Our economists engage in a variety of innovative research projects. Here are just a few examples:

• Tobias Adrian—Research on the role of financial intermediary balance sheet management in determining asset prices and credit supply.
  
  
• Gara Afonso—Theoretical research on liquidity in financial markets during distressed times; theoretical and empirical research on the U.S. interbank market.
  
  
• Mary Amiti—Empirical research on the effects of financial shocks on exports; forecasting the net export contribution to U.S. GDP growth.
  
  
• Morten Bech—Research on the Federal Reserve’s exit strategy and implementation of monetary policy.
  
  
• Marco Del Negro, Gauti Eggertsson, and Andrea Ferrero—Research on financial frictions and the Federal Reserve’s response to the financial crisis using a quantitative version of the Kiyotaki-Moore model.
  
  
• Sagiri Kitao—Quantitative research on fiscal and labor market policies, optimal income taxation, wealth and income inequality, and unemployment policies.
  
  
• Donghoon Lee—Empirical research on the evolution of labor market dynamics, income inequality, and simulation-based methods of estimation.
  
  
• Emanuel Moench—Empirical research on the interaction of macroeconomic and asset price dynamics, with a focus on fixed-income markets.
  
  
• Donald Morgan—Theoretical and empirical research aimed at defining and detecting predatory lending by banks.
  
  
• Paolo Pesenti—The use of open-economy simulation models for policy analysis; productivity, product varieties, and net exports; forecasting commodity prices.
  
  
• Robert Rich and Joseph Tracy—Empirical research using survey data on inflation expectations to examine the relationships between average expectations, disagreement, and uncertainty; empirical research on the determinants of ex post contract durations.
  
  
• Ayşegül Şahin—Theoretical and empirical research on labor market dynamics with an emphasis on the potential long-term labor market effects of the most recent economic downturn.
  
  
• João Santos—Theoretical research on the determinants of systemic risk in the banking sector and on the design of regulation to address systemic risk; empirical research on the implications of mixing banking and commerce in the United States.
  
  
• Asani Sarkar—Research on the effectiveness of central bank liquidity supply in easing arbitrage constraints.
  
  
• Wilbert van der Klaauw—Empirical research on the effect of social security reform on savings and retirement behavior, welfare reform, family structure dynamics, and child development.
  
  
• Tanju Yorulmazer—Theoretical research on banking and financial stability issues, including liquidity, various channels of systemic risk, and financial crises and their resolution.
  

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

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