Martin N. Baily is Chairman of the Council of Economic Advisers, appointed by President Clinton in August 1999. Prior to being sworn into office, Baily was a Principal of McKinsey & Company at the Global Institute in Washington, D.C. Bailey co-led projects on service and manufacturing productivity and employment, and participated in a series of country studies that looked at France, Germany, the Netherlands, United Kingdom, Brazil, Korea and Russia. He served as one of three members of the President′s Council responsible for macroeconomic policy and a range of microeconomic issues. He taught at Massachusetts Institute of Technology and Yale, was a Senior Fellow at the Brookings Institution, a Professor of Economics at the University of Maryland and co-founder of the Microeconomics issue of the Brookings Papers on Economic Activity.

Bailey received his Ph.D. in economics from MIT.