Photo of Rebecca Zarutskie

Rebecca Zarutskie

Deputy Associate Director Program Direction Section Monetary Affairs
202-452-5292
[email protected]

Education

  • Ph.D., Economics, Massachusetts Institute of Technology, 2003
  • B.A., Economics and Applied Mathematics, The Johns Hopkins University, 1999
Current Research Topics
  • Monetary Policy Transmission
  • Bank Lending Standards and Terms
  • Special Adviser to the Board

    Board of Governors of the Federal Reserve System

    2022 - present
  • Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2021 - present
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2018 - 2021
  • Chief, Banking and Financial Analysis Section

    Board of Governors of the Federal Reserve System

    2015 - 2018
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Adjunct Associate Professor of Finance

    University of Pennsylvania, The Wharton School

    2013 - 2017
  • Economist

    Board of Governors of the Federal Reserve System

    2012 - 2014
  • Visiting Assistant Professor of Finance

    Massachusetts Institute of Technology, Sloan School of Management

    2006 - 2007
  • Assistant Professor of Finance

    Duke University, Fuqua School of Business

    2003 - 2012
  • When does higher leverage lead to higher employee pay?
    Tim Dore and Rebecca Zarutskie
    Review of Corporate Finance Studies (Forthcoming)
  • Understanding Bank Deposit Growth during the COVID-19 Pandemic
    Andrew Castro, Michele Cavallo, and Rebecca Zarutskie
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3133
  • Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
    Camelia Minoiu, Rebecca Zarutskie, and Andrei Zlate
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.078
  • Acquiring Labor
    Paige Ouimet and Rebecca Zarutskie
    Quarterly Journal of Finance (2020)
    https://doi.org/10.1142/S2010139220500111
  • Issues Regarding the Use of the Policy Rate Tool
    Jeffrey Campbell, Thomas B. King, Anna Orlik, and Rebecca Zarutskie
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.070
  • An Aggregate View of Bank Lending Standards and Demand
    David Glancy, Robert Kurtzman, and Rebecca Zarutskie
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2546
  • Interest on Excess Reserves and U.S. Commercial Bank Lending
    Marcelo Rezende, Judit Temesvary, and Rebecca Zarutskie
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2453
  • Firm Leverage, Labor Market Size, and Employee Pay
    Timothy E. Dore and Rebecca Zarutskie
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2017.078r1
  • Pay, Employment, and Dynamics of Young Firms
    Tania Babina, Wenting Ma, Christian Moser, Paige Ouimet, and Rebecca Zarutskie
    Center for Economic Studies (CES) Working Paper Series (2019)
  • Changes in Monetary Policy and Banks' Net Interest Margins: A Comparison across Four Tightening Episodes
    Jared Berry, Felicia Ionescu, Robert Kurtzman, and Rebecca Zarutskie
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2352
  • CEO's Age and the Performance of Closely Held Firms
    Sharon Belenzon, Anastasiya Shamshur, and Rebecca Zarutskie
    Strategic Management Journal (2019)
    https://doi.org/10.1002/smj.3003
  • Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class
    James Mills, Raven Molloy, and Rebecca Zarutskie
    Real Estate Economics (2019)
    https://doi.org/10.1111/1540-6229.12189
    See also » FRB Working Paper (2015)
  • Going Entrepreneurial? IPOs and New Firm Creation
    Tania Babina, Paige Ouimet, and Rebecca Zarutskie
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.022
  • How Did Young Firms Fare during the Great Recession? Evidence from the Kauffman Firm Survey
    Rebecca Zarutskie and Tiantian Yang
    Measuring Entrepreneurial Businesses: Current Knowledge and Challenges (2017)
    See also » FRB Working Paper (2015)
  • Married to the Firm? A Large-Scale Investigation of the Social Context of Ownership
    Sharon Belenzon, Andrea Patacconi, and Rebecca Zarutskie
    Strategic Management Journal (2016)
    https://doi.org/10.1002/smj.2441
  • Are the Borrowing Costs of Large Financial Firms Unusual?
    Javed I. Ahmed, Christopher Anderson, and Rebecca Zarutskie
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.024
  • Who Works for Startups? The Relation between Firm Age, Employee Age, and Growth
    Paige Ouimet and Rebecca Zarutskie
    Journal of Financial Economics (2014)
    https://doi.org/10.1016/j.jfineco.2014.03.003
    See also » FRB Working Paper (2013)
  • Business Investor Activity in the Single-Family-Housing Market
    Raven Molloy and Rebecca Zarutskie
    FEDS Notes (2013)
    https://doi.org/10.17016/2380-7172.0005
  • Competition, Financial Innovation, and Commercial Bank Loan Portfolios
    Rebecca Zarutskie
    Journal of Financial Intermediation (2013)
    https://doi.org/10.1016/j.jfi.2013.02.001
  • On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms
    Manju Puri and Rebecca Zarutskie
    Journal of Finance (2012)
    https://doi.org/10.1111/j.1540-6261.2012.01786.x
  • The Role of Top Management Team Human Capital in Venture Capital Markets: Evidence from First-Time Funds
    Rebecca Zarutskie
    Journal of Business Venturing (2010)
    https://doi.org/10.1016/j.jbusvent.2008.05.008
  • Evidence on the Trade-Off between Risk and Return for IPO and SEO Firms
    Alon Brav, Roni Michaely, Michael Roberts, and Rebecca Zarutskie
    Financial Management (2009)
    https://doi.org/10.1111/j.1755-053X.2009.01034.x
  • Competition and Specialization in Credit Markets
    Rebecca Zarutskie
    Proceedings of a Conference on Bank Structure and Competition (2009)
  • Book Review of Grande Expectations: A Year in the Life of Starbucks' Stock
    Alec Motten and Rebecca Zarutskie
    Duke Magazine (2008)
  • Evidence on the Effects of Bank Competition on Firm Borrowing and Investment
    Rebecca Zarutskie
    Journal of Financial Economics (2006)
    https://doi.org/10.1016/j.jfineco.2005.07.008
  • Does Bank Competition Affect how Much Firms can Borrow? New Evidence from the U.S.
    Rebecca Zarutskie
    Proceedings of a Conference on Bank Structure and Competition (2003)
  • Essays in Corporate Finance and Taxation
    Rebecca Zarutskie
    Massachusetts Institute of Technology (2003)
  • discussion

