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Meet the Researchers

Photo of Daniel M. Covitz

Daniel M. Covitz

Deputy Director Program Direction Section Research and Statistics
[email protected]

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
  • Financial Stability Monitoring
    Tobias Adrian, Daniel M. Covitz, and J. Nellie Liang
    Annual Review of Financial Economics (2015)
    https://doi.org/10.1146/annurev-financial-111914-042008
    See also » FRB Working Paper (2013)
  • The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market
    Daniel Covitz, Nellie Liang, and Gustavo A. Suarez
    Journal of Finance (2013)
    https://doi.org/10.1111/jofi.12023
    See also » FRB Working Paper (2009)
  • Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility
    Sean Campbell, Daniel Covitz, William Nelson, and Karen Pence
    Journal of Monetary Economics (2011)
    https://doi.org/10.1016/j.jmoneco.2011.05.003
    See also » FRB Working Paper (2011)
  • Liquidity or Credit Risk? The Determinants of Very Short-Term Corporate Yield Spreads
    Daniel Covitz and Chris Downing
    Journal of Finance (2007)
    https://doi.org/10.1111/j.1540-6261.2007.01276.x
  • Are Longer Bankruptcies Really More Costly?
    Daniel M. Covitz, Song Han, and Beth Anne Wilson
    Finance and Economics Discussion Series (2006)
    https://doi.org/10.17016/FEDS.2006.27
  • Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?
    Daniel Covitz and Steven A. Sharpe
    Finance and Economics Discussion Series (2005)
    https://doi.org/10.17016/FEDS.2005.39
  • An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default
    Daniel Covitz and Song Han
    Finance and Economics Discussion Series (2005)
    https://doi.org/10.17016/FEDS.2005.10
  • Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate
    Daniel M. Covitz and Paul Harrison
    Finance and Economics Discussion Series (2004)
    https://doi.org/10.17016/FEDS.2003.68
  • A Reconsideration of the Risk Sensitivity of U.S. Banking Organization Subordinated Debt Spreads: A Sample Selection Approach
    Daniel M. Covitz, Diana Hancock, and Myron L. Kwast
    Economic Policy Review (2004)
  • Do Banks Time Bond Issuance to Trigger Disclosure, Due Diligence, and Investor Scrutiny?
    Daniel M. Covitz and Paul Harrison
    Journal of Financial Intermediation (2004)
    https://doi.org/10.1016/j.jfi.2003.10.001
  • The Timing of Debt Issuance and Rating Migrations: Theory and Evidence
    Dan Covitz and Paul Harrison
    Finance and Economics Discussion Series (2000)
    https://doi.org/10.17016/FEDS.2000.10
  • Why Are Bank Profits So Persistent? The Roles of Product Market Competition, Informational Opacity, and Regional/Macroeconomic Shocks
    Allen N. Berger, Seth D. Bonime, Daniel M. Covitz, and Diana Hancock
    Journal of Banking & Finance (2000)
    https://doi.org/10.1016/S0378-4266(99)00124-7
    See also » FRB Working Paper (1999)
  • Monitoring, Moral Hazard, and Market Power: A Model of Bank Lending
    Daniel Covitz and Erik Heitfield
    Finance and Economics Discussion Series (1999)
    https://doi.org/10.17016/FEDS.1999.37
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Last Update: November 21, 2025