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Meet the Researchers

Photo of Stephanie E. Curcuru

Stephanie E. Curcuru

Deputy Director Program Direction Section International Finance
202-452-3896
[email protected]

Education

  • Ph.D., Finance, Booth School of Business, University of Chicago
  • M.S., Mathematics, New York University
  • B.S., Aerospace Engineering, Princeton University
Current Research Topics
  • International capital movements
  • Market risk measures
  • Deputy Director

    Federal Reserve Board

    2022 - present
  • Associate Director

    Federal Reserve Board

    2021 - 2022
  • Deputy Associate Director

    Federal Reserve Board

    2020 - 2021
  • Assistant Director

    Federal Reserve Board

    2017 - 2020
  • Adjunct Lecturer

    Johns Hopkins University

    2017 - 2020
  • Chief

    Federal Reserve Board - Global Monetary and Sovereign Markets Section

    2015 - 2017
  • Chief

    Federal Reserve Board - Global Capital Markets Section

    2014 - 2015
  • Senior Economist

    Federal Reserve Board - Global Capital Markets Section

    2012 - 2014
  • Senior Economist

    Federal Reserve Board - International Financial Transactions Section

    2010 - 2012
  • Economist

    Federal Reserve Board - International Financial Transactions Section

    2005 - 2010
  • Vice President

    Salomon Brothers/Citigroup

    1994 - 2000
  • The Global (Mis)Allocation of Capital
    Carol Bertaut, Stephanie E. Curcuru, Ester Faia, and Pierre-Olivier Gourinchas
    International Finance Discussion Papers (2024)
    https://doi.org/10.17016/IFDP.2024.1399
  • New Evidence on the US Excess Return on Foreign Portfolios
    Carol C. Bertaut, Stephanie E. Curcuru, Ester Faia, and Pierre-Olivier Gourinchas
    International Finance Discussion Papers (2024)
    https://doi.org/10.17016/IFDP.2024.1398
  • "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
  • International Spillovers of Monetary Policy: Conventional Policy vs. Quantitative Easing
    Stephanie E. Curcuru, Steven B. Kamin, Canlin Li, and Marius Rodriguez
    International Journal of Central Banking (2023)
    See also » FRB Working Paper (2018)
  • 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
  • Non-Financial Corporate Credit and Recessions
    Stephanie E. Curcuru and Mohammad R. Jahan-Parvar
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2877
  • 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
  • International Spillovers of Monetary Policy: Conventional Policy vs. Quantitative Easing
    Stephanie E. Curcuru, Steven B. Kamin, Canlin Li, and Marius Rodriguez
    International Finance Discussion Papers (2018)
    https://doi.org/10.17016/IFDP.2018.1234
  • Measuring Monetary Policy Spillovers between U.S. and German Bond Yields
    Stephanie E. Curcuru, Michiel De Pooter, and George Eckerd
    International Finance Discussion Papers (2018)
    https://doi.org/10.17016/IFDP.2018.1226
  • The Sensitivity of the U.S. Dollar Exchange Rate to Changes in Monetary Policy Expectations
    Stephanie E. Curcuru
    IFDP Notes (2017)
    https://doi.org/10.17016/2573-2129.36
  • The Return on U.S. Direct Investment at Home and Abroad
    Stephanie E. Curcuru and Charles P. Thomas
    National Bureau of Economic Research Studies in Income and Wealth (2015)
    https://doi.org/10.7208/chicago/9780226204437.003.0007
    See also » FRB Working Paper (2012)
  • Cross-border Portfolios: Assets, Liabilities, and Non-flow Adjustments
    Stephanie E. Curcuru, Charles P. Thomas, and Francis E. Warnock
    BIS Papers (2015)
  • Uncovered Equity Parity and Rebalancing in International Portfolios
    Stephanie E. Curcuru, Charles P. Thomas, Francis E. Warnock, and Jon Wongswan
    Journal of International Money and Finance (2014)
    https://doi.org/10.1016/j.jimonfin.2014.04.009
    See also » FRB Working Paper (2014)
  • On Returns Differentials
    Stephanie E. Curcuru, Charles P. Thomas, and Francis E. Warnock
    Journal of International Money and Finance (2013)
    https://doi.org/10.1016/j.jimonfin.2013.02.002
    See also » FRB Working Paper (2013)
  • U.S. International Equity Investment and Past and Prospective Returns
    Charles Thomas, Stephanie E. Curcuru, Francis E. Warnock, and Jon Wongswan
    American Economic Review (2011)
    https://doi.org/10.1257/aer.101.7.3440
    See also » FRB Working Paper (2011)
  • Heterogeneity and Portfolio Choice: Theory and Evidence
    Stephanie E. Curcuru, John Heaton, Deborah Lucas, and Damien Moore
    Handbook of Financial Econometrics (2010)
    https://doi.org/10.1016/B978-0-444-50897-3.50009-2
  • Decomposing the U.S. External Returns Differential
    Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock
    Journal of International Economics (2010)
    https://doi.org/10.1016/j.jinteco.2009.06.005
    See also » FRB Working Paper (2009)
  • Current Account Sustainability and Relative Reliability
    Stephanie E. Curcuru, Charles P. Thomas, and Francis E. Warnock
    NBER International Seminar on Macroeconomics (2009)
    https://doi.org/10.1086/595998
    See also » FRB Working Paper (2008)
  • Cross-Border Returns Differentials
    Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock
    Quarterly Journal of Economics (2008)
    https://doi.org/10.1162/qjec.2008.123.4.1495
    See also » FRB Working Paper (2008)
  • The Stability of Large External Imbalances: The Role of Returns Differentials
    Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock
    NBER Working Paper Series (2007)
    https://doi.org/10.3386/w13074
    See also » FRB Working Paper (2007)
  • U.S. Cross-Border Derivatives Data: A User's Guide
    Stephanie E. Curcuru
    Federal Reserve Bulletin (2007)
    https://doi.org/10.17016/bulletin.2007.93-5-1

  • conference

    January 2012

    AEA Annual Meeting

    On Returns Differentials

  • conference

    June 2011

    Georgetown Center for Economic Research

    On Returns Differentials

  • seminar

    March 2011

    NBER International Finance and Macroeconomics Program

    On Returns Differentials

  • conference

    November 2010

    NBER Conference on Research in Income and Wealth (CRIW)

    The Return on FDI in the U.S. and Abroad

  • conference

    August 2010

    BIS Irving Fisher Committee Conference

    Measuring Carry Trade Activity

  • seminar

    March 2010

    Clemson University

    U.S. International Equity Investment and Past and Prospective Returns

  • conference

    February 2010

    Midwest Finance Association

    U.S. International Equity Investment and Past and Prospective Returns

Referee
  • Quarterly Journal of Economics
  • American Economic Review
  • Review of Financial Studies
  • Journal of International Economics
  • Economica
  • European Economic Review
  • Journal of Banking and Finance
  • Journal of Economic Dynamics and Control
  • Quarterly Review of Economics and Finance
  • Bulletin of Economic Research
Professional Affiliation
  • American Finance Association
  • American Economic Association
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Last Update: December 9, 2024