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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Linda S. Goldberg |
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Financial Research Advisor on Financial Intermediation Policy Research |
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The Fed’s Central Bank Swap Lines and FIMA Repo Facility
With Mark Choi, Robert Lerman, and Fabiola Ravazzolo Federal Reserve Bank of New York Economic Policy Review, Volume 28 Number 1, June 2022 Complexity in Large U.S. Banks With April Meehl Federal Reserve Bank of New York Economic Policy Review, Volume 26 Number 2, March 2020 Bank Complexity, Governance, and Risk With Ricardo Correa Journal of Banking & Finance, Volume 134, January 2022, 106013 Macroprudential Policy in the Wake of the COVID 19 Crisis: International Spillovers and Coordination Issues With Claudia Buch and Matthieu Bussiere Banque de France Financial Stability Review - Is Macroprudential Policy Resilient to the Pandemic?, March 2021, No. 24 Global Banking: Towards an Assessment of Benefits and Costs With Claudia Buch Annual Review of Financial Economics, Vol 12, November 2020 The Shifting Drivers of Global Liquidity Journal of International Economics, Volume 125, July 2020, 103324 Pre-Crisis Cross-Border Liquidity Management, Funding Conditions, and Practices Presentation to Financial Stability Board Workshop on Pre-Positioning, Ring-Fencing, and Market Fragmentation, Philadelphia, Pennsylvania, September 26, 2019 International Spillovers of Monetary Policy Through Global Banks: Introduction to the Special Issue With Claudia Buch, Matthieu Bussiere, Menzie Chinn and Robert Hills Journal of International Money and Finance, March 2019 pp. 101-104 The International Transmission of Monetary Policy With Claudia Buch, Matthieu Bussiere. and Robert Hills Journal of International Money and Finance, March 2019 pp. 29-48 International spillovers of monetary and prudential policies: evidence and implications 3rd annual ECB Macroprudential Policy and Research Conference, May 2018 On Gauging procyclicality and financial vulnerability in Asia through the BIS banking and financial statistics 5th Asian Monetary Policy Forum (Singapore), May 2018 Complexity in Banking: Stock-taking and Way Forward Central Bank of Ireland’s Global Financial Linkages Conference, February 2018 The Global Factor in International Financial Flows Panel for Central Bank of Ireland/ Banque de France Symposium on Financial Globalization, February 2018 Cross-Border Banking Flows and Organizational Complexity in Financial Conglomerates Forthcoming, The Future of Large and Internationally Active Banks, edited by Asli Demirguc-Kunt, Douglas Evanoff, and George Kaufman (World Scientific Publishers) Cross-border prudential policy spillovers: How much? How important? Evidence from the International Banking Research Network With Claudia Buch International Journal of Central Banking, vol. 13, supplement 1, pp. 505-558, March 2017 International banking and cross-border effects of regulation: Lessons from the United States With Jose Berrospide, Ricardo Correa, and Friederike Niepmann International Journal of Central Banking, vol. 13, supplement 1, pp. 435-476, March 2017 Comment on “The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies" by Kristin Forbes, Dennis Reinhardt, and Tomasz Wieladek Journal of Monetary Economics, vol. 85, pp. 23-27, January 2017 Micro, Macro, and Strategic Forces in International Trade Invoicing: Synthesis and Novel Patterns With Cedric Tille Journal of International Economics, vol. 102, Pages 173–187, September 2016 International Banking and Liquidity Risk Transmission: Evidence from the United States With Ricardo Correa and Tara Rice IMF Economic Review, vol. 63:3, pp. 626-643, November 2015 International Banking and Liquidity Risk Transmission: Lessons from Across Countries With Claudia Buch IMF Economic Review, vol. 63:3, pp. 377-410, November 2015 Keynote Presentation on Capital Flow Measures and Research Challenges at the 2015 IFC Satellite meeting on “Assessing international capital flows after the crisis” at the ISI World Statistics Congress in Rio de Janeiro, July 2015 Measuring Complexity in Global Banks With Nicola Cetorelli Federal Reserve Bank of New York Economic Policy Review, vol. 20, Number 2, December 2014 Banking Globalization, Transmission, and Monetary Policy Autonomy Sveriges Riksbank Economic Review, pp. 161-193, November 2013 See also Federal Reserve Bank of New York Staff Reports 640, September 2013 Do Industrialized Countries Hold the Right Foreign Exchange Reserves? With Cindy Hull and Sarah Stein Federal Reserve Bank of New York Current Issues in Economics, vol. 19, no. 