Research Staff and Resources
International Finance Staff | International Financial Transactions Section
Carol Bertaut
Senior Economist
International Financial Transactions Section
Division of International Finance
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
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''Credit Card Debt Puzzles and Debt Revolvers for Self Control''
(with Michael Haliassos and Michael Reiter),
Review of Finance (forthcoming).
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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.
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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.
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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.
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''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.
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''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.
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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.
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''Recent Developments in Cross-Border Investment in Securities''
(with William L. Griever),
Federal Reserve Bulletin,
vol. 90 (Winter 2004), pp. 19-31.
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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.
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''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.
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''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.
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''Precautionary Portfolio Behavior from a Life-Cycle Perspective''
(with Michael Haliassos),
Journal of Economic Dynamics and Control, vol. 21
(June 1997), pp. 1511-42.
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''Why Do So Few Hold Stocks?''
(with Michael Haliassos),
Economic Journal, vol. 105
(September 1995), pp. 1110-29.
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''The European Central Bank and the Eurosystem,''
New England Economic Review
(Spring 2002), pp. 25-28.
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