Our economists engage in a variety of innovative research projects. Here are just a few examples:

• Adam Ashcraft—Empirical and theoretical research on the accuracy of credit ratings for structured credit instruments, the informational frictions in the securitization of mortgage credit, the role of the Federal Home Loan Bank System as lender of last resort, and the impact of credit derivatives trading on credit supply.



• Todd Keister—Theoretical research on bank runs and financial crises; research on money, banking, and the implementation of monetary policy.
  
  
• Donghoon Lee—Empirical research on the evolution of labor market dynamics, income inequality, and simulation-based methods of estimation.
  
  
• Antoine Martin—Theoretical research on money, banking, and payments, including currency competition, redistributive aspects of monetary policy, and central bank intraday credit policies.
  
  
• Emanuel Moench—Empirical research on the interaction of macroeconomic and asset price dynamics, with a focus on the term structure of interest rates and the cross section
  of stock returns.
  
  
• Donald Morgan—Theoretical and empirical research aimed at defining and detecting predatory lending by banks.
  
  
• Paolo Pesenti—Open-economy simulation models for policy analysis; productivity, product varieties, and net exports; protectionism and current account adjustment.
  
  
• Robert Rich and Joseph Tracy—Empirical research using survey data on inflation expectations to examine the relationship between forecast accuracy, forecast dispersion, and forecast uncertainty.
  
  
• Joshua Rosenberg—Research on risk management when risks are skewed and fat-tailed; research on asset pricing and hedging when volatility is stochastic.
  
  
• João Santos—Theoretical research on the determinants of systemic risk in the banking sector and on the design of regulation to account for systemic risk; empirical research
  on the implications of mixing banking and commerce in the United States.
  
  
• Andrea Tambalotti—The use of dynamic stochastic general equilibrium models to identify fluctuations in potential output and the natural rate of interest.
  
  
• Wilbert van der Klaauw—Empirical research on the effect of social security reform on savings and retirement behavior, welfare reform, family structure dynamics, and child development.
  
  
• Tanju Yorulmazer—Theoretical research on banking and financial stability, including liquidity, various channels of systemic risk, and financial crises and their resolution.

What I find especially rewarding here is that my theoretical and empirical research can have important implications for the Bank’s policy work. Furthermore, my exposure to the policymaking process shapes my own contributions to the policy debates in my academic field.

João Santos, Boston University
Financial Intermediation Function

To learn more about joining the Research Group: www.newyorkfed.org/careers/phd.html.

By conviction and action, the Federal Reserve Bank of New York is an equal opportunity employer.