Egon Zakrajšek
Senior Adviser
Monetary and Economic Department
Egon Zakrajšek joined the BIS in August 2019 after nearly 25 years with the US Federal Reserve System. A native of Slovenia, Egon started his career in the research department of the Federal Reserve Bank of New York and later joined the division of Monetary Affairs at the Board of Governors of the Federal Reserve System in Washington DC. In Monetary Affairs, Egon served as the chief of the Banking Analysis section and in 2007 was appointed to the Board's official staff. Between 2007 and 2019, he held a succession of senior roles in the division, most recently as a Senior Adviser. His research on the role of financial factors in economic fluctuations has been published in leading academic journals, including the American Economic Review and the Quarterly Journal of Economics. Egon is a CEPR Research Fellow, a Research Fellow at the Centre for Finance, Credit and Macroeconomics at the University of Nottingham and serves as the editor of BIS Working Papers. In addition to his extensive policy experience, he has also taught economics at Columbia University and Johns Hopkins University. Egon holds a PhD in economics from New York University.
Fields of interest
- Macroeconomics
- Monetary policy
- Finance
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"US monetary policy and international bond markets" (with S Gilchrist and V Yue), Journal of Money, Credit and Banking, forthcoming.
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" Trade exposure and the evolution of inflation dynamics" (with S Gilchrist), Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, February 2019.
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" Financial heterogeneity and monetary union" (with S Gilchrist, R Schoenle and J Sim), Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, June 2018.
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"US monetary policy and international bond markets" (with S Gilchrist and V Yue), Journal of Money, Credit and Banking, forthcoming.
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" Interest rate risk and bank equity valuations" (with W English and S Van den Heuvel), Journal of Monetary Economics, October 2018.
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" Comment on the bank liabilities channel", Journal of Monetary Economics, August 2017.
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" Looking under the hood: The two faces of inflation" (with C Borio, P Disyatat and D Xia), VoxEU, January 2022.
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" Credit-market sentiment and the business cycle" (with D López-Salido and J Stein), The Quarterly Journal of Economics, May 2017.
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" Inflation dynamics during the financial crisis" (with S Gilchrist, R Schoenle and J Sim), American Economic Review, March 2017.
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"The response of sovereign bond yields to US monetary policy" (with S Gilchrist and V Yue), in E Albagli, D Saravia and M Woodford (eds), Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world, Central Bank of Chile Central Banking, Analysis, and Economic Policies Book Series, 2016.
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" The macroeconomic impact of financial and uncertainty shocks" (with D Caldara, C Fuentes-Albero and S Gilchrist), European Economic Review, September 2016.
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" Customer markets and financial frictions: implications for inflation dynamics" (with S Gilchrist), Federal Reserve Bank of Kansas City, Economic Policy Symposium Proceedings, August 2015.
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" Recession risk and the excess bond premium" (with G Favara, S Gilchrist and K Lewis), Board of Governors of the Federal Reserve System, FEDS Notes, April 2016.
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" Monetary policy and real borrowing costs at the zero lower bound" (with S Gilchrist and D López-Salido), American Economic Journal, January 2015.
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" Uncertainty, financial frictions, and investment dynamics" (with S Gilchrist and J Sim), National Bureau of Economic Research, Working Paper, April 2014.
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" Improving our ability to monitor bank lending" (with W Bassett, S Gilchrist and G Weinbach), University of Chicago Press, NBER Conference Report, 2014.
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" Stress-testing US bank holding companies: a dynamic panel quantile regression approach" (with F Covas and B Rump), International Journal of Forecasting, September 2014.
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" Changes in bank lending standards and the macroeconomy" (with W Bassett, M Chosak and J Driscoll), Journal of Monetary Economics, March 2014.
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" Credit spreads as predictors of real-time economic activity: a Bayesian model-averaging approach" (with J Faust, S Gilchrist and J Wright), The Review of Economics and Statistics, December 2013.
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" The impact of the Federal Reserve's Large-Scale Asset Purchase Programs on corporate credit risk" (with S Gilchrist), Journal of Money, Credit and Banking, November 2013.
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" Misallocation and financial market frictions: some direct evidence from the dispersion in borrowing costs" (with S Gilchrist and J Sim), Review of Economic Dynamics, January 2013.
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" A discussion of 'monetary policy, macroprudential policy, and banking stability: evidence from the Euro Area'", International Journal of Central Banking, March 2013.
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" Credit spreads and business cycle fluctuations" (with S Gilchrist), American Economic Review, June 2012.
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Bank lending and credit supply shocks” (with S Gilchrist), International Economic Association, 2012.
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"Credit supply shocks and economic activity in a financial accelerator mode” (with S Gilchrist), Russell Sage Foundation, 2012.
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" Monetary policy and credit supply shocks" (with S Gilchrist), International Monetary Fund, Economic Review, June 2011.
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" Credit market shocks and economic fluctuations: evidence from corporate bond and stock markets" (with S Gilchrist and V Yankov), Journal of Monetary Economics, May 2009.
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" Inventory dynamics and business cycles: what has changed?" (with J McCarthy), Journal of Money, Credit and Banking, April 2007.
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" Frictions in the markets for corporate debt and credit derivatives" (with A Levin and R Perli), European Central Bank, Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk, April 2007.
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" Investment and the cost of capital: new evidence from the corporate bond market" (with S Gilchrist), National Bureau of Economic Research, Working Paper, June 2007.
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" The magnitude and cyclical behavior of financial market frictions" (with A Levin and F Natalucci), Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series, November 2004.
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" Recent developments in business lending by commercial banks" (with W Bassett), The Federal Reserve Board, Federal Reserve Bulletin, December 2003.
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" Profits and balance sheet developments at US commercial banks in 2000" (with W Bassett), The Federal Reserve Board, Federal Reserve Bulletin, June 2001.
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" Profits and balance sheet developments at US commercial banks in 1999" (with W Bassett), The Federal Reserve Board, Federal Reserve Bulletin, June 2000.
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"The importance of credit for macroeconomic activity: identification through heterogeneity” (with S Gilchrist), in Brakman Steven, Hans van Ees, and Simon K. Kuipers eds., Market Behaviour and Macroeconomic Modelling. UK: Palgrave Macmillan, 1998.