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Anna Kovner
Executive Vice President and Director of Research
Anna Kovner was appointed executive vice president and director of Research in June 2024. In her role, she advises the Bank's president on matters related to monetary policy and leads the Richmond Fed’s Research department, which includes economic research, regional analysis, community outreach and development, publications, and economic education functions.
Kovner has over 15 years’ experience within the Federal Reserve System. Before joining the Richmond Fed, she held multiple economic research leadership roles within the New York Fed’s Research and Statistics group, most recently leading work assessing systemic risk and financial stability as director of Financial Stability Policy Research. She has led and contributed to projects related to the Fed's integrated work on financial stability and monetary policy, including monitoring vulnerabilities in the financial system, bank stress testing and the Federal Reserve’s response to the market disruptions of the COVID pandemic.
Kovner holds a doctorate in business economics from Harvard University, an MBA from Harvard Business School and a bachelor’s in economics from Princeton University. Her work has been published in the Journal of Finance, Journal of Financial Economics and the Review of Financial Studies, among others.
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Academic Publications
“When It Rains, It Pours: Cyber Risk and Financial Conditions” (with Thomas M. Eisenbach and Michael Junho Lee) Federal Reserve Bank of New York Economic Policy Review, forthcoming
“It’s What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities” (with Nina Boyarchenko and Or Shachar) Journal of Financial Economics, 144:3, 2022, pp. 695-731.
“Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis” (with Thomas M. Eisenbach and Michael Junho Lee) Journal of Financial Economics, 145(3), 2022, pp. 802–826.
“Evaluating Regulatory Reform: Banks’ Cost of Capital and Lending” (with Peter Van Tassel) Journal of Money Credit and Banking, 2022, 54:5, pp. 1313-1367.
“Bank Supervision” (with Beverly Hirtle) Annual Review of Financial Economics, Vol.14, 2022, pp. 35-56.
“The Primary and Secondary Corporate Credit Facilities” (with Nina Boyarchenko, Caren Cox, Richard K. Crump, Andrew Danzig, Or Shachar, and Patrick Steiner) Federal Reserve Bank of New York Economic Policy Review, Volume 28 Number 1, June 2022
“The Commercial Paper Funding Facility” (with Nina Boyarchenko, Richard K. Crump, and Deborah Leonard) Federal Reserve Bank of New York Economic Policy Review, Volume 28 Number 1, June 2022.
“The Market Events of Mid-September 2019.” (with Gara Afonso, Marco Cipriani, Adam Copeland, Gabriele La Spada, and Antoine Martin) Federal Reserve Bank of New York Economic Policy Review, Volume 27 Number 2, August 2021.
“The Impact of Supervision on Bank Performance.” (with Beverly Hirtle and Matthew Plosser) The Journal of Finance. 2020.
“Supervising Large, Complex Financial Institutions: What Do Supervisors Do?” (with Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, David Lucca, and Matthew Plosser) Economic Policy Review, 2017 Issue 23-1, pp. 57-77.
“Evaluating the Information in the Federal Reserve Stress Tests” (with Mark Flannery and Beverly Hirtle), Journal of Financial Intermediation 2017, 29, pp. 1–18.
“How do Global Banks Scramble for Liquidity? Evidence from the Asset Backed Commercial Paper Freeze of 2007” (with Viral Acharya and Gara Afonso) Journal of Financial Intermediation, 2017, 30, pp. 1–34.
“Assessing Financial Stability: The Capital and Loss Assessment under Stress Scenarios (CLASS) Model” (with Beverly Hirtle and James Vickery) Journal of Banking and Finance, 2016, 69
(Supplement 1): S35-55.
“Doing Well by Doing Good? Community Development Venture Capital” (with Josh Lerner) Journal of Economics and Management Strategy, 2015, 24(3), pp. 643-663.
“Do Big Banks Have Lower Operating Costs?” (with James Vickery and Lily Zhou) Federal Reserve Bank of New York Economic Policy Review, 2014, Vol. 20(2).
“Do Underwriters Matter? The Impact of the Near Loss of an Equity Underwriter,” Journal of Financial Intermediation, 2012, 21(3), pp. 507-529.
“Stressed, not Frozen: The Fed Funds Market in the Financial Crisis” (with Gara Afonso and Antoinette Schoar), Journal of Finance, 2011, 66 (4), pp. 1109-1139.
“The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking” (with Victoria Ivashina) Review of Financial Studies, 2011, 24(7), pp. 2462-2498.
“Buy Local? The Geography of Venture Capital” (with Henry Chen, Paul Gompers and Josh Lerner) Journal of Urban Economics, 2010, pp. 90-110.
“Performance Persistence in Entrepreneurship” (with Paul Gompers, Josh Lerner and David Scharfstein) Journal of Financial Economics, 2010, 96, pp. 18-32.
“Specialization and Success: Evidence from Venture Capital” (with Paul Gompers and Josh Lerner) Journal of Economics and Management Strategy, 2009, 18, pp. 817-845.
“Venture Capital Investment Cycles: The Impact of Public Markets” (with Paul Gompers, Josh Lerner and David Scharfstein) Journal of Financial Economics, 2008, 87(1), pp. 1-23. (2nd Prize Fama/DFA Prize for the best paper in Capital Markets and Asset Pricing)
Working Papers and Other Publications:
“Implications of Cyber Risk for Financial Stability” (with Danny Brando, Antonis Kotidis, Michael Lee, and Stacey L. Schreft) FEDS Notes. Washington: Board of Governors of the Federal Reserve System, May 12, 2022
“Climate Change and Financial Stability” (with Celso Brunetti, Benjamin Dennis, Dylan Gates, Diana Hancock, David Ignell, Elizabeth K. Kiser, Gurubala Kotta, Richard J. Rosen, and Nicholas K. Tabor) FEDS Notes. Washington: Board of Governors of the Federal Reserve System, March 19, 2022
“Bank Capital and Real GDP Growth” (with Nina Boyarchenko and Domenico Giannone)
“Corporate Bond Market Dislocations” (with Nina Boyarchenko, Richard K. Crump, and Or Shachar)
“How Much Does It Cost for Firms to Switch Banks?” (with Mary Amiti, Anil Kashyap and David Weinstein)
“Tracing Bank Runs in Real Time” (with Marco Cipriani and Thomas Eisenbach)
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Other Work
Can 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, 2012