New Jersey Economy

Mizrach, Bruce and Jesse Neumann, Yield Predictions for New Jersey's Fiscal Year 2021 Bond Issues, September 15, 2020.

Miller, Max, Bruce Mizrach, and Jesse Neumann, The Demise of the Mega Malls: A View from the Bond Market, August 10, 2020.

Miller, Max and Bruce Mizrach, New Jersey Industry Analysis: Atlantic City's_Casinos, July 24, 2020.

Miller, Max and Bruce Mizrach, Malls in Texas and New Jersey: A Tale of Two Trends, July 13, 2020.

Miller, Max and Bruce Mizrach, The Economic Impact of New Jersey's Phase Two Re-Opening, June 29, 2020.

Miller, Max and Bruce Mizrach, Statewide Revenue Projections for New Jersey, June 16, 2020.

Miller, Max, Bruce Mizrach, and Jesse Neumann, Revenue Projections for the New Jersey Shore, May 21, 2020.

Mizrach, Bruce COVID-19 and New Jersey Employment May 13, 2020.


Annie Nova, Before you buy Bitcoin, consider these 3 things , CNBC, August 23, 2021.

Hannah Lang, Crypto watchers eager for signals on Fed's digital dollar plans , American Banker, August 23, 2021.

Elizabeth Lopato, The Tether controversy, explained, The Verge, August 16, 2021.

Paul Centopani, Bitcoin mortgage payment legislation proposed in Spain, National Mortgage News, August 5, 2021.

Hannah Lang, Basel's crypto capital plan could boost banks' interest in stablecoins , American Banker, June 22, 2021.

Annie Nova, Before you buy dogecoin, consider these 3 things , CNBC, May 8, 2021.

Rhoda Schaffler, Rutgers Projects True Borrowing Costs for the State, NJTV, September 18, 2020.

David Matthau, Fewer People Heading to Atlantic City: Will Hotels Survive?, NJ 101.5, August 24, 2020.

Rhoda Schaffler, More Signs of Trouble at American Dream, NJTV, August 14, 2020.

Mark Gruetzem, Disease Holds All the Cards for Economic Recovery,CDC Gaming Reports, August 2, 2020.

Rhoda Schaffler, Casinos See Fewer Visitors Compared to One Year Ago, NJTV, July 30, 2020.

Gabrellle Saulsbery, New Jersey Shoppers Return to Malls in Droves as Pperators Focus on Safety NJBiz, July 27, 2020.

Rhoda Schaffler, Rutgers Study Forecasts Revenue Increase for State in June, NJTV, June 20, 2020.

Stephen Loiaconi, Retail Sales Exceed Expectations in May, but Uncertainty About Recovery Remains, Sinclair Media, June 16, 2020.

Mark Burgess, Tracing the Legacy of Covid-19, Advisor's Edge,June 12, 2020.

Gill Eapen, Scientific Sense Podcast, June 11, 2020.

Dino Flammia, Covid-19 May Change Things Indefinitely, NJ 101.5, June 5, 2020.

Austin Bogues, Rebuilding America: How to Plan Finances during the COVID-19 Downturn, Asbury Park Press, May 28, 2020.

Stephen Loiaconi, Federal Debt Soars to Record High as Congress Weighs More Coronavirus Stimulus Spending. Sinclair Media, May 5, 2020.

Ben Winck, A Buying Spree of Epic Proportions, Markets Insider, May 5, 2020.

Joy Wiltermuth, Under Feds New Criteria, Equifax, Nasdaq and Tiffany are Main Street companies, Marketwatch, April 30, 2020.

Working Papers

Kye, Hyungil, and Bruce Mizrach, Machine Learning from the COVID-19 Pandemic About the Value of the NYSE Floor in Market Closing Time, Rutgers University Working Paper, May 2021.

Mizrach, Bruce, Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure, Rutgers University Working Paper, April 2021.

Kozora, Matthew, Bruce Mizrach, Matthew Peppe, Or Shachar, Jonathan Sokobin, Alternative Trading Systems in the Corporate Bond Markets, Federal Reserve Bank of New York Working Paper #938, August 2020.

Kye, Hyungil and Bruce Mizrach, The Off-Exchange Routing Decision, August 2019.

Gao, Cheng and Bruce Mizrach, Quote Stuffing and Market Quality, September 2017.



Mizrach, Bruce The Encyclopedia of Complexity and System Science, Section Editor for Finance and Econometrics, New York: Springer-Verlag, 2009.


Aleti, Saketh and Bruce Mizrach, Bitcoin Spot and Futures Market Microstructure, Journal of Futures Markets, 41, 2021, 194-225.

Mizrach, Bruce and Chris Neely, Federal Reserve System International Facilities, Federal Reserve Bank of St. Louis Economic Synopses, No. 29, May 8, 2020.

