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Anna Kovner
Anna Kovner is Executive Vice President and Director of Research at the Federal Reserve Bank of Richmond. She advises the Bank's president on matters related to monetary policy and is a member of the Bank's Management Committee. She leads the Research department, which conducts economic research and works to understand and support the regional economies of the Fifth District: the Carolinas, Maryland, Virginia, Washington, D.C., and most of West Virginia.
Kovner joined the Richmond Fed in 2024 and has more than 15 years of experience in research and policy analysis on financial stability and monetary policy. At the New York Fed, she held several leadership roles in the Research and Statistics Group, most recently as director of Financial Stability Policy Research, where she led the group's financial stability work and related briefings. She co-led System initiatives on financial stability and monetary policy, led the New York Fed's stress-testing revenue modeling team, and helped design the Fed's COVID-19 emergency facilities for commercial paper and corporate credit.
Kovner's research examines how banks and credit markets affect the economy. Her papers have appeared in the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies, among others. She is an associate editor of the Journal of Banking and Finance.
Before her Fed career, Kovner worked as an investor at GSC Partners and in mergers and acquisitions at Lazard Frères. She holds a PhD in business economics from Harvard University, an MBA from Harvard Business School, and a bachelor's degree in economics from Princeton University.
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Academic Publications
Journal of Monetary Economics, Volume 152, June 2025Previous Version: Working Paper, September 2024, No. 24-09Annual Review of Economics, Vol. 14, 2022: 39-56Journal of Financial Economics, Vol. 145(3), September 2022: 802-826Journal of Money, Credit and Banking, Vol. 54(5), August 2022: 1313-1367Federal Reserve Bank of New York Economic Policy Review, Vol. 28, No. 1, June 2022: 114-129Federal Reserve Bank of New York Economic Policy Review, Vol. 28, No. 1, June 2022: 1-34Journal of Financial Economics, Vol. 144(3), June 2022: 695-731FEDS Notes, Washington: Board of Governors of the Federal Reserve System, May 12, 2022Federal Reserve Bank of New York Economic Policy Review, Vol. 27, No. 2, August 2021FEDS Notes, Washington: Board of Governors of the Federal Reserve System, March 19, 2021Journal of Finance, Vol. 75(5), October 2020: 2756-2808Journal of Financial Intermediation, Vol. 30, April 2017: 1-34Federal Reserve Bank of New York Economic Policy Review, Vol. 23, No. 1, February 2017: 57-77Journal of Financial Intermediation, Vol. 29, January 2017: 1-18Journal of Banking and Finance, Vol. 69, Supplement 1, August 2016: S35-S55Journal of Economics and Management Strategy, Vol. 24(3), Fall 2015: 643-663Federal Reserve Bank of New York Economic Policy Review, Vol. 20, No. 2, December 2014Journal of Financial Intermediation, Vol. 21, No. 3, July 2012: 507-529Journal of Finance, Vol. 66(4), August 2011: 1109-1139The Review of Financial Studies, Vol. 24(7), 2011: 2462-2498Journal of Financial Economics, Vol. 96(1), April 2010: 18-32Journal of Urban Economics, Vol. 67(1), January 2010: 90-102Journal of Economics and Management Strategy, Vol. 18(3), Fall 2009: 817-844Journal of Financial Economics, Vol. 87(1), January 2008: 1-23
2nd Prize Fama/DFA Prize for the best paper in Capital Markets and Asset Pricing
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Working Papers
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Bank Publications
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Speeches and Other Work
The U.S. Economy: More than Resilient
Anna Kovner
Young Presidents' Organization (Southern 7) Leadership Summit, May 6, 2026
88 West Paces Ferry Road NW
Atlanta, Ga.When It Rains, It Pours: Cyber Vulnerability and Financial Conditions
With Thomas M. Eisenbach and Michael Junho Lee
Economic Policy Review vol. 31, no. 1, January 2025Can I Speak to Your Supervisor? The Importance of Bank Supervision
With Beverly Hirtle
Federal Reserve Bank of New York Liberty Street Economics, April 15, 20242023 State-of-the-Field Conference on Cyber Risk to Financial Stability
With Nitansha Bansal, Jason Healey, Michael Junho Lee, Patricia Mosser, and Virpratap Vikram Singh
Federal Reserve Bank of New York Liberty Street Economics, June 16, 2023How Is the Corporate Bond Market Functioning as Interest Rates Increase?
