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Rebecca Zarutskie

Senior Economist

Flow of Funds Section

Research and Statistics

202-452-5292
rebecca.zarutskie@frb.gov
Education
  • Ph.D., Economics, Massachusetts Institute of Technology, 2003
  • B.A., Economics and Applied Mathematics, The Johns Hopkins University, 1999
  • Current Research Topics

  • Private Capital Markets
  • Firm-level Financing and Employment Interactions
    • Senior Economist

      Board of Governors of the Federal Reserve System

    • 2014 - present
    • Adjunct Associate Professor of Finance

      University of Pennsylvania, The Wharton School

    • 2013 - present
    • Economist

      Board of Governors of the Federal Reserve System

    • 2012 - 2014
    • Visiting Assistant Professor of Finance

      Massachusetts Institute of Technology, Sloan School of Management

    • 2006 - 2007
    • Assistant Professor of Finance

      Duke University, Fuqua School of Business

    • 2003 - 2012
  • Ouimet, Paige, and Rebecca Zarutskie (2014). "Who Works for Startups? the Relation between Firm Age, Employee Age, and Growth," Journal of Financial Economics, vol. 112, no. 3, pp. 386-407.
  • Molloy, Raven Saks, and Rebecca Zarutskie (2013). "Business Investor Activity in the Single-Family-Housing Market," FEDS Notes 2013-12-05. Board of Governors of the Federal Reserve System (U.S.).
  • Ouimet, Paige P., and Rebecca Zarutskie (2013). "Who Works for Startups? the Relation between Firm Age, Employee Age, and Growth," Finance and Economics Discussion Series 2013-75. Board of Governors of the Federal Reserve System (U.S.).
  • Puri, Manju, and Rebecca Zarutskie (2012). "On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms," Journal of Finance, vol. 67, no. 6, pp. 2247-93.
  • Zarutskie, Rebecca (2006). "Evidence on the Effects of Bank Competition on Firm Borrowing and Investment," Journal of Financial Economics, vol. 81, no. 3, pp. 503-537.
  • Zarutskie, Rebecca (2013). "Competition, Financial Innovation, and Commercial Bank Loan Portfolios," Journal of Financial Intermediation, vol. 22, no. 3, pp. 373-396.
  • Zarutskie, Rebecca (2010). "The Role of Top Management Team Human Capital in Venture Capital Markets: Evidence from First-Time Funds," Journal of Business Venturing, vol. 25, pp. 155-172.
  • Brav, Alon, Roni Michaely, Michael Roberts, and Rebecca Zarutskie (2009). "Evidence on the Trade-Off between Risk and Return for IPO and SEO Firms," Financial Management, vol. 38, no. 12, pp. 221-252.
  • Ouimet, Paige, and Rebecca Zarutskie (2011). "Acquiring Labor," Working Papers 11-32. Center for Economic Studies, U.S. Census Bureau.
  • Zarutskie, Rebecca (2009). "Competition and Specialization in Credit Markets," In Proceedings of the 45th Annual Conference on Bank Structure and Competition. Federal Reserve Bank of Chicago, pp. 183-201.
  • Zarutskie, Rebecca (2003). "Does Bank Competition Affect how Much Firms can Borrow? New Evidence from the U.S." In Proceedings of the 39th Annual Conference on Bank Structure and Competition. Federal Reserve Bank of Chicago, pp. 121-136.
  • Ouimet, Paige, and Rebecca Zarutskie (2011). "Who Works for Startups? the Relation between Firm Age, Employee Age, and Growth," Working Papers 11-31. Center for Economic Studies, U.S. Census Bureau.
  • Puri, Manju, and Rebecca Zarutskie (2008). "On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms," NBER Working Papers 14250. National Bureau of Economic Research, Inc.
  • Zarutskie, Rebecca (2008). "Book Review of Grande Expectations: A Year in the Life of Starbucks’ Stock," Duke Magazine, Vol. 94, no. 3.
  • Zarutskie, Rebecca (2003). "Essays in Corporate Finance and Taxation," Ph.D. dissertation, Massachusetts Institute of Technology.
  • conference

    October 2014

    Federal Reserve System Conference on Financial Structure and Regulation, Houston, TX

    Are the Borrowing Costs of Large Financial Firms Unusual?

  • seminar

    May 2014

    University of Maryland, Robert Smith School of Business, College Park, MD

    Are the Borrowing Costs of Large Financial Firms Unusual?

  • seminar

    November 2013

    George Mason University, Fairfax, VA

    Consuming the Firm: Owner Age, Exit Strategy, and Firm Performance

  • seminar

    August 2013

    Office of Financial Research, U.S. Department of the Treasury

    Bank Organizational Complexity and Business Lending Terms

  • conference

    June 2013

    Conference on the Governance of Family Firms, Renmin University, Beijing, China

    Married to the Firm? Family Ownership, Performance and Survival in Private Firms

  • discussion

    June 2013

    Entrepreneurial Finance and Innovation Conference, Brandeis University, Waltham, MA

    Do SBA Loans Create Jobs? by Brown and Earle

  • seminar

    May 2013

    Institute for Research in Industrial Economics, Stockholm, Sweden

    Who Works for Startups? The Relation between Firm Age, Employee Age, and Growth

  • seminar

    January 2013

    World Bank, Washington, DC

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    June 2012

    Financial Intermediation Research Society Conference on Banking, Corporate Finance and Intermediation, Minneapolis, MN