Mizrach, Bruce and Chris Neely, Supporting Small Borrowers: ABS Markets and the TALF, Federal Reserve Bank of St. Louis Economic Synopses, No. 20, April 16, 2020.

Mizrach, Bruce and Chris Neely, Fed Intervention in the To-Be-Announced Market for Mortgage-Backed Securities Federal Reserve Bank of St. Louis Economic Synopses, No. 19, April 15, 2020.

Mizrach, Bruce and Chris Neely, Secondary Market Corporate Credit Facility Supports Main Street Federal Reserve Bank of St. Louis Economic Synopses, No. 17, April 13, 2020.

Mizrach, Bruce and Chris Neely, The Stock Market's Wild Ride Federal Reserve Bank of St. Louis Economic Synopses, No. 15, April 10, 2020.

Yu, Bo, Bruce Mizrach and Norman Swanson, New Evidence of the Marginal Predictive Content of Small and Large Jumps, Econometrics, 18, 2020, 1-52.

Luong, Phat, Bruce Mizrach and Yoichi Otsubo, Location Basis Differentials in Oil Prices, The Energy Journal, 40, 2019, Article 3.

Gao, Cheng and Bruce Mizrach, High Frequency Trading in the Equity Market During U.S. Treasury POMO, Uncertainty, Expectations and Asset Price Dynamics, New York: Springer-Verlag, 2018, 81-103.

Fleming, Michael, Bruce Mizrach and Giang Nguyen, The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform, Journal of Financial Markets, 40, 2018, 2-22.
Cited in: Liberty Street Economics Blog, Federal Reserve Bank of New York, December 5, 2018.

He, An and Bruce Mizrach, Analysis of Securitized Asset Liquidity, Research Note, FINRA Office of the Chief Economist, 2017.
Cited in: Testimony of Randolph Snook, Exec. VP SIFMA, House Financial Services Committee, July 14, 2017;
National Association of Insurance Commisioners, Center for Insurance Policy and Research, December 26, 2018.

Gao, Cheng and Bruce Mizrach, Market Quality Breakdowns in Equities, Journal of Financial Markets, 28, 2016, 1-23.

Mizrach, Bruce, Analysis of Corporate Bond Liquidity, Research Note, FINRA Office of the Chief Economist, 2015.
Cited in: Testimony of Federal Reserve Board Governor Jerome H. Powell, Senate Banking Committee, April 14, 2016;
Testimony of Andy Green, Center for American Progress, House Subcommittee on Capital Markets, February 24, 2016;
IOSCO Report, Examination of Liquidity of the Secondary Corporate Bond Markets, February 2017;
Federal Reserve Bank of New York Staff Report No. 796, Market Liquidity after the Financial Crisis, June 2017;
SEC Report, Access to Capital and Market Liquidity, August 2017.
Comments: Corporate Bond Block Trade Dissemination Pilot Proposal, FINRA Regulatory Notice 19-12: PIMCO, June 2019; DFA, June 2019.

Mizrach, Bruce, A Video Interview of James Stock, Studies in Nonlinear Dynamics & Econometrics 19:4, 2015, 393-96.

Wang, Yun-Jen, Huimin Chung, and Bruce Mizrach, Econometric Analysis of Currency Carry Trade, Handbook of Financial Econometrics and Statistics, New York: Springer-Verlag, 2015, 1877-90.

Barr, Jason, Bruce Mizrach, and Kusum Mundra, Skyscraper Height and the Business Cycle: Separating Myth from Reality, Applied Economics, 47, 2015, 148-60.
Discussion in the Economist March 2015.

Li, Liuling, Ziyue Zhou, and Bruce Mizrach, Testing the CAPM Theory Based on a New Model for Fama-French 25 Portfolio Returns, Theoretical Economics Letters, 4, 2014, 666-80.

Mizrach, Bruce and Yoichi Otsubo, The Market Microstructure of the European Climate Exchange, Journal of Banking and Finance, 39, 2014, 107-16.
Winner of the RWE ST best paper award at the Conference in Energy Finance at Trondheim, Norway, 2012.

Chung, Huimin, Cheng Gao, Jie Lu, and Bruce Mizrach, An Empirical Analysis of the Shanghai and Shenzen Limit Order Books, Economic Modeling 34, 2013, 37-41.

Mizrach, Bruce, Leverage and VaR as Measures of Bank Distress: Comment,in Joseph Haubrich and Andrew Lo (eds.), Quantifying Systemic Risk, Chicago: U. Chicago Press for NBER, 2013, 94-105.

Mizrach, Bruce, Jumps and Cojumps in Subprime Home Equity Derivatives, Journal of Portfolio Management, 38, 2012, 136-46.
Inquire Europe 2009, First Prize.

