Our mission is to produce leading-edge research on how credit markets and payment systems affect the economy. The Institute sponsors opportunities for scholars, the financial industry, and the public sector to collaborate and share insights on fostering healthy household finances, a stable financial system, and a resilient economy.

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Our researchers span four Bank departments and collaborate with each other and visiting scholars to provide the next level of research.

Meet one of our researchers

Makoto Nakajima

Economic Advisor and Economist, Research Department

Makoto Nakajima

Makoto Nakajima researches the interaction of inequality and macroeconomic dynamics. He has studied regional differences in home equity by retirees.

  • Macroeconomics
  • Consumer Finance
  • Computational Methods
Featured Publications
  • Reverse Mortgage Loans: A Quantitative Analysis
  • Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default
  • A Quantitative Theory of Unsecured Consumer Credit with Risk of Default
  • Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy
  • Credit, Bankruptcy, and Aggregate Fluctuations

Publications and Resources

Literature Database

Our continually updated database provides bibliographic citations for journal articles, books, reports, and other publications on consumer credit and payments and links to full-text papers from across the Federal Reserve System.

Search Our Literature Database