Linda Goldberg

Linda Goldberg

Vice President
Financial Intermediation Function
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Phone (212) 720-2836
linda.goldberg@ny.frb.org

Publications

Measuring Complexity in Global Banks
With Nicola Cetorelli
Federal Reserve Bank of New York Economic Policy Review, Volume 20, Number 2, March 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 PDF
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 CrisisPDF
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 CredibilityPDF
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 PDF
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 PDF
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? OFFSITE
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 OFFSITE
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 AppendixPDF, January 2008

Understanding Banking Sector Globalization PDF
International Monetary Fund Staff Papers, (2009) vol. 56
171-197

Currency Invoicing of International TradePDF
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 InvestmentPDF
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" OFFSITE
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" OFFSITE
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?PDF
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 AreaPDF
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?PDF
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 AdjustmentPDF
With Cedric Tille
Group of Thirty Occasional Paper, 71, 2006
52 pages /283 kb
See also ››
NBER Paper 12495PDF, September 2006

The International Exposure of U.S. Banks: Europe and Latin America Compared OFFSITE
Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, 2007

Risks in U.S. Bank International ExposuresPDF
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 PricesPDF
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 CorboPDF
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?PDF
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. DollarPDF
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 DollarPDF
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"PDF
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 ExperiencePDF
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 InvestigationPDF
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 OFFSITE
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 MarketsPDF
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 ComparisonPDF
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 DataPDF
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?PDF
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 CountriesPDF
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 AuctionPDF
Journal of International Economics, vol. 42, pp. 299-326
33 pages / 220 kb

Black-Markets for Currency, Hoarding Activity and Policy ReformPDF
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" OFFSITE
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 OFFSITE
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 OFFSITE
Journal of Development Economics,vol. 48, no.1, pp.167-187, 1995

Foreign Direct Investment, Exchange Rate Variability, and Demand UncertaintyPDF
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 OFFSITE
With Jose Campa
Journal of International Economics, vol. 38, pp. 297-320, 1995

Departures from the Ruble Zone: The Implications of Adopting Independent Currencies PDF
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 OFFSITE
Journal of International Economics, vol. 36, pp. 413-430, 1994

Exchange Rates and Investment in United States Industry OFFSITE
Review of Economics and Statistics, vol. 75, no. 4, pp. 575-588, 1993

Foreign Exchange Markets in Russia: Understanding the Reforms OFFSITE
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 OFFSITE
With Mark Spiegel
Journal of International Economics, vol. 33, pp. 267-283, 1992

Book Review: "Currency Convertibility in Eastern Europe" OFFSITE
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 OFFSITE
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

Linda Goldberg's CVPDFThe 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.