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Photo of Egon Zakrajsek

Egon Zakrajsek

Associate Director

Program Direction Section

Monetary Affairs

202-728-5864
egon.zakrajsek@frb.gov
Education
  • Ph.D., Economics, New York University, 1995
  • M.A., Economics, New York University, 1992
  • B.A., Economics, University of California - Santa Cruz, 1989
  • Current Research Topics

  • Sovereign Credit Risk
  • Financial Frictions and Firm Pricing Behavior
    • Economist

      Board of Governors of the Federal Reserve System

    • 1999 - present
    • Adjunct Professor

      Johns Hopkins University, Zanvyl Krieger School of Arts and Sciences

    • 2001 - 2004
    • Economist

      Federal Reserve Bank of New York

    • 1995 - 1999
    • Adjunct Professor

      Columbia University, Department of Economics and School of International and Public Affairs

    • 1997 - 1999
  • Gilchrist, Simon, Jae W. Sim, and Egon Zakrajsek (2014). "Uncertainty, Financial Frictions, and Investment Dynamics," NBER Working Papers 20038. National Bureau of Economic Research, Inc.
  • English, William B., Skander J. Van den Heuvel, and Egon Zakrajsek (2014). "Interest Rate Risk and Bank Equity Valuations," Working Paper Series 14-05. Wharton Financial Institutions Center.
  • Gilchrist, Simon, J. David Lopez-Salido, and Egon Zakrajsek (Forthcoming). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," American Economic Journal: Macroeconomics.
  • Covas, Francisco, Ben Rump, and Egon Zakrajsek (2014). "Stress-Testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach," International Journal of Forecasting, vol. 30, no. 3, pp. 691-793.
  • Bassett, William F., Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek (2014). "Changes in Bank Lending Standards and the Macroeconomy," Journal of Monetary Economics, vol. 62, pp. 23-40.
  • Faust, Jon, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek (2013). "Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach," Review of Economics and Statistics, vol. 95, no. 5, pp. 1501-1519.
  • Gilchrist, Simon, and Egon Zakrajsek (2013). "The Impact of the Federal Reserve’s Large-Scale Asset Purchase Programs on Corporate Credit Risk," Journal of Money, Credit and Banking, vol. 45, no. 2, pp. 29-57.
  • Gilchrist, Simon, Jae W. Sim, and Egon Zakrajsek (2013). "Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs," Review of Economic Dynamics, vol. 16, no. 1, pp. 159-176.
  • Zakrajsek, Egon (2013). "A Discussion of "Monetary Policy, Macroprudential Policy, and Banking Stability: Evidence from the Euro Area" by A. Maddaloni and J-L Peydro," International Journal of Central Banking, vol. 9, no. 1, pp. 171-182.
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Credit Spreads and Business Cycle Fluctuations," American Economic Review, vol. 102, no. 4, pp. 1692-1720.
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Credit Supply Shocks and Economic Activity in a Financial Accelerator Model," in Blinder, Alan S., Andrew W. Lo and Robert M. Solow eds., Rethinking the Financial Crisis. New York: Russell Sage Foundation, pp. 37-72.
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Bank Lending and Credit Supply Shocks," in Allen, Franklin, Masahiko Aoki, Nobuhiro Kiyotaki, Roger Gordon, Joseph E. Stiglitz and Jean-Paul Fitoussi eds., The Global Macro Economy and Finance. Palgrave Macmillan, pp. 154-176.
  • Gilchrist, Simon, and Egon Zakrajsek (2011). "Monetary Policy and Credit Supply Shocks," IMF Economic Review, vol. 59, no. 2, pp. 195-232.
  • Bassett, William F., Simon Gilchrist, Gretchen C. Weinbach, and Egon Zakrajsek (2011). "Improving our Ability to Monitor Bank Lending," in Brunnermeier, Markus K., Arvind Krishnamurthy eds., Risk Topography: Systemic Risk and Macro Modeling. National Bureau of Economic Research.
  • Gilchrist, Simon, Vladimir Yankov, and Egon Zakrajsek (2009). "Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets," Journal of Monetary Economics, vol. 56, no. 4, pp. 471-493.
