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 nick dot zarra at nyu dot frb dot gov or nicholas dot zarra at gmail dot com.
Job Market Paper
UPDATED WITH CONFIDENTIAL DATA RESULTS: Broker-dealer health influences prime brokerage credit supply, which hedge funds usually diversify—except in widespread distress, leading to equity price impact.
- Slides: Slides
Publications
The rise of partisan politics in the US diminishes the efficacy of U.S. federal fiscal policy.
- Other Versions: NBER WP, Philly Fed WP
- Media Coverage: VoxEU
Work in Progress
Risk-off episodes have diverse economic triggers but a common intermediary mechanism: levered investors delever, sell equities and other risky assets, and the securities most exposed to them perform poorly.