Capital Markets
Focus: Asset pricing; financial institutions; market liquidity; the interaction between markets, institutions, and economic fundamentals
Select Research Topics:
- links between financial markets and the macroeconomy
- estimation of risk premia in stock, bond, real estate, and derivatives markets
- interaction between the balance sheets of financial institutions and market liquidity
- financial market stress, volatility, and the measurement of systemic risk
- macroprudential policy and monetary policy
Financial Intermediation
Focus: A range of issues relating to the behavior of financial institutions and the corresponding implications for borrowers, the health of the financial services industry, and the economy
Select Research Topics:
- stability of financial markets and institutions
- banking and the real economy
- financial system regulation and capital requirements
- corporate finance and corporate governance
- securitization and structured finance
- consumer finance protection and regulation
International Research
Focus: Open-economy macroeconomics, global finance, and trade; the monitoring and analysis of economic developments in industrialized countries; a range of international economic policy questions
Select Research Topics:
- macroeconomic spillovers and policy interdependence
- current account sustainability and global rebalancing
- European and Japanese economic issues
- commodity prices
Macroeconomic and Monetary Studies
Focus:Analysis of current national economic, fiscal, and monetary conditions; monetary policy guidance for senior management
Select Research Topics:
- forecasting and policy analysis using DSGE models
- learning and heterogeneous beliefs in macroeconomics
- monetary policy and inequality
- international spillovers and policy coordination at the zero lower bound
- nowcasting and forecasting using large macroeconomic data sets
- models of the boom and bust in debt and house prices
- labor market churn, job and worker flows
Microeconomic Studies
Focus: Applied microeconomics; labor economics; public finance; consumer finance; housing, urban, and health economics; construction and analysis of a wide array of micro data sets through the application of microeconomic theory and state-of-the-art econometric techniques
Select Research Topics:
- consumption, household balance sheets, consumer credit
- the formation and updating of subjective expectations and links to economic behavior
- macroeconomic and labor market impacts of the Affordable Care Act and other health policies
- skill and locational mismatch in the labor market
- empirical analysis of auctions
- evaluation of tax and labor market reforms
Money and Payments Studies
Focus: The infrastructure at the heart of the financial system, including the interbank and money markets—such as the federal funds market, the repo market, and other over-the-counter markets—as well as payments and settlement systems
Select Research Topics:
- functioning of interbank lending markets
- effects of the Federal Reserve’s liquidity facilities on interbank markets and short-term interest rates
- implementation of monetary policy
- bank runs and crises of confidence in financial markets
- systemic risk and liquidity in large-value payments systems
Regional Analysis
Focus: Regional economics, with an emphasis on issues of interest to the Second District of the Federal Reserve System
Select Research Topics:
- human capital and local economic development
- microfoundations of urban agglomeration economies
- regional wage inequality
- geography of the housing boom and bust
- economics of natural disasters
- the labor market for recent college graduates after the Great Recession
