Photo of John Ammer

John Ammer

Senior Economic Project Manager Program Direction Section International Finance
202-452-2349
john.ammer@frb.gov

Education

  • Ph.D., Economics, Princeton University, 1992
  • B.A., Economics and Mathematics (magna cum laude), Yale University, 1984
Current Research Topics
  • Currency Exposure of Non-Bank Firms
  • Investment Funds and Asset Managers
  • Senior Economic Project Manager, International Finance

    Board of Governors of the Federal Reserve System

    2015 - present
  • Project Manager, International Finance

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Chief, Global Capital Markets

    Board of Governors of the Federal Reserve System

    2011 - 2014
  • Economist and Senior Economist

    Board of Governors of the Federal Reserve System

    1991 - 2011
  • Research Assistant

    Board of Governors of the Federal Reserve System

    1984 - 1986
  • Chinese Asset Managers’ Monetary Policy Forecasts and Fund Performance
    John Ammer, John Rogers, Gang Wang, and Yang Yu
    Management Science (Forthcoming)
    https://doi.org/10.1287/mnsc.2022.4330
  • Monetary Policy Expectations, Fund Managers, and Fund Returns: Evidence from China
    John Ammer, John Rogers, Gang Wang, and Yang Yu
    International Finance Discussion Papers (2020)
    https://doi.org/10.17016/IFDP.2020.1285
  • Home Country Interest Rates and International Investment in U.S. Bonds
    John Ammer, Stijn Claessens, Alexandra Tabova, and Caleb Wroblewski
    Journal of International Money and Finance (2019)
    https://doi.org/10.1016/j.jimonfin.2018.06.010
    See also » FRB Working Paper (2018)
  • Searching for Yield Abroad: Risk-Taking Through Foreign Investment in U.S. Bonds
    John Ammer, Stijn Claessens, Alexandra Tabova, and Caleb Wroblewski
    BIS Working Papers (2018)
    See also » FRB Working Paper (2018)
  • "Low-For-Long" Interest Rates and Portfolio Shifts in Advanced Foreign Economies
    John Ammer, Alexandra Tabova, and Caleb Wroblewski
    IFDP Notes (2016)
    https://doi.org/10.17016/2573-2129.09
  • International Spillovers of Monetary Policy
    John Ammer, Michiel De Pooter, Christopher Erceg, and Steven Kamin
    IFDP Notes (2016)
    https://doi.org/10.17016/2573-2129.15
  • U.S. International Equity Investment
    John Ammer, Sara B. Holland, David C. Smith, and Francis E. Warnock
    Journal of Accounting Research (2012)
    https://doi.org/10.1111/j.1475-679X.2012.00464.x
    See also » FRB Working Paper (2012)
  • U.S. International Equity Investment
    John Ammer, Sara B. Holland, David C. Smith, and Francis E. Warnock
    NBER Working Paper Series (2012)
    https://doi.org/10.3386/w17839
    See also » FRB Working Paper (2012)
  • Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?
    Fang Cai and John Ammer
    Journal of International Financial Markets, Institutions & Money (2011)
    https://doi.org/10.1016/j.intfin.2011.01.001
  • Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis
    John Ammer, Fang Cai, and Chiara Scotti
    Impact of the Global Financial Crisis on Emerging Financial Markets (2011)
  • International Transmission of U.S. Monetary Policy Shocks: Evidence from Stock Prices
    John Ammer, Clara Vega, and Jon Wongswan
    Journal of Money, Credit and Banking (2010)
    https://doi.org/10.1111/j.1538-4616.2010.00333.x
  • Why Do U.S. Cross-Listings Matter?
    John Ammer, Sara B. Holland, David C. Smith, and Francis E. Warnock
    International Finance Discussion Papers (2008)
  • Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns
    John Ammer and Jon Wongswan
    Financial Review (2007)
    https://doi.org/10.1111/j.1540-6288.2007.00168.x
  • Look at Me Now: What Attracts U.S. Shareholders?
    John Ammer, Sara B. Holland, David C. Smith, and Francis E. Warnock
    NBER Working Paper Series (2006)
    https://doi.org/10.3386/w12500
  • Accounting Standards and Information: Inferences from Cross-Listed Financial Firms
    John Ammer, Nathanael Clinton, and Gregory P. Nini
    International Finance Discussion Papers (2005)
  • House Prices and Monetary Policy: A Cross-Country Study
    Alan G. Ahearne, John Ammer, Brian M. Doyle, Linda S. Kole, and Robert F. Martin
    International Finance Discussion Papers (2005)
  • Global Financial Integration: A Collection of New Research
    John Ammer, Carol C. Bertaut, Fang Cai, Mark Carey, Jon Faust, Sara B. Holland, Linda S. Kole, Greg Nini, John H. Rogers, David C. Smith, Charles P. Thomas, Shing-Yi B. Wang, Francis E. Warnock, Jon Wongswan, and Jonathan Wright
    International Finance Discussion Papers (2004)
  • Look at Me Now: The Role of Cross-Listing in Attracting U.S. Investors
    John Ammer, Sara B. Holland, David C. Smith, and Francis E. Warnock
    International Finance Discussion Papers (2004)
  • Good News Is No News? The Impact of Credit Rating Changes on the Pricing of Asset-Backed Securities
    John Ammer and Nathanael Clinton
    International Finance Discussion Papers (2004)
  • How Consistent are Credit Ratings? A Geographic and Sectoral Analysis of Default Risk
    John Ammer and Frank Packer
    International Finance Discussion Papers (2000)
    https://doi.org/10.17016/IFDP.2000.668
  • Are Banks Market Timers or Market Makers? Explaining Foreign Exchange Trading Profits
    John Ammer and Allan D. Brunner
    Journal of International Financial Markets, Institutions & Money (1997)
    https://doi.org/10.1016/S1042-4431(97)00010-3
  • Regulation and the Cost of Capital in Japan: A Case Study
    John Ammer and Michael S. Gibson
    International Finance Discussion Papers (1996)
  • Macroeconomic State Variables as Determinants of Asset Price Covariances
    John Ammer
    International Finance Discussion Papers (1996)
  • Measuring International Economic Linkages with Stock Market Data
    John Ammer and Jianping Mei
    Journal of Finance (1996)
    https://doi.org/10.1111/j.1540-6261.1996.tb05224.x
  • When is Monetary Policy Effective?
    John Ammer and Allan D. Brunner
    International Finance Discussion Papers (1995)
  • Inflation Targeting in the 1990s: The Experiences of New Zealand, Canada, and the United Kingdom
    John Ammer and Richard T. Freeman
    Journal of Economics & Business (1995)
    https://doi.org/10.1016/0148-6195(94)00044-E
  • Strategic Returns to International Diversification: An Application to the Equity Markets of Europe, Japan and North America
    John Ammer and Jianping Mei
    European Financial Management (1995)
    https://doi.org/10.1111/j.1468-036X.1995.tb00006.x
  • Inflation, Inflation Risk, and Stock Returns
    John Ammer
    International Finance Discussion Papers (1994)
  • Macroeconomic Risk and Asset Pricing: Estimating the APT with Observable Factors
    John Ammer
    International Finance Discussion Papers (1993)
  • What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns
    John Y. Campbell and John Ammer
    Journal of Finance (1993)
    https://doi.org/10.1111/j.1540-6261.1993.tb04700.x
  • Noise Trader Risk, Management Expenses, Takeovers and Liquidations, and the Closed End Fund Discount Puzzle: New Evidence from the United Kingdom
    John Ammer
    Dissertations (Princeton University) (1992)
  • What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns
    John Y. Campbell and John Ammer
    NBER Working Paper Series (1991)
    https://doi.org/10.3386/w3760
Awards
  • 1993

    Journal of Finance

    Smith Breeden Distinguished Paper

  • 1987

    National Science Foundation

    Graduate Fellow

Referee
  • American Economic Review
  • Berkeley Electronic Journal of Macroeconomics
  • Contemporary Economic Policy
  • Economic Inquiry
  • Economic Journal
  • Economic Systems
  • Economics Letters
  • European Financial Management
  • European Journal of Finance
  • Financial Review
  • Global Finance Journal
  • IMF Economic Review
  • International Finance
  • International Review of Economics and Finance
  • Journal of Applied Econometrics
  • Journal of Banking and Finance
  • Journal of Business
  • Journal of Business and Economic Statistics
  • Journal of Economics and Business
  • Journal of Finance
  • Journal of Financial Economics
  • Journal of Financial Intermediation
  • Journal of Financial Research
  • Journal of Financial Services Research
  • Journal of Financial Stability
  • Journal of International Economics
  • Journal of International Financial Markets, Institutions, and Money
  • Journal of International Money and Finance
  • Journal of Macroeconomics
  • Journal of Money, Credit, and Banking
  • Journal of the Japanese and International Economies
  • North American Journal of Economics and Finance
  • Pacific Basin Finance Journal
  • Quarterly Review of Economics and Finance
  • Research in International Business and Finance
  • Review of Accounting Studies
  • Review of Economics and Statistics
  • Review of Financial Studies
  • Southeastern European Journal of Economics
  • Southern Economic Journal
  • SpringerPlus
Professional Affiliation
  • American Finance Association, 1987-present
Last update: April 18, 2022