Ed Nosal

Vice President and Senior Economist
curriculum vitae Adobe PDF file format
email :: 404-498-6070

To interview economists, press should contact Public Affairs at 404-498-8748.

  • Biography

    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 and Policy Discussion Papers

    Working Papers

    2014-19
    Preventing Bank Runs
    David Andolfatto, Ed Nosal, and Bruno Sultanum
    November 2014
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2014-18
    More on Middlemen: Equilibrium Entry and Efficiency in Intermediated Markets
    Ed Nosal, Yuet-Yee Wong, and Randall Wright
    November 2014
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2013-25
    An Interview with Neil Wallace
    David Altig and Ed Nosal
    2013
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2013-24
    Cash-in-the-Market Pricing in a Model with Money and Over-the-Counter Financial Markets
    Fabrizio Mattesini and Ed Nosal
    2013
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2013-23
    Gambling for Dollars: Strategic Hedge Fund Manager Investment
    Dan Bernhardt and Ed Nosal
    2013
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    2012-15
    Repos, Fire Sales, and Bankruptcy Policy
    Dan Bernhardt and Ed Nosal
    November 2012
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2011-13
    Equilibrium Bank Runs Revisited
    Ed Nosal
    November 2011
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2010-15
    Summer Workshop on Money, Banking, Payments and Finance: An Overview
    Ed Nosal and Randall Wright
    January 2010
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2010-14
    Introduction to the Macroeconomic Dynamics: Special Issues on Money, Credit and Liquidity
    Ed Nosal, Christopher Waller, and Randall Wright
    January 2010
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2007-16
    Counterfeiting as Private Money in Mechanism Design
    Ricardo Cavalcanti and Ed Nosal
    November 2007
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2007-13
    Private Takings
    Ed Nosal
    October 2007
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2007-03
    Limited Liability and the Development of Capital Markets
    Ed Nosal and Michael Smart
    March 2007
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2006-23
    Moral Hazard in the Diamond-Dybvig Model of Banking
    David Andolfatto and Ed Nosal
    December 2006
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2006-15
    The Role of Independence in the Green-Lin Diamond-Dybvig Model
    David Andolfatto, Ed Nosal, and Neil Wallace
    December 2006
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2005-12
    On the Recognizability of Money
    Richard Dutu, Ed Nosal, and Guillaume Rocheteau
    December 2005
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2005-11
    Some Benefits of Cyclical Monetary Policy
    Ricardo Cavalcanti and Ed Nosal
    November 2005
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2004-06
    Loggers vs. Campers: Compensation for the Taking of Property Rights
    Ron Giammarino and Ed Nosal
    July 2004
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2004-01
    A Model of (the Threat of) Counterfeiting
    Ed Nosal and Neil Wallace
    March 2004
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2003-10
    A Theory of Money and Banking
    David Andolfatto and Ed Nosal
    March 2004
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2003-07
    Information Gathering by a Principal
    Ed Nosal
    September 2003
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    2003-04
    Nearsighted Justice
    Ed Nosal
    June 2003
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    2003-02
    How Amenities Affect Job and Wage Choices over the Life Cycle
    Ed Nosal and Peter Rupert
    May 2003
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    2002-12
    Life Cycle Wage and Job Changes
    Ed Nosal and Peter Rupert
    September 2002
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    2001-19
    A Strategic Approach to Hedging and Contracting
    David Downie and Ed Nosal
    October 2001
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    Policy Discussion Papers

    2009-7
    Information Revelation in the Diamond-Dybvig Banking Model
    Ed Nosal and Neil Wallace
    December 2009
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2009-06
    Pairwise Trade, Asset Prices and Monetary Policy
    Ed Nosal and Guillaume Rocheteau
    November 2009
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2008-8
    Search, Welfare and the 'Hot Potato' Effect of Inflation
    Ed Nosal
    November 2008
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2008-02
    Private Takings
    Ed Nosal
    May 2008
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2008-01
    Money, Intermediation and Banking
    Ed Nosal
    April 2008
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2006-14
    The Economics of Payments
    Ed Nosal and Guillaume Rocheteau
    February 2006
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    Proceedings

    2007-18
    The 2007 Summer Workshop on Money, Banking, and Payments: An Overview
    Ed Nosal, Guillaume Rocheteau, and Randall Wright
    December 2007
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2006-15
    2005 Summer Workshop on Money, Banking and Payments: An Overview
    Ed Nosal, Guillaume Rocheteau, and Randall Wright
    March 2006
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    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
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

    2004-03
    Workshop on Money, Banking, and Payments: Proceedings
    Ed Nosal, Guillaume Rocheteau, and Randall Wright
    January 2005
    AbstractOff-site link | Full text Adobe PDF file formatOff-site link

  • Other Fed Work

    Articles

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

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

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

    Ed Nosal and Saeed Zaman. "Business Loan MarketsOff-site link," Federal Reserve Bank of Cleveland Economic Trends, November 2007.

    Ed Nosal and Saeed Zaman. "Mortgage LendingOff-site link," Federal Reserve Bank of Cleveland Economic Trends, November 2007.

    Ed Nosal. "Fourth District Bank Holding CompaniesOff-site link," Federal Reserve Bank of Cleveland Economic Trends, October 2007.

    Ed Nosal and Michael Shenk. "HousingOff-site link," Federal Reserve Bank of Cleveland Economic Trends, June 2007.

    Ed Nosal and Michael Shenk. "Business InvestmentOff-site link," Federal Reserve Bank of Cleveland Economic Trends, April 2007.

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

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

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

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

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

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

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

    Ed Nosal and Peter Rupert. "A Beautiful TheoryOff-site link," Federal Reserve Bank of Cleveland Economic Commentary, April 2004.

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

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

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

    David Andolfatto and Ed Nosal. "A Simple Model of Money and BankingOff-site link," 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?Off-site link," Federal Reserve Bank of Cleveland Economic Commentary, October 2001.