Resident Scholars Program
The Research and Statistics Group’s Program for Resident Scholars attracts to the Bank outstanding researchers with an international reputation. Eric Ghysels and John Leahy are our current resident scholars.

Professor Ghysels is serving as our resident scholar through June 2009; Professor Leahy’s term runs through the end of 2008.

Professor Ghysels is the Edward M. Bernstein Distinguished Professor of Economics at the University of North Carolina at Chapel Hill as well as a professor of finance at the university’s Kenan-Flagler Business School. A renowned researcher on time series econometrics and finance, he has published in the Journal of the American Statistical Association, the Journal of Econometrics, the Journal of Finance, the Journal of Financial Economics, the Review of Economics and Statistics, and the Review of Financial Studies. Professor Ghysels is a former coeditor of the Journal of Business and Economic Statistics and currently coeditor of the Journal of Financial Econometrics. He has served on the editorial boards of several other academic journals, chaired the Business and Economic Statistics Section of the American Statistical Association, and is the founding co-president of the Society for Financial Econometrics. For the past fifteen years, Professor Ghysels has been a visiting scholar at the Board of Governors of the Federal Reserve System and at the Federal Reserve Bank of New York.

Professor Leahy is a professor of economics at New York University. He has also held teaching positions at Boston University and Harvard University and served as a visiting scholar at the Federal Reserve Banks of Kansas City, New York, and Philadelphia. Professor Leahy is well known for his research on macroeconomics, economic theory, and behavioral economics. His work has appeared in the American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, and the Review of Economics and Statistics. He is an associate editor of the American Economic Review and the Review of Economics and Statistics. In addition, Professor Leahy is a research associate at the National Bureau of Economic Research and was a research fellow of the Alfred P. Sloan Foundation.

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 at Research Group seminars and attend presentations by others. 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:

• Mark Gertler, Henry and Lucy Moses Professor of Economics, New York University,
• Nobuhiro Kiyotaki, Professor of Economics, Princeton University,
• Suresh M. Sundaresan, Chase Manhattan Bank Foundation Professor of Financial Institutions, Columbia Business School, and
• Jiang Wang, Mizuho Professor of Finance, MIT Sloan School of Management.

The Resident Scholars Program provides a unique opportunity for academics to interact with an outstanding research department, to eyewitness the formulation and implementation of monetary policy and financial market interventions, and to benefit tremendously from the synergies that emerge from these interactions, observations, discussions, and collaborations. Eric Ghysels, Edward M. Bernstein Distinguished Professor of Economics, University of North Carolina at Chapel Hill; 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 introduced the program 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.

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 at Research Group seminars and participate in other seminar discussions. They are also given opportunities to contribute to the Bank’s main policymaking mission.

Former scholars are Emi Nakamura, assistant professor of economics and business, and Jón Steinsson, assistant ­professor of economics—both at Columbia University.

Serving as resident scholar not only enables me to contribute to the policymaking process, it also allows me to bring my perspective to the research undertaken at the Bank. My discussions with fellow economists in turn provide a rich source of ideas that often inform my own work. John Leahy, Professor of Economics, New York University; Resident Scholar, Federal Reserve Bank of New York