of Economic Research's senior research staff from 1978 to 1980, he worked on a project for the national Science Foundation that studied how government insurance of bank accounts effected capital and risk levels assumed by banks and other lending institutions. The group's findings exposed the moral hazard that existed based on the access to guaranteed funds and from the focus on book value rather than real net worth. The group's recommendations were not followed, and many of the changes the group opposed were implemented, factors that helped exacerbate the savings and loan crisis in the 1980s and cost the federal government billions in rescue costs of bad loans. After his seven-year term expired in 1972, Maisel returned to California and resumed teaching at Haas until his retirement in 1986. He was a fellow of the American Finance Association, and was the organization's president in 1973. Maisel died in San Francisco at the age of 92 on September 29, 2010, due to respiratory failure. He was survived by his wife, Lucy Cowdin Maisel, who died on June 17th, 2019 from respiratory failure. Lucy and Sherman met in 1939 when they were both interns with the National Institute for Public Affairs. He was survived by a daughter, Margaret Maisel of Miami, Florida a son, Larry Maisel of London, England and two grandchildren Nicholas Maisel of Los Angeles, And Elena Horowitz of West Palm Beach, Florida. References Publications Macroeconomics: Theories and Policies. New York: W.W. Norton, 1982. Risk and Capital Adequacy in Commercial Banks. U. of Chicago Press, 1981. Midway Reprint Edition, 1986. External links Statements and Speeches of Sherman J. Maisel 1918 births 2010 deaths United States Army personnel of World War II Deaths from respiratory failure Economists from California Economists from New York (state) Federal Reserve System governors Haas School of Business faculty Harvard Kennedy School alumni School board members in California United States Army officers Writers from Berkeley, California Writers from Buffalo, New York Lyndon B. Johnson administration personnel Nixon administration personnel Presidents of the American Finance Association Federal Reserve economists