The Federal Reserve Board employs over 300 Ph.D. economists, who represent an exceptionally diverse range of interests and specific areas of expertise. Board economists conduct cutting edge research, produce numerous working papers, and are among the leading contributors at professional meetings and in major journals. Our economists also produce a wide variety of economic analyses and forecasts for the Board of Governors and the Federal Open Market Committee.

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Research and Statistics

The Division of Research and Statistics is responsible for developing and presenting economic and financial data and analysis for the use of the Board, the Federal Open Market Committee, and other Federal Reserve System officials. This information serves as background for the formulation and conduct of monetary, regulatory, and supervisory policies. In addition, the division fosters a broader understanding of issues relating to economic policy by providing leadership in economic and statistical research and by supplying data and analyses for public release.

Short-Term Funding Markets

The Short-Term Funding Markets (STFM) section primarily produces research and policy-relevant analysis of short-term funding markets to support and inform the Board in carrying out its monetary policy, financial stability, and macroprudential responsibilities. Staff develop and improve the data, analytical tools, and theory relevant to understanding maturity and liquidity transformation conditions affecting short-term funding market participants without their receiving direct access to a lender of last resort backstop or credible deposit insurance. Staff research covers a broad range of financial markets, activities, and institutions, with a focus on the sources of short-term funding that are subject to investor runs, such as money market mutual funds, commercial paper, repurchase agreements, and securities lending. Section staff strive to use data-oriented, rigorous academic research to develop the technical skill and institutional knowledge needed to conduct durable policy analysis of how the use of short-term funding can affect financial stability, the availability of credit, long-run economic growth, and the transmission of U.S. monetary policy.

Photo of Jack Bao
Jack Bao Principal Economist Short-Term Funding Markets
Research and Statistics

Photo of Yi Li
Yi Li Economist Short-Term Funding Markets
Research and Statistics

Image of Board Seal
Xing (Alex) Zhou Senior Economist Short-Term Funding Markets
Research and Statistics
Photo of Francesca Zucchi
Francesca Zucchi Economist Short-Term Funding Markets
Research and Statistics
Last update: July 17, 2017