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.
The Research and Statistics Group's Program for Resident Scholars brings to the Bank, for at least six months, outstanding researchers with an international reputation.
About the Program
Resident scholars are selected from the top academic and policy institutions in fields relating to the Bank’s broad policy interests. The scholars pursue their own research while providing intellectual leadership by advising and collaborating with our staff of more than fifty economists. They present their own work at Research Group seminars and attend presentations by others.
The resident scholars also work closely with the director of research, and have the opportunity to contribute to the Bank's main policymaking discussions on topics such as monetary policy and macroeconomics, international economics, banking supervision and regulation, capital markets, financial stability, and applied microeconomics with an emphasis on regional and national issues.
The program complements our Visiting Scholars Program, in which economists from major research institutions are invited to present their own work and make themselves available to discuss our staff's current research.
Current Resident Scholar
For the 2013-14 academic year, the Research and Statistics Group is pleased to have in residence Peter Diamond is an Institute Professor Emeritus at MIT, and Professor Simon Gilchrist is a professor of economics at Boston University and a research associate at the National Bureau of Economic Research.
Peter Diamond is an Institute Professor Emeritus at MIT, where he taught from 1966 to 2011. He has written on public finance, social insurance, behavioral economics, uncertainty and search theories, and macroeconomics. His books include Saving Social Security: A Balanced Approach (with Peter R. Orszag), Reforming Pensions: Principles and Policy Choices and Pension Reform: A Short Guide (both with Nicholas Barr), and Behavioral Economics and Its Applications (edited with Hannu Vartiainen). His recent papers include “Capital Income Taxes with Heterogeneous Discount Rates” (with Johannes Spinnewijn, American Economic Journal: Economic Policy), “The Case for a Progressive Tax: From Basic Research to Policy Recommendations” (with Emmanuel Saez, Journal of Economic Perspectives), “Unemployment, Vacancies, Wages” (the Nobel lecture in the American Economic Review), and “Cyclical Unemployment, Structural Unemployment” (IMF Economic Review). He has been President of the American Economic Association, of the Econometric Society, and of the National Academy of Social Insurance. He was one of the three winners of the 2010 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Peter Diamond
Professor Gilchrist is a professor of economics at Boston University and a research associate at the National Bureau of Economic Research. He has served as a staff economist at the Board of Governors of the Federal Reserve System and has held visiting positions at the Massachusetts Institute of Technology and the Federal Reserve Bank of New York. Professor Gilchrist has also served as an academic consultant to the Board of Governors; the Federal Reserve Banks of Boston, Chicago, New York, and San Francisco; the Bank of Canada; the Bank of England; Banque de France; and the International Monetary Fund. He is currently a coeditor of the American Economic Journal: Macroeconomics. Much of Professor Gilchrist’s research focuses on the consequences of financial market turmoil and its impact on real economic activity, with particular focus on the implications for investment behavior, business-cycle dynamics, and the conduct of monetary policy.
Previous Resident Scholars
Christopher Sims01/12 - 12/13 Co-recipient of the 2011 Nobel Prize in Economics, is the John F. Sherrerd ’52 University Professor of Economics at Princeton University.
Mark J. Flannery, 01/09 - 12/10 Bank of America Eminent Scholar Chair, Eminent Scholar at University of Florida
Douglas Gale, 01/09 - 12/10 Silver Professor and Professor of Economics at New York University
Eric Ghysels, 12/08 - 08/09 Professor of Economics at the University of North Carolina at Chapel Hill
John Leahy, 01/08-12/08 Professor of Economics at New York University
Mark Gertler, 07/06-12/07 Henry and Lucy Moses Professor of Economics at New York University and Chair of the Economics Department
Suresh M. Sundaresan, 01/06-07/06 Chase Manhattan Bank Foundation Professor of Financial Institutions at Columbia Business School
Nobuhiro Kiyotaki, 08/05-07/06 Cassel Professor of Economics at the London School of Economics
Jiang Wang, 09/04-04/05 Nanyang Technological University Professor of Finance, Sloan School of Management, MIT