1, April 2013 The International role of the dollar: Does it matter if this changes? Global Interdependence, De-Coupling, and Re-Coupling, edited by Frank Westermann and Yin-Wong Cheung (MIT Press and CES IFO), 2013 Liquidity Management of U.S. Global Banks: Internal Capital Markets in the Great Recession With Nicola Cetorelli Journal of International Economics, vol. 88, issue 2, pp. 299-311, November 2012 See also Federal Reserve Bank of New York Staff Reports 511, August 2011 Banking Globalization and Monetary Transmission  With Nicola Cetorelli Journal of Finance, vol. LXZ11, no. 5, pp. 1811-1843, November 2012 See also First version as "Banking Globalization, Monetary Transmissions, and the Lending Channel", with Nicola Cetorelli. NBER working paper #14101, June 2008 Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession With Nicola Cetorelli American Economic Review: Papers and Proceedings, March 2012 See also Federal Reserve Bank of New York Staff Reports 545, February 2012 Global Banks and International Shock Transmission: Evidence from the Crisis With Nicola Cetorelli International Monetary Fund Economic Review, vol. 59, no. 1, pp. 41-46, March 2011 See also Federal Reserve Bank of New York Staff Reports 446 NBER Working Paper w15974 Evolving Perceptions of Central Bank Credibility With Michael W. Klein NBER International Seminar on Macroeconomics 2010 University of Chicago Press, pp. 153-182, 2011 See also NBER working paper 11792 Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs With Craig Kennedy and Jason Miu Federal Reserve Bank of New York Economic Policy Review, vol. 17, no. 1, pp. 3-20, May 2011 See also Federal Reserve Bank of New York Staff Reports 429, NBER working paper 15763 The Sensitivity of the CPI to Exchange Rates: Distribution Margins, Imported Inputs, and Trade Exposure With Jose Campa Review of Economics and Statistics, 92, no. 2, pp. 392-407, May 2010 What is the Status of the International Roles of the Dollar?  VoxEU.org, 31 March 2010 Is the International Role of the Dollar Changing? Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 16, no. 1, January 2010 What Drives the Invoicing of International Trade With Cedric Tille VoxEU.org, 2 December 2009 Macroeconomic Interdependence and the International Role of the Dollar With Cedric Tille Journal of Monetary Economics, 56, no. 7, pp.990-1003, October 2009 See also Technical Appendix , January 2008Understanding Banking Sector Globalization International Monetary Fund Staff Papers, (2009) vol. 56 171-197 Currency Invoicing of International Trade in Euro at Ten: The Next Global Currency? edited by Jean Pisani-Ferry and Adam Posen (Peterson Institute for International Economics), 2009 Exchange Rates and Foreign Direct Investment Princeton Encyclopedia of the World Economy, Forthcoming, Princeton University Press Observations on Currency Invoicing of International Trade November 2009 13 pages / 37 kb Vehicle Currency Use in International Trade With Cedric Tille Journal of International Economics 76, no. 2, December 2008 Read the full text from ScienceDirect ›› See also Federal Reserve Bank of New York Staff Report 200, January 2005 Comment on Fukuda & Kon: "Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia" pp. 65-69, 2008 How Economic News Moves Markets With Leonardo Bartolini and Adam Sacarny Federal Reserve Bank of New York Current Issues in Economics, vol. 14, no. 6, August 2008 International Currency and the U.S. Current Account Deficit Comment on Shin-Ichi Fukuda and Yoshifumi Kon in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization and Exchange Rate Policy, editors Takatoshi Ito and Andrew Rose (University of Chicago Press). 6, 2008 Instructor's Manual to Accompany "International Economics: Theory and Policy" With Michael Klein By Paul Krugman and Maurice Obstfeld, 2006, 2003, 2000, 1996, 1994, 1990, Harper-Collins, New York Study Guide to Accompany "International Economics: Theory and Policy" With Michael Klein By Paul Krugman and Maurice Obstfeld, 2006, 2003, 2000, 1996, 1994, 1990, Harper-Collins, New York Why a Dollar Depreciation May Not Close the U.S. Trade Deficit With Eleanor Wiske Dillon, Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 13, no. 5, June 2007 Assessing China's Exchange Rate Regime Comment on Jeffrey Frankel and Shang-Jin Wei in Economic Policy , vol. 22 Issue 1, 2007 Financial Sector FDI and Host Countries: New and Old Lessons Federal Reserve Bank of New York Economic Policy Review vol. 13, no. 1, pp. 1-17, March 2007 See also NBER working paper #10441, April 2004 Pass through of exchange rates to consumption prices: What has changed and why? Jose Manuel Campa International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization and Exchange Rate PolicyUniversity of Chicago Press, 2008 35 pages / 133 kb Exchange-Rate Pass-Through to Import Prices in the Euro Area With Jose Manuel Campa and Jose M. Gonzalez Minguez The External Dimension of the Euro Area, edited by Robert Anderton and Filippo di Mauro (Cambridge University Press), 2007 38 pages / 195 kb See also NBER Working Paper 11632, September 2005 Trade Invoicing in the accession countries: Are they suited to the euro? International Seminar on Macroeconomics, ed. Jeffrey Frankel and Christopher Pissarides. 