Contact Information
202-728-5864
egon.zakrajsek@frb.gov

Fields of Interest
Macroeconomics
Banking and Financial Institutions
Financial Markets

Education
Ph.D., Economics, New York University, 1995
M.A., Economics, New York University, 1992
B.A., Economics, University of California Santa Cruz, 1989

Professional Experience
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, Dept. of Economics and School of International and Public Affairs, 1997-1999

Selected Publications

• ''Credit Market Shocks and Economic Fluctuations: Evidence From Corporate Bond and Stock Markets'' (with Simon Gilchrist and Vladimir Yankov), Journal of Monetary Economics, vol. 56 (May 2009), pp. 471-493.
• ''Frictions in the Markets for Corporate Debt and Credit Derivatives'' (with Andrew T. Levin and Roberto Perli), in Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk. Frankfurt: European Central Bank, 2007 .
• ''Inventory Dynamics and Business Cycles: What Has Changed?'' (with Jonathan McCarthy), Journal of Money, Credit and Banking, vol. 39 (March 2007), pp. 591-613.
• ''What is the Distributive Impact of the Bank Lending Channel? The Importance of Credit for Macroeconomic Activity: Identification through heterogeneity'' (with Simon Gilchrist), in Joe Peek and Eric S. Rosengren, eds., Conference Series No. 39: Is Bank Lending Important for the Transmission of Monetary Policy?. Boston, MA: Federal Reserve Bank of Boston, 1995 (reprinted in Market Behaviour and Macroeconomic Modelling. New York, NY: St. Martin's Press, 1998).
• ''Profits and Balance Sheet Developments at U.S. Commercial Banks in 1999'' (with William F. Bassett), Federal Reserve Bulletin, vol. (June 2000), pp. 367-395.
• ''Profits and Balance Sheet Developments at U.S. Commercial Banks in 2000'' (with William F. Bassett), Federal Reserve Bulletin, vol. (June 2001), pp. 367-393.
• ''Recent Developments in Business Lending by Commercial Banks'' (with William F. Bassett), Federal Reserve Bulletin, vol. (December 2003), pp. 477-492.
• ''Investment and the Cost of Capital: New Evidence from the Corporate Bond Market'' (with Simon Gilchrist), NBER Working Paper, vol. 13174 (June 2007).
• The Magnitude and Cyclical Behavior of Financial Market Frictions (with Andrew T. Levin and Fabio M. Natalucci), Finance and Economics Discussion Series 2004-70. Washington: Board of Governors of the Federal Reserve System, 2004.
• Capital Requirements, Business Loans, and Business Cycles: An Empirical Analysis of the Standardized Approach in the New Basel Capital Accord (with Seth B. Carpenter and William Whitesell), Finance and Economics Discussion Series 2001-48. Washington: Board of Governors of the Federal Reserve System, 2001.
• Factor Supplies and Specialization in the World Economy (with James Harrigan), Finance and Economics Discussion Series 2000-43. Washington: Board of Governors of the Federal Reserve System, 2000.