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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
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| Members of the Research and Statistics Group publish in a wide range of economic and finance journals, conference volumes, and scholarly books. |
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2009
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| Macroeconomics and Growth |
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Tobias Adrian |
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Marco Del Negro |
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Stefano Eusepi |
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Andrea Ferrero |
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Sagiri Kitao |
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“Taxing Capital? Not a Bad Idea After All!” with Juan Carlos Conesa and Dirk Krueger. American Economic Review99, no.1 (March): 25-8. |
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“U.S. Tax Policy and Health Insurance Demand: Can a Regressive Policy Improve Welfare?” with Karsten Jeske. Journal of Monetary Economics 56, no. 2 (March): 210-21. |
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Emanuel Moench |
| Ayşegül Şahin “Job-Finding and Separation Rates in the OECD,” with Bart Hobijn. Economics Letters104, no.3 (September): 107-58. |
| “Revisiting the Welfare Effects of Eliminating Business Cycles,” with Per Krusell, Toshihiko Mukoyama, and Anthony A. Smith, Jr. Review of Economic Dynamics12, no.3 (July): 393-404. Read the full text in ScienceDirect›› |
| “Specialization and Efficiency with Labor Market Matching,” with Toshihiko Mukoyama. Journal of Economic Dynamics and Control33, no.1 (January): 221-36. Read the full text in ScienceDirect›› |
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“Why Did the Average Duration of Unemployment Become So Much Longer?” with Toshihiko Mukoyama. Journal of Monetary Economics56, no.2 (March): 200-9. |
| International |
| Mary Amiti “Service Offshoring and Productivity: Evidence from the U.S.,” with Shang-Jin Wei. World Economy32, no.2 (February): 203-20. |
| Olivier Armantier “Subjective Probabilities in Games: An Application to the Overbidding Puzzle,” with Nicolas Treich. International Economic Review 50, no. 4 (November): 1079-102. |
| Erkko Etula “International Factor Price Equalization in a Limited-Substitutability Technology Framework.” International Review of Economics and Finance18, no.2 (March): 282-9. |
| Linda Goldberg “Currency Invoicing of International Trade.” In Adam S. Posen, ed., The Euro at Ten, 61-102. Washington, D.C.: Peterson Institute for International Economics. |
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“Macroeconomic Interdependence and the International Role of the Dollar,” with Cédric Tille. Journal of Monetary Economics 56, no. 7 (October): 990-1003. |
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“Understanding Banking Sector Globalization.” IMF Staff Papers56, no.1 (April): 171-97. |
| Jan Groen “A Real Time Evaluation of Bank of England Forecasts of Inflation and Growth.” International Journal of Forecasting25, no.1 (January-March): 74-80. Read the full text in ScienceDirect›› |
| Todd Keister “Expectations and Contagion in Self-Fulfilling Currency Attacks.” International Economic Review50, no.3 (August): 991-1012. |
| Thomas Klitgaard “The Rise and Fall of Sovereign Wealth Accumulation: Causes and Consequences,” with Matthew Higgins. In Les Fonds Souverains [Sovereign Wealth Funds], special issue, Revue d’Economie Financière, 179-93. |
| Paolo Pesenti Comment on “Reflections on Monetary Policy in the Open Economy,” by Richard H. Clarida. In Jeffrey Frankel and Christopher Pissarides, eds., NBER International Seminar on Macroeconomics 2008. Chicago: University of Chicago Press. |
| Microeconomics |
| Olivier Armantier “Comparison of Alternative Payment Mechanisms for French Treasury Auctions,” with Erwann Sbai. Annals of Economics and Statistics 93/94, April-June: 135-60. |
| “Star-Shaped Probability Weighting Functions and Overbidding in First-Price Auctions.” Economics Letters104, no. 2 (August): 83-5. |
| “Subjective Probabilities in Games: An Application to the Overbidding Puzzle,” with Nicholas Treich. International Economic Review 50, no. 4, (November): 1079-102. |
| Adam Copeland “The Welfare Effects of Incentive Schemes,” with Cyril Monnet. Review of Economic Studies76, no.1 (January): 93-113. |
| Richard Crump “Dealing with Limited Overlap in Estimation of Average Treatment Effects,” with V. Joseph Hotz, Guido W. Imbens, and Oscar A. Mitnik. Biometrika96, no.1 (March): 187-99. |
| Andrew Haughwout “How Should the Suburbs Help Their Central City? Growth- and Welfare-Enhancing Intrametropolitan Fiscal Distributions,” with Robert Inman. Annals of the American Academy of Political and Social Science 1, no. 626 (November): 39-52. |
| Wilbert van der Klaauw “The Effects of In-Work Benefit Reform in Britain on Couples: Theory and Evidence,” with Marco Francesconi and Helmut Rainer. Economic Journal119, no.535 (February): 66-100. |
| Banking and Finance |
| Tobias Adrian “Disagreement and Learning in a Dynamic Contracting Model,” with Mark Westerfield. Review of Financial Studies 22, no. 10 (October): 3873-906. |