2007 (NBER and MIT Press) 41 pages / 241 kb The International Role of the Dollar and Trade Balance Adjustment With Cedric Tille Group of Thirty Occasional Paper, 71, 2006 52 pages /283 kb See also NBER Paper 12495 , September 2006The International Exposure of U.S. Banks: Europe and Latin America Compared Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, 2007 Risks in U.S. Bank International Exposures With Nicola Cetorelli Ed. Gerard Caprio, Douglas Evanoff and George Kaufman, Cross Border Banking: Regulatory Challenges (Singapore: World Scientific Publishing Company, Federal Reserve Bank of Chicago and World Bank), 2006 23 pages / 120 kb Exchange Rate Pass Through into Import Prices With Jose Campa Review of Economics and Statistics, November 2005, Earlier version distributed as NBER working paper #8934 31 pages / 147 kb Industry-Specific Exchange Rates for the United States Federal Reserve Bank of New York Economic Policy Review, vol. 10, no. 1., May 2004, pp.1-16 What Moves Sovereign Bond Markets? The Effects of Economic News on U.S. and German Yields With Deborah Leonard Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 9, no. 9, September 2003 Exchange Rate Regimes in the America's: Is Dollarization the Solution? Discussion of work by Vittorio Corbo Monetary and Economic Studies, Bank of Japan, Special issue for conference on Exchange Rate Regimes for the 21st Century 32 pages / 167 kb Securities Trading and Settlement in Europe: Issues and Prospects With John Kambhu, Jim Mahoney, Larry Radecki and Asani Sakar Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 8, no. 4, April 2002 Has Foreign Bank Entry led to Sounder Banks in Latin America? With Jennifer S. Crystal and B. Gerard Dages Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 8, no. 1, January 2002 When is U.S. Bank Lending to Emerging Markets Volatile? Preventing Currency Crises in Emerging Markets,eds. Sebastian Edwards and Jeffrey Frankel, NBER and University of Chicago Press, NBER Working Paper #8209, October 2002 27 pages / 230 kb Employment Versus Wage Adjustment and the U.S. Dollar With Jose Campa Review of Economics and Statistics, Z, vol. 83, issue 3, pp. 477-489, August 2001 34 pages / 105 kb Gender Differences in the Labor Market Effects of the Dollar With Joseph Tracy American Economic Review: Papers and Proceedings, vol. 91, no. 2, pp. 400-405, May 2001 14 pages / 49 kb Discussion of "Exchange Rate Variability and Investment in Canada" By Lafrance and Tessier, Revisiting the Case for Flexible Exchange Rates in North America, November 2000 Conference Proceedings, Ottawa, Bank of Canada, pp. 269-276, 2001 8 pages / 27 kb Does Foreign Ownership Contribute to Sounder Banks in Emerging Markets? The Latin American Experience With Gerard Dages and Jennifer Crystal, Open Doors: Foreign Participation in Financial Systems in Developing Countries,eds. R. Litan, P. Masson, M. Pomerleano, Brookings Press, pp. 217-266, 2001 51 pages / 147 kb International Trade and Factor Mobility: An Empirical Investigation With Michael Klein Money, Capital Mobility and Trade: Essays in Honor of Robert Mundell,edited by G. Calvo, R. Dornbusch, and M. Obstfeld, M.I.T. Press, 2001 30 pages / 164 kb Introduction Topics in Empirical International Economics: A Festchrift in Honor of Robert E. Lipsey,edited by Magnus Blomstrom and Linda S. Goldberg, NBER and University of Chicago Press, pp. 1-15, 2001 Foreign and Domestic Bank Participation in Emerging Markets: Lessons From Mexico and Argentina With B. Gerard Dages and Daniel Kinney Federal Reserve Bank of New York Economic Policy Review, vol. 6, no. 3, September 2000 Exchange Rates and Local Labor Markets With Joseph Tracy Trade and Wages,edited by Robert Feenstra, NBER and University of Chicago Press, 2000 35 pages / 258 kb Investment, Pass-Through, and Exchange Rates: A Cross-Country Comparison with Jose Campa International Economic Review, vol. 40, no. 2, pp. 287-314, May 1999 45 pages / 168 kb Exchange Rates and Employment Instability: Evidence from Matched CPS Data With Joseph Tracy and Stephanie Aaronson American Economic Review: Papers and Proceedings, vol 89, no. 2, pp. 204-210, May 1999 12 pages / 40 kb Is Optimum Currency Area Theory Irrelevant for Economies in Transition? Currency Policies for Emerging Market Economies, edited by Richard Sweeney, Clas Wihlborg, and Thomas Willett, Westview Press, 1999 25 pages / 145 kb The Dollar and U.S. Manufacturing Industries With Keith Crockett Federal Reserve Bank of New York Current Issues in Economics and Finance, vol. 4, no. 12, December 1998, JEL classification: F4, E3, N6 6 pages / 63 kb Foreign Direct Investment, Trade and Real Exchange Rate Linkages in Developing Countries With Michael Klein Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin,edited by Reuven Glick, Cambridge University Press, 1998 34 pages / 225 kb The Evolving External Orientation of Manufacturing Industries: Evidence from Four Countries With Jose Campa Federal Reserve Bank of New York Economic Policy Review, July 1997 See also NBER working paper #5919, February 1997 Strategic Trading in a Two-Sided Foreign Exchange Auction Journal of International Economics, vol. 42, pp. 299-326 33 pages / 220 kb Black-Markets for Currency, Hoarding Activity and Policy Reform With Il'dar Karimov Journal of International Economics, vol. 42, pp. 349-370, May 1997 28 pages / 214 kb Book Review: "Russian Economic Reform at Risk" Journal of International Economics, edited by Anders Aslund, vol. 42, May 1997 Inversion, Transmision Y Tasas De Cambio: Una Comparacion Entre Paises With Jose Campa Inflacion, Estabilizacio y Politca Cambiaria en America Latina, edited by Mauricio Cardenas and Sebastian Edwards, TM Editores Bogota Colombia, in Spanish, 1997 Exchange Rates and Investment Response in Latin America International Trade and Finance: New Frontiers for Research, Essays in Honor of Peter B. Kenen, edited by Benjamin J. Cohen, Cambridge University Press, 1997 The Political Economy of Introducing New Currencies in the former Soviet Union With Barry Ickes and Randi Ryterman Markets, States and Democracy: The Political Economy of Post-Communist Transformation, edited by B. Crawford (Westview Press), 1995 Exchange Rate Regime Reforms with Black Market Leakages Journal of Development Economics,vol. 48, no.1, pp.167-187, 1995 Foreign Direct Investment, Exchange Rate Variability, and Demand Uncertainty With Charles D. Kolstad International Economic Review, vol. 36, no. 4, pp. 855-73, 1995 29 pages / 107 kb Investment in Manufacturing, Exchange Rates and External Exposure With Jose Campa Journal of International Economics, vol. 38, pp. 297-320, 1995 Departures from the Ruble Zone: The Implications of Adopting Independent Currencies With Barry Ickes and Randi Ryterman Markets, States and Democracy: The Political Economy of Post-Communist Transformation, edited by B. Crawford, Westview Press, 1995 Policy Initiatives, Currency Markets and Production Choices in Emerging Market Economies With Il'dar Karimov Journal of Comparative Economics, vol. 21, no. 3, pp.267-288, 1995 Predicting Exchange Rate Crises: Mexico Revisited Journal of International Economics, vol. 36, pp. 413-430, 1994 Exchange Rates and Investment in United States Industry Review of Economics and Statistics, vol. 75, no. 4, pp. 575-588, 1993 Foreign Exchange Markets in Russia: Understanding the Reforms Staff Papers International Monetary Fund, vol. 40, no. 4, pp. 852-864, 1993 Obstacles to Trade and Competition: Theory and Evidence With Janusz Ordover OECD: Paris, 111 pages, 1993 Russia's trade and payments system: The third-country regime Russia: Joining the World Economy, The World Bank, Washington, D.C., 1993 Debt Write-Downs and Debt-Equity Swaps in a Two-Sector Model With Mark Spiegel Journal of International Economics, vol. 33, pp. 267-283, 1992 Book Review: "Currency Convertibility in Eastern Europe" Edited by John Williamson, Journal of International Economics, vol. 33, August 1992 Current Issues in the International Economy: A Reader Edited with Michael Klein Harper-Collins, New York, 1992 Book Review: "International Money: Post-War Trends and Theories" By Paul de Grauwe, Journal of Economic Literature, March 1991 Collapsing Exchange Rates: Shocks and Biases Journal of International Money and Finance, vol. 10, pp. 252-263, 1991 Comment on "Fiscal Constraints and Incentives with Monetary Coordination: Implications for Europe 1992" By Reuven Glick and Michael Hutchinson in Financial Regulation and Monetary Arrangements after 1992, edited by C. Wihlborg, M. Fratianni, and T. Willett, Elsevier: North Holland Press, 1991 Collapsing Exchange Rate Regimes: A Theoretical and Empirical Investigation Ph.D. Dissertation, Princeton University, 1988 The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. |
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