The Research Group offers a broad range of opportunities for bachelor’s degree candidates with a strong background in economics, mathematics, and statistics. Each of the Group’s six areas conducts policy-oriented analysis and long-term research projects.
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Capital Markets |
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Focus: asset pricing, financial institutions, market liquidity,
and 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 market liquidity; recent
financial market stress and the Federal Reserve's new
lending facilities
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“Working at the New York Fed provides a unique
opportunity to be at the crossroads of
academia and the financial sector. As an RA,
you collaborate with economists on research
and policy projects that address some of the
most salient issues in the field. In Capital
Markets, I’ve worked closely on research
focusing on the driving forces behind the
current financial crisis and their ramifications
for the future of financial markets and
regulation. Whether you are interested in
pursuing a career in the private sector or an
advanced degree in economics or another field,
the perspective you’ll gain here, as well as the
technical skills you’ll acquire along the way,
will be invaluable assets.” |
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Hoai-Luu Nguyen
Capital Markets |
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Financial Intermediation |
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Focus: behavior and health of financial institutions,
innovations in financial markets, and the development
of appropriate supervisory tools and techniques
Research Topics: financial market innovations; banks and
the business cycle; financial stability; risk management
and measurement; regulatory capital requirements; design
of financial systems, institutions, and contracts;
restructuring and deregulation
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“The Financial Intermediation group has
given me wide exposure to different
research and policy projects. For
instance, I have studied the pricing
and risk of asset-backed securities,
monitored the concentration of bank
deposits in the Second District,
examined leveraged buy-out deals, and
assessed the market’s reaction to
policy events. The skills I’ve developed
as an RA will be invaluable going
forward in my career. In addition, the
flexible and friendly culture of the
Research Group allows you to form
close ties with your coworkers, which
makes for a very pleasant environment.” |
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Vanessa Savino
Financial Intermediation |
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International Research
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Focus: international trade, finance, and macroeconomic
issues related to developed and emerging market countries
Research Topics: financial and currency crises; capital
flows and risk sharing among and within countries;
macroeconomic interdependence and international
monetary policy transmission; exchange rate effects
on prices, labor markets, and investment
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“RAs in International Research work closely with
economists on academic research and policy-related
matters. Policy analysis has been an
especially important part of the job this past
year. RAs have worked on producing a new
trade model, creating and maintaining a
timeline of global responses to the economic
crisis, and conducting research on the
international elements of the new Federal
Reserve credit facilities. It is fascinating to
follow recent events from the unique vantage
point here. The RA position also offers a great
opportunity to develop skills that will benefit
you in whatever you choose to do afterward—going to graduate school, moving to another
area of the Bank, or advancing your career in
the private sector.” |
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Craig Kennedy
International Research |
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Macroeconomic and Monetary Studies
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Focus: monetary policy, national economic conditions, and
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; methods of determining trend and cyclical
productivity growth; the reduction in the volatility of
economic fluctuations; changes in inventory dynamics
and business cycles; the yield curve and recessions;
forecasting using large macroeconomic panels; trends in
labor force participation; analysis of recent housing price
trends; tax changes and consumer spending
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“Being an RA for the past two years has been a
very rewarding experience. I work with economists
who not only respect and appreciate my
contributions, but also show an interest in my
professional development. I have learned so much
since graduating from college, and I’ve had
countless opportunities that many graduates don’t
experience so early in their professional lives.
For example, I recently coauthored a paper on
negative equity in the U.S. nonprime mortgage
market that appeared in the Bank’s research
journal, and I am currently working on two other
papers on subprime mortgages. Another benefit of
the job is the great independence I have in my
daily work. Additionally, there is a strong,
supportive RA community made up of the most
talented and intellectually curious people I’ve ever
met. This is a great place to work.” |
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Ebiere Okah
Macroeconomic and Monetary Studies |
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Microeconomic and Regional Studies
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Focus: theoretical and applied areas of microeconomics
and regional economics
Research Topics: sources of change in U.S. income
distribution; household inflation expectations; empirical
content of models with multiple equilibria; design of
educational reforms and their impact on student
performance; informational content of regional business
surveys; land markets in U.S. metropolitan areas; fiscal
interactions within U.S. metropolitan areas; regional
infrastructure and development; development of regional
activity indexes
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“As an RA in the Microeconomic and Regional
Studies group, I’m exposed to a wide array of
research and policy projects. From analyzing
the effects of the recession on the labor
market to constructing an index that gauges
the current state of the New York-New Jersey
economy, I’m able to contribute my talents to
important work as well as develop skills that
will be essential for graduate school. The
academic nature of the job gives me the
opportunity to attend lectures, learn about
economic theory, and even coauthor academic
papers. The Research Group fosters a collegial
environment where I have developed close
relationships with fellow RAs and economists.” |
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Joseph Song
Microeconomic and Regional Studies |
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Money and Payments Studies
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Focus: domestic and global payments and settlement
systems and short-term money markets
Research Topics: design and evaluation of new Federal
Reserve lending facilities; bank behavior in short-term
funding markets; discount window policy; payments system
design; risks in the operation of payments markets and
systems; securities settlement systems across countries;
implementation of monetary policy
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“One of the main reasons I became a
Research Associate at the New York Fed
was the chance to work on a range of
engaging projects—from those addressing
highly relevant policy issues to those that
emphasize more academic, long-term
research. The diversity—as well as the
challenge—of these projects has
consistently exceeded my expectations.
Whether I am exercising my creative
design skills on a financial crisis timeline,
helping craft memos on new monetary
policy programs, or analyzing the
interbank market—I am continually
involved in exciting and relevant
assignments.” |
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Jeffrey Shrader
Money and Payments Studies |