The New York Fed’s Research and Statistics Group combines leading-edge academic research with rigorous policy analysis in an intellectually dynamic and collegial environment.
This brochure offers an overview of our research and policy work and describes the distinctive culture and resources of the Group. It also details the responsibilities of our six functions, identifies our current staff of economists, and highlights the economists’ research interests and recent publications.
Our most important asset is our more than sixty Ph.D. economists, a concentration of expertise far larger than that of most university economics departments. Recognized as leading researchers in their fields, these individuals bring breadth and depth to their work in macroeconomics, banking, payments, finance, applied microeconomics, and international economics.
Our economists have compiled an impressive record of publishing in the most highly regarded economics and finance journals. Since 2001, thirty-three articles by New York Fed economists have appeared in the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Review of Financial Studies. Our economists’ work is also extensively represented in the top field journals and in other important outlets.
The New York Fed is an ideal place to conduct financial markets research. It gives economists the opportunity to interact on a regular basis with the Bank’s Markets Group, where trading on behalf of the Federal Reserve System occurs, and with Bank Supervision staff–
while working in a rigorous academic environment.
Tobias Adrian, MIT
Capital Markets Function
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New York Fed economists complement their publishing activity by serving on a variety of editorial boards. Current and recent assignments include:
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Marco Del Negro |
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Economic Inquiry |
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Kenneth Garbade |
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Review of Derivatives Research |
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Linda Goldberg |
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Journal of International Economics |
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Andrew Haughwout |
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International Regional Science Review; Journal
of Regional Science |
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Todd Keister |
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Macroeconomic Dynamics |
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Antoine Martin |
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Journal of Money, Credit, and Banking |
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| Donald Morgan |
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Journal of Money, Credit, and Banking |
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| Paolo Pesenti |
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Journal of Money, Credit, and Banking |
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| Simon Potter |
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Macroeconomic Dynamics |
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| Joshua Rosenberg |
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Journal of International Financial Markets, Institutions,
and Money |
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| João Santos |
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Journal of Financial Services Research |
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| Asani Sarkar |
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Journal of Emerging Markets |
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| Til Schuermann |
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Journal of Risk |
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| Wilbert van der Klaauw |
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Journal of Business and Economic Statistics; LABOUR: Review of Labour Economics and Industrial Relations |
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| Zhenyu Wang |
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Annals of Economics and Finance; Journal of Empirical Finance; Journal of International Financial Markets, Institutions, and Money; Management Science |
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Our economists are also highly visible in the profession, presenting research at preeminent colleges and universities worldwide. They have given papers at the American Economic Association, the American Finance Association, the Bank for International Settlements, the International Monetary Fund, the National Bureau of Economic Research, the U.S. Treasury Department, and the world’s central banks.
The New York Fed is a great place for economists who want to combine their research with policy work. It provides an opportunity to interact with the most renowned academics in the world through the Visiting Scholars Program and seminars, as well as access to the policy
decision-making process.
Mary Amiti, London School of Economics and Political Science
International Research Function
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The Research Group recognizes how important it is for young economists to get their research agenda under way as quickly as possible. For new Ph.D. hires, the primary goal in the first year is to produce research and publish in the major journals. To that end, we have designed a first-year plan that allows new economists to devote 90 percent of their time to developing publishable work. We provide additional support in the form of state-of-the-art computing capabilities, ready access to a wide range of economic data, and the assistance of highly trained research associates.
In the first year, new Ph.D. economists also familiarize themselves with the New York Fed’s policy missions by interacting with economists in their area and with other professionals Bankwide. They may contribute to a team working on a policy issue or help prepare a briefing on economic developments for the Bank’s president and senior officers.
My research here has been enriched by work on real-world policy issues. In fact, some of my best research ideas have come directly from questions raised by colleagues in Bank Supervision and from issues
that have surfaced during policy debates.
Beverly Hirtle, MIT
Financial Intermediation Function
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The environment here fosters an extraordinary degree of collaboration and exchange. Economists regularly work together on policy initiatives, and this interaction encourages a lively team spirit that can be missing in academia. In addition, economists frequently coauthor articles and make joint presentations.
Adding to the collegial nature of the Research Group is the lack of a divide between senior and junior staff; there is virtually no hierarchy setting new economists apart from their more experienced colleagues.
The Research Group’s collegial atmosphere leads to a remarkable amount of discussion and collaboration across fields. In addition,
the seminar series and visitors program are first rate and provide excellent opportunities for interaction with other economists.
Todd Keister, Cornell
Money and Payments Studies Function
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The Research Group benefits greatly from the New York Fed’s proximity to top-tier universities. Over the past few years, the Group has cosponsored a number of conferences with institutions such as Columbia, Harvard, NYU, and Princeton. Fed economists frequently give seminars at these and other institutions.
