Photo of Daniel M. Covitz

Daniel M. Covitz

Education

  • Ph.D., Economics, University of California - Berkeley, 1997
  • B.A., Economics, Swarthmore College, 1990
Current Research Topics
  • Asset Bubbles
  • Stability of Short-Term Credit Markets
  • Economist

    Board of Governors of the Federal Reserve System

    1997 - present
  • Senior Economist

    U.S. Council of Economic Advisers

    2005 - 2006
  • Adrian, Tobias, Daniel M. Covitz, and J. Nellie Liang (2015). "Financial Stability Monitoring," Annual Review of Financial Economics, vol. 7, pp. 357-395.
  • Adrian, Tobias, Daniel M. Covitz, and J. Nellie Liang (2014). "Financial Stability Monitoring," FEDS Notes 2014-08-04. Board of Governors of the Federal Reserve System (U.S.).
  • Covitz, Daniel, Nellie Liang, and Gustavo A. Suarez (2013). "The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market," Journal of Finance, vol. 68, no. 3, pp. 815-848.
  • Campbell, Sean, Daniel Covitz, William Nelson, and Karen Pence (2011). "Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility," Journal of Monetary Economics, vol. 58, no. 5, pp. 518-531.
  • Covitz, Daniel, and Chris Downing (2007). "Liquidity Or Credit Risk? the Determinants of very Short-Term Corporate Yield Spreads," Journal of Finance, vol. 62, no. 5, pp. 2303-2328.
  • Covitz, Daniel M., Song Han, and Beth Anne Wilson (2006). "Are Longer Bankruptcies really More Costly?" Finance and Economics Discussion Series 2006-27. Board of Governors of the Federal Reserve System (U.S.).
  • Covitz, Daniel, and Song Han (2005). "An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default," Finance and Economics Discussion Series 2005-10. Board of Governors of the Federal Reserve System (U.S.).
  • Covitz, Daniel, and Steven A. Sharpe (2005). "Do Nonfinancial Firms use Interest Rate Derivatives to Hedge?" Finance and Economics Discussion Series 2005-39. Board of Governors of the Federal Reserve System (U.S.).
  • Covitz, Daniel M., and Paul Harrison (2004). "Do Banks Time Bond Issuance to Trigger Disclosure, due Diligence, and Investor Scrutiny?" Journal of Financial Intermediation, vol. 13, no. 3, pp. 299-323.
  • Covitz, Daniel M., Diana Hancock, and Myron L. Kwast (2004). "A Reconsideration of the Risk Sensitivity of U.S. Banking Organization Subordinated Debt Spreads: A Sample Selection Approach," Federal Reserve Bank of New York Economic Policy Review, vol. 10, no. 2, pp. 73-92.
  • Covitz, Daniel M., and Paul Harrison (2003). "Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate," Finance and Economics Discussion Series 2003-68. Board of Governors of the Federal Reserve System (U.S.).
  • Berger, Allen N., Seth D. Bonime, Daniel M. Covitz, and Diana Hancock (2000). "Why Are Bank Profits so Persistent? The Roles of Product Market Competition, Informational Opacity, and Regional/Macroeconomic Shocks," Journal of Banking and Finance, vol. 24, no. 7, pp. 1203-1235.
  • Covitz, Dan, and Paul Harrison (2000). "The Timing of Debt Issuance and Rating Migration: Theory and Evidence," Finance and Economics Discussion Series 2000-10. Board of Governors of the Federal Reserve System (U.S.).
  • Covitz, Daniel, and Erik Heitfield (1999). "Monitoring, Moral Hazard, and Market Power: A Model of Bank Lending," Finance and Economics Discussion Series 1999-37. Board of Governors of the Federal Reserve System (U.S.).
Last update: March 18, 2017