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Meet the Researchers

Photo of Ricardo Correa

Ricardo Correa

Senior Adviser Program Direction Section International Finance
202-452-2213
[email protected]

Education

  • Ph.D., Economics, Columbia University, 2006
  • M.A., Economics, Columbia University, 2001
  • B.A., Economics, Universidad de Los Andes, 1997
Current Research Topics
  • Financial Stability
  • International Banking
  • Senior Adviser

    Board of Governors of the Federal Reserve System

    2021 - present
  • Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2020 - 2021
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2018 - 2020
  • Chief

    Board of Governors of the Federal Reserve System

    2014 - 2018
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2011 - 2014
  • Economist

    Board of Governors of the Federal Reserve System

    2006 - 2011
  • Financial Stability Governance and Central Bank Communications
    Juan M. Londono, Stijn Claessens, and Ricardo Correa
    International Journal of Central Banking (Forthcoming)
    See also » FRB Working Paper (2021)
  • Third Conference on the International Roles of the U.S. Dollar
    Ricardo Correa, Linda S. Goldberg, Juan M. Londono, and Fabiola Ravazzolo
    FEDS Notes (2024)
    https://doi.org/10.17016/2380-7172.3587
  • Trade Uncertainty and U.S. Bank Lending
    Ricardo Correa, Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu
    International Finance Discussion Papers (2023)
    https://doi.org/10.17016/IFDP.2023.1383
  • 2nd Annual International Roles of the U.S. Dollar Conference
    Alain Chaboud, Ricardo Correa, Patrick Douglass, Linda S. Goldberg, Juan M. Londono, and Fabiola Ravazzolo
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3344
  • Global Spillovers of a Chinese Growth Slowdown
    Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu, and Anna Wong
    Journal of Risk and Financial Management (2022)
    https://doi.org/10.3390/jrfm15120596
  • Debt Overhang and the Retail Apocalypse
    Jack Liebersohn, Martin Sicilian, and Ricardo Correa
    International Finance Discussion Papers (2022)
    https://doi.org/10.17016/IFDP.2022.1356
  • The Fed’s Inaugural Conference on the International Roles of the U.S. Dollar
    Ricardo Correa, Linda S. Goldberg, Robert Lerman, and Bo Sun
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3169
  • The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing
    Ricardo Correa, Ai He, Christoph Herpfer, and Ugur Lel
    International Finance Discussion Papers (2022)
    https://doi.org/10.17016/IFDP.2022.1345
  • Bank Complexity, Governance, and Risk
    Ricardo Correa and Linda S. Goldberg
    Journal of Banking & Finance (2022)
    https://doi.org/10.1016/j.jbankfin.2020.106013
    See also » FRB Working Paper (2020)
  • Cross-Border Bank Flows and Monetary Policy
    Ricardo Correa, Teodora Paligorova, Horacio Sapriza, and Andrei Zlate
    Review of Financial Studies (2022)
    https://doi.org/10.1093/rfs/hhab019
    See also » FRB Working Paper (2018)
  • Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment
    Ricardo Correa, Horacio Sapriza, and Andrei Zlate
    Journal of International Economics (2021)
    https://doi.org/10.1016/j.jinteco.2021.103519
  • Sentiment in Central Banks' Financial Stability Reports
    Ricardo Correa, Keshav Garud, Juan M. Londono, and Nathan Mislang
    Review of Finance (2021)
    https://doi.org/10.1093/rof/rfaa014
    See also » FRB Working Paper (2017)
  • Central Banks' Financial Stability Communications during the COVID-19 Pandemic
    Jerry Yang, Ricardo Correa, and Juan M. Londono
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2741
  • Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times
    Sumit Agarwal, Ricardo Correa, Bernardo Morais, Jessica Roldán, and Claudia Ruiz-Ortega
    International Finance Discussion Papers (2020)
    https://doi.org/10.17016/IFDP.2020.1288
  • U.S. Banks and Global Liquidity
    Ricardo Correa, Wenxin Du, and Gordon Liao
    International Finance Discussion Papers (2020)
    https://doi.org/10.17016/IFDP.2020.1289
  • Revenge of the Steamroller: ABCP as a Window on Risk Choices
    Carlos Arteta, Mark Carey, Ricardo Correa, and Jason Kotter
    Review of Finance (2020)
    https://doi.org/10.1093/rof/rfz017
    See also » FRB Working Paper (2013)
  • Prudential Policies and Their Impact on Credit in the United States
    Paul Calem, Ricardo Correa, and Seung Jung Lee
    Journal of Financial Intermediation (2020)
    https://doi.org/10.1016/j.jfi.2019.04.002
    See also » FRB Working Paper (2016)
  • Government Support, Regulation, and Risk Taking in the Banking Sector
    Luis Brandao-Marques, Ricardo Correa, and Horacio Sapriza
    Journal of Banking & Finance (2020)
    https://doi.org/10.1016/j.jbankfin.2018.01.008
  • Have the Risk Profiles of Large U.S. Bank Holding Companies Changed?
    Ricardo Correa, Linda Goldberg, and Kevin Lai
    Liberty Street Economics (2020)
  • Dealer Leverage and Exchange Rates: Heterogeneity Across Intermediaries
    Ricardo Correa and Laurie P. DeMarco
    International Finance Discussion Papers (2019)
    https://doi.org/10.17016/IFDP.2019.1262
  • Global Spillovers of a China Hard Landing
    Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu, and Anna Wong
    International Finance Discussion Papers (2019)
    https://doi.org/10.17016/IFDP.2019.1260
  • Financial Institutions' Business Models and the Global Transmission of Monetary Policy
    Isabel Argimon, Clemens Bonner, Ricardo Correa, Patty Duijm, Jon Frost, Jakob de Haan, Leo de Haan, and Viktors Stebunovs
    Journal of International Money and Finance (2019)
    https://doi.org/10.1016/j.jimonfin.2018.08.010
    See also » FRB Working Paper (2018)
  • A New Dataset of Macroprudential Policy Governance Structures
    Ricardo Correa, Rochelle M. Edge, and Nellie Liang
    IFDP Notes (2017)
    https://doi.org/10.17016/2573-2129.38
  • Constructing a Dictionary for Financial Stability
    Ricardo Correa, Keshav Garud, Juan-Miguel Londono-Yarce, and Nathan Mislang
    IFDP Notes (2017)
    https://doi.org/10.17016/2573-2129.33
  • Internal Liquidity Management and Local Credit Provision
    Nicholas Coleman, Ricardo Correa, Leo Feler, and Jason Goldrosen
    International Finance Discussion Papers (2017)
    https://doi.org/10.17016/IFDP.2017.1204
  • Changes in Prudential Policy Instruments---A New Cross-Country Database
    Eugenio Cerutti, Ricardo Correa, Elisabetta Fiorentino, and Esther Segalla
    International Journal of Central Banking (2017)
    See also » FRB Working Paper (2016)
  • International Banking and Cross-Border Effects of Regulation: Lessons from the United States
    Jose M. Berrospide, Ricardo Correa, Linda S. Goldberg, and Friederike Niepmann
    International Journal of Central Banking (2017)
    See also » FRB Working Paper (2016)
  • Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation Around the World
    Ricardo Correa and Ugur Lel
    Journal of Financial Economics (2016)
    https://doi.org/10.1016/j.jfineco.2016.09.003
    See also » FRB Working Paper (2014)
  • The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises
    Lamont K. Black, Xin Huang, Hao Zhou, and Ricardo Correa
    Journal of Banking & Finance (2016)
    https://doi.org/10.1016/j.jbankfin.2015.09.007
    See also » FRB Working Paper (2013)
  • International Banking and Liquidity Risk Transmission: Evidence from the United States
    Ricardo, Linda S. Goldberg Correa, and Tara Rice
    IMF Economic Review (2015)
    https://doi.org/10.1057/imfer.2015.28
  • Sovereign Debt Crises
    Ricardo Correa and Horacio Sapriza
    Oxford Handbook of Banking (2015)
    See also » FRB Working Paper (2014)
  • How Do Liquidity Conditions Affect U.S. Bank Lending?
    Ricardo Correa, Linda S. Goldberg, and Tara N. Rice
    IFDP Notes (2014)
    https://doi.org/10.17016/2573-2129.05
  • Sovereign Credit Risk, Banks' Government Support, and Bank Stock Returns around the World
    Ricardo Correa, Kuan-Hui Lee, Horacio Sapriza, and Gustavo A. Suarez
    Journal of Money, Credit and Banking (2014)
    https://doi.org/10.1111/jmcb.12080
    See also » FRB Working Paper (2012)
  • International Evidence on Government Support and Risk Taking in the Banking Sector
    Luís Brandão Marques, Ricardo Correa, and Horacio Sapriza
    International Finance Discussion Papers (2013)
    https://doi.org/10.17016/IFDP.2013.1086
  • Firm Volatility and Banks: Evidence from U.S. Banking Deregulation
    Ricardo Correa and Gustavo A. Suarez
    Finance and Economics Discussion Series (2009)
    https://doi.org/10.17016/FEDS.2009.46
  • Cross-Border Bank Acquisitions: Is There a Performance Effect?
    Ricardo Correa
    Journal of Financial Services Research (2009)
    https://doi.org/10.1007/s10693-008-0043-6
    See also » FRB Working Paper (2008)
  • Bank Integration and Financial Constraints: Evidence from U.S. Firms
    Ricardo Correa
    International Finance Discussion Papers (2008)
    https://doi.org/10.17016/IFDP.2008.925
  • International Differences in the Adoption and Impact of New Information Technologies and New HR Practices: The Valve-Making Industry in the U.S. and U.K
    Ann Bartel, Casey Ichniowski, Kathryn Shaw, and Ricardo Correa
    NBER Working Paper Series (2007)
    https://doi.org/10.3386/w13651
Conference Organization