    January 2022

    American Economic Association Annual Meeting, Virtual Conference

    The Financing and Performance of Young Firms by Brown, Davis, Foster, Haltiwanger, Sabelhaus, and Zhao

  • conference

    September 2021

    International Finance and Banking Society (IFABS), Virtual Conference

    Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program

  • conference

    September 2021

    Northern Finance Association Annual Meeting, Virtual Conference

    Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program

  • discussion

    March 2021

    Midwest Finance Association Annual Meeting, Virtual Conference

    Hiring High-Skilled Labor through Mergers and Acquisitions by Chen, Hshieh, and Zhang

  • discussion

    December 2019

    National Bureau of Economic Research, Cambridge, MA

    Do Startup Employees Earn More in the Long-Run? by Sorenson, Dahl, Canales, and Burton

  • discussion

    May 2019

    Financial Intermediation Research Society Conference, Savannah, GA

    Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing by Ayyagari and Maksimovic

  • conference

    May 2019

    Society of Labor Economists Meeting, Arlington, VA

    Entrepreneurial Wages

  • conference

    January 2019

    American Finance Association Annual Meeting, Atlanta, GA

    Entrepreneurial Wages

  • discussion

    June 2018

    London Business School Summer Finance Symposium, London, UK

    The Real Effects of Transparency on Within Firm Gender Pay Disparities by Bennedsen, Simintzi, Tsoustoura, and Wolfenzon

  • seminar

    April 2018

    American University Kogod School of Business, Washington, DC

    Entrepreneurial Wages

  • discussion

    January 2018

    American Economic Association Annual Meeting, Philadelphia, PA

    Business Dynamics and Worker Earnings by McCue and Stinson

  • seminar

    October 2017

    George Mason University School of Public Policy, Arlington, VA

    Going Entrepreneurial? IPOs and New Firm Creation

  • discussion

    May 2017

    Society for Financial Studies Cavalcade, Vanderbilit University, Nashville, TN

    Is Private Equity Good for Customers? by Fracassi, Previtero, and Sheen

  • discussion

    April 2017

    Fixed Income and Financial Institutions Conference, University of South Carolina, Columba, SC

    Financial Crises, Financial Constraints, and Government Guarantees by Hackney

  • conference

    January 2017

    American Finance Association Annual Meeting, Chicago, IL

    Going Entrepreneurial? IPOs and New Firm Creation

  • seminar

    August 2016

    Federal Reserve Bank of Richmond, Charlotte, NC

    Are the Borrowing Costs of Large Financial Firms Unusual?

