Photo of Egon Zakrajsek

Egon Zakrajsek

Education

  • Ph.D., Economics, New York University, 1995
  • M.A., Economics, New York University, 1992
  • B.A., Economics, University of California - Santa Cruz, 1989
Current Research Topics
  • Sovereign Credit Risk
  • Financial Frictions and Firm Pricing Behavior
  • Economist

    Board of Governors of the Federal Reserve System

    1999 - present
  • Adjunct Professor

    Johns Hopkins University, Zanvyl Krieger School of Arts and Sciences

    2001 - 2004
  • Economist

    Federal Reserve Bank of New York

    1995 - 1999
  • Adjunct Professor

    Columbia University, Department of Economics and School of International and Public Affairs

    1997 - 1999
  • Zakrajšek, Egon (forthcoming). "Comment on the Bank Liabilities Channel," Journal of Monetary Economics.
  • Lopez-Salido, David, Jeremy C. Stein, and Egon Zakrajšek (forthcoming). "Credit-Market Sentiment and the Business Cycle," Quarterly Journal of Economics.
  • Gilchrist, Simon, Raphael Schoenle, Jae Sim, and Egon Zakrajšek (2017). "Inflation Dynamics during the Financial Crisis," American Economic Review, vol. 107, no. 3, pp. 785-823.
  • Gilchrist, Simon, Vivian Z. Yue, and Egon Zakrajšek (2016). "The Response of Sovereign Bond Yields to U.S. Monetary Policy," in Albagli, Elias, Diego Saravia, and Michael Woodford eds., Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World. Central Banking, Analysis, and Economic Policies Book Series, no. 24. Santiago: Central Bank of Chile, pp. 257-283.
  • Caldara, Dario, Cristina Fuentes-Albero, Simon Gilchrist, and Egon Zakrajšek (2016). "The Macroeconomic Impact of Financial and Uncertainty Shocks," European Economic Review, vol. 88, pp. 185-207.
  • Gilchrist, Simon and Egon Zakrajsek (2016). "Customer Markets and Financial Frictions: Implications for Inflation Dynamics," in Inflation Dynamics and Monetary Policy: 2015 Jackson Hole Economic Policy Symposium Proceedings, Federal Reserve Bank of Kansas City, pp. 1-52.
  • Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajšek (2016). "Updating the Recession Risk and the Excess Bond Premium," FEDS Notes 2016-10-06. Board of Governors of the Federal Reserve System (U.S.).
  • Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajsek (2016). "Recession Risk and the Excess Bond Premium," FEDS Notes 2016-04-08. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, J. David Lopez-Salido, and Egon Zakrajsek (2015). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," American Economic Journal: Macroeconomics, vol. 7, no. 1, pp. 77-109.
  • Gilchrist, Simon, Jae W. Sim, and Egon Zakrajšek (2014). "Uncertainty, Financial Frictions, and Investment Dynamics," NBER Working Paper 20038. National Bureau of Economic Research.
  • English, William B., Skander J. Van den Heuvel, and Egon Zakrajsek (2014). "Interest Rate Risk and Bank Equity Valuations," Working Paper Series 14-05. Wharton Financial Institutions Center.
  • Bassett, William F., Simon Gilchrist, Gretchen C. Weinbach, and Egon Zakrajšek (2014). "Improving our Ability to Monitor Bank Lending," in Brunnermeier, Markus K., and Arvind Krishnamurthy eds., Risk Topography: Systemic Risk and Macro Modeling. A National Bureau of Economic Research Conference Report. Chicago, IL: The University of Chicago Press, pp. 149-161.
  • Covas, Francisco, Ben Rump, and Egon Zakrajsek (2014). "Stress-Testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach," International Journal of Forecasting, vol. 30, no. 3, pp. 691-793.
  • Bassett, William F., Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek (2014). "Changes in Bank Lending Standards and the Macroeconomy," Journal of Monetary Economics, vol. 62, pp. 23-40.
  • Faust, Jon, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek (2013). "Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach," Review of Economics and Statistics, vol. 95, no. 5, pp. 1501-1519.
  • Gilchrist, Simon, and Egon Zakrajsek (2013). "The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk," Journal of Money, Credit and Banking, vol. 45, no. 2, pp. 29-57.
  • Gilchrist, Simon, Jae W. Sim, and Egon Zakrajsek (2013). "Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs," Review of Economic Dynamics, vol. 16, no. 1, pp. 159-176.
  • Zakrajsek, Egon (2013). "A Discussion of "Monetary Policy, Macroprudential Policy, and Banking Stability: Evidence from the Euro Area," by A. Maddaloni and J-L Peydro," International Journal of Central Banking, vol. 9, no. 1, pp. 171-182.
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Credit Spreads and Business Cycle Fluctuations," American Economic Review, vol. 102, no. 4, pp. 1692-1720.
  • Gilchrist, Simon, and Egon Zakrajšek (2012). "Bank Lending and Credit Supply Shocks," in Franklin Allen, Masahiko Aoki, Jean-Paul Fitoussi, Nobuhiro Kiyotaki, Roger Gordon, and Joseph E. Stiglitz eds., The Global Macro Economy and Finance. International Economic Association Series. Basingstoke, UK: Palgrave Macmillan, pp. 154-176.
  • Gilchrist, Simon, and Egon Zakrajsek (2012). "Credit Supply Shocks and Economic Activity in a Financial Accelerator Model," in Blinder, Alan S., Andrew W. Lo and Robert M. Solow eds., Rethinking the Financial Crisis. New York: Russell Sage Foundation, pp. 37-72.
  • Gilchrist, Simon, and Egon Zakrajsek (2011). "Monetary Policy and Credit Supply Shocks," IMF Economic Review, vol. 59, no. 2, pp. 195-232.
  • Gilchrist, Simon, Vladimir Yankov, and Egon Zakrajsek (2009). "Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets," Journal of Monetary Economics, vol. 56, no. 4, pp. 471-493.
  • McCarthy, Jonathan, and Egon Zakrajsek (2007). "Inventory Dynamics and Business Cycles: What has Changed?" Journal of Money, Credit, and Banking, vol. 39, no. 2-3, pp. 591-613.
  • Zakrajsek, Egon, Andrew T. Levin, and Roberto Perli (2007). "Frictions in the Markets for Corporate Debt and Credit Derivatives," in Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk. Frankfurt: European Central Bank.
  • Gilchrist, Simon, and Egon Zakrajšek (2007). "Investment and the Cost of Capital: New Evidence from the Corporate Bond Market," NBER Working Paper 13174. National Bureau of Economic Research.
  • Levin, Andrew T., Fabio M. Natalucci, and Egon Zakrajsek (2004). "The Magnitude and Cyclical Behavior of Financial Market Frictions," Finance and Economics Discussion Series 2004-70. Board of Governors of the Federal Reserve System (U.S.).
  • Bassett, William F., and Egon Zakrajšek (2003). "Recent Developments in Business Lending by Commercial Banks," Federal Reserve Bulletin, vol. 89, no. 12, pp. 477-492.
  • Bassett, William F., and Egon Zakrajšek (2001). "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2000," Federal Reserve Bulletin, vol. 87, no. 6, pp. 367-393.
  • Carpenter, Seth B., William Whitesell, and Egon Zakrajsek (2001). "Capital Requirements, Business Loans, and Business Cycles: An Empirical Analysis of the Standardized Approach in the New Basel Capital Accord," Finance and Economics Discussion Series 2001-48. Board of Governors of the Federal Reserve System (U.S.).
  • Bassett, William F., and Egon Zakrajšek (2000). "Profits and Balance Sheet Developments at U.S. Commercial Banks in 1999," Federal Reserve Bulletin, vol. 86, no. 6, pp. 367-395.
  • Higgins, Matthew, and Egon Zakrajšek (2000). "Purchasing Power Parity: Three Stakes Through the Heart of the Unit Root Null," Finance and Economics Discussion Series 2000-22. Board of Governors of the Federal Reserve System (U.S.).
  • Harrigan, James, and Egon Zakrajšek (2000). "Factor Supplies and Specialization in the World Economy," Finance and Economics Discussion Series 2000-43. Board of Governors of the Federal Reserve System (U.S.).
  • McCarthy, Jonathan, and Egon Zakrajšek (2000). "Microeconomic Inventory Adjustment: Evidence from U.S. Firm-Level Data," Finance and Economics Discussion Series 2000-24. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, and Egon Zakrajšek (1998). "The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity," in Brakman Steven, Hans van Ees, and Simon K. Kuipers eds., Market Behaviour and Macroeconomic Modelling. UK: Palgrave Macmillan, pp. 129-157.
  • Gilchrist, Simon G., and Egon Zakrajšek (1995). "The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity," in Peek, Joe, and Eric Rosengren S. eds., Is Bank Lending Important for the Transmission of Monetary Policy? Federal Reserve Bank of Boston, pp. 129-158.
Conference Organization
  • June 19-20, 2013 | De Nederlandsche Bank, Amsterdam

