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: 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.