Ralph Monaco is an economist with the Office of Economic Policy, U.S. Department of the Treasury. Previously, he was President of the I.E.R.F., Inc., a not-for-profit economic research corporation at the University of Maryland in College Park. He has held positions in the Department of Agriculture, the Central Intelligence Agency, and the Council of Economic Advisers. Dr. Monaco received his Ph.D. from the University of Maryland in 1984.