| “Inference, Arbitrage, and Asset Price Volatility.” Journal of Financial Intermediation18, no.1 (January): 49-64. Read the full text in ScienceDirect›› |
| “Learning about Beta: Time-Varying Factor Loadings, Expected Returns, and the Conditional CAPM,” with Francesco Franzoni. Journal of Empirical Finance16, no.4 (September): 537-56. |
| “Money, Liquidity, and Monetary Policy,” with Hyun Song Shin. American Economic Review99, no.2 (May): 600-5. Papers and Proceedings of the 121st Annual Meeting of the American Economic Association. |
| “The Shadow Banking System: Implications for Financial Regulation,” with Hyun Song Shin. In The Future of Financial Regulation, Bank of France Financial Stability Review, no.13 (September): 1-10. |
| Adam Ashcraft and João Santos “Has the CDS Market Lowered the Cost of Corporate Debt?” Journal of Monetary Economics56, no.4 (May): 514-23. Read the full text in ScienceDirect›› |
| Nicola Cetorelli “Banking and Real Economic Activity.” In Allen Berger, Phillip Molineaux, and John Wilson, eds., Oxford Handbook of Banking. Oxford University Press. Read the full text›› |
| Andrew Haughwout and Joseph Tracy “Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing,” with Christopher Mayer. In Gary Burtless and Janet Rothenberg Pack, eds., Brookings-Wharton Papers on Urban Affairs 2009, 33-56. |
| Beverly Hirtle “Credit Derivatives and Bank Credit Supply.” Journal of Financial Intermediation18, no.2 (April): 125-50. Read the full text in ScienceDirect›› |
| Todd Keister “Bank Runs and Institutions: The Perils of Intervention,” with Huberto M. Ennis. American Economic Review99, no.4 (September): 1588-1607. |
| “Bank Runs as Coordination Failures: An Experimental Study,” with Rod Garratt. Journal of Economic Behavior and Organization71, no.2 (August): 300-17. |
| “Run Equilibria in the Green-Lin Model of Financial Intermediation,” with Huberto M. Ennis. Journal of Economic Theory144, no.5 (September): 1996-2020. |
| Anna Kovner “Specialization and Success: Evidence from Venture Capital,” with Paul Gompers and Josh Lerner. Journal of Economics and Management Strategy18, no.3 (fall): 817-44. |
| Antoine Martin “Banks, Markets, and Efficiency,” with Falko Fecht. Annals of Finance5, no.2 (March): 131-60. |
| “Optimal Monetary Policy in Economic Growth,” with Joydeep Bhattacharya and Joseph H. Haslag. European Economic Review 53, no. 2 (February): 210-21. Read the full text in ScienceDirect›› |
| “Reconciling Bagehot with the Fed’s Response to September 11.” Journal of Money, Credit, and Banking41, no.2-3 (March-April): 397-415. |
| Why Does Overnight Liquidity Cost More Than Intraday Liquidity?” with Joydeep Bhattacharya and Joseph H. Haslag. Journal of Economic Dynamics and Control 33, no. 6 (June): 1236-46. Read the full text in ScienceDirect›› |
| James McAndrews “Rating the Raters: Are Reputation Concerns Powerful Enough to Discipline Rating Agencies?” with Jérôme Mathis and Jean-Charles Rochet. Journal of Monetary Economics56, no.5 (July): 657-74. Read the full text in ScienceDirect›› |
| João Santos “Do Banks Price Their Informational Monopoly?” with Galina Hale. Journal of Financial Economics93, no.2 (August): 185-206. |
| “Do Markets ‘Discipline’ all Banks Equally?” Journal of Financial Economic Policy1, no.1: 107-23. |
| “Is the Secondary Market for Loans Beneficial to Firms?” with Peter Nigro. Quarterly Review of Economics and Finance 49, no. 4 (November): 1410-28. Read the full text in ScienceDirect›› |
| Asani Sarkar “Credit Default Swap Auctions,” with Jean Helwege, Samuel Maurer, and Yuan Wang. Journal of Fixed Income 19, no. 2 (Fall): 34-42. |
| “Liquidity Begets Liquidity: Implications for a Dark Pool Environment,” with Nicholas Klagge and Robert A. Schwartz. Institutional Investor Journal1, winter: 15-20. |
| “Liquidity Risk, Credit Risk, and the Federal Reserve’s Responses to the Crisis.” Financial Markets and Portfolio Management23, no.4: 335-48. |
| “Market Sidedness: Insights into Motives for Trade Initiation,” with Robert A. Schwartz. Journal of Finance64, no.1 (February): 375-423. Read the full text in SSRN›› |
| “Time-Varying Consumption Covariance and Dynamics of the Equity Premium: Evidence from the G-7 Countries,” with Lingjia Zhang. Journal of Empirical Finance16, no.4 (September): 613-31. Read the full text in SSRN›› |
| Til Schuermann “Forecasting Economic and Financial Variables with Global VARs,” with M. Hashem Pesaran and L. Vanessa Smith. International Journal of Forecasting 25, no. 4 (October-December): 642-75. Read the full text in ScienceDirect›› |
| “Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions,” with Evan Gatev and Philip E. Strahan. Review of Financial Studies22, no.3 (March): 995-1020. |
| Zhenyu Wang “The Analysis of the Cross Section of Security Returns,” with Ravi Jagannathan and Giorgios Skoulakis. In Handbook of Financial Econometrics, vol.1. Edited by Yacine Ait-Sahalia and Lars Hansen. Amsterdam: North-Holland. |
| “Y2K Options and the Liquidity Premium in Treasury Markets,” with Suresh Sundaresan. Review of Financial Studies22, no.3 (March): 1021-56. |
| Tanju Yorulmazer “On the Dynamics and Severity of Bank Runs: An Experimental Study,” with Andrew Schotter. Journal of Financial Intermediation18, no.2 (April): 217-41. Read the full text in ScienceDirect›› |
| Quantitative Methods |
| Simon Potter “Prior Elicitation in Multiple-Change-Point Models,” with Gary Koop. International Economic Review 50, no. 3 (August): 751-72. |
