Ed Nosal

Federal Reserve Bank of Atlanta Assistant Policy Adviser and Economist Brent Meyer

Vice President and Senior Economist
curriculum vitae

:: email :: 404-498-6070

To interview economists, press should contact Public Affairs at 470-249-8348.

Ed Nosal is a vice president and senior economist on the micro/macroeconomics research team in the Research Department of the Federal Reserve Bank of Atlanta. Dr. Nosal's research concentrates on fundamental issues related to money, banking, and payments. His work has been published in journals such as the Journal of Economic Theory, the Journal of Monetary Economics, the Journal of Finance, and the Review of Economic Studies.

Before joining the Atlanta Fed in 2017, Dr. Nosal was a vice president and senior research adviser in the Economic Research Department of the Federal Reserve Bank of Chicago. Before his work with the Chicago Fed, he was a vice president in the Economic Research Department of the Federal Reserve Bank of Cleveland and before that a professor of economics at the University of Waterloo, Canada. Dr. Nosal has also held a number of research positions at academic institutions throughout the world.

Dr. Nosal earned a bachelor's degree from Queen's University in Ontario, Canada; a master's degree from McMaster University in Ontario, Canada; and a PhD in economics from Queen's University.

Working Papers

2023

2023-10
Monetary Policy Implementation with Ample Reserves
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter, and Sam Schulhofer-Wohl
August 2023
Abstract | Full text

2020

2020-14
Shadow Bank Runs
David Andolfatto and Ed Nosal
August 2020
Abstract | Full text

2020-2
Monetary Policy Implementation with an Ample Supply of Reserves
Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter, and Sam Schulhofer-Wohl
January 2020
Abstract | Full text

2019

2019-5
Intermediation in Markets for Goods and Markets for Assets
Ed Nosal, Yuet-Yee Wong, and Randall Wright
March 2019
Abstract | Full text

2018

2018-13
Can the U.S. Interbank Market Be Revived?
Kyungmin Kim, Antoine Martin, and Ed Nosal
November 2018
Abstract | Full text

2014

2014-19
Preventing Bank Runs
David Andolfatto, Ed Nosal, and Bruno Sultanum
November 2014
Abstract | Full text

2014-18
More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets
Ed Nosal, Yuet-Yee Wong, and Randall Wright
November 2014
Abstract | Full text

2013

2013-25
An Interview with Neil Wallace
David Altig and Ed Nosal
2013
Abstract | Full text

2013-24
Cash-in-the-Market Pricing in a Model with Money and Over-the-Counter Financial Markets
Fabrizio Mattesini and Ed Nosal
2013
Abstract | Full text

2013-23
Gambling for Dollars: Strategic Hedge Fund Manager Investment
Dan Bernhardt and Ed Nosal
2013
Abstract | Full text

2012

2012-15
Repos, Fire Sales, and Bankruptcy Policy
Dan Bernhardt and Ed Nosal
November 2012
Abstract | Full text

2011

2011-13
Equilibrium Bank Runs Revisited
Ed Nosal
November 2011
Abstract | Full text

2010

2010-15
Summer Workshop on Money, Banking, Payments and Finance: An Overview
Ed Nosal and Randall Wright
January 2010
Abstract | Full text

2010-14
Introduction to the Macroeconomic Dynamics: Special Issues on Money, Credit and Liquidity
Ed Nosal, Christopher Waller, and Randall Wright
January 2010
Abstract | Full text

2007

2007-16
Counterfeiting as Private Money in Mechanism Design
Ricardo Cavalcanti and Ed Nosal
November 2007
Abstract | Full text

2007-13
Private Takings
Ed Nosal
October 2007
Abstract | Full text

2007-03
Limited Liability and the Development of Capital Markets
Ed Nosal and Michael Smart
March 2007
Abstract | Full text

2006

2006-23
Moral Hazard in the Diamond-Dybvig Model of Banking
David Andolfatto and Ed Nosal
December 2006
Abstract | Full text

2006-15
The Role of Independence in the Green-Lin Diamond-Dybvig Model
David Andolfatto, Ed Nosal, and Neil Wallace
December 2006
Abstract | Full text

2005

2005-12
On the Recognizability of Money
Richard Dutu, Ed Nosal, and Guillaume Rocheteau
December 2005
Abstract | Full text

2005-11
Some Benefits of Cyclical Monetary Policy
Ricardo Cavalcanti and Ed Nosal
November 2005
Abstract | Full text

2004

2004-06
Loggers vs. Campers: Compensation for the Taking of Property Rights
Ron Giammarino and Ed Nosal
July 2004
Abstract | Full text

2004-01
A Model of (the Threat of) Counterfeiting
Ed Nosal and Neil Wallace
March 2004
Abstract | Full text

2003

2003-10
A Theory of Money and Banking
David Andolfatto and Ed Nosal
March 2004
Abstract | Full text

2003-07
Information Gathering by a Principal
Ed Nosal
September 2003
Abstract | Full text

2003-04
Nearsighted Justice
Ed Nosal
June 2003
Abstract | Full text

2003-02
How Amenities Affect Job and Wage Choices over the Life Cycle
Ed Nosal and Peter Rupert
May 2003
Abstract | Full text