  • McCarthy, Jonathan, and Egon Zakrajsek (2007). "Inventory Dynamics and Business Cycles: What has Changed?" Journal of Money, Credit, and Banking, vol. 39, no. 2-3, pp. 591-613.
  • Gilchrist, Simon, and Egon Zakrajsek (2007). "Investment and the Cost of Capital: New Evidence from the Corporate Bond Market," NBER Working Papers 13174. National Bureau of Economic Research, Inc.
  • Zakrajsek, Egon, Andrew T. Levin, and Roberto Perli (2007). "Frictions in the Markets for Corporate Debt and Credit Derivatives," in Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk. Frankfurt: European Central Bank.
  • Levin, Andrew T., Fabio M. Natalucci, and Egon Zakrajsek (2004). "The Magnitude and Cyclical Behavior of Financial Market Frictions," Finance and Economics Discussion Series 2004-70. Board of Governors of the Federal Reserve System (U.S.).
  • Bassett, William F., and Egon Zakrajsek (2003). "Recent Developments in Business Lending by Commercial Banks," Federal Reserve Bulletin, vol. 89, no. 12, pp. 477-492.
  • Bassett, William F., and Egon Zakrajsek (2001). "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2000," Federal Reserve Bulletin, vol. 87, no. 6, pp. 367-393.
  • Carpenter, Seth B., William Whitesell, and Egon Zakrajsek (2001). "Capital Requirements, Business Loans, and Business Cycles: An Empirical Analysis of the Standardized Approach in the New Basel Capital Accord," Finance and Economics Discussion Series 2001-48. Board of Governors of the Federal Reserve System (U.S.).
  • Bassett, William F., and Egon Zakrajsek (2000). "Profits and Balance Sheet Developments at U.S. Commercial Banks in 1999," Federal Reserve Bulletin, vol. 86, no. 6, pp. 367-395.
  • Harrigan, James, and Egon Zakrajsek (2000). "Factor Supplies and Specialization in the World Economy," Finance and Economics Discussion Series 2000-43. Board of Governors of the Federal Reserve System (U.S.).
  • Higgins, Matthew, and Egon Zakrajsek (2000). "Purchasing Power Parity: Three Stakes through the Heart of the Unit Root Null," Finance and Economics Discussion Series 2000-22. Board of Governors of the Federal Reserve System (U.S.).
  • McCarthy, Jonathan, and Egon Zakrajsek (2000). "Microeconomic Inventory Adjustment: Evidence from U.S. Firm-Level Data," Finance and Economics Discussion Series 2000-24. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, and Egon Zakrajsek (1998). "The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity," in Brakman, Steven, Hans van Ees and Simon Kuipers K. eds., Market Behaviour and Macroeconomic Modelling. London: Macmillan Press, pp. 129-157.
  • Gilchrist, Simon G., and Egon Zakrajsek (1995). "The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity," in Peek, Joe, Eric Rosengren S. eds., Is Bank Lending Important for the Transmission of Monetary Policy? Boston: Federal Reserve Bank of Boston, pp. 129-158.

Conference Organization

  • June 19-20, 2013 De Nederlandsche Bank, Amsterdam

    The Role of Financial Intermediaries in Monetary Policy Transmission

    Member of the Program Committee

  • May 30-June 2, 2013 Dubrovnik, Croatia

    Financial Intermediation Research Society Conference

    Member of the Program Committee

Referee

  • American Economic Review
  • American Economic Journal: Macroeconomics
  • Contemporary Economic Policy
  • Canadian Journal of Economics
  • European Economic Review
  • Economic Journal
  • International Journal of Central Banking
  • International Journal of Forecasting
  • Journal of Applied Econometrics
  • Journal of Banking and Finance
  • Journal of the European Economic Association
  • Journal of International Money and Finance
  • Journal of Money, Credit, and Banking
  • Journal of Monetary Economics
  • Journal of Political Economy
  • Review of Economic Dynamics
  • Review of Economics and Statistics

Professional Affiliation

  • Research Fellow, Center for Finance, Credit, and Macroeconomics, The University of Nottingham, June 2013--present
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Last update: July 28, 2014