Jonathan Goldberg

I am a principal economist at the Federal Reserve Board. My areas of expertise are macroeconomics and finance. My research focuses on the real effects of financial frictions, financial intermediation, and monetary policy.



Liquidity Supply by Broker-Dealers and Real Activity (Accepted, Journal of Financial Economics)

Risk Shocks, Risk Management and Investment (R&R, Macroeconomic Dynamics)

Which Financial Shocks Drive the Business Cycle?, with Andrea Ajello and Ander Perez-Orive

Liquidity Supply and Demand in the Corporate Bond Market, with Yoshio Nozawa

Social Media and Monetary Policy Surprises, with Giovanni Favara, Apurv Jain and Chris Quirk

Idiosyncratic Investment Risk and Business Cycles

Credit-Crunch Dynamics with Uninsured Investment Risk

Invited presentations and seminars

2019: AEA

2018: Econometric Society European Meeting (ESEM), FRB-NY Fed conference on Developments in Empirical Macroeconomics, 7th ITAM Finance conference, 30th Asian Finance Association Annual Meeting, Baltimore Area Finance Conference, CICF, 5th Conference of the International Association for Applied Econometrics, 6th HEC-McGill Winter Finance Workshop, Securities and Exchange Commission (SEC)

2017: AFA, EEA Annual Meeting, Econometric Society European Meeting (ESEM), Federal Reserve Financial Markets and Institutions Conference, the Econometrics of Financial Markets conference at Stockholm University, Penn State, UCSD

2016 and earlier: University of Maryland "Kyle" conference in honor of Pete Kyle, Atlanta Fed Liquidity Conference, Federal Reserve Bank of Kansas City, World Bank, IFN Entrepreneurship conference (Stockholm), Institut Louis Bachelier, Kauffman Foundation annual conference, GCER conference, Federal Reserve Board, Michigan, Berkeley-Haas, Maryland-Smith, Boston University, New York Fed, Richmond Fed, Boston College


Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets, with Tobias Adrian, Michael Fleming, Morgan Lewis, Fabio Natalucci, and Jason Wu


Baker, Scott R., and Nicholas Bloom. "Does uncertainty reduce growth? Using disasters as natural experiments." AEA

Bessembinder, Hendrik, Stacey E. Jacobsen, William F. Maxwell, and Kumar Venkataraman. "Capital commitment and illiquidity in corporate bonds." Notre Dame conference on financial regulation

Ellul, Andrew, Tullio Jappelli, Marco Pagano, and Fausto Panunzi. "Transparency, Tax Pressure, and Access to Finance", IFN conference.


Review of Financial Studies (RFS), Journal of Monetary Economics (JME), Journal of the European Economic Association (JEEA), Journal of Empirical Finance, Journal of Financial Research

Contact information

20th Street and Constitution Avenue N.W., Washington, DC 20551


FRB website:

SSRN website: Jonathan's SSRN page