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: practical understanding of the financial markets
Research Topics: credit market risks;
links between financial markets and economic fundamentals;
the performance and vulnerabilities of financial markets
and institutions; technical aspects of pricing and trading
securities and derivatives
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“A few years ago, if someone had suggested that I’d be working in capital markets, I would have been skeptical. The dense jargon and gold-rush atmosphere of Wall Street were unappealing to me. But after working at the New York Fed, capital markets mean something different to me: studying risk, stability, economic growth, and investment allocation. As an RA in the Capital Markets group, I spend my days in a relaxed academic environment where my work is largely self-directed. I program and estimate models, create graphs, read, attend lectures, and give presentations. Best of all, I contribute my own ideas to the research that I conduct with economists.” |
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Laurel Madar
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 conducts research and policy-oriented analysis on a wide range of issues associated with the financial markets. Working here is certainly challenging, but ultimately very rewarding. I participate in policy work and research central to clarifying the recent financial crisis: for example, some of my current research involves estimating the loss from defaulting prime and subprime mortgages and assessing the liquidity impact of Fannie Mae and Freddie Mac. Projects of this kind help me fulfill two important objectives—addressing real-world problems and taking on intellectual challenges. Even better, I'm developing skills that will be directly applicable to my work in graduate school.” |
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Paul Goldsmith-Pinkham
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; foreign versus domestic banks in emerging
markets; macroeconomic interdependence and international
monetary policy transmission; exchange rate effects on prices, labor markets, and
investment
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“Working as an RA in International Research allows me to strengthen my research skills, prepare for graduate school, and make great friends. I work closely with economists, and I’m exposed to many different perspectives on the major issues facing the global economy. The Research Group enables me to contribute to academic research as well as policy analysis—a combination that very few research-oriented jobs offer. I can’t think of a better job for anyone considering an advanced degree in economics.” |
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Adam Sacarny
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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“You never know what each day may bring as an RA at the New York Fed. In the Macroeconomic and Monetary Studies group, you are at the forefront of one of the most exciting institutions in the financial world. The Fed’s decisions affect virtually all aspects of our economy, and it is truly rewarding to be such an integral part of the policymaking process. My projects range from complex econometric analysis for academic research to in-depth investigations of policy issues with some of the best minds in economics. As an RA, you work in a uniquely flexible environment in which learning through collaboration, either with economists or other RAs, is the cornerstone of your experience.” |
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Evan LeFlore
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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“The Microeconomic and Regional Studies group gives me opportunities to participate in a wide range of research projects—from a study of the euro’s influence on the structure of corporate debt to an analysis of the subprime mortgage crisis in New York City. The diversity of these projects, as well as the Fed’s unique combination of academic and policymaking approaches, allows me to develop skills that will be valuable going forward. The Bank’s open and collegial atmosphere fosters not only research and learning, but also friendships that make each workday enjoyable.” |
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Audrey Stern
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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“In the Money and Payments Studies group, I’m constantly impressed by the economists’ ability to apply their expertise in large-value payments systems, interbank markets, and monetary policy implementation to a variety of related research topics. I often find myself venturing into new territory with the economists and getting a driver’s-seat view of how research is conducted. Because Money and Payments Studies also collaborates with other areas of the Research Group and the Federal Reserve, my knowledge of economic and financial issues has expanded even further. I especially enjoy the collegial nature of the Research Group and the frequent opportunities to voice my own thoughts on how best to approach and solve a research problem.” |
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Dennis Kuo
Money and Payments Studies |