  • April 2018 | New York, NY

    Thirteenth NYU Stern/New York Fed Conference on Financial Intermediation

    Program Committee

  • July 2017 | Oxford, United Kingdom

    International Finance and Banking Society 2017 Oxford Conference

    Program Committee

  • April 2017 | Amsterdam, The Netherlands

    Avoiding and Resolving Banking Crises

    Program Committee

  • May 2016 | New York, NY

    Eleventh NYU Stern/New York Fed Conference on Financial Intermediation

    Program Committee

  • March 2016 | Atlanta, GA

    Midwest Finance Association Annual Conference

    Program Committee

  • February 2008 | San Antonio, TX

    Midwest Finance Association Annual Conference

    Program Committee

Referee
  • American Economic Review
  • Contemporary Economic Policy
  • Economic Journal
  • Emerging Markets Finance and Trade
  • European Economic Review
  • Journal of Banking and Finance
  • Journal of Finance
  • Journal of Financial Intermediation
  • Journal of Financial Services Research
  • Journal of Financial Stability
  • Journal of International Economics
  • Journal of Macroeconomics
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • International Journal of Central Banking
  • Revista Desarrollo y Sociedad
  • Review of Finance
  • Review of Financial Studies
Professional Affiliation
  • Member, American Economic Association
  • Member, American Finance Association
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Last Update: September 3, 2024