Contact Information
202-452-2349
john.ammer@frb.gov

Fields of Interest
Financial Markets
Corporate Finance
International Finance

Education
Ph.D., Economics, Princeton University, 1992
B.A., Economics and Mathematics, Yale University, 1984

Professional Experience
Board of Governors of the Federal Reserve System, 1991-present

Selected Publications

• ''How Consistent are Credit Ratings? A Geographical and Sectoral Analysis of Default Risk'' (with Frank Packer), Journal of Fixed Income, vol. 10 (December 2000), pp. 24-30.
• ''Are Banks Market Timers or Market Makers? Explaining Foreign Exchange Trading Profits'' (with Allan D. Brunner), Journal of International Financial Markets, Institutions, and Money, vol. 7 (April 1997), pp. 43-60.
• Regulation And The Cost Of Capital In Japan: A Case Study (with Michael S. Gibson), International Finance Discussion Papers 556. Washington: Board of Governors of the Federal Reserve System, 1996.
• ''Measuring International Economic Linkages with Stock Market Data'' (with Jianping Mei), Journal of Finance, vol. 51 (December 1996), pp. 1743-63.
• ''Macroeconomic State Variables as Determinants of Asset Price Covariances,'' in Mico Loretan, ed., Measurement and Systemic Risk: Proceedings of a Joint Central Bank Research Conference. Washington, D.C.: Board of Governors of the Federal Reserve System, 1996.
• ''Inflation Targeting in the 1990s: The Experiences of New Zealand, Canada, and the United Kingdom'' (with Richard T. Freeman), Journal of Economics and Business, vol. 47 (May 1995), pp. 165-92.
• ''Strategic Returns to International Diversification: An Application to the Equity Markets of Europe, Japan, and North America'' (with Jianping Mei), European Financial Management, vol. 1 (March 1995), pp. 49-59.
• Inflation, Inflation Risk, and Stock Returns, International Finance Discussion Papers 464. Washington: Board of Governors of the Federal Reserve System, 1994.
• ''What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns'' (with John Y. Campbell), Journal of Finance, vol. 48 (March 1993), pp. 3-37.
• Macroeconomic Risk And Asset Pricing: Estimating The APT With Observable Factors, International Finance Discussion Papers 448. Washington: Board of Governors of the Federal Reserve System, 1993.