The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
The Research and Statistics Group's Program for Resident Scholars brings to the Bank, for at least six months, outstanding researchers with an international reputation.
About the Program
Resident scholars are selected from the top academic and policy institutions in fields related to the Bank’s broad policy interests. The scholars pursue their own research while providing intellectual leadership by advising and collaborating with our staff of sixty-five economists. They present their own work at Research Group seminars and attend presentations by others.
The resident scholars also work closely with the director of research, and have the opportunity to contribute to the Bank's main policymaking discussions on topics such 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.
The program complements our Visiting Scholars Program, in which economists from major research institutions present their own work and make themselves available to discuss our staff's current research.
Current Resident Scholar
For the 2014-15 academic year, the Research and Statistics Group is pleased to have in residence Professor Robert Townsend of MIT and the University of Chicago, and Professor Peter Diamond of MIT.
Robert Townsend is the Elizabeth and James Killian Professor of Economics at MIT and a Research Professor at the University of Chicago. A theorist, macroeconomist, and development economist, Townsend analyzes the role and impact of economic organization and financial systems through applied general equilibrium models, contract theory, and the use of micro data. He is known for his seminal work on costly state verification, the revelation principle, optimal multi-period contracts, decentralization of economies with private information, models of money with spatially separated agents, forecasting the forecasts of others and insurance and credit in developing countries. He is the author of Financial Structure and Economic Organization (1990); The Medieval Village Economy (1993); Households as Corporate Firms (2010), with Krislert Samphantharak; Financial Systems in Developing Economies (2011); Chronicles from the Field (2013), with Sombat Sakuntasathien and Rob Jordan; and numerous professional articles. Robert Townsend
Peter Diamond is an Institute Professor Emeritus at MIT, where he taught from 1966 to 2011. He has written on public finance, social insurance, behavioral economics, uncertainty and search theories, and macroeconomics. His books include Saving Social Security: A Balanced Approach, with Peter R. Orszag; Reforming Pensions: Principles and Policy Choices and Pension Reform: A Short Guide, both with Nicholas Barr; and Behavioral Economics and Its Applications, edited with Hannu Vartiainen. His recent papers include “Capital Income Taxes with Heterogeneous Discount Rates,” with Johannes Spinnewijn (American Economic Journal: Economic Policy); “The Case for a Progressive Tax: From Basic Research to Policy Recommendations,” with Emmanuel Saez (Journal of Economic Perspectives); “Unemployment, Vacancies, Wages” (a revised version of the Nobel lecture, published in the American Economic Review); and “Cyclical Unemployment, Structural Unemployment” (IMF Economic Review). He has been President of the American Economic Association, of the Econometric Society, and of the National Academy of Social Insurance. He was one of the three winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Previous Resident Scholars
Peter Diamond 01/13 - 01/14 Peter Diamond is an Institute Professor Emeritus at MIT, where he taught from 1966 to 2011.
Simon Gilchrist 01/13 - 01/14 Professor Gilchrist is a professor of economics at Boston University and a research associate at the National Bureau of Economic Research.
Christopher Sims01/12 - 12/13 Co-recipient of the 2011 Nobel Prize in Economics, is the John F. Sherrerd ’52 University Professor of Economics at Princeton University.
Mark J. Flannery, 01/09 - 12/10 Bank of America Eminent Scholar Chair, Eminent Scholar at University of Florida
Douglas Gale, 01/09 - 12/10 Silver Professor and Professor of Economics at New York University
Eric Ghysels, 12/08 - 08/09 Professor of Economics at the University of North Carolina at Chapel Hill
John Leahy, 01/08-12/08 Professor of Economics at New York University
Mark Gertler, 07/06-12/07 Henry and Lucy Moses Professor of Economics at New York University and Chair of the Economics Department
Suresh M. Sundaresan, 01/06-07/06 Chase Manhattan Bank Foundation Professor of Financial Institutions at Columbia Business School
Nobuhiro Kiyotaki, 08/05-07/06 Cassel Professor of Economics at the London School of Economics
Jiang Wang, 09/04-04/05 Nanyang Technological University Professor of Finance, Sloan School of Management, MIT