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Meet the Researchers

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Judit Temesvary

Principal Economist Global Financial Institutions Section International Finance
[email protected]

Education

  • Ph.D., Economics, Cornell University, 2011
  • M.A., Economics, Cornell University, 2009
  • B.A., Economics, Wells College, 2004
Current Research Topics
  • International Finance
  • Banking and Financial Institutions
  • Economist

    Board of Governors of the Federal Reserve System

    2016 - present
  • Assistant Professor

    Hamilton College

    2011 - 2016
  • Visiting Scholar

    Cornell University

    2022 - 2024
  • Dollarization Waves: New Evidence from a Comprehensive International Bond Database
    Swapan-Kumar Pradhan, Eswar Prasad, Előd Takáts, and Judit Temesvary
    International Finance Discussion Papers (2025)
    https://doi.org/10.17016/IFDP.2025.1429
  • Geopolitics Meets Monetary Policy: Decoding Their Impact on Cross-Border Bank Lending
    Swapan-Kumar Pradhan, Viktors Stebunovs, Előd Takáts, and Judit Temesvary
    International Finance Discussion Papers (2025)
    https://doi.org/10.17016/IFDP.2025.1403
  • How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence
    Swapan-Kumar Pradhan, Előd Takáts, and Judit Temesvary
    International Finance Discussion Papers (2024)
    https://doi.org/10.17016/IFDP.2024.1400
  • Economic activity and the bank credit channel
    Horacio Sapriza and Judit Temesvary
    Journal of Banking & Finance (2024)
    https://doi.org/10.1016/j.jbankfin.2024.107216
  • Domestic lending and the pandemic: How does banks’ exposure to COVID-19 abroad affect their lending in the United States?
    Judit Temesvary and Andrew Wei
    Journal of International Money and Finance (2024)
    https://doi.org/10.1016/j.jimonfin.2024.103054
    See also » FRB Working Paper (2021)
  • Foreign banks’ asset reallocation in response to the introduction of the intermediate holding company rule of 2016
    Teodora Paligorova and Judit Temesvary
    Finance Research Letters (2022)
    https://doi.org/10.1016/j.frl.2022.102750
  • How investor demands for safety influence bank capital and liquidity trade-offs
    Wayne Passmore and Judit Temesvary
    Journal of Financial Stability (2022)
    https://doi.org/10.1016/j.jfs.2022.100987
  • Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?
    Judit Temesvary and Andrew Wei
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.056r1
  • How does the interaction of macroprudential and monetary policies affect cross-border bank lending?
    Előd Takáts and Judit Temesvary
    Journal of International Economics (2021)
    https://doi.org/10.1016/j.jinteco.2021.103521
    See also » FRB Working Paper (2019)
  • Domestic Lending and the Pandemic: How Does Banks' Exposure to Covid-19 Abroad Affect Their Lending in the United States?
    Judit Temesvary and Andrew Wei
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.056
  • Foreign banks' asset reallocation in response to the introduction of the Intermediate Holding Company rule of 2016
    Teodora Paligorova and Judit Temesvary
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2886
  • Investor Demands for Safety, Bank Capital, and Liquidity Measurement
    Wayne Passmore and Judit Temesvary
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.079
  • The Currency Dimension of the Bank Lending Channel in International Monetary Transmission
    Elöd Takáts and Judit Temesvary
    Journal of International Economics (2020)
    https://doi.org/10.1016/j.jinteco.2020.103309
    See also » FRB Working Paper (2017)
  • Asymmetries in the Bank Lending Channel of Monetary Policy in the United States
    Horacio Sapriza and Judit Temesvary
    Economics Letters (2020)
    https://doi.org/10.1016/j.econlet.2020.109050
  • Interest on Excess Reserves and U.S. Commercial Bank Lending
    Marcelo Rezende, Judit Temesvary, and Rebecca Zarutskie
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2453
  • How does the interaction of macroprudential and monetary policies affect cross-border bank lending?
    Előd Takáts and Judit Temesvary
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.045
  • How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity?
    Horacio Sapriza and Judit Temesvary
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.023
  • Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons From the Taper Tantrum
    Elöd Takats and Judit Temesvary
    International Journal of Central Banking (2019)
    See also » FRB Working Paper (2017)
