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Phillip Monin

Principal Economist Financial Intermediaries Analysis Section Monetary Affairs
202-452-2207
[email protected]

Education

  • Ph.D., Mathematics, The University of Texas at Austin, 2013
  • M.S., Mathematics, The University of Texas at Austin, 2010
  • B.A., Mathematics & Statistics, Economics, Canisius College, 2006
Current Research Topics
  • hedge funds and other financial intermediaries; financial stability; quantitative finance
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2024 - present
  • Adjunct Lecturer

    Georgetown University

    2018 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2022 - 2024
  • Economist

    Board of Governors of the Federal Reserve System

    2021 - 2022
  • Lead Financial Analyst

    Board of Governors of the Federal Reserve System

    2020 - 2021
  • Senior Economist

    The Office of Financial Research

    2012 - 2020
  • Credit Supply and Hedge Fund Performance: Evidence from Prime Broker Surveys
    Dan Li, Phillip J. Monin, and Lubomir Petrasek
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.089
  • Private Credit Growth and Monetary Policy Transmission
    Ahmet Degerli and Phillip Monin
    FEDS Notes (2024)
    https://doi.org/10.17016/2380-7172.3565
  • Reaching for Duration and Leverage in the Treasury Market
    Daniel Barth, R. Jay Kahn, Phillip Monin, and Oleg Sokolinskiy
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.039
  • Quantifying Treasury Cash-Futures Basis Trades
    Jonathan Glicoes, Benjamin Iorio, Phillip Monin, and Lubomir Petrasek
    FEDS Notes (2024)
    https://doi.org/10.17016/2380-7172.3458
  • Hedge Fund Treasury Exposures, Repo, and Margining
    Ayelen Banegas and Phillip Monin
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3377
  • The life of the counterparty: Shock propagation in hedge fund-prime broker credit networks
    Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala
    Journal of Financial Economics (2022)
    https://doi.org/10.1016/j.jfineco.2022.02.002
  • Non-bank financial institutions and the slope of the yield curve
    Sebastian Infante, Phillip Monin, Lubomir Petrasek, and Mary Tian
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3185
  • Sizing hedge funds' Treasury market activities and holdings
    Ayelen Banegas, Phillip J. Monin, and Lubomir Petrasek
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2979
  • Information Flows and Crashes in Dynamic Social Networks
    Phillip J. Monin and Richard Bookstaber
    Journal of Economic Interaction and Coordination (2021)
    https://doi.org/10.1007/s11403-020-00310-5
  • Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis
    Mathias S. Kruttli, Phillip J. Monin, Lubomir Petrasek, and Sumudu W. Watugala
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.038
  • Illiquidity in Intermediate Portfolios: Evidence from Large Hedge Funds
    Daniel Barth and Phillip Monin
    OFR working paper (2020)
  • Leverage and Risk in Hedge Funds
    Daniel Barth, Laurel Hammond, and Phillip Monin
    OFR working paper (2020)
  • The OFR Financial Stress Index
    Phillip J. Monin
    Risks (2019)
    https://doi.org/10.3390/risks7010025
  • Investor Concentration, Flows, and Cash Holdings: Evidence from Hedge Funds
    Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.121
  • Form PF and the Systemic Risk of Hedge Funds: Risk-Measurement Precision for Option Portfolios
    Mark D. Flood and Phillip Monin
    Journal of Alternative Investments (2016)
    https://doi.org/10.3905/jai.2016.18.4.125
  • Gauging Form PF: Data Tolerances in Regulatory Reporting on Hedge Fund Risk Exposures
    Mark D. Flood, Phillip Monin, and Lina Bandyopadhyay
    OFR working paper (2015)
  • Hedging Market Risk in Optimal Liquidation
    Phillip Monin
    OFR working paper (2014)
  • On the optimal wealth process in a log-normal market: Applications to risk management
    Phillip Monin and Thaleia Zariphopoulou
    Journal of Financial Engineering (2014)
    https://doi.org/10.1142/S2345768614500135
  • On a dynamic adaptation of The Distribution Builder approach to investment decisions
    Phillip Monin
    Quantitative Finance (2014)
    https://doi.org/10.1080/14697688.2013.853318
Awards
  • 2022

    Federal Reserve Board

    Special Achievement Award

  • 2021

    Federal Reserve Board, Division of Monetary Affairs

    Division Director Award

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Last Update: December 16, 2024