to 2006, he was the Managing Principal of Deep Blue Economics, a consulting firm he founded. He has been the recipient of the Korda Fellowship, USC Outstanding Teacher, India Chamber of Commerce Jubilee Lecturer, and he is a Fulbright Scholar. He has published over 100 scholarly and popular articles on monetary economics, economic forecasting and analysis, labor economics, and industrial organization and he is the author of two books on monetary economics and exchange rates.
David Shulman is Distinguished Visiting Professor and a “Managing Director” at the Financial Leadership Program at Baruch College where he mentors students seeking front-office careers on Wall Street, and a Visiting Scholar/Senior Economist at the UCLA Anderson Forecast where he is responsible for U.S. Macro. In addition, he is currently Managing Member of his LLC where he is engaged in investment and litigation consulting. He comments on his blog,

In March 2005, he retired from Lehman Brothers where he was Managing Director and Head REIT analyst. From 2001-04 he was voted on the Institutional Investor All Star Teams including First Team in 2002. Prior to joining Lehman Brothers in 2000 he was a Member and Senior Vice President at Ulysses Management LLC (1998-99) an investment manager of a private investment partnership and an offshore corporation whose total investment capital approximated $1 billion at the end of 1999.

From 1986-1997, Mr. Shulman was employed by Salomon Brothers Inc in various capacities. He was Director of Real Estate Research from 1987-91 and Chief Equity Strategist from 1992-97. In the latter capacity he was responsible for developing the Firm’s overall equity market view and maintaining the Firm’s list of recommended stocks. Mr. Shulman was widely quoted in the print and electronic media and he coined the terms “Goldilocks Economy” and “New Paradigm Economy”. In 1991, he was named a Managing Director and in 1990 he won the first annual Graaskamp Award for Excellence in Real Estate Research from the Pension Real Estate Association.

Prior to joining Salomon Brothers Inc., he was Vice President and Director of Research Planning at TCW Realty Advisors in Los Angeles. Earlier in his career Mr. Shulman was an academic. He was an Associate Professor of Management and Economics at the University of California at Riverside and Financial Economist at the UCLA Business Forecasting Project. In 2017, the David Shulman Endowed Excellence in Teaching Award Fund was established by a former student of his.

A graduate of Baruch College (1964), Mr. Shulman received his Ph.D. (1975) with a specialization in Finance and a M.B.A. (1966) from the UCLA Graduate School of Management. He is married and has three grown children.
William Yu joined the UCLA Anderson Forecast in 2011 as an economist. At Forecast he focuses on the economic modeling and forecasting of Los Angeles economy. He also conducts research and forecast on China’s economy, and its impacts on the US economy. His research interests include a wide range of economic and financial issues, such as time series econometrics, stock, bond, real estate, and commodity price dynamics, human capital, and innovation. He has published over a dozen research articles in Journal of Forecasting, International Journal of Forecasting, Journal of International Money and Finance, etc. He also published op-ed articles in Los Angeles Times and other newspapers. He developed the City Human Capital Index and the Los Angeles City Employment Estimate and has been cited in the local, national and overseas media frequently including Wall Street Journal, Los Angeles Times, Washington Post, Time, Bloomberg, CBS Money Watch, Al Jazeera, U-T San Diego, LA Daily News, LA Daily Breeze, Straits Times, NBC, ABC, CNBC, CNN, and NPR, as well as various Chinese and Korean media.

He received his bachelor’s degree in finance from National Taiwan University in 1995 and was an analyst in Fubon Financial Holding in Taipei from 1997 to 2000. In 2006, he received his Ph.D. degree in economics from the University of Washington where he was also an economics instructor and won two distinguished teaching awards. In 2006, he worked for the Frank Russell Investment Group for Treasury and corporate yields modeling and forecasting. From 2006 to 2011, he served as an assistant and an associate professor of economics at Winona State University where he taught courses including forecasting methods, managerial economics, international economics, and macroeconomics. Currently, he teaches business forecasting courses at UCLA Anderson School of Management and UCLA Extension.
Edward Leamer is UCLA Anderson’s Chauncey J. Medberry Professor of Management and professor of economics, professor of statistics and director of the UCLA/Anderson Business Forecast Project. His philosophy on education is straightforward.

After serving as assistant and associate professor at Harvard University, Leamer joined the UCLA faculty in 1975 as professor of economics. In 1990 he moved across campus to UCLA Anderson and was appointed to the Chauncey J. Medberry Chair. He is a fellow of the American Academy of Arts and Sciences, and a fellow of the Econometric Society. In 2014 he won the award for Outstanding Antitrust Litigation Achievement in Economics, awarded annually by the American Antitrust Institute.