Mizrach, Bruce, Integration of the Global Carbon Markets, Energy Economics 34, 2012, 335-49.

Mizrach, Bruce, Learning and Conditional Heteroscedasticity in Asset Returns, in Catherine Kyrtsou and Costas Vorlow (eds.), Progress in Financial Markets Research, New York: Nova Science, 2012, 1-14.

Li, Liuling and Bruce Mizrach, Tail Return Analysis of Bear Stearns Credit Default Swaps, Economic Modelling 27, 2010, 1529-36.

Mizrach, Bruce, Does a Common Trend Exist Between EUA and CER prices?, Point Carbon 4, 2010, 11.
European Climate Exchange, New Thinking in Carbon Research Prize, 2010

Mizrach, Bruce, Nonlinear Mean Reversion in EMS Exchange Rates, Brussels Economic Review 53, 2010, 187-98.

Mizrach, Bruce, Estimating Implied Probabilities From Option Prices and the Underlying, in Cheng-few Lee and Alice C. Lee (eds.), Handbook of Quantitative Finance and Risk Management, New York: Springer-Verlag, 2010, 515-29.

Mizrach, Bruce and Susan Z. Weerts, Experts Online: An Analysis of Trading Activity in a Public Internet Chat Room, Journal of Economic Behavior and Organization 70, 2009, 266-81.

Mizrach, Bruce and Susan Z. Weerts, Highs and Lows: A Behavioral and Technical Analysis, Applied Financial Economics 19, 2009, 767-77.

Mizrach, Bruce and Chris Neely, The Microstructure of the U.S. Treasury Market, The Encyclopedia of Complexity and System Science, New York: Springer-Verlag, 2009, 9565-77.

Mizrach, Bruce, Introduction to Finance and Econometrics in Complex Systems, The Encyclopedia of Complexity and System Science, New York: Springer-Verlag, 2009, 3388-91.

Korenok, Oleg, Bruce Mizrach, and Stanislav Radchenko, A Note On Demand and Supply Factors In Manufacturing Output Asymmetries, Macroeconomic Dynamics 13, 2009, 263-77.

Mizrach, Bruce, Comment on Modelling Nonlinear Comovements Between Time Series, Journal of Macroeconomics 31, 2009, 212-15.

Goldbaum, David and Bruce Mizrach, Estimating the Intensity of Choice in a Dynamic Mutual Fund Allocation Decision, Journal of Economic Dynamics and Control 32, 2008, 3866-76.

Mizrach, Bruce and Filippo Occhino, The Impact of Monetary Policy on Bond Returns Volatility: A Segmented Markets Approach, Journal of Economics and Business 60, 2008, 485-501.

Mizrach, Bruce, A Video Interview of James Hamilton, Studies in Nonlinear Dynamics & Econometrics 12:2, 2008, Article 1.

Mizrach, Bruce and Chris Neely, Information Shares in the U.S. Treasury Market, Journal of Banking and Finance 32, 2008, 1221-33.

Mizrach, Bruce, Nonlinear Time Series Analysis, in Larry Blume and Steven Durlauf (eds.), The New Palgrave Dictionary of Economics, 2nd ed., London: Palgrave Macmillan, 2008, 4611-16.

Mizrach, Bruce, The Next Tick on Nasdaq, Quantitative Finance 8, 2008, 19-40.

Mizrach, Bruce, Does SIZE Matter: Liquidity Provision by the Nasdaq Anonymous Trading Facility, Competition and Regulation in Network Industries 1 , 2006, 471-85.

Mizrach, Bruce, The Enron Bankruptcy: When Did The Options Market Lose Its Smirk, Review of Quantitative Finance and Accounting 27, 2006, 365-82.

Mizrach, Bruce and Chris Neely, The Transition To Electronic Communication Networks in the Secondary Treasury Market, Federal Reserve Bank of St. Louis Review, 88, 2006, 527-41.

Haas, Markus, Stefan Mittnik, and Bruce Mizrach, Assessing Central Bank Credibility During the EMS Crises: Comparing Option and Spot Market-Based Forecasts, Journal of Financial Stability 2, 2006, 28-54.

Mizrach, Bruce and Susan Z. Weerts, Does The Stock Market Punish Corporate Malfeasance? A Case Study Of Citigroup, Corporate Ownership and Control 4:3, 2006, 154-8.

Mizrach, Bruce, A Video Interview of Buz Brock, Studies in Nonlinear Dynamics & Econometrics 9:1, 2005, Article 1.

Mizrach, Bruce and James Watkins A Markov Switching Cookbook, in Philip Rothman (ed.), Nonlinear Time Series Analysis of Economics and Financial Data, Dordrecht: Kluwer, 1999, 33-43.

