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Jonathan Goldberg

Education

  • Ph.D., Economics, Massachusetts Institute of Technology, 2011
Current Research Topics
  • Financial Markets and Real Activity
  • Asset Pricing, Business Cycles and Monetary Policy
  • Economist

    Board of Governors of the Federal Reserve System

    2011 - present
  • A Comment on: “Low Interest Rates, Market Power, and Productivity Growth”
    Craig A. Chikis, Jonathan Goldberg, and David López‐Salido
    Econometrica (2023)
    https://doi.org/10.3982/ECTA20621
  • Risk Shocks, Risk Management, and Investment
    Jonathan Goldberg
    Macroeconomic Dynamics (2021)
    https://doi.org/10.1017/S1365100519000865
  • Dealer Inventory Constraints in the Corporate Bond Market during the COVID Crisis
    Craig A. Chikis and Jonathan Goldberg
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2946
  • Liquidity Supply in the Corporate Bond Market
    Jonathan E. Goldberg and Yoshio Nozawa
    Journal of Finance (2021)
    https://doi.org/10.1111/jofi.12991
  • Monetary Policy Strategies and Tools: Financial Stability Considerations
    Jonathan Goldberg, Elizabeth Klee, Edward Simpson Prescott, and Paul Wood
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.074
  • Dealer Inventory Constraints during the COVID-19 Pandemic: Evidence from the Treasury Market and Broader Implications
    Jonathan Goldberg
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2581
  • Liquidity Supply by Broker-Dealers and Real Activity
    Jonathan Goldberg
    Journal of Financial Economics (2020)
    https://doi.org/10.1016/j.jfineco.2019.11.006
  • Idiosyncratic investment risk and business cycles
    Jonathan E. Goldberg
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.005
  • Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed Income Markets
    Tobias Adrian, Michael Fleming, Jonathan Goldberg, Morgan Lewis, Fabio M. Natalucci, and Jason J. Wu
    FEDS Notes (2013)
    https://doi.org/10.17016/2380-7172.0004
  • Credit-Crunch Dynamics with Uninsured Investment Risk
    Jonathan E. Goldberg
    Finance and Economics Discussion Series (2013)
    https://doi.org/10.17016/FEDS.2013.47
  • conference

    2024

    SED

    "'Sowing the Wind" Monetary Policy

  • conference

    2024

    BSE Summer Forum "Macro and Finance"

    "'Sowing the Wind" Monetary Policy

  • discussion

    2024

    BSE Summer Forum "Safety, Liquidity, and the Macroeconomy"

    Inflation and Treasury Convenience (Cieslak, Li, Pflueger)

  • conference

    2023

    BSE Summer Forum "Monetary Policy"

    "'Sowing the Wind" Monetary Policy

  • discussion

    2021

    FIRS (Session organized by D. Vayanos)

    Discussion: "Contagious margin calls: How COVID-19 threatened global stock market liquidity" by Sean Foley, Amy Kwan, Richard Philip & BA Odegaard

  • seminar

    2021

    San Francisco Fed, Federal Reserve System Macro Conference, VMACS, New York Fed

    Do Low Interest Rates Harm Innovation, Competition, and Productivity Growth?

  • seminar

    2021

    Interagency Working Group for Treasury Market Surveillance (IAWG)

    Dealer Inventory Constraints during the COVID-19 Pandemic

  • seminar

    2020

    FSOC (Financial Stability Oversight Council) Systemic Risk Committee, Treasury Office of Debt Management

    Dealer Inventory Constraints during the COVID-19 Pandemic

  • discussion

    2019

    FIRS

    Discussion: "Reaching for Yield and Overpricing in Bonds" by Qianwen Chen and Jaewon Choi.

  • conference

    2018

    AEA Annual Meeting

    Which Financial Shocks Drive the Business Cycle?

  • conference

    2018

    NY Fed / Board conference "Developments in Empirical Macroeconomics," International Association for Applied Econometrics Conference, ESEM

    Which Financial Shocks Drive the Business Cycle?

  • seminar

    2017-2018

    Penn State, UCSD, