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Photo of R. Jay Kahn

R. Jay Kahn

Senior Economist Short-Term Funding Markets Section Research and Statistics
202-736-1945
[email protected]

Education

  • Ph.D., Finance, Ross School of Business, University of Michigan, 2019
  • M.S., Finance, Simon Business School, University of Rochester, 2012
  • B.A., Mathematics and Economics, Reed College, 2011
Current Research Topics
  • Repurchase Agreements, Money Markets
  • Safe Assets
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2022 - present
  • Senior Researcher

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

    2022
  • Research Economist

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

    2019 - 2022
  • 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
  • Money Market Fund Repo and the ON RRP Facility
    Samuel J. Hempel, Calvin Isley, R. Jay Kahn, and Patrick E. McCabe
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3412
  • Anatomy of the Repo Rate Spikes in September 2019
    R. Jay Kahn, Matthew McCormick, Vy Nguyen, Mark Paddrik, and H. Peyton Young
    Journal of Financial Crises (2023)
  • Recent Developments in Hedge Funds’ Treasury Futures and Repo Positions: is the Basis Trade “Back"?
    Daniel Barth, R. Jay Kahn, and Robert Mann
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3355
  • Why Is So Much Repo Not Centrally Cleared?
    Samuel J. Hempel, R. Jay Kahn, Robert Mann, and Mark Paddrik
    OFR Brief Series (2023)
  • OFR’s Pilot Provides Unique Window Into the Non-centrally Cleared Bilateral Repo Market
    Samuel J. Hempel, R. Jay Kahn, Robert Mann, and Mark Paddrik
    OFR Blog (2022)
  • Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege
    Ron Alquist, R. Jay Kahn, and Karlye Dilts Stedman
    Research working paper (Federal Reserve Bank of Kansas City) (2022)
    https://doi.org/10.18651/RWP2022-08
  • Non-centrally Cleared Bilateral Repo
    Samuel J. Hempel, R. Jay Kahn, Vy Nguyen, and Sharon Y. Ross
    OFR Blog (2022)
  • Treasury Market Stress: Lessons from 1958 and Today
    R. Jay Kahn and Vy Nguyen
    OFR Brief Series (2022)
  • Negative Rates in Bilateral Repo Markets
    Samuel J. Hempel and R. Jay Kahn
    OFR Brief Series (2021)
  • Intraday Timing of General Collateral Repo Markets
    Kevin Clark, Adam Copeland, R. Jay Kahn, Antoine Martin, Mark Paddrik, and Benjamin Taylor
    Liberty Street Economics (2021)
  • Who Participates in Cleared Repo?
    R. Jay Kahn and Luke M. Olson
    OFR Brief Series (2021)
  • Hedge Funds and the Treasury Cash-Futures Disconnect
    Daniel Barth and R. Jay Kahn
    OFR working paper (2021)
  • Basis Trades and Treasury Market Illiquidity
    Daniel Barth and R. Jay Kahn
    OFR Brief Series (2020)
  • Identification Is Not Causality, and Vice Versa
    R. Jay Kahn and Toni M. Whited
    Review of Corporate Finance Studies (2018)
    https://doi.org/10.1093/rcfs/cfx020
  • How Competitive are U.S. Treasury Repo Markets?
    Adam Copeland, R. Jay Kahn, Antoine Martin, Matthew McCormick, William Riordan, Kevin Clark, and Tim Wessel
    Liberty Street Economics (2018)
  • Estimating and Testing Dynamic Corporate Finance Models
    Santiago Bazdresch, R. Jay Kahn, and Toni M. Whited
    Review of Financial Studies (2018)
    https://doi.org/10.1093/rfs/hhx080
  • Identification with Models and Exogenous Data Variation
    R. Jay Kahn and Toni M. Whited
    Foundations and Trends in Accounting (2016)
    https://doi.org/10.1561/1400000051
Referee
  • Journal of Finance
  • Journal of Financial Economics
  • Review of Finance
  • Journal of Money, Credit and Banking
  • Journal of Banking and Finance
  • Finance Research Letters
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Last Update: September 23, 2024