Professional Experience

• • Director

    Board of Governors of the Federal Reserve System

  • 2011 - present

• • Deputy Director

    Board of Governors of the Federal Reserve System

  • 2008 - 2011

• • Associate Director

    Board of Governors of the Federal Reserve System

  • 2001 - 2008

• • Assistant Director

    Board of Governors of the Federal Reserve System

  • 1999 - 2001

• • Chief, International Development Section

    Board of Governors of the Federal Reserve System

  • 1997 - 1999

• • Senior Economist

    Board of Governors of the Federal Reserve System

  • 1994 - 1997

• • Visiting Economist

    Bank for International Settlements

  • 1996 - 1997

• • Senior Economist

    Council of Economic Advisers

  • 1992 - 1993

• • Instructor

    University of Maryland

  • 1990

• • Economist

    Board of Governors of the Federal Reserve System

  • 1987 - 1994

• • Research Consultant

    The World Bank

  • 1983 - 1985

• • Research Assistant

    CCREMS, Massachusetts Institute of Technology

  • 1982 - 1983

• • Research Assistant

    Federal Reserve Bank of San Francisco

  • 1979 - 1981

Publications

• Gruber, Joseph W., and Steven B. Kamin (Forthcoming). "Fiscal Positions and Government Bond Yields in OECD Countries," Journal of Money, Credit, and Banking.
• Kamin, Steven B., and Gerard Caprio (Forthcoming). "Financial Globalization and Monetary Policy," Encyclopedia of Financial Globalization.
• Kamin, Steven B., and Laurie Pounder DeMarco (2012). "How did a Domestic Housing Slump Turn into a Global Financial Crisis?" Journal of International Money and Finance, vol. 31, no. 1, pp. 10-41.
• Arteta, Carlos, Steven B. Kamin, and Justin Vitanza (2011). "The Puzzling Peso," Journal of International Money and Finance, vol. 30, no. 8, pp. 1814-1835.
• Bernanke, Ben S., Carol Bertaut, Laurie Pounder DeMarco, and Steven B. Kamin (2011). "International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007," Banque de France Financial Stability Review, vol. 15, pp. 13-26.
• Bernanke, Ben S., Carol Bertaut, Laurie Pounder DeMarco, and Steven Kamin (2011). "International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007," International Finance Discussion Papers 1014. Board of Governors of the Federal Reserve System (U.S.).
• Bertaut, Carol C., Laurie Pounder DeMarco, Steven Kamin, and Ralph W. Tryon (2011). "ABS Inflows to the United States and the Global Financial Crisis," International Finance Discussion Papers 1028. Board of Governors of the Federal Reserve System (U.S.).
• Bowman, David, Fang Cai, Sally M. Davies, and Steven Kamin (2011). "Quantitative Easing and Bank Lending: Evidence from Japan," International Finance Discussion Papers 1018. Board of Governors of the Federal Reserve System (U.S.).
• Erceg, Christopher J., Luca Guerrieri, and Steven B. Kamin (2011). "Did Easy Money in the Dollar Bloc Fuel the the Oil Price Run-Up?" International Journal of Central Banking, vol. 7, no. 1, pp. 131-160.
• Gruber, Joseph W., and Steven B. Kamin (2010). "Fiscal Positions and Government Bond Yields in OECD Countries," International Finance Discussion Papers 1011. Board of Governors of the Federal Reserve System (U.S.).
• Ihrig, Jane, Steven B. Kamin, Deborah Lindner, and Jaime Marquez (2010). "Some Simple Tests of the Globalization and Inflation Hypothesis," International Finance, vol. 13, no. 3, pp. 343-375.
• Kamin, Steven (2010). "Financial Globalization and Monetary Policy," International Finance Discussion Papers 1002. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Laurie Pounder DeMarco (2010). "How did a Domestic Housing Slump Turn into a Global Financial Crisis?" International Finance Discussion Papers 994. Board of Governors of the Federal Reserve System (U.S.).
• Arteta, Carlos, Steven B. Kamin, and Justin Vitanza (2009). "The Puzzling Peso," International Finance Discussion Papers 976. Board of Governors of the Federal Reserve System (U.S.).
• Bertaut, Carol C., Steven B. Kamin, and Charles P. Thomas (2009). "How Long can the Unsustainable U.S. Current Account Deficit be Sustained?" IMF Staff Papers, vol. 56, no. 3, pp. 596-632.
• Erceg, Christopher J., Luca Guerrieri, and Steven Kamin (2009). "Did Easy Money in the Dollar Bloc Fuel the Global Commodity Boom?" International Finance Discussion Papers 979. Board of Governors of the Federal Reserve System (U.S.).
• Ericsson, Neil R., and Steven B. Kamin (2009). "Constructive Data Mining: Modeling Argentine Broad Money Demand," in Castle, Jennifer L., Neil Shephard eds., The Methodology and Practice of Econometrics. A Festschrift in Honour of David F. Hendry. Oxford: Oxford University Press.
• Gruber, Joseph W., and Steven B. Kamin (2009). "Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?" Review of International Economics, vol. 17, no. 4, pp. 667-688.
• Kamin, Steven B., Trevor A. Reeve, and Nathan Sheets (2009). "U.S. External Adjustment: Is it Disorderly? is it Unique? Will it Disrupt the Rest of the World?" Contemporary Economic Policy, vol. 27, no. 2, pp. 265-292.
• Bertaut, Carol C., Steven B. Kamin, and Charles P. Thomas (2008). "How Long can the Unsustainable U.S. Current Account Deficit be Sustained?" International Finance Discussion Papers 935. Board of Governors of the Federal Reserve System (U.S.).
• Ericsson, Neil R., and Steven Kamin (2008). "Constructive Data Mining: Modeling Argentine Broad Money Demand," International Finance Discussion Papers 943. Board of Governors of the Federal Reserve System (U.S.).
• Gruber, Joseph W., and Steven B. Kamin (2008). "Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?" International Finance Discussion Papers 923. Board of Governors of the Federal Reserve System (U.S.).
• Gruber, Joseph W., and Steven B. Kamin (2007). "Explaining the Global Pattern of Current Account Imbalances," Journal of International Money and Finance, vol. 26, no. 4, pp. 500-522.
• Ihrig, Jane, Steven B. Kamin, Deborah Lindner, and Jaime Marquez (2007). "Some Simple Tests of the Globalization and Inflation Hypothesis," International Finance Discussion Papers 891. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., John Schindler, and Shawna Samuel (2007). "The Contribution of Domestic and External Factors to Emerging Market Currency Crises: An Early Warning Systems Approach," International Journal of Finance and Economics, vol. 12, no. 3, pp. 317-336.
• Kamin, Steven B., Trevor A. Reeve, and Nathan Sheets (2007). "U.S. External Adjustment: Is it Disorderly? is it Unique? Will it Disrupt the Rest of the World?" International Finance Discussion Papers 892. Board of Governors of the Federal Reserve System (U.S.).
• Croke, Hilary, Steven B. Kamin, and Sylvain Leduc (2006). "An Assessment of the Disorderly Adjustment Hypothesis for Industrial Economies," International Finance, vol. 9, no. 1, pp. 37-61.
• Kamin, Steven B. (2006). "Comments on S. Arndt: Regional Currency Arrangements in North America," International Economics and Economic Policy, vol. 3, no. 3-4, pp. 281-286.
• Schindler, John, Steven Kamin, and Mario Marazzi (2006). "Is China Exporting Deflation?" Review of International Economics, vol. 14, pp. 179-201.
• Croke, Hilary, Steven B. Kamin, and Sylvain Leduc (2005). "Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies," International Finance Discussion Papers 827. Board of Governors of the Federal Reserve System (U.S.).
• Gruber, Joseph W., and Steven B. Kamin (2005). "Explaining the Global Pattern of Current Account Imbalances," International Finance Discussion Papers 846. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (2004). "Identifying the Role of Moral Hazard in International Financial Markets," International Finance, vol. 7, no. 1, pp. 25-59.
• Kamin, Steven B., Mario Marazzi, and John W. Schindler (2004). "Is China Exporting Deflation?" International Finance Discussion Papers 791. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (2003). "U.S. International Transactions in 2002," Federal Reserve Bulletin, vol. 89, no. 5, pp. 191-203.
• Kamin, Steven B., and Marc Klau (2003). "A Multi-Country Comparison of the Linkages between Inflation and Exchange Rate Competitiveness," International Journal of Finance and Economics, vol. 8, no. 2, pp. 167-184.
• Kamin, Steven B., and Neil R. Ericsson (2003). "Dollarization in Post-Hyperinflationary Argentina," Journal of International Money and Finance, vol. 22, no. 2, pp. 185-211.
• Ahearne, Alan, Joseph Gagnon, Jane Haltmaier, and Steve Kamin (2002). "Preventing Deflation: Lessons from Japan's Experience in the 1990s," International Finance Discussion Papers 729. Board of Governors of the Federal Reserve System (U.S.).
• Ahmed, Shaghil, Christopher J. Gust, Steven B. Kamin, and Jonathan Huntley (2002). "Are Depreciations as Contractionary as Devaluations? A Comparison of Selected Emerging and Industrial Economies," International Finance Discussion Papers 737. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (2002). "Identifying the Role of Moral Hazard in International Financial Markets," International Finance Discussion Papers 736. Board of Governors of the Federal Reserve System (U.S.).
• Gould, David, and Steven Kamin (2001). "The Impact of Monetary Policy on Exchange Rates during Financial Crises," in Glick, ,Reuven, Moreno Ramon and Mark Spiegel M. eds., Financial Crises in Emerging Markets. Cambridge; New York and Melbourne: Cambridge University Press, pp. 384-420.
• Kamin, Steven B. (2001). "Real Exchange Rates and Inflation in Exchange-Rate-Based Stabilizations: An Empirical Examination," Journal of Development Economics, vol. 64, no. 1, pp. 237-253.
• Kamin, Steven B. (2001). "The Current International Financial Crisis: How Much is New?" in Philippatos, George,C., Gregory Koutmos eds., International Securities, Vol. 2. Williston, Vt.: Elgar; distributed by American International Distribution Corporation, pp. 553-566.
• Kamin, Steven B., John W. Schindler, and Shawna L. Samuel (2001). "The Contribution of Domestic and External Factors to Emerging Market Devaluation Crises: An Early Warning Systems Approach," International Finance Discussion Papers 711. Board of Governors of the Federal Reserve System (U.S.).
• Gould, David M., and Steven B. Kamin (2000). "The Impact of Monetary Policy on Exchange Rates during Financial Crises," International Finance Discussion Papers 669. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steve B., and John H. Rogers (2000). "Output and the Real Exchange Rate in Developing Countries: An Application to Mexico," Journal of Development Economics, vol. 61, no. 1, pp. 85-109.
• Brunner, Allan D., and Steven B. Kamin (1999). "Has Japan Entered a New Era of Financial Constraints?" in Aggarwal, Raj ed., Restructuring Japanese Business for Growth: Strategy, Finance, Management and Marketing Perspective. Boston; Dordrecht and London: Kluwer Academic, pp. 81-100.
• Ghei, Nita, and Steven B. Kamin (1999). "The use of the Parallel Market Rate as a Guide to Setting the Official Exchange Rate," in Hinkle, Lawrence,E., Peter Montiel J. eds., Exchange Rate Misalignment: Concepts and Measurement for Developing Countries. New York and Oxford: Oxford University Press for the World Bank, pp. 497-538.
• Kamin, Steven B. (1999). "The Current International Financial Crisis: How Much is New?" Journal of International Money and Finance, vol. 18, no. 4, pp. 501-514.
• Kamin, Steven B. (1999). "The Current International Financial Crisis: How Much is New?" International Finance Discussion Papers 636. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Karsten von Kleist (1999). "The Evolution and Determinants of Emerging Market Credit Spreads in the 1990s," International Finance Discussion Papers 653. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Karsten von Kleist (1999). "The Evolution of Emerging Market Bond Spreads in the 1990s," BIS Quarterly Review, November, pp. 36-44.
• Kamin, Steven B., and Oliver D. Babson (1999). "The Contributions of Domestic and External Factors to Latin American Devaluation Crises: An Early Warning Systems Approach," International Finance Discussion Papers 645. Board of Governors of the Federal Reserve System (U.S.).
• Brunner, Allan D., and Steven B. Kamin (1998). "Bank Lending and Economic Activity in Japan: Did 'Financial Factors' Contribute to the Recent Downturn?" International Journal of Finance and Economics, vol. 3, no. 1, pp. 73-89.
• Kamin, Steven B. (1998). "A Multi-Country Comparison of the Linkages between Inflation and Exchange Rate Competitiveness," International Finance Discussion Papers 603. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Marc Klau (1998). "Some Multi-Country Evidence on the Effects of Real Exchange Rates on Output," International Finance Discussion Papers 611. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Paul R. Wood (1998). "Capital Inflows, Financial Intermediation, and Aggregate Demand: Empirical Evidence from Mexico and Other Pacific Basin Countries," in Glick, ,Reuven ed., Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin. Cambridge; New York and Melbourne: Cambridge University Press, pp. 356-405.
• Kamin, Steven B., Philip Turner, and Jozef Van't dack (1998). "The Transmission Mechanism of Monetary Policy in Emerging Market Economies: An Overview," In The Transmission of Monetary Policy in Emerging Market Economies, BIS Policy Papers no. 3. pp. 5-64.
• Kamin, Steve B. (1997). "Parallel Markets and the Effectiveness of Exchange Controls in Argentina: 1981-1989," in Kiguel, Miguel A., J. S. Lizondo and Stephen A. O'Connell eds., Parallel Exchange Rates in Developing Countries. Palgrave Macmillan.
• Kamin, Steven B., and John H. Rogers (1997). "Output and the Real Exchange Rate in Developing Countries: An Application to Mexico," International Finance Discussion Papers 580. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and Paul R. Wood (1997). "Capital Inflows, Financial Intermediation, and Aggregate Demand: Empirical Evidence from Mexico and Other Pacific Basin Countries," International Finance Discussion Papers 583. Board of Governors of the Federal Reserve System (U.S.).
• Brunner, Allan D., and Steven B. Kamin (1996). "Determinants of the 1991-1993 Japanese Recession: Evidence from a Structural Model of the Japanese Economy," Japan and the World Economy, vol. 8, no. 4, pp. 363-399.
• Ghei, Nita, and Steven B. Kamin (1996). "The use of the Parallel Market Rate as a Guide to Setting the Official Exchange Rate," International Finance Discussion Papers 564. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1996). "Real Exchange Rates and Inflation in Exchange-Rate Based Stabilizations: An Empirical Examination," International Finance Discussion Papers 554. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and John H. Rogers (1996). "Monetary Policy in the End-Game to Exchange-Rate Based Stabilizations: The Case of Mexico," Journal of International Economics, vol. 41, no. 3-4, pp. 285-307.
• Kamin, Steven B., and John H. Rogers (1996). "Monetary Policy in the End-Game to Exchange-Rate Based Stabilizations: The Case of Mexico," International Finance Discussion Papers 540. Board of Governors of the Federal Reserve System (U.S.).
• Brunner, Allan D., and Steven B. Kamin (1995). "Bank Lending and Economic Activity in Japan: Did 'Financial Factors' Contribute to the Recent Downturn?" International Finance Discussion Papers 513. Board of Governors of the Federal Reserve System (U.S.).
• Brunner, Allan D., and Steven B. Kamin (1995). "Bank Lending and Economic Activity in Japan: Did "Financial Factors" Contribute to the Recent Downturn?" International Finance Discussion Papers 513. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1995). "Contractionary Devaluation with Black Markets for Foreign Exchange," Journal of Policy Modeling, vol. 17, no. 1, pp. 39-57.
• Brunner, Allan D., and Steven B. Kamin (1994). "Determinants of the 1991-93 Japanese Recession: Evidence from a Structural Model of the Japanese Economy," International Finance Discussion Papers 479. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1994). "Multiple Exchange Rate Systems: The Case for Argentina," in Barth, Richard C., Chorng-huey Wong eds., Approaches to Exchange Rate Policy: Choices for Developing and Transition Economies. Washington D.C.: International Monetary Fund, pp. 208-223.
• Kamin, Steven B. (1993). "Devaluation, Exchange Controls, and Black Markets for Foreign Exchange in Developing Countries," Journal of Development Economics, vol. 40, no. 1, pp. 151-169.
• Kamin, Steven B., and Neil R. Ericsson (1993). "Dollarization in Argentina," International Finance Discussion Papers 460. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., K. C. Fung, and Howard Leathers (1993). "Whither International Trade and Finance? Chapter 7," in Economic Report of the President. Washington, DC: United States Government Printing Office, pp. 279-327.
• Kamin, Steven B. (1991). "Argentina's Experience with Parallel Exchange Markets: 1981-1990," International Finance Discussion Papers 407. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1991). "Exchange Rate Rules in Support of Disinflation Programs in Developing Countries," International Finance Discussion Papers 402. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1990). "Contractionary Devaluation with Black Markets for Foreign Exchange," International Finance Discussion Papers 370. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and David F. Spigelman (1990). "Tasas De Interes Durante Periodos Deflacionarios En Paises En Desarrollo," in Estabilidad y Crecimiento : Las Dimensiones Del Ajuste. San José, Costa Rica: Centro de Economía Aplicada.
• Kamin, Steven B., Robert B. Kahn, and Ross Levine (1989). "External Debt and Developing Country Growth," International Finance Discussion Papers 352. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B. (1988). "Devaluation, Exchange Controls, and Black Markets for Foreign Exchange in Developing Countries," International Finance Discussion Papers 334. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., and David F. Spigelman (1988). "Real Interest Rates during the Disinflation Process in Developing Countries," International Finance Discussion Papers 331. Board of Governors of the Federal Reserve System (U.S.).
• Kamin, Steven B., ed. (1988). Devaluation, External Balance, and Macroeconomic Performance: A Look at the Numbers, Princeton Studies in International Economics vol. 62. Princeton, N.J. : Princeton University: Dept. of Economics, International Finance Section.
• Yagci, Fahrettin, and Steven Kamin (1988). "Macroeconomic Policies and Adjustment in Yugoslavia: Some Counterfactual Simulations," in Motamen, Homa ed., Economic Modelling in the OECD Countries. London and New York: Routledge, pp. 713-730.
• Kamin, Steven (1987). "Devaluation, External Balance, and Macroeconomic Performance in Developing Countries," Ph.D dissertation, Massachusetts Institute of Technology.
• Hoover, Kevin D., and Steven B. Kamin (1981). "A State-of-Processing Model of Inflation," Working Papers in Applied Economic Theory 107. Federal Reserve Bank of San Francisco.

Other Activities