Hi! I am a Group Manager in the International Finance Division of the Federal Reserve Board, Washington DC.
I hold a PhD in Economics from the International Doctorate in Economic Analysis (IDEA) at the Universitat Autonoma de Barcelona in Spain. I am currently serving as an Associate Editor at the Journal of Money, Credit and Banking. My interests cover macroeconomics, monetary and fiscal policy and international economics.
The views expressed on this site are solely my own and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any person associated with the Federal Reserve System
Working Papers:
Sharing Asymmetric Tail Risk. Smoothing, Asset Pricing and Terms of Trade, joint with Giancarlo Corsetti and Giovanni Lombardo, 2021, International Finance Discussion Paper no 1324 (revision requested for Review of Economic Studies)
Work in Progress:
A Cross-Country Analysis of Macroeconomic Tail Risk, joint with Giancarlo Corsetti and Giovanni Lombardo
Publications:
Garcia-Cabo, Joaquin , Lipinska, Anna and Gaston Navarro (2023), Sectoral Shocks, Reallocation and Labor Market Policies, European Economic Review, vol. 156
Lipinska, Anna, and Musa Orak (2020), Real Effects of Uncertainty: Evidence from Brexit, FEDS Note, Federal Reserve Board
Haberis, Alex and Anna Lipinska (2019), A Welfare-Based Analysis of International Spillover Effects at the Zero Lower Bound, Online Appendix, FEDS Working Paper, Journal of Money, Credit and Banking.
Lipinska, Anna and Leopold von Thadden (2018), On the Effectiveness of Fiscal Devaluations in a Monetary Union, Macroeconomic Dynamics, pp.1-33.
Lipinska, Anna (2015). "Optimal Monetary Policy for the EMU Accession Countries. A New Keynesian Approach," Macroeconomic Dynamics, vol. 19, no. 7, pp. 1427-1475.
Caldara, Dario, Richard Harrison, and Anna Lipinska (2014). "Practical Tools for Policy Analysis in DSGE Models with Missing Shocks," Journal of Applied Econometrics, vol. 29, no. 7, pp. 1145-1163.
De Paoli, Bianca, and Anna Lipinska, (2013), Capital Controls: A Normative Analysis, joint with Bianca De Paoli, Staff Reports 600, Federal Reserve Bank of New York.
Lipinska, Anna, and Stephen Millard (2012). "Tailwinds and Headwinds: How does Growth in the BRICs Affect Inflation in the G-7?" International Journal of Central Banking, vol. 8, no. 1, pp. 227-267.
Lipinska, Anna, Morten Spange, and Misa Tanaka (2011). "International Spillover Effects and Monetary Policy Activism," Journal of Money, Credit and Banking, vol. 43, no. 8, pp. 1735-1748.
Invited Discussions:
"No Country is an Island: International Cooperation and Climate Change" by M. Ferrari, M.S. Pagliari, New Global Challenges amid Incomplete and Divergent Recoveries, BIS-ECB-IMF Conference, 2022.
"Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies" by A. Mihailov, H. Nasir, 1st Lille-Reading Workshop on International Finance, 2021.
"Exchange Rate Insulation Puzzle" by G. Corsetti, K. Kuester, G. Mueller, S. Schmidt, Spillovers in a "post-pandemic, low-for-long" world, BIS-ECB-IMF Conference, 2021.
"Uncovered Interest Rate Parity, Forward Guidance and the Exchange Rate" by J. Gali, Conference celebrating the 50th Anniversary of the JMCB, 2019.
"A Macroprudential Theory of Foreign Reserve Accumulation" by F. Arce, J. Bengui and J. Bianchi, Policies to harness global financial interconnectedness, 2019.
“Global Effective Lower Bound and Unconventional Monetary Policy” by Wu and Zhang, NBER International Seminar on Macroeconomics, 2018.
“Can Structural Reforms Help Europe?” by G. Eggertsson, A. Ferrero and A. Raffo, Federal Reserve System Committee Meeting on International Economics, 2013.
“Dissecting the Dynamics of the US Trade Balance in an Estimated Equilibrium Model” by Jacob and Peersman, Royal Bank of New Zealand Conference, 2010.