With Nina Boyarchenko, Richard K. Crump, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, November 30, 2022Federal Reserve System Conference on the Financial Stability Considerations for Monetary Policy
With Ozge Akinci and Scott Frame
Federal Reserve Bank of New York Liberty Street Economics, October 21, 2022Do Corporate Profits Increase When Inflation Increases?
With Mathias Andler
Federal Reserve Bank of New York Liberty Street Economics, July 13, 2022What Is Corporate Bond Market Distress?
With Nina Boyarchenko, Richard K. Crump, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, June 29, 2022How Is the Corporate Bond Market Responding to Financial Market Volatility?
With Nina Boyarchenko, Richard K. Crump, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, June 01, 2022At the New York Fed: Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic
With Nina Boyarchenko and Antoine Martin
Federal Reserve Bank of New York Liberty Street Economics, October 15, 2021State-of-the-Field Conference on Cyber Risk to Financial Stability
With Jennifer Gennaro, Jason Healey, Michael Junho Lee, and Patricia Mosser
Federal Reserve Bank of New York Liberty Street Economics, February 24, 2021Measuring the Forest through the Trees: The Corporate Bond Market Distress Index
With Nina Boyarchenko, Richard K. Crump, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, February 22, 2021How Has COVID-19 Affected Banking System Vulnerability?
With Kristian S. Blickle, Matteo Crosignani, Fernando M. Duarte, Thomas M. Eisenbach, and Fulvia Fringuellotti
Federal Reserve Bank of New York Liberty Street Economics, November 16, 2020The Banking Industry and COVID-19: Lifeline or Life Support?
With Madeline Finnegan, Sarah N. Hamerling, Beverly Hirtle, Stephan Luck, and Matthew C. Plosser
Federal Reserve Bank of New York Liberty Street Economics, October 05, 2020The Impact of the Corporate Credit Facilities
With Nina Boyarchenko and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, October 01, 2020The Official Sector's Response to the Coronavirus Pandemic and Moral Hazard
With Antoine Martin
Federal Reserve Bank of New York Liberty Street Economics, September 24, 2020Market Failures and Official Sector Interventions
With Antoine Martin
Federal Reserve Bank of New York Liberty Street Economics, September 23, 2020Expanding the Toolkit: Facilities Established to Respond to the COVID-19 Pandemic
With Antoine Martin
Federal Reserve Bank of New York Liberty Street Economics, September 22, 2020Implications of the COVID-19 Disruption for Corporate Leverage
With Stephan Luck and Sungmin An
Federal Reserve Bank of New York Liberty Street Economics, August 10, 2020Municipal Debt Markets and the COVID-19 Pandemic
With Marco Cipriani, Andrew F. Haughwout, Ben Hyman, Gabriele La Spada, Matthew Lieber, and Shawn Nee
Federal Reserve Bank of New York Liberty Street Economics, June 29, 2020The Primary and Secondary Market Corporate Credit Facilities
With Nina Boyarchenko, Richard K. Crump, Or Shachar, and Peter Van Tassel
Federal Reserve Bank of New York Liberty Street Economics, May 26, 2020The Commercial Paper Funding Facility
With Nina Boyarchenko and Richard K. Crump
Federal Reserve Bank of New York Liberty Street Economics, May 15, 2020How Does Supervision Affect Bank Performance during Downturns?
With Uyanga Byambaa, Beverly Hirtle, and Matthew C. Plosser
Federal Reserve Bank of New York Liberty Street Economics, April 08, 2020At the New York Fed: Fourteenth Annual Joint Conference with NYU-Stern on Financial Intermediation
With Kristian S. Blickle and Shivram Viswanathan
Federal Reserve Bank of New York Liberty Street Economics, February 19, 2020Banking System Vulnerability: Update
With Kristian S. Blickle, Fernando M. Duarte, and Thomas M. Eisenbach
Federal Reserve Bank of New York Liberty Street Economics, December 18, 2019Is There Too Much Business Debt?
