The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
The Research Group offers a broad range of opportunities for bachelors degree candidates with a strong background in economics, mathematics, and statistics. Research Analysts (RAs) join one of the Groups seven areas, which conduct both policy-oriented analysis and long-term research projects.
Focus: asset pricing; financial institutions; market liquidity; the interaction between markets, institutions, and economic fundamentals
Research Topics: links between financial markets and the macroeconomy; estimation of risk premia in stock, bond, and derivatives markets; interaction between financial institutions balance sheets and risk premia; financial market stress and the measurement of systemic risk
“When I first arrived here, I knew nothing of finance. But now, Im more than comfortable debating the virtues of one systemic risk measure over another, and I make contributions to original research every day. Ive become an apprentice to top economic theorists, and thats an incredibly rare and valuable opportunity. Its not that hard to pick up the basic tools of our field—programming and mathbut its very difficult to acquire the maturity and discipline to use them well. This is where the Research Group excels, in shaping raw talent. A young researcher can find no better place to grow. ”
Evan Friedman Capital Markets
Focus: behavior, stability, and regulation of banks and other financial institutions; interactions between the financial system, financial markets, and the real economy
Research Topics: financial crises; banks and the real economy; financial innovation; risk management and measurement; financial system regulation and capital requirements; corporate finance and corporate governance; securitization; global banking; household finance and mortgages; restructuring and resolution of failed institutions
“When you join Financial Intermediation, you work under the guidance of leading economists in the fields of global banking and securitization. Working as an RA in the newly founded New York Fed Center for Global Banking Studies, for example, has been especially rewarding. The cutting-edge research issues we get to explore are unparalleledsuch as how systemically important global banks manage their strategic position, internal capital markets, and risk across foreign subsidiaries; how securitization has affected the evolution of modern liquidity management techniques; and how the rising share of noninterest income activities impacts systemic risk. Two years in Research have given me a solid framework to test hypotheses on these issues by conducting advanced econometric analysis on extremely large data sets. And being able to discuss findings with colleagues and learn under the mentorship of top economists has been invaluable. For me, the RA experience has been excellent preparation for transitioning to a Ph.D. program.”
Focus: international trade, finance, and macroeconomic issues
Research Topics: global banks and international transmission; financial crises and trade performance; capital flows and risk sharing among and within countries; fiscal and monetary policy spillovers; exchange rate effects on prices, labor markets, and investment; forecasting exchange rates and commodity prices; international role of the U.S. dollar
“Through the RA program, Ive been lucky to work with talented economists on a range of issues. Ive studied Japanese firm-level investment data, examined global exchange rates and commodity prices, and forecasted economic growth abroad. Because were immersed in such diverse topics, Ive picked up an equally diverse set of advanced econometric skills that Im sure will give me a leg up in future research. Im constantly energized by the intellectual community here. Other RAs are excited to talk shop, help with research challenges, or offer insight into graduate school and careers in economics. In addition, I attend frequent lunchtime seminars given by economists from outside the Bank, where I hear about issues beyond the scope of my current research. Most importantly, working on and attending briefings with senior economists and policymakers offers a fascinating glimpse into central banking that few people my age get. ”
Richard Peck International Research
Macroeconomic and Monetary Studies
Focus: monetary policy; national economic conditions; macroeconomic research
Research Topics:monetary policy transmission; monetary policy and the zero bound; monetary policy and learning; sources of inflation dynamics; changes in the inflation-unemployment relationship; goods and services price inflation; the relationships between inflation expectations, forecast dispersion, and uncertainty; methods of determining trend and cyclical productivity growth; changes in inventory dynamics and business cycles; the yield curve and recessions; forecasting using large macroeconomic panels; labor market dynamics; analysis of recent housing price trends; tax changes and consumer spending; DSGE model estimation and forecasting; financial frictions, liquidity, and the macroeconomy; fiscal and monetary policy interaction
“Im involved in a variety of interesting projects in the Research Group. For instance, I work closely with leading economists on long-term research exploring important issues in labor economics and applied microeconomics. Im also exposed to timely policy work, and have been able to sit in on meetings with economists, the Bank president, and other senior staff. The New York Fed is a great place to learn and experience all stages of the research process, from formulating an idea, to analyzing data, to presenting conclusions. The economists are great mentors who really take an interest in your intellectual development. My time here has enabled me to home in on my interests in economics and develop critical-thinking, analytical, and technical skills that will undoubtedly be valuable in a research career. ”
Victoria Gregory Macroeconomic and Monetary Studies
Focus: theoretical and applied areas of microeconomics; labor, public, urban, and health economics; household finance; applied econometrics
Research Topics: analysis of household balance sheets and consumer credit; financial education and household debt; student loans; consumption responses to income and wealth shocks; household expectations and their links to economic behavior; formation and updating of subjective expectations; social interactions; referrals and job market outcomes; skill and locational mismatch in the labor market; education (both K-12 and higher education); empirical analysis of auctions; land markets in U.S. metropolitan areas; the housing and mortgage markets; healthcare and the health insurance market; fiscal interactions within U.S. metropolitan areas; sources of change in U.S. income distribution; evaluation of tax and labor market reforms
“When I joined the Research Group, I was blown away by the level of trust economists place in research analysts. Thats because the research conducted here depends on stellar-quality worknot just by the economists, but also by us. For example, work using the Consumer Credit Panel to study macroeconomic consumption called for economists and RAs to collaborate frequently to truly understand the data. This type of relationship has enabled me to grow professionally and gain a better understanding of the theoretical work I did in college. I also discovered that RAs here are more than willing to lend a helping hand when you run into trouble; this kind of environment provides me with great job satisfaction.”
David Yun Microeconomic and Regional Studies
Money and Payments Studies
Focus: short-term funding markets; global payments systems; financial market infrastructure
Research Topics: design and evaluation of Federal Reserve lending facilities; bank behavior in short-term funding markets; money market mutual fund reform; tri-party repo reform; discount window policy; payments systems design; operational resiliency of payments under adverse shock; international securities settlement; implementation of monetary policy
“RAs here have the opportunity to work with extremely talented economists who truly value mentorship. My projects generally focus on the interbank markets and payments systemstopics that I believe form the core infrastructure of financial markets. Ive learned so much about economics, policy, research, and quantitative methods because Im encouraged to attend seminars, take courses, participate in a variety of projects, and think independently. Our work isnt only timely, challenging, and interesting in its own right, it also gives us the intuition to pick up any financial newspaper and understand the current debates. All in all, the Research Group is filled with incredibly bright and enthusiastic people, all of whom come to the Fed with a diversity of goals, interests, and experiences. Its a great privilege and a tremendous experience working here.”
Parinitha Sastry Money and Payments Studies
Focus: regional economics, with an emphasis on issues of interest to the Second District of the Federal Reserve System
Research Topics: development of regional economic activity indexes; human capital and local economic development; analysis of K-12 and higher-education policies and outcomes; K-12 and higher-education finance; information content of regional business surveys; regional housing markets
“Being a Research Analyst has given me the unique opportunity to research superstorm Sandys economic impact on the Second District. This project enabled me to attend seminars on fiscal policy, collaborate with researchers in other areas of the Bank, and coauthor a blog post explaining our findings to regional policymakers. Ive also worked on a mix of micro- and macroeconomic projects, such as household inflation expectations, the housing bubble, and the effect of unemployment insurance on joblessness. But the best thing about being an RA here is having the flexibility to develop the knowledge and skills that I want. I can choose projects that emphasize a particular programming language, research topic, or mathematical technique that I want to learn. The work culture is very collaborative and I truly enjoy learning from my colleagues.”