The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Fields of interest Financial Economics, Liquidity, Financial Stability, Interbank markets
Gara Afonso is an Economist in the Financial Intermediation Function at the Federal Reserve Bank of New York. Her research interests center on financial economics and she is primarily interested in the study of interbank markets, financial crises and market liquidity. Gara Afonso received a PhD in Finance from the London School of Economics in May 2008 and was a visiting graduate student at Princeton University from 2006 to 2008. She has recently been awarded the JFI Best Paper Prize for the most significant paper published in the 2011 Journal of Financial Intermediation for the paper “Liquidity and Congestion.”