With Brandon Zborowski
Federal Reserve Bank of New York Liberty Street Economics, May 29, 2019Regulatory Changes and the Cost of Capital for Banks
With Peter Van Tassel and Brandon Zborowski
Federal Reserve Bank of New York Liberty Street Economics, October 01, 2018At the New York Fed: Thirteenth Annual Joint Conference with NYU-Stern on Financial Intermediation
With Nicola Cetorelli and Sarah Gertler
Federal Reserve Bank of New York Liberty Street Economics, August 03, 2018Tax Reform's Impact on Bank and Corporate Cyclicality
With Diego Aragon, Vanesa Sanchez, and Peter Van Tassel
Federal Reserve Bank of New York Liberty Street Economics, July 16, 2018At the New York Fed: Twelfth Annual Joint Conference with NYU-Stern on Financial Intermediation
With Michael Blank and Nicola Cetorelli
Federal Reserve Bank of New York Liberty Street Economics, June 23, 2017Low Interest Rates and Bank Profits
With Katherine Di Lucido and Samantha Zeller
Federal Reserve Bank of New York Liberty Street Economics, June 21, 2017How Does Supervision Affect Banks?
With Beverly Hirtle and Matthew C. Plosser
Federal Reserve Bank of New York Liberty Street Economics, April 13, 2016Are Stress Tests Still Informative?
With Beverly Hirtle and Samantha Zeller
Federal Reserve Bank of New York Liberty Street Economics, April 04, 2016Are BHCs Mimicking the Fed's Stress Test Results?
With Angela Deng and Beverly Hirtle
Federal Reserve Bank of New York Liberty Street Economics, September 21, 2015Are BHC and Federal Reserve Stress Test Results Converging? What Do We Learn from 2015?
With Beverly Hirtle and Eric McKay
Federal Reserve Bank of New York Liberty Street Economics, April 06, 2015Bank Capital and Risk: Cautionary or Precautionary?
With James Vickery and Beverly Hirtle
Federal Reserve Bank of New York Liberty Street Economics, February 02, 2015Becoming More Alike? Comparing Bank and Federal Reserve Stress Test Results
With Beverly Hirtle and Eric McKay
Federal Reserve Bank of New York Liberty Street Economics, July 21, 2014The CLASS Model: A Top-Down Assessment of the U.S. Banking System
With Meru Bhanot, Beverly Hirtle, and James Vickery
Federal Reserve Bank of New York Liberty Street Economics, June 04, 2014Do Big Banks Have Lower Operating Costs?
With James Vickery and Lily Zhou
Federal Reserve Bank of New York Liberty Street Economics, March 25, 2014Comparing Bank and Supervisory Stress Testing Projections
With Beverly Hirtle
Federal Reserve Bank of New York Liberty Street Economics, January 08, 2014Data Link Helps Shed Light on Banks and Public Equity
With Phoebe White and Lily Zhou
Federal Reserve Bank of New York Liberty Street Economics, June 03, 2013Doing Well by Doing Good? Community Development Venture Capital
Federal Reserve Bank of New York Liberty Street Economics, November 21, 2012The Private Premium in Public Bonds?
With Chenyang Wei
Federal Reserve Bank of New York Liberty Street Economics, May 16, 2012How Much Does It Cost for Firms to Switch Banks?
With Mary Amiti, Anil Kashyap and David Weinstein -
Media Mentions
"Keeping Up on the Economy with Anna Kovner," Speaking of the Economy, January 14, 2026.
Dwayne Yancey, "Lynchburg metro is gaining jobs, but wages are falling, federal stats show," Cardinal News, December 12, 2025.
Dwayne Yancey, "Spanberger and senators get a dour economic forecast: Virginia is trading high-wage jobs for lower-wage ones," Cardinal News, November 21, 2025.
Jamie McGeever, "US government shutdown gives Fed last thing it needs – even less visibility," Reuters, October 2, 2025.
Nathan Robino, "Bank Runs and Reactions," Econ Focus, First/Second Quarter 2025.