Research and Statistics
Beverly Hirtle (bio)
Executive Vice President
and Director of Research
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The Research and Statistics Group provides analytic support for the Bank's responsibilities relating to monetary policy, banking supervision, payments systems, and financial market issues. In addition to contributing to the formulation and execution of policy in these areas, our economists conduct independent research on a wide range of topics. The business areas and their tasks are:

Capital Markets
  • Specializes in research on domestic and international capital markets, focusing on such issues as credit and market risks, links between financial markets and economics fundamentals, the performance and vulnerabilities of financial markets and institutions, and technical aspects of pricing and trading securities and derivatives.
Financial Intermediation
  • Conducts policy-oriented research and analysis on a wide range of issues relating to the behavior of financial institutions and the structure and stability of the financial services industry.
International Research
  • Conducts research and policy analysis in international economics, including macroeconomics, trade, and economic development.
Macroeconomic and Monetary Studies
  • Conducts scholarly research on macroeconomics and monetary economics for publication in academic journals.
  • Provides rigorous analysis of current economic, fiscal, and monetary conditions and assesses risks to the outlook using statistical and structural tools, including a nowcasting platform and an estimated DSGE model.
  • Advises senior Bank management on monetary policy.
Microeconomic Studies
  • Conducts long-term research on the behavior and interaction of households, firms, and governments, and their effect on economic aggregates at the sectoral, local and national level.
  • Monitors and analyzes conditions in the labor market; real estate and mortgage markets; household balance sheets; federal, state and local budgets.
  • Develops new tools for analyzing expectations formation of households and firms.
  • Provides analytical support for retail credit risk and auction design analyses.
  • Develops and employs state of the art econometric techniques (e.g., methods for evaluating causal effects, structural model estimation, spatial methods) for our analyses.
Money and Payments Studies
  • Analyzes the infrastructure at the heart of the financial system. Key elements of study are the interbank and money markets—such as the federal funds, repo, and other over-the-counter markets—as well as payments and settlement systems.
  • Supports the Bank's efforts to promote stable and efficient payments and settlement systems.
Regional Analysis
  • Analyzes and monitors economic conditions in the Second District to support monetary policy and other Bank operations.
  • Conducts in-depth research on local and regional economic issues relevant to policymakers.
  • Actively disseminates information and maintains ongoing communication with a variety of stakeholders in the region.
RSG Group Shared Services
  • Provides automation and business support to the Research and Statistics Group, and library and information services to the Bank.
  • Oversees the review, editing and production of all publications for the Research and Statistics Group.
  • Takes on special editorial and design assignments for other areas of the Bank.
Data and Statistics
  • The Data and Statistics Function manages the collection of financial and bank structure data from domestic and foreign depository institutions, capital market participants, and bank holding companies. These data are used regularly in the implementation of monetary and foreign exchange policy, the construction of the monetary aggregates, bank supervision and compliance monitoring, and monitoring of domestic and international markets tracking. The Function is also responsible for driving the Bank's strategy on data, elevating the capacity for connecting and synthesizing the increasing number and scale of disparate and complex informational sources, and creating insightful analysis and policy work. It provides internal consulting services on data analytics and data science.
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