Meet the Researchers
Rebecca Zarutskie
[email protected]
Education
- Ph.D., Economics, Massachusetts Institute of Technology, 2003
- B.A., Economics and Applied Mathematics, The Johns Hopkins University, 1999
- Monetary Policy Transmission
- Bank Lending Standards and Terms
Special Adviser to the Board
Board of Governors of the Federal Reserve System
2022 - presentDeputy Associate Director
Board of Governors of the Federal Reserve System
2021 - presentAssistant Director
Board of Governors of the Federal Reserve System
2018 - 2021Chief, Banking and Financial Analysis Section
Board of Governors of the Federal Reserve System
2015 - 2018Senior Economist
Board of Governors of the Federal Reserve System
2014 - 2015Adjunct Associate Professor of Finance
University of Pennsylvania, The Wharton School
2013 - 2017Economist
Board of Governors of the Federal Reserve System
2012 - 2014Visiting Assistant Professor of Finance
Massachusetts Institute of Technology, Sloan School of Management
2006 - 2007Assistant Professor of Finance
Duke University, Fuqua School of Business
2003 - 2012
- When Does Higher Firm Leverage Lead to Higher Employee Pay?
Timothy E. Dore and Rebecca Zarutskie
Review of Corporate Finance Studies (2023)
https://doi.org/10.1093/rcfs/cfac032 - Considerations regarding the use of the discount window to support economic activity through a funding for lending program
Mark Carlson and Rebecca Zarutskie
Finance and Economics Discussion Series (2022)
https://doi.org/10.17016/FEDS.2022.070 - 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
November 2023Financial Stability Conference: Financial Stability in Times of Macroeconomic Uncertainty, Cleveland, OH
Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? by Matvos, Jiang, Piskorski, and Seru
discussion
September 2023FDIC 22nd Annual Bank Research Conference, Arlington, VA
The Effect of Minority Bank Ownership on Minority Credit by Hurtado and Sakong; Social Capital and Mortgages by An, El Ghoul, Guedhami, Levine, and Roman
discussion
July 2023NBER Summer Institute, Cambridge, MA
Job Transitions and Employee Earnings After Acquisitions: Linking Corporate and Worker Outcomes by Moon, Arnold, Milligan, and Tavakoli
discussion
March 2023Midwest Finance Association Annual Meeeting, Chicago, IL
Banks, Fintech Disruptions, and Labor Consequences by Tran
discussion
January 2022American Economic Association Annual Meeting, Virtual Conference
The Financing and Performance of Young Firms by Brown, Davis, Foster, Haltiwanger, Sabelhaus, and Zhao
conference
September 2021International Finance and Banking Society (IFABS), Virtual Conference
Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
conference
September 2021Northern Finance Association Annual Meeting, Virtual Conference
Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
discussion
March 2021Midwest Finance Association Annual Meeting, Virtual Conference
Hiring High-Skilled Labor through Mergers and Acquisitions by Chen, Hshieh, and Zhang
discussion
December 2019National Bureau of Economic Research, Cambridge, MA
Do Startup Employees Earn More in the Long-Run? by Sorenson, Dahl, Canales, and Burton
discussion
May 2019Financial Intermediation Research Society Conference, Savannah, GA
Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing by Ayyagari and Maksimovic
conference
May 2019Society of Labor Economists Meeting, Arlington, VA
Entrepreneurial Wages
conference
January 2019American Finance Association Annual Meeting, Atlanta, GA
Entrepreneurial Wages
discussion
June 2018London 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 2018American University Kogod School of Business, Washington, DC
Entrepreneurial Wages
discussion
January 2018American Economic Association Annual Meeting, Philadelphia, PA
Business Dynamics and Worker Earnings by McCue and Stinson
seminar
October 2017George Mason University School of Public Policy, Arlington, VA
Going Entrepreneurial? IPOs and New Firm Creation
discussion
May 2017Society for Financial Studies Cavalcade, Vanderbilit University, Nashville, TN
Is Private Equity Good for Customers? by Fracassi, Previtero, and Sheen
discussion
April 2017Fixed Income and Financial Institutions Conference, University of South Carolina, Columba, SC
Financial Crises, Financial Constraints, and Government Guarantees by Hackney
conference
January 2017American Finance Association Annual Meeting, Chicago, IL
Going Entrepreneurial? IPOs and New Firm Creation
seminar
August 2016Federal Reserve Bank of Richmond, Charlotte, NC
Are the Borrowing Costs of Large Financial Firms Unusual?
conference
May 2016Darden/Camridge Judge Entrepreneurship and Innovation Research Conference, Washington, DC
Going Entrepreneurial? IPOs and New Firm Creation
seminar
November 2015U.S. Census Bureau Center for Economic Studies, Suitland, MD
Going Entrepreneurial? IPOs and New Firm Creation
discussion
May 2015Financial Intermediation Research Society Conference, Reykjavik, Iceland
Comparative Advantage and Specialization in Bank Lending by Paravasini, Rappoport, and Schnabl
conference
December 2014NBER/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 2014NBER Entrepreneurship Working Group Meeting, Cambridge, MA
Unobserved Ability and Entrepreneurship by Hegde and Tumlinson
conference
October 2014Federal Reserve System Conference on Financial Structure and Regulation, Houston, TX
Are the Borrowing Costs of Large Financial Firms Unusual?
seminar
May 2014University of Maryland, Robert Smith School of Business, College Park, MD
Are the Borrowing Costs of Large Financial Firms Unusual?
seminar
November 2013George Mason University, Fairfax, VA
Consuming the Firm: Owner Age, Exit Strategy, and Firm Performance
seminar
August 2013Office of Financial Research, U.S. Department of the Treasury
Bank Organizational Complexity and Business Lending Terms
conference
June 2013Conference on the Governance of Family Firms, Renmin University, Beijing, China
Married to the Firm? Family Ownership, Performance and Survival in Private Firms
discussion
June 2013Entrepreneurial Finance and Innovation Conference, Brandeis University, Waltham, MA
Do SBA Loans Create Jobs? by Brown and Earle
seminar
May 2013Institute for Research in Industrial Economics, Stockholm, Sweden
Who Works for Startups? The Relation between Firm Age, Employee Age, and Growth
seminar
January 2013World Bank, Washington, DC
Who Works for Startups? The Relation between Firm Age, Employee Age and Growth
conference
June 2012Financial 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 2012Society of Labor Economists Meeting, Chicago, IL
Who Works for Startups? The Relation between Firm Age, Employee Age and Growth
conference
January 2012Jackson 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
- Financial Management
- 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 and Quantitative Analysis
- Journal of Financial Services Research
- Journal of Financial Stability
- 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