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    May 2012

    Society of Labor Economists Meeting, Chicago, IL

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    January 2012

    Jackson Hole Winter Finance Conference, Jackson Hole, WY

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    November 2011

    Georgia Tech Roundtable on Engineering Entrepreneurship Research, Atlanta, GA

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • discussion

    June 2011

    Western Finance Association Annual Meeting, Santa Fe, NM

    Economic Ties: Evidence from Venture Capital Networks by Hochberg, Lindsey, and Westerfield

  • discussion

    June 2011

    London Business School Coller Institute Private Equity Symposium, London, UK

    Does Capital Market Myopia Affect Plant Productivity? Evidence from Going Private Transactions by Bharath, Dittmar, and Sivadasan

  • seminar

    April 2011

    Universitat Autonoma de Barcelona MOVE, Barcelona, Spain

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • discussion

    March 2011

    Duke-UNC Corporate Finance Conference, Durham, NC

    CEO Preferences and Acquisitions by Jenter and Lewellen

  • seminar

    January 2011

    North Carolina State University Poole College of Management, Raleigh, NC

    Married to the Firm? Family Ownership, Performance and Survival in Private Firms

  • seminar

    November 2010

    University of Virginia Darden School of Business, Charlottesville, VA

    Married to the Firm? Family Ownership, Performance and Survival in Private Firms

  • conference

    July 2010

    NBER Summer Institute, Cambridge, MA

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • discussion

    June 2010

    Western Finance Association Annual Meeting, Victoria, British Columbia

    The Costs of Being Private: Evidence from the Loan Market by Saunders and Steffen

  • conference

    January 2010

    American Finance Association Annual Meeting, Atlanta, GA

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • seminar

    November 2009

    Harvard Business School, Boston, MA

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    September 2009

    Triangle Census Research Data Center Conference, Durham, NC

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    June 2009

    Financial Intermediation Research Society Conference on Banking, Corporate Finance and Intermediation, Prague, Czech Republic

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • conference

    May 2009

    Federal Reserve Bank of Chicago Bank Structure Conference, Chicago, IL

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • seminar

    April 2009

    Federal Reserve Bank of San Francisco, San Francisco, CA

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • discussion

    December 2008

    NBER Entrepreneurship Working Group meeting, Cambridge, MA

    How Does Venture Capital Improve Efficiency of Private Firms? A Look Beneath the Surface, by Chemmanur, Krishnan, and Nandy

  • seminar

    November 2008

    Federal Reserve Bank of New York - NYU Conference on Financial Intermediation, New York, NY

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • seminar

    September 2008

    U.S. Census Bureau Center for Economic Studies, Suitland, MD

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • seminar

    April 2008

    Virginia Tech Pamplin School of Business, Blacksburg, VA

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • seminar

    March 2008

    Johns Hopkins University Department of Economics, Baltimore, MD

    Competition, Financial Innovation and Commercial Bank Loan Portfolios

  • discussion

    January 2008

    American Economics Association Annual Meeting, New Orleans, LA

    Do Venture Investments by Financial Institutions Affect the IPO Underwriting Process? by Li and Masulis

  • seminar

    December 2007

    Columbia University Business School, New York, NY

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • seminar

    November 2007

    London Business School, London, UK

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • conference

    October 2007

    Washington University Olin School of Business Corporate Finance Conference, St. Louis, MO

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • conference

    August 2007

    European Finance Association Meeting, Ljubljana, Slovenia

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • discussion

    August 2007

    European Finance Association Meeting, Ljubljana, Slovenia

    The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms by Tian

  • conference

    June 2007

    Western Finance Association Annual Meeting, Big Sky, MT

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • discussion

    June 2007

    Western Finance Association Annual Meeting, Big Sky, MT

    The Risk-Adjusted Performance of U.S. Buyouts by Gottschalg and Groh

  • seminar

    March 2007

    Northwestern University Kellogg School of Management, Evanston, IL

    The Role of Top Management Team Human Capital in Venture Capital Markets

  • seminar

    March 2007

    MIT Sloan School of Management, Cambridge, MA

    On the Lifecycle Dynamics of Venture Capital and Non Venture Capital Financed Firms

  • conference

    January 2007

    American Finance Association Annual Meeting, Chicago, IL

    The Role of Top Management Team Human Capital in Venture Capital Markets

  • discussion

    January 2007

    American Economic Association Annual Meeting, Chicago, IL

    The Dynamics of Venture Capital Contracts by Bienz and Hirsch

Awards

  • 1999

    National Science Foundation

    Graduate Research Fellowship

Conference Organization

  • 2006 to Present

    Western Finance Association Annual Meeting

    Program Committee

  • 2013 to Present

    European Finance Association Annual Meeting

    Program Committee

  • 2008

    American Finance Association Annual Meeting

    Session Chair, "Which CEOs Matter and When?"

  • 2006

    Duke-UNC Corporate Finance Conference

    Co-Organizer

Editor

  • Editorial board, Journal of Business Venturing, 2010 to present

Referee

  • American Economic Review
  • Elsevier Publishing
  • International Journal of the Economics of Business
  • International Review of Economics and Finance
  • John Wiley & Sons Publishing
  • Journal of Banking and Finance
  • Journal of Business Venturing
  • Journal of Economics and Management Strategy
  • Journal of the European Economic Association
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Financial Intermediation
  • Journal of Financial Services Research
  • Journal of Financial and Quantitative Analysis
  • Journal of Money, Credit and Banking
  • Journal of Public Economics
  • Management Science
  • Review of Financial Studies
  • Review of Finance
  • Review of Industrial Organization
  • Social Sciences and Humanities Research Council of Canada
  • Quarterly Review of Economics and Finance

Professional Affiliation

  • American Economic Association
  • American Finance Association
  • Western Finance Association
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Last update: October 27, 2014