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Carol Bertaut

Senior Adviser Program Direction Section International Finance
202-452-3476
[email protected]

Education

  • Ph.D., Economics, University of Maryland
  • B.A., Economics, Swarthmore College
  • Economist

    Board of Governors of the Federal Reserve System

    1993 - present
  • Economist

    Bureau of Economic Analysis, U.S. Department of Commerce

    1980 - 1986
  • "The International Role of the U.S. Dollar" Post-COVID Edition
    Carol Bertaut, Bastian von Beschwitz, and Stephanie Curcuru
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3334
  • Estimating U.S. Cross-Border Securities Flows: Ten Years of the TIC SLT
    Carol Bertaut and Ruth Judson
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3068
  • Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias
    Carol Bertaut, Beau Bressler, and Stephanie Curcuru
    Journal of Accounting and Finance (2021)
    https://doi.org/10.33423/jaf.v21i5.4738
  • The International Role of the U.S. Dollar
    Carol C. Bertaut, Bastian von Beschwitz, and Stephanie E. Curcuru
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2998
  • Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias
    Carol Bertaut, Beau Bressler, and Stephanie Curcuru
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2829
  • Globalization and the Geography of Capital Flows
    Carol C. Bertaut, Beau Bressler, and Stephanie Curcuru
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2446
  • Should We Be Concerned Again About U.S. Current Account Sustainability?
    Shaghil Ahmed, Carol Bertaut, Jessica Liu, and Robert Vigfusson
    IFDP Notes (2018)
    https://doi.org/10.17016/2573-2129.42
  • How much has Dollar Appreciation Affected U.S. Corporate Profits?
    Carol C. Bertaut and Nitish Sinha
    IFDP Notes (2015)
    https://doi.org/10.17016/2573-2129.10
  • Recent Euro-area Inflows into U.S. Bonds: Reconciling and Understanding New Data Sources
    Carol C. Bertaut and Ruth A. Judson
    IFDP Notes (2015)
    https://doi.org/10.17016/2573-2129.08
  • The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio
    Carol C. Bertaut, AlexandraTabova, and Vivian Wong
    International Finance Discussion Papers (2014)
    https://doi.org/10.17016/IFDP.2014.1123
  • Estimating U.S. Cross-Border Securities Positions: New Data and New Methods
    Carol C. Bertaut and Ruth A. Judson
    International Finance Discussion Papers (2014)
    https://doi.org/10.17016/IFDP.2014.1113
  • 'Fool Me Once . . . ' Did U.S. Investors Play it Safer in the European Debt Crisis?
    Carol C. Bertaut, Fang Cai, and Nyssa Kim
    International Finance Discussion Papers (2013)
    https://doi.org/10.17016/IFDP.2013.1088
  • ABS Inflows to the United States and the Global Financial Crisis
    Carol Bertaut, Laurie Pounder DeMarco, Steven Kamin, and Ralph Tryon
    Journal of International Economics (2012)
    https://doi.org/10.1016/j.jinteco.2012.04.001
    See also » FRB Working Paper (2011)
  • ABS Inflows to the United States and the Global Financial Crisis
    Carol C. Bertaut, Laurie Pounder DeMarco, Steven Kamin, and Ralph W. Tryon
    International Finance Discussion Papers (2011)
    https://doi.org/10.17016/IFDP.2011.1028
  • International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007
    Ben S. Bernanke, Carol Bertaut, Laurie Pounder DeMarco, and Steven B. Kamin
    Financial Stability Review (2011)
    See also » FRB Working Paper (2011)
  • How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?
    Carol C. Bertaut, Steven B. Kamin, and Charles P. Thomas
    IMF Economic Review (2009)
    https://doi.org/10.1057/imfsp.2009.7
  • Credit Card Debt Puzzles and Debt Revolvers for Self Control
    Carol C. Bertaut, Michael Haliassos, and Michael Reiter
    Review of Finance (2009)
    https://doi.org/10.1093/rof/rfn033
  • The Financial Crisis and U.S. Cross-Border Financial Flows
    Carol C. Bertaut and Laurie Pounder
    Federal Reserve Bulletin (2009)
    https://doi.org/10.17016/bulletin.2009.95-11
  • Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities?
    Carol C. Bertaut
    International Finance Discussion Papers (2008)
  • Monthly Estimates of U.S. Cross-Border Securities Positions
    Carol C. Bertaut and Ralph W. Tryon
    International Finance Discussion Papers (2007)
  • Credit Cards: Facts and Theories
    Carol C. Bertaut and Michael Haliassos
    Economics of Consumer Credit (2006)
  • Understanding U.S. Cross-Border Securities Data
    Carol C. Bertaut, William L. Griever, and Ralph W. Tryon
    Federal Reserve Bulletin (2006)
    https://doi.org/10.17016/bulletin.2006.92-5
  • Global Financial Integration: A Collection of New Research
    John Ammer, Carol C. Bertaut, Fang Cai, Mark Carey, Jon Faust, Sara B. Holland, Linda S. Kole, Greg Nini, John H. Rogers, David C. Smith, Charles P. Thomas, Shing-Yi B. Wang, Francis E. Warnock, Jon Wongswan, and Jonathan Wright
    International Finance Discussion Papers (2004)
  • What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities
    Carol C. Bertaut and Linda S. Kole
    International Finance Discussion Papers (2004)
  • Recent Developments in Cross-Border Investment in Securities
    Carol C. Bertaut and William L. Griever
    Federal Reserve Bulletin (2004)
    https://doi.org/10.17016/bulletin.2004.90-1-2
  • Household Portfolios in the United States
    Carol C. Bertaut and Martha Starr-McCluer
    Household Portfolios (2002)
    See also » FRB Working Paper (2000)
  • The European Central Bank and the Eurosystem
    Carol C. Bertaut
    New England Economic Review (2002)
  • Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s
    Carol C. Bertaut
    International Finance Discussion Papers (2002)
  • The Launch of the Euro
    Carol C. Bertaut and Murat F. Iyigun
    Federal Reserve Bulletin (1999)
    https://doi.org/10.17016/bulletin.1999.85-10
  • Stockholding Behavior of U.S. Households: Evidence from the 1983-1989 Survey of Consumer Finances
    Carol C. Bertaut
    Review of Economics and Statistics (1998)
    https://doi.org/10.1162/003465398557500
  • Precautionary Portfolio Behavior from a Life-Cycle Perspective
    Carol C. Bertaut and Michael Haliassos
    Journal of Economic Dynamics & Control (1997)
    https://doi.org/10.1016/S0165-1889(97)00060-2
  • Why Do So Few Hold Stocks?
    Michael Haliassos and Carol C. Bertaut
    Economic Journal (1995)
    https://doi.org/10.2307/2235407
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Last Update: December 1, 2023