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Meet the Researchers

Photo of Sai Ma

Sai Ma

Senior Economist International Financial Stability Section International Finance
202-452-2870
[email protected]

Education

  • Ph.D., Economics, New York University, 2018
  • M.A., Economics, University of Toronto, 2012
  • B.Sc., Financial Economics, University of Toronto, 2011
Current Research Topics
  • Asset Pricing with Heterogeneous Agents
  • Uncertainty and Business Cycle
  • Sr. Economist

    Board of Governors of the Federal Reserve System

    2022 - present
  • Economist

    Board of Governors of the Federal Reserve System

    2018 - 2021
  • Housing Cycles and Exchange Rates
    Sai Ma and Shaojun Zhang
    Management Science (Forthcoming)
    https://doi.org/10.1287/mnsc.2023.4932
  • The Global Transmission of Real Economic Uncertainty
    Juan M. Londono, Sai Ma, and Beth Anne Wilson
    Journal of Money, Credit and Banking (Forthcoming)
    See also » FRB Working Paper (2021)
  • Growth through Learning
    Boyan Jovanovic and Sai Ma
    Review of Economic Dynamics (2023)
    https://doi.org/10.1016/j.red.2023.07.002
  • Global Inflation Uncertainty and its Economic Effects
    Juan M. Londono, Sai Ma, and Beth Anne Wilson
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3391
  • What Is Certain about Uncertainty?
    Danilo Cascaldi-Garcia, Cisil Sarisoy, Juan M. Londono, Bo Sun, Deepa Datta, Thiago Ferreira, Olesya Grishchenko, Mohammad R. Jahan-Parvar, Francesca Loria, Sai Ma, Marius Rodriguez, Ilknur Zer, and John Rogers
    Journal of Economic Literature (2023)
    https://doi.org/10.1257/jel.20211645
    See also » FRB Working Paper (2020)
  • Private Equity and Growth
    Boyan Jovanovic, Sai Ma, and Peter L. Rousseau
    Journal of Economic Growth (2022)
    https://doi.org/10.1007/s10887-022-09208-2
  • Belief Distortions and Macroeconomic Fluctuations
    Francesco Bianchi, Sydney C. Ludvigson, and Sai Ma
    American Economic Review (2022)
    https://doi.org/10.1257/aer.20201713
  • Uncertainty and growth disasters
    Boyan Jovanovic and Sai Ma
    Review of Economic Dynamics (2022)
    https://doi.org/10.1016/j.red.2021.04.002
    See also » FRB Working Paper (2020)
  • Global Real Economic Uncertainty and COVID-19
    Ranie Lin, Juan M. Londono, and Sai Ma
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3045
  • Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    American Economic Journal: Macroeconomics (2021)
    https://doi.org/10.1257/mac.20190171
  • COVID-19 and the Costs of Deadly Disasters
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    American Economic Review: Papers and Proceedings (2021)
    https://doi.org/10.1257/pandp.20211066
  • The Global Transmission of Real Economic Uncertainty
    Juan M. Londono, Sai Ma, and Beth Anne Wilson
    International Finance Discussion Papers (2021)
    https://doi.org/10.17016/IFDP.2021.1317
  • Belief Distortions and Macroeconomic Fluctuations
    Francesco Bianchi, Sydney C. Ludvigson, and Sai Ma
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w27406
  • Private Equity and Growth
    Boyan Jovanovic, Sai Ma, and Peter L. Rousseau
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w28030
  • Uncertainty and Growth Disasters
    Boyan Jovanovic and Sai Ma
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w28024
    See also » FRB Working Paper (2020)
  • Covid-19 and the Macroeconomic Effects of Costly Disasters
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w26987
  • Covid-19 and the Macroeconomic Effects of Costly Disasters
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    Covid Economics (2020)
  • Quantifying the Impact of Foreign Economic Uncertainty on the U.S. Economy
    Juan M. Londono, Sai Ma, and Beth Anne Wilson
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2463
  • Capital Share Risk in U.S. Asset Pricing
    Martin Lettau, Sydney C. Ludvigson, and Sai Ma
    Journal of Finance (2019)
    https://doi.org/10.1111/jofi.12772
  • Capital Share Risk in U.S. Asset Pricing
    Martin Lettau, Sydney C. Ludvigson, and Sai Ma
    NBER Working Paper Series (2018)
    https://doi.org/10.3386/w20744
  • Shock Restricted Structural Vector-Autoregressions
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    NBER Working Paper Series (2018)
    https://doi.org/10.3386/w23225
  • Essays on Macroeconomics and Asset Pricing
    Sai Ma
    Dissertations (New York University) (2018)
  • Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
    Sydney C. Ludvigson, Sai Ma, and Serena Ng
    NBER Working Paper Series (2018)
    https://doi.org/10.3386/w21803
Referee
  • Quarterly Journal of Economics
  • Review of Financial Studies
  • Journal of Banking and Finance
  • Oxford Bulletin of Economics and Statistics
  • Journal of Macroeconomics
  • European Economic Review
  • Energy
  • Journal of International Money and Finance
  • Journal of Money, Credit, and Banking
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Last Update: January 22, 2024