    The Role of Financial Intermediaries in Monetary Policy Transmission

    Member of the Program Committee

  • May 30-June 2, 2013 | Dubrovnik, Croatia

    Financial Intermediation Research Society Conference

    Member of the Program Committee

  • June 1-4, 2014 | Quebec City, Canada

    Financial Intermediation Research Society Conference

    Member of the Program Committee

  • May 24-27, 2015 | Reykjavik, Iceland

    Financial Intermediation Research Society Conference

    Member of the Program Committee

Referee
  • American Economic Review
  • American Economic Journal: Macroeconomics
  • Contemporary Economic Policy
  • Canadian Journal of Economics
  • European Economic Review
  • Economic Journal
  • International Journal of Central Banking
  • International Journal of Forecasting
  • Journal of Applied Econometrics
  • Journal of Banking and Finance
  • Journal of the European Economic Association
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of International Money and Finance
  • Journal of Money, Credit, and Banking
  • Journal of Monetary Economics
  • Journal of Political Economy
  • Review of Economic Dynamics
  • Review of Economics and Statistics
  • Review of Financial Studies
  • Scandinavian Journal of Economics
Professional Affiliation
  • Research Fellow, Center for Finance, Credit, and Macroeconomics, The University of Nottingham, June 2013--present
Last update: July 17, 2017