The Capital Markets Function conducts research on asset pricing, financial institutions, and market liquidity, and on the interaction between markets, institutions, and economic fundamentals. A close working relationship with the Bank’s Trading Desk, well-established contacts with market participants, and strong ties to business school finance departments create a unique environment for financial market research. Capital Markets regularly organizes workshops and conferences on financial market topics.

• the links between financial markets and the macroeconomy,
• estimation of risk premia in stock, bond, and derivatives markets,
• analysis of liquidity in fixed-income and foreign exchange markets,
• the interaction between financial institutions’ balance sheets and market liquidity,
• analysis of securities dealers’ asset and liability management,
• the information content of Federal Open Market Committee communications, and
• analysis of recent financial market stress and the Federal Reserve’s new lending facilities.

To learn more about joining the Research Group: www.newyorkfed.org/careers/phd.html.

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