John Fernald is the Schroders Chaired Professor of European Competitiveness and Reform and a professor of economics at INSEAD. He is also a senior research adviser for international economics at the Federal Reserve Bank of San Francisco (on leave after August 2017). At INSEAD, Mr. Fernald teaches the macroeconomics core course in the MBA program and presents on the global macroeconomic environment for executives. At the San Francisco Fed, Mr. Fernald previously served as vice president and team