Notable as the C.E.O. of QFS Asset Management, he is also known for his John Bates Clark Medal-winning economics research. In addition, he served on the Federal Reserve System's Board of Governors and headed the American Finance Association.
After earning his doctorate in economics from the University of Chicago, he taught at Princeton, Stanford, and the University of Pennsylvania.
He was a 2009 recipient of the CME Group-MSRI Prize.
He spent his early years in New York City.
Grossman's contemporary and fellow American economist, Timothy Geithner, served a four-year term as United States Secretary of the Treasury.