Contact Information
202-452-3476
carol.bertaut@frb.gov

Fields of Interest
Portfolio Choice
International Capital Flows
International Finance

Education
Ph.D., Economics, University of Maryland at College Park, 1993
B.A., , Swarthmore College, 1980

Professional Experience
Board of Governors of the Federal Reserve System, 1993-present
Economist, Bureau of Economic Analysis, U.S. Department of Commerce, 1980-1986

Selected Publications

• ''Credit Card Debt Puzzles and Debt Revolvers for Self Control'' (with Michael Haliassos and Michael Reiter), Review of Finance (forthcoming).
• 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?, International Finance Discussion Papers 950. Washington: Board of Governors of the Federal Reserve System, 2008.
• How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained? (with Steven B. Kamin and Charles P. Thomas), International Finance Discussion Papers 935. Washington: Board of Governors of the Federal Reserve System, 2008.
• Monthly Estimates of U.S. Cross-Border Securities Positions (with Ralph W. Tryon), International Finance Discussion Papers 910. Washington: Board of Governors of the Federal Reserve System, 2007.
• ''Credit Cards: Facts and Theories'' (with Michael Haliassos), in Guiseppe Bertola, Richard Disney, and Charles Grant, eds., The Economics of Consumer Credit. Cambridge, Massachusetts: MIT Press, 2006.
• ''Understanding U.S. Cross-Border Securities Data'' (with William L. Griever and Ralph W. Tryon), Federal Reserve Bulletin, vol. 92 (May 2006), pp. A59-A75.
• What Makes Investors Over or Underweight? Explaining International Appetities for Foreign Equities (with Linda S. Kole), International Finance Discussion Papers 819. Washington: Board of Governors of the Federal Reserve System, 2004.
• ''Recent Developments in Cross-Border Investment in Securities'' (with William L. Griever), Federal Reserve Bulletin, vol. 90 (Winter 2004), pp. 19-31.
• Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries, International Finance Discussion Papers 724. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''Household Portfolios in the United States'' (with Martha Starr-McCluer), in Luigi Guiso, Michael Haliassos, and Tullio Jappelli, eds., Household Portfolios. Cambridge, Massachusetts: MIT Press, 2001.
• ''Stockholding Behavior of U.S. Households: Evidence from the 1983-1989 Survey of Consumer Finances,'' Review of Economics and Statistics, vol. 80 (May 1998), pp. 263-75.
• ''Precautionary Portfolio Behavior from a Life-Cycle Perspective'' (with Michael Haliassos), Journal of Economic Dynamics and Control, vol. 21 (June 1997), pp. 1511-42.
• ''Why Do So Few Hold Stocks?'' (with Michael Haliassos), Economic Journal, vol. 105 (September 1995), pp. 1110-29.
• ''The European Central Bank and the Eurosystem,'' New England Economic Review (Spring 2002), pp. 25-28.