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Meet the Researchers

Photo of Benjamin S. Kay

Benjamin S. Kay

Principal Economist Policy Effectiveness and Assessment Section Supervision and Regulation
[email protected]

Education

  • Ph.D., Economics, University of California - San Diego, 2012
  • M.A., Economics, University of California - San Diego, 2008
  • B.S., Economics and Statistics, Carnegie Mellon University, 2002
Current Research Topics
  • Macroprudential Policy
  • Bank Lending Standards
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2022 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2017 - 2022
  • Policy Advisor

    Office of State and Local Finance -- US Treasury Department

    2017
  • Economist

    Office of Financial Research -- US Treasury Department

    2012 - 2017
  • Long-lived employment effects of delays in emergency financing for small businesses
    Cynthia L. Doniger and Benjamin Kay
    Journal of Monetary Economics (Forthcoming)
    https://doi.org/10.1016/j.jmoneco.2023.08.002
  • The COVID-19 shock and consumer credit: Evidence from credit card data
    Akos Horvath, Benjamin Kay, and Carlo Wix
    Journal of Banking & Finance (2023)
    https://doi.org/10.1016/j.jbankfin.2023.106854
    See also » FRB Working Paper (2021)
  • The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data
    Akos Horvath, Benjamin Kay, and Carlo Wix
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.008
  • Ten Days Late and Billions of Dollars Short: The Employment Effects of Delays in Paycheck Protection Program Financing
    Cynthia L. Doniger and Benjamin Kay
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.003
  • The Real Consequences of Bank Mortgage Lending Standards
    Cindy M. Vojtech, Benjamin S. Kay, and John C. Driscoll
    Journal of Financial Intermediation (2020)
    https://doi.org/10.1016/j.jfi.2019.100846
  • The COVID-19 Shock and Consumer Credit: Evidence from Credit Card Data
    Akos Horvath, Benjamin S. Kay, and Carlo Wix
    Covid Economics (2020)
    See also » FRB Working Paper (2021)
  • The Impact of Credit Risk Mispricing on Mortgage Lending during the Subprime Boom
    James A. Kahn and Benjamin S. Kay
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.046
  • Safe Assets as Commodity Money
    Maya Eden and Benjamin S. Kay
    Journal of Money, Credit and Banking (2019)
    https://doi.org/10.1111/jmcb.12560
  • Implications of Central Banks' Negative Policy Rates on Financial Stability
    Benjamin S. Kay
    Journal of Financial Economic Policy (2018)
    https://doi.org/10.1108/JFEP-10-2017-0096
  • Competition and Complementarities in Retail Banking: Evidence from Debit Card Interchange Regulation
    Benjamin S. Kay, Mark D. Manuszak, and Cindy M. Vojtech
    Journal of Financial Intermediation (2018)
    https://doi.org/10.1016/j.jfi.2018.02.001
  • The Market-Implied Probability of European Government Intervention in Distressed Banks
    Richard Neuberg, Paul Glasserman, Benjamin Kay, and Sriram Rajan
    OFR working paper (2016)
  • Corporate Governance Responses to Director Rule Changes
    Benjamin S. Kay and Cindy M. Vojtech
    Journal of Leadership, Accountability and Ethics (2016)
  • The Effects of Housing Adjustment Costs on Consumption Dynamics
    Benjamin S. Kay
    Staff discussion paper (United States. Department of the Treasury. Office of Financial Research) (2015)
  • Corporate Governance Responses to Director Rule Changes
    Benjamin S. Kay and Cindy M. Vojtech
    Staff discussion paper (United States. Department of the Treasury. Office of Financial Research) (2015)
  • Bank Profitability and Debit Card Interchange Regulation: Bank Responses to the Durbin Amendment
    Benjamin S. Kay, Mark D. Manuszak, and Cindy M. Vojtech
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.77
  • Essays on Frictions in Financial Macroeconomics
    Benjamin S. Kay
    Dissertations (University of California, San Diego) (2012)
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Last Update: December 1, 2023