Leamer’s work has been impactful beyond the classroom and his academic research. As director of the UCLA Anderson Forecast, business practitioners in every field value his opinions. For example, in his December 2000 forecast, the UCLA Anderson Forecast ( stood virtually alone in predicting the 2001 recession. In a special release on September 12, 2001, the Forecast correctly analyzed the likely unimportance of 9/11 for the evolution of the recession. In June 2002, Leamer began warning about a momentum-driven overheated housing market that was sure to cause problems for the economy in the future. In August of 2007 at the annual Federal Reserve Jackson Hole Symposium, Leamer argued for special targeting of housing in a paper titled “Housing IS the Business Cycle.”

Leamer is a research associate of the National Bureau of Economic Research and has been an occasional visiting scholar at the IMF and the Board of Governors of the Federal Reserve System. He has served on the Councils of Economic Advisors or Governor Wilson, Governor Schwarzenegger and Mayor Garcetti. He has been on the Advisory Board of the Bureau of Economic Analysis. In 2005-2006 he chaired a panel of the National Academy of Sciences on outsourcing and delivered the report to Commerce and to Congress.

He has published over 120 articles and five books and reminds those interested to hurry to to purchase his most recent books: either Macroeconomic Patterns and Stories, or The Craft of Economics. His research papers in econometrics have been collected in Sturdy Econometrics, published in the Edward Elgar Series of Economists of the 20th Century. His research in international economics and econometric methodology has been discussed in New Horizons in Economic Thought: Appraisals of Leading Economists.
David is the chief US equity strategist, responsible for views on the US stock market and communicating these views to the firm’s institutional investor base. Prior to assuming his current role in 2004, he spent 17 years as a research analyst on Wall Street focusing on the real estate industry. David joined Goldman Sachs in 1994 in Equity Research. He was named managing director in 1998 and partner in 2010.

Prior to joining the firm, David worked at Salomon Brothers from 1986 to 1994. He also previously served as the president of the Real Estate Analysts Group of New York.

David earned an ScB in Applied Mathematics, magna cum laude, from Brown University.
Asha Joshi, CFA®, is a managing principal at Payden & Rygel. Joshi is a member of the firm's Investment Policy committee and board of directors. She is a senior portfolio manager serving institutional clients including public plans, corporations, universities and endowments. She chairs the firm's Best Execution Committee and also serves on the board of Payden & Rygel Global Ltd.

Prior to joining Payden & Rygel, Joshi was vice president, Global Capital Markets at CIBC/Wood Gundy and previously, vice president at First Interstate Bank, Ltd where she was responsible for risk management of the Bank's derivatives portfolio.

Joshi is a past president of the CFA® Society of Los Angeles and a member of the CFA® Institute. She currently serves on the board of the California Council on Economic Education where she chairs the Program Committee.

Asha Joshi holds the Chartered Financial Analyst designation. She earned an MBA, with an emphasis in finance, and an MA degree from UCLA the year that she was a Rotary Foundation Ambassadorial Fellow. Joshi received an undergraduate degree with the highest honors from Bangalore University in India.
Ivo Welch is the J. Fred Weston Professor of Finance at UCLA Anderson. He was on the Anderson faculty from 1989 to 2000. After stints at Yale's School of Management and the Brown economics department, he rejoined Anderson in 2011. He has placed among the top-100 most influential economists in some academic rankings. A number of his academic papers have won awards and/or are highly cited. Known for his work on informational cascades, he has also published in a variety of other areas, such as initial public offerings, capital structure, dividends, market-timing, performance evaluation, earnings management, overconfidence, socially responsible investing, bankruptcy, etc. He has served as an associate editor at a number of the most prestigious academic finance journals, written an introductory corporate finance textbook (freely available at, and earned a number of teaching awards.
Ms. Gilda Youdeem is EVP, Enterprise Risk Analytics for Banc of California. Ms. Youdeem manages the bank’s DFAST readiness program, and as such, she is responsible for leading the development of the Enterprise Risk Analytics Framework which governs the models and analytics that quantify and stress enterprise risks including financial, credit, market and operational risks. Additionally, she has responsibility for oversight of model risk governance.

Prior to joining the bank in 2012, she was a Senior Financial Management Analyst for the Federal Deposit Insurance Corporation (FDIC). At the FDIC her work focused on resolving issues at failed financial institutions, paying insured depositors and managing receiverships.

With 30 years of experience in the banking and real estate investment industries, Ms. Youdeem’s prior positions include Vice President, Corporate Finance at Knowledge Learning Corporation; Senior Vice President, Corporate Financial Planning and Analysis at New Century Financial Corporation; Sr. Vice President, Financial Planning and Analysis at ACC Capital Holdings Corporation, Vice President, Strategic Planning and Business Development at The Picerne Group, and Vice President , Corporate Financial Planning and Analysis at American Savings Bank.

Ms. Youdeem received a Bachelor of Science degree in Business Administration/ Finance from Chapman University. She is an avid backyard gardener, who also enjoys long hikes, reading a variety of fiction and non-fiction authors, as well as traveling.

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