Resident Scholars Program
The Research and Statistics Group’s Program for Resident Scholars attracts to the Bank outstanding researchers with an international reputation. We are happy to announce that Mark Gertler will continue to serve as resident scholar.

Professor Gertler, the Henry and Lucy Moses Professor of Economics at New York University and Chair of NYU’s Economics Department, is known for his research on macroeconomic theory, monetary economics, and finance. He has published extensively, coauthoring with Ben Bernanke, Glenn Hubbard, and Mark Watson, and his work has appeared in the American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, and the Review of Economic Studies. Professor Gertler is a coeditor of the American Economic Review and has been on the editorial boards of the Journal of Money, Credit, and Banking, Economics Letters, the NBER Macroeconomics Annual, and the Journal of Financial Intermediation. In addition, he is a Fellow of the Econometric Society and has been a visiting scholar at the Federal Reserve Bank of New York on and off since 1994.

Resident scholars, selected from the top academic and policy institutions in areas related to the Bank’s broad policy interests, join the Bank for a stay of at least six months. They are considered members of the Research Group, and are offered access to resources on the same basis as other key Bank staff.

The scholars pursue their own research agendas while providing intellectual leadership by advising and collaborating with our economists on an ongoing basis. They present their own work as well as attend Research Group seminars. Resident scholars also work closely with the director of research and have the opportunity to contribute to the Bank’s main policymaking discussions on such topics as monetary policy and macroeconomics, international economics, banking supervision and regulation, capital markets, financial stability, and applied microeconomics with an emphasis on regional and national issues.

Previous resident scholars are:

• Nobuhiro Kiyotaki, Professor of Economics, Princeton University,
• Suresh M. Sundaresan, Chase Manhattan Bank Foundation Professor of Financial
• Institutions, Columbia Business School,
• Jiang Wang, Mizuho Professor of Finance, MIT Sloan School of Management.

The New York Fed provides a great environment where policy research and academic research come together, and the Resident Scholars Program lets me be a part of those conversations. Mark Gertler, Henry and Lucy Moses Professor of Economics, New York University; Resident Scholar, Federal Reserve Bank of New York

Junior Resident Scholars Program
The Junior Resident Scholars Program brings to the Bank recent Ph.D. recipients who are at an early stage of their career. The Research Group began the program in 2007 to give these individuals, whose research interests are closely aligned with the Group’s mission, exposure to the policy process at the New York Fed.

Emi Nakamura and Jon Steinsson are the program’s first junior resident scholars, joining the Group’s Macroeconomic and Monetary Studies Function. Emi and Jon received their Ph.D.s from Harvard in 2007, and will take positions as assistant professors at Columbia in 2008. Their research focuses on such topics as the measurement of price rigidity using microdata and the macroeconomic implications of price rigidity.

Junior resident scholars work as staff economists for up to a year before beginning their tenure in academia. During that time, they are expected to pursue their own research agendas and collaborate with our economists on policy-related issues. The junior scholars present their own work as well as attend Research Group seminars. They are also given opportunities to contribute to the Bank’s main policymaking mission.

The Junior Resident Scholars Program has been an intellectually exciting experience. The New York Fed is a great place to conduct research and to get feedback from a remarkable group of economists as well as from the many academic visitors from New York area universities such as Columbia, NYU, Princeton, and Yale. Emi Nakamura, Harvard Junior Resident Scholar