Toan Phan joined the Research Department as an economist in July 2017. Prior to working at the Federal Reserve Bank of Richmond, Phan was an assistant professor of economics at the University of North Carolina at Chapel Hill. He earned his doctorate from Northwestern University in 2012 and his bachelor of science in mathematics from Bucknell University in 2006. He is from Hanoi, Vietnam.

Phan's research interests include macroeconomics and international macroeconomics. Recent papers cover the following topics: (i) understanding the role of asset price bubbles in financial crises, (ii) understanding sovereign debt crises, and (iii) understanding how the interaction of debt and bubbles may affect optimal monetary and macroprudential policies. He is also interested in environmental, growth, and development economics.