2002

2002-12
Life Cycle Wage and Job Changes
Ed Nosal and Peter Rupert
September 2002
Abstract | Full text

2001

2001-19
A Strategic Approach to Hedging and Contracting
David Downie and Ed Nosal
October 2001
Abstract | Full text

Policy Discussion Papers

2009

2009-7
Information Revelation in the Diamond-Dybvig Banking Model
Ed Nosal and Neil Wallace
December 2009
Abstract | Full text

2009-06
Pairwise Trade, Asset Prices and Monetary Policy
Ed Nosal and Guillaume Rocheteau
November 2009
Abstract | Full text

2008

2008-8
Search, Welfare and the 'Hot Potato' Effect of Inflation
Ed Nosal
November 2008
Abstract | Full text

2008-02
Private Takings
Ed Nosal
May 2008
Abstract | Full text

2008-01
Money, Intermediation and Banking
Ed Nosal
April 2008
Abstract | Full text

2006

2006-14
The Economics of Payments
Ed Nosal and Guillaume Rocheteau
February 2006
Abstract | Full text

Proceedings

2007

2007-18
The 2007 Summer Workshop on Money, Banking, and Payments: An Overview
Ed Nosal, Guillaume Rocheteau, and Randall Wright
December 2007
Abstract | Full text

2006

2006-15
2005 Summer Workshop on Money, Banking and Payments: An Overview
Ed Nosal, Guillaume Rocheteau, and Randall Wright
March 2006
Abstract | Full text

2005

2005-08
Recent Developments in Monetary Economics: A Summary of the 2004 Workshop on Money, Banking, and Payments
Ed Nosal, Guillaume Rocheteau, and Randall Wright
October 2005
Abstract | Full text

2004

2004-03
Workshop on Money, Banking, and Payments: Proceedings
Ed Nosal, Guillaume Rocheteau, and Randall Wright
January 2005
Abstract | Full text

Articles

Ed Nosal. "Clearing Over-the-Counter Derivatives," Federal Reserve Bank of Chicago Economic Perspectives, Q4 2011.

Ed Nosal and Robert Steigerwald. "What Is Clearing and Why Is It Important?," Federal Reserve Bank of Chicago Chicago Fed Letter, September 2010.

Ed Nosal and Saeed Zaman. "Fourth District Community Banks." Federal Reserve Bank of Cleveland Economic Trends, December 2007.

Ed Nosal and Saeed Zaman. "Business Loan Markets," Federal Reserve Bank of Cleveland Economic Trends, November 2007.

Ed Nosal and Saeed Zaman. "Mortgage Lending," Federal Reserve Bank of Cleveland Economic Trends, November 2007.

Ed Nosal. "Fourth District Bank Holding Companies," Federal Reserve Bank of Cleveland Economic Trends, October 2007.

Ed Nosal and Michael Shenk. "Housing," Federal Reserve Bank of Cleveland Economic Trends, June 2007.

Ed Nosal and Michael Shenk. "Business Investment," Federal Reserve Bank of Cleveland Economic Trends, April 2007.

Ed Nosal and Michael Shenk. "A Tale of Two Houses," Federal Reserve Bank of Cleveland Economic Trends, March 2007.

Ed Nosal and Michael Shenk. "Is Manufacturing Going the Way of Agriculture?," Federal Reserve Bank of Cleveland Economic Trends, February 2007.

Ed Nosal and Michael Shenk. "Industrial Production Closes 2006 in Fine Form," Federal Reserve Bank of Cleveland Economic Trends, January 2007.

Ed Nosal and Michael Shenk. "Some Say Housing Numbers Encouraging," Federal Reserve Bank of Cleveland Economic Trends, January 2007.

Ed Nosal and Michael Shenk. "Durable Goods Orders and Personal Income and Consumption Reports," Federal Reserve Bank of Cleveland Economic Trends, December 2006.

Ed Nosal. "Optimal Deposit Contracts: Do-It-Yourself Bank-Run Prevention for Banks," Federal Reserve Bank of Cleveland, January 2006.

Richard Dutu, Ed Nosal, and Guillaume Rocheteau. "The Tale of Gresham’s Law," Federal Reserve Bank of Cleveland Economic Trends, October 2005.

Ed Nosal and Peter Rupert. "A Beautiful Theory," Federal Reserve Bank of Cleveland Economic Commentary, April 2004.

Ed Nosal and Tan Wang. "Arbitrage: The Key to Pricing Options," Federal Reserve Bank of Cleveland Economic Commentary, January 2004.

David E. Altig and Ed Nosal. "Why Haven't Long-Term Interest Rates Fallen?," Federal Reserve Bank of Cleveland Economic Commentary, January 2002.

Ed Nosal and Peter Rupert. "Infrastructure and the Wealth of Nations," Federal Reserve Bank of Cleveland Economic Review, January 2002.

David Andolfatto and Ed Nosal. "A Simple Model of Money and Banking," Federal Reserve Bank of Cleveland Economic Review, December 2001.

Ed Nosal. "How Well Does the Federal Funds Futures Rate Predict the Future Federal Funds Rate?," Federal Reserve Bank of Cleveland Economic Commentary, October 2001.