Bordo, Michael, Bruce Mizrach, and Anna Schwartz, Real Versus Pseudo International Systemic Risk: Some Lessons From History, Review of Pacific Basin Financial Markets and Policies 1, 1998, 31-58.

Mizrach, Bruce, Determining Delay Times for Phase Space Reconstruction with Application to the FF/DM Exchange Rate, Journal of Economic Behavior and Organization 30, 1996, 301-25.

Mizrach, Bruce, Forecasting Realignments: The Case of the French Franc in the ERM, in W.A. Barnett, A. Kirman and M. Salmon (eds.), Nonlinear Dynamics and Economics, Cambridge: Cambridge U. Press, 1996, 359-66.

Mizrach, Bruce, The Information in the Term Structure: A Nonparametric Investigation, Journal of Forecasting 15, 1996, 137-153.

Mizrach, Bruce, Review of Complex Economic Dynamics Vol. 1: An Introduction to Dynamical Systems and Market Mechanisms, Journal of Economic Literature 33, 1995, 1976-77.

Mizrach, Bruce, Target Zone Models with Stochastic Realignments: An Econometric Evaluation, Journal of International Money and Finance 14, 1995, 641-57.

Devries, Casper, Kees Koedijk, Bruce Mizrach and Philip Stork, New Evidence on the Effectiveness of Foreign Exchange Market Intervention, European Economic Review 39, 1995, 501-8.

Mizrach, Bruce, Review of Exchange Rate Theory: Chaotic Models of Foreign Exchange Markets, Journal of Economic Behavior and Organization 25, 1994, 473-75.

Mizrach, Bruce, Using U-statistics to Detect Business Cycle Nonlinearities, in Willi Semmler (ed.), Business Cycles: Theory and Empirical Investigation, Boston: Kluwer Press, 1994, 107-29.

Mizrach, Bruce, Nonlinear Exchange Rate Modeling, American Statistical Association, 1993 Proceedings of the Business and Economic Statistics Section, 1994, 383-7.

Mizrach, Bruce, Multivariate Nearest-neighbour Forecasts of EMS Exchange Rates, Journal of Applied Econometrics 7 Supplement, 1992, S151-63.

Mittnik, Stefan and Bruce Mizrach, Parametric and Seminonparametric Analysis of Nonlinear Time Series, in Advances in GLIM and Statistical Modeling, L. Fahrmeir, B. Francis, R. Gilchrist and G. Tutz (eds.), New York: Springer-Verlag, 1992, 207-12.

Mayfield, E. Scott and Bruce Mizrach, On Determining the Dimension of Real-Time Stock-Price Data, Journal of Business Economics and Statistics 10, 1992, 367-74.

Mizrach, Bruce, The Distribution of the Theil-U Statistic in Bivariate Normal Populations, Economics Letters 38, 1992, 163-67.

Mizrach, Bruce, The State of Economic Dynamics: A Review Essay, Journal of Economic Dynamics and Control 16, 1992, 175-90.

Klein, Michael, Robert G. Murphy, and Bruce Mizrach, Managing the Dollar: Has the Plaza Agreement Mattered?, Journal of Money, Credit and Banking 23, 1991, 742-51.

Mayfield, E. Scott and Bruce Mizrach, Nonparametric Estimation of the Correlation Exponent, Physical Review A 88 #4, 1991, 5298-5301.

Mizrach, Bruce, Non-Convexities in a Stochastic Control Problem with Learning, Journal of Economic Dynamics and Control 15, 1991, 515-38.

Mizrach, Bruce and Anthony M. Santomero, A Liquidity-in-Advance Model of the Demand for Money Under Price Uncertainty, Journal of Monetary Economics 26, 1990, 143- 59.

Mizrach, Bruce, Non-Convergence to Rational Expectations and Optimal Monetary Policy in Models with Learning in Dynamic Modeling and Control of National Economies 1989. Selected Papers from the 6th IFAC Symposium, Edinburgh, UK, 27-29 June 1989, N. Christodoulakis (ed.), Oxford: Pergamon Press, 1990, 293-98.

Mizrach, Bruce and Anthony M. Santomero, Aggregation, Information, and the Instability of Asset Demands, Studies in Banking and Finance 5, Amsterdam: North Holland, 1988, 369-85.

Mizrach, Bruce and Anthony M. Santomero, The Stability of Money Demand and Forecasting Through Changes in Regime, Review of Economics and Statistics 68, 1986, 324-28.


RATS Code for Mizrach and Watkins, A Markov Switching Cookbook, 1999.

FORTRAN Program for Mizrach, "Forecast Comparison in L2."

FORTRAN Program for Mizrach, "A Simple Nonparametric Test."