Teaching Activity
Economists also enjoy the opportunity to teach while on staff—whether they take a leave of absence from the Bank or teach part time while working here. Recent teaching activities include:
Economists looking for a dynamic and exciting work environment will
be glad they joined the New York Fed. Each day brings new economic questions to answer and challenges to address, with potentially
far-reaching implications.
Ayşegül Şahin, University of Rochester
Macroeconomic and Monetary Studies Function
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Sabbatical Program
Our sabbatical program offers economists opportunities to concentrate fully on their own research. The program enables individuals pursuing a specific plan of study to devote up to 100 percent of their time to qualifying work.
Under the program, economists with four or more years of service at the Bank can apply to take between two and twelve months of leave. They receive 90 percent of their salary while on the first six months of leave and 75 percent during the next six months. Economists can also work part time while on sabbatical if the employment contributes to their professional development. For example, an economist can hold a visiting position at a university or other research institution, with limited teaching or other responsibilities.
Economists have taken advantage of the program to work at such institutions as the Bank of Portugal, Columbia University, and New York University.
The New York Fed is an ideal workplace for young economists who want to conduct academic research and gain valuable insight into economic policy decision-making processes and the workings of financial markets. The Bank provides excellent resources in the form of ample research time, computing facilities, and opportunities to interact with an outstanding group of colleagues and distinguished academic visitors.
Emanuel Moench, Humboldt University, Berlin
Capital Markets Function
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To help maintain a stimulating and supportive environment for staff economists, the Research Group regularly invites economists from major research institutions to be visiting scholars at the Bank. The visitors present their own work and make themselves available to discuss our economists’ current research.
Visiting scholars in 2008-09 include:
| Guido Ascari |
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University of Pavia |
| Robert Barro |
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Harvard University |
| Jess Benhabib |
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New York University |
| Bruno Biais |
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University of Toulouse |
| Alan Blinder |
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Princeton University |
| Philip Bond |
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University of Pennsylvania |
| Marco Bonomo |
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Getulio Vargas Foundation |
| Leif Brubakk |
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Norges Bank |
| Markus Brunnermeier |
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Princeton University |
| Andrew Caplin |
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New York University |
| Giancarlo Corsetti |
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European University Institute |
| Donald Davis |
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Columbia University |
| William Dickens |
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Brookings Institution |
| Jonathan Eaton |
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New York University |
| Michael Elsby |
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University of Michigan |
| Mark Flannery |
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University of Florida |
| Douglas Gale |
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New York University |
| Mark Gertler |
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New York University |
| Paul Glasserman |
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Columbia University |
| Marvin Goodfriend |
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Carnegie Mellon University |
| Helios Herrera |
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Columbia University |
| John James |
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University of Virginia |
| Charles Jones |
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Columbia University |
| Amit Khandelwal |
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Columbia University |
| Nobuhiro Kiyotaki |
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Princeton University |
| Per Krusell |
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Princeton University |
| Ricardo Lagos |
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New York University |
| Ross Levine |
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Brown University |
| Philippe Martin |
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Université Paris 1 Panthéon-Sorbonne |
| Christopher Mayer |
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Columbia University |
| Marc Melitz |
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Princeton University |
| Virgiliu Midrigan |
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New York University |
| Francesca Monti |
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University of Brussels |
| Andrea Moro |
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Vanderbilt University |
| Toshihiko Mukoyama |
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University of Virginia |
| Emi Nakamura |
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Columbia University |
| Federico Ravenna |
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University of California at Santa Cruz |
| Sergio Rebelo |
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Northwestern University |
| Jesse Rothstein |
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Princeton University
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| Thomas Sargent |
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New York University |
| Frank Schorfheide |
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University of Pennsylvania |
| Hyun Song Shin |
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Princeton University |
| Christopher Sims |
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Princeton University |
| Richard Startz |
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University of Washington |
| Jón Steinsson |
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Columbia University |
| Philip Strahan |
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Boston College |
| Suresh Sundaresan |
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Columbia University |
| Cédric Tille |
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Graduate Institute of International
and Development Studies |
| Gianluca Violante |
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New York University |
| Andrew Winton |
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University of Minnesota |
| Michael Woodford |
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Columbia University |
| David Yermack |
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New York University |
| Motohiro Yogo |
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University of Pennsylvania |
| Stephen Zeldes |
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Columbia University |
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It’s a great experience working in the Research Group. You have the ability to put your own academic research to work, which stimulates participation in the policy debate and the development of new ideas.
