Nicholas A. Zarra

PhD in Finance

New York University

Curriculum Vitae

About

Welcome to my webpage! I am an Economist at the Federal Reserve Board in its Capital Markets section. I graduated from NYU Stern with a PhD in Finance My main research interests are in asset pricing, financial intermediation, and macro-finance. I have secondary interests in public finance.

Update: Feel free to reach me via email at nzarra at nyu dot stern dot edu or nicholas dot zarra at gmail dot com.

Job Market Paper

Do Broker Health Shocks Affect Stock Prices

with Daniel. J. Barth
Broker-dealer health influences prime brokerage credit supply, which hedge funds usually diversify—except in widespread distress, leading to equity price impact.

Publications

Partisanship and Fiscal Policy in Economic Unions: Evidence from US States

with Jerry Carlino, Thorsten Drautzburg, and Robert Inman
American Economic Review, March 2023
The rise of partisan politics in the US diminishes the efficacy of U.S. federal fiscal policy.

Work in Progress

Private Liquidity Backstops: Bank Credit Lines and Loan Mutual Funds

with Andreas Schrimpf, Karamfil Todorov, and Teng Wang
Contrary to conventional wisdom, mutual funds with high liquidity risk use credit lines as a signaling tool to prevent runs, not to manage outflows.

Non-Peer Reviewed Publications

Hedge fund exposure to the carry trade

with Frank Packer, Andreas Schrimpf, and Vladyslav Sushko
BIS Quarterly Review, September 2024
Multi-strategy hedge funds increased carry-trade exposure before August 5th, likely driving market-wide sell-offs during the unwinding event.

Teaching Experience

Lecturer in Corporate Finance--2021

I lectured a 32 person elective course at Stern, receiving perfect teaching reviews (5.0/5.0) and a commendation letter from the school