  • conference

    May 2016

    Darden/Camridge Judge Entrepreneurship and Innovation Research Conference, Washington, DC

    Going Entrepreneurial? IPOs and New Firm Creation

  • seminar

    November 2015

    U.S. Census Bureau Center for Economic Studies, Suitland, MD

    Going Entrepreneurial? IPOs and New Firm Creation

  • discussion

    May 2015

    Financial Intermediation Research Society Conference, Reykjavik, Iceland

    Comparative Advantage and Specialization in Bank Lending by Paravasini, Rappoport, and Schnabl

  • conference

    December 2014

    NBER/CRIW Conference on Measuring Entrepreneurial Businesses, Washington, DC

    How Did Young Firms Fare During the Great Recession? Evidence from the Kauffman Firm Survey

  • discussion

    December 2014

    NBER Entrepreneurship Working Group Meeting, Cambridge, MA

    Unobserved Ability and Entrepreneurship by Hegde and Tumlinson

  • conference

    October 2014

    Federal Reserve System Conference on Financial Structure and Regulation, Houston, TX

    Are the Borrowing Costs of Large Financial Firms Unusual?

  • seminar

    May 2014

    University of Maryland, Robert Smith School of Business, College Park, MD

    Are the Borrowing Costs of Large Financial Firms Unusual?

  • seminar

    November 2013

    George Mason University, Fairfax, VA

    Consuming the Firm: Owner Age, Exit Strategy, and Firm Performance

  • seminar

    August 2013

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

    Bank Organizational Complexity and Business Lending Terms

  • conference

    June 2013

    Conference on the Governance of Family Firms, Renmin University, Beijing, China

    Married to the Firm? Family Ownership, Performance and Survival in Private Firms

  • discussion

    June 2013

    Entrepreneurial Finance and Innovation Conference, Brandeis University, Waltham, MA

    Do SBA Loans Create Jobs? by Brown and Earle

  • seminar

    May 2013

    Institute for Research in Industrial Economics, Stockholm, Sweden

    Who Works for Startups? The Relation between Firm Age, Employee Age, and Growth

  • seminar

    January 2013

    World Bank, Washington, DC

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    June 2012

    Financial Intermediation Research Society Conference on Banking, Corporate Finance and Intermediation, Minneapolis, MN

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    May 2012

    Society of Labor Economists Meeting, Chicago, IL

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

  • conference

    January 2012

    Jackson Hole Winter Finance Conference, Jackson Hole, WY

    Who Works for Startups? The Relation between Firm Age, Employee Age and Growth

Awards
  • 1999

    National Science Foundation

    Graduate Research Fellowship

  • 2016

    Society for Financial Studies Finance Cavalcade

    Best Paper in Corporate Finance Award

Conference Organization
  • 2013 to Present

    European Finance Association Annual Meeting

    Program Committee

  • 2016 to Present

    Financial Intermediation Research Society Annual Meeting

    Program Committee

  • 2020

    Frontiers of Entrepreneurship Conference

    Chair, "Startup Compensation"

  • 2019

    Financial Intermediation Research Society Annual Meeting

    Chair, "Promoting Innovation"

  • 2015

    Financial Intermediation Research Society Annual Meeting

    Chair, "Bank Competition, Investment, and Profits"

  • 2008

    American Finance Association Annual Meeting

    Session Chair, "Which CEOs Matter and When?"

  • 2006 to 2018

    Western Finance Association Annual Meeting

    Program Committee

  • 2006

    Duke-UNC Corporate Finance Conference

    Co-Organizer

Editor
  • Editorial board, Journal of Business Venturing, 2010 to 2016
Referee
  • American Economic Review
  • Elsevier Publishing
  • International Journal of the Economics of Business
  • International Review of Economics and Finance
  • John Wiley & Sons Publishing
  • Journal of Banking and Finance
  • Journal of Business Venturing
  • Journal of Business Ethics
  • Journal of Corporate Finance
  • Journal of Economics and Business
  • Journal of Economics and Management Strategy
  • Journal of the European Economic Association
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Financial Intermediation
  • Journal of Financial Services Research
  • Journal of Financial and Quantitative Analysis
  • Journal of International Money and Finance
  • Journal of Law, Economics and Organization
  • Journal of Money, Credit and Banking
  • Journal of Political Economy
  • Journal of Public Economics
  • Journal of Regional Science
  • Management Science
  • Real Estate Economics
  • Review of Corporate Finance Studies
  • Review of Economic Studies
  • Review of Economics and Statistics
  • Review of Financial Studies
  • Review of Finance
  • Review of Industrial Organization
  • Social Sciences and Humanities Research Council of Canada
  • Strategic Management Journal
  • Quantitative Economics
  • Quarterly Review of Economics and Finance
Professional Affiliation
  • American Economic Association
  • American Finance Association
  • Western Finance Association
Last update: July 25, 2022