Argia Sbordone, Chicago
Macroeconomic and Monetary Studies Function
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A Gateway to Academia
The scope and seriousness of our research environment are reflected in our relationship with academia.
The Group has hired many of its more senior economists from university economics and finance faculties. In turn, a number of our economists have gone on to accept faculty positions at prestigious colleges and universities, including Boston College, Brandeis, Columbia, Dartmouth, New York University, the University of British Columbia, the University of Chicago, the University of Stockholm, and the University of Virginia.

Recent events on Wall Street will shape academic research and public policy on financial markets and institutions for decades. Economists joining the New York Fed can benefit from its unique mix of resources, experience, and opportunities, and potentially play a leadership role in policy and academia.
Adam Ashcraft, MIT
Financial Intermediation Function
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Seminars
The Research Group actively encourages participation in seminars and conferences. Ample funds are available for economists to travel to conferences in the United States and abroad. The Bank also provides travel support for those wishing to work with coauthors outside the Bank.
In addition, we offer a seminar series that attracts a broad group of distinguished speakers. We present several seminars a week—a clear indication of our commitment to the series.
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seminars in 2008 include:
- “Product Quality and Trade with Homothetic Demand,”
Francisco Alcala,
New York University
- “Market Penetration Costs and Trade Dynamics,” Costas Arkolakis,
Yale University
- “Constructing State and Metropolitan Area Price Levels,”
Bettina Aten, Bureau of Economic Analysis
- “On the Need for a New Approach to Analyzing Monetary Policy,”
Andrew Atkeson, University of California at Los Angeles
- “Bretton Woods and the Great Inflation,”
Michael Bordo, Rutgers University
- “Finance and Development: A Tale of Two Sectors,” Francisco
Buera, Northwestern University
- “Price Dispersion with Directed Search,” Gabriele Camera,
University of Iowa
- “Inflation Targeting versus Price-Level-Path Targeting in the GEM: Some
Open Economy Considerations,” Donald Coletti, René Lealonde, and Dirk Muir,
Bank of Canada
- “Heterogeneity and Trade,” Arnaud Costinot, University of California
at San Diego
- “Stock Market Insider Trading in Continuous Time with Dynamic Information,”
Albina Danilova, University of Oxford
- “Tariff Cuts, Wages, and Firm Heterogeneity: Theory and Evidence,”
Donald Davis, Columbia University (with Mary Amiti)
- “Tiebout Sorting and Inefficiency,” Dennis Epple,
Carnegie Mellon University
- “Family Migration and Labor Market Outcomes,” Ahu Gemici,
New York University
- “A Gap-Filling Theory of Corporate Debt Maturity Choice,”
Robin Greenwood, Harvard University
- “Intermediary Asset Pricing,” Arvind Krishnamurthy,
Northwestern University
- “Testing Efficient Risk Sharing with Heterogeneous Risk Preferences,”
Maurizio Mazzocco, University of California at Los Angeles
- “Investment Cycles, Strategic Delay, and Self-Correcting Cascades,”
James Peck, Ohio State University
- “Protection Reduction and Diversion: PTAs and the Incidence of
Antidumping Disputes,” Thomas Prusa, Rutgers University
- “Identifying Government Spending Shocks: It’s All in the Timing,”
Valerie Ramey, University of California at San Diego
- “Blissful Ignorance? Evidence from a Natural Experiment on the Effect
of Individual Feedback on Performance,” Imran Rasul, University College
London
- “Reference Prices and Nominal Rigidities,” Sergio Rebelo,
Northwestern University
- “The Geography of Trade and Multinational Production,” Andrés
Rodríguez-Clare, Pennsylvania State University
- “Fair-Value Accounting in Illiquid Markets,” Katherine Schipper,
Duke University
- “Forecasting with Judgment and Models,” Francesca Monti,
Université Libre de Bruxelles
- “Estimating the Demand for Credit Cards: A Regression Discontinuity
Approach,” Wei Tan, State University of New York at Stony Brook
- “How Far Are We from the Slippery Slope? The Laffer Curve Revisited,”
Harald Uhlig, University of Chicago
- “Wage Rigidity and Job Creation,” Thijs van Rens, Universitat Pompeu
Fabra
- “A Preferred-Habitat Model of the Term Structure of Interest Rates,”
Dimitri Vayanos, London School of Economics and Political Science
- “Analyzing a New Forecast Survey: The Bank of England Survey of
External Forecasters,” Kenneth Wallis, University of Warwick
- “Using Labor Market Information to Identify Teacher Productivity,”
Matthew Wiswall, New York University
- “How RePEc Measures the Impact of Economists’ Written Work,”
Christian Zimmerman, University of Connecticut
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