  • Can Macroprudential Measures Make Cross-Border Lending More Resilient?
    Elöd Takáts and Judit Temesvary
    Journal of International Economics (2019)
    See also » FRB Working Paper (2017)
  • The Transmission of Foreign Monetary Policy Shocks into the United States through Foreign Banks
    Judit Temesvary
    Journal of Financial Stability (2018)
    https://doi.org/10.1016/j.jfs.2018.09.003
  • The Role of Regulatory Arbitrage in U.S. Banks' International Flows: Bank-level Evidence
    Judit Temesvary
    Economic Inquiry (2018)
    https://doi.org/10.1111/ecin.12579
  • A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?
    Judit Temesvary, Steven Ongena, and Ann L. Owen
    Journal of International Economics (2018)
    https://doi.org/10.1016/j.jinteco.2018.02.004
    See also » FRB Working Paper (2018)
  • A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross-border and Affiliate Lending by Global U.S. Banks?
    Judit Temesvary, Steven Ongena, and Ann L. Owen
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.008
  • Can Macroprudential Measures Make Cross-Border Lending More Resilient? Lessons from the Taper Tantrum
    Előd Takáts and Judit Temesvary
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.123
  • The Drivers of Foreign Bank Lending in Central and Eastern Europe: The Roles of Parent, Subsidiary and Host Market Traits
    Judit Temesvary and Adam Banai
    Journal of International Money and Finance (2017)
    https://doi.org/10.1016/j.jimonfin.2017.08.005
  • Can Macroprudential Measures Make Cross-Border Lending More Resilient?
    Előd Takáts and Judit Temesvary
    BIS Working Papers (2017)
    See also » FRB Working Paper (2017)
  • The Currency Dimension of the Bank Lending Channel in International Monetary Transmission
    Elöd Takáts and Judit Temesvary
    BIS Working Papers (2016)
    See also » FRB Working Paper (2017)
  • The Drivers of Foreign Currency-Based Banking in Central and Eastern Europe
    Judit Temesvary
    Economics of Transition (2016)
    https://doi.org/10.1111/ecot.12089
  • Dynamic Branching and Interest Rate Competition of Commercial Banks: Evidence from Hungary
    Judit Temesvary
    International Journal of Industrial Organization (2015)
    https://doi.org/10.1016/j.ijindorg.2015.09.003
  • A Global Lending Channel Unplugged? Does U.S. Monetary Policy Affect Cross? Border and Affiliate Lending by Global U.S. Banks?
    Judit Temesvary, Steven Ongena, and Ann L. Owen
    CFS Working Paper Series (2015)
    https://doi.org/10.2139/ssrn.2662457
    See also » FRB Working Paper (2018)
  • Country Characteristics in Foreign Bank Investments and Risk Taking: The Role of Shared Culture, Common Institutions and Geographic Proximity
    Ann L. Owen and Judit Temesvary
    International Finance (2015)
    https://doi.org/10.1111/infi.12066
  • Foreign Activities of U.S. Banks since 1997: The Roles of Regulations and Market Conditions in Crises and Normal Times
    Judit Temesvary
    Journal of International Money and Finance (2015)
    https://doi.org/10.1016/j.jimonfin.2014.09.008
  • The Determinants of U.S. Banks' International Activities
    Judit Temesvary
    Journal of Banking & Finance (2014)
    https://doi.org/10.1016/j.jbankfin.2014.04.014
  • Financial Crises, 1929 to the Present
    Judit Temesvary
    Journal of Economic Literature (2014)
    https://doi.org/10.1257/jel.52.1.211
  • Heterogeneity in the Growth and Finance Relationship: How Does the Impact of Bank Finance Vary by Country and Type of Lending?
    Ann L. Owen and Judit Temesvary
    International Review of Economics & Finance (2014)
    https://doi.org/10.1016/j.iref.2014.02.007
  • Some Determinants of Commercial Bank Behavior
    Judit Temesvary
    Dissertations (Cornell University) (2011)
  • Signal Extraction and Hyperinflations with a Responsive Monetary Policy
    Judit Temesvary
    Discussion papers (Hungarian Academy of Sciences. Institute of Economics) (2007)
Awards
  • 2021

    Federal Reserve Board

    MA Director's Award

  • 2019

    Federal Reserve Board

    MA Director's Award

  • 2018

    Bank for International Settlements

    Central Bank Research Fellowship

  • 2015

    Bank for International Settlements

    Research Fellowship

  • 2012

    Central Bank of Hungary

    Visiting Researcher

Conference Organization

  • 2024 | San Antonio, TX

    IBEFA @ ASSA

    Program Chair

  • 2022 | Portland, OR

    IBEFA @ WEAI

    Program Chair

Professional Affiliation
  • Executive Board member; International Banking, Economics, and Finance Association (IBEFA)
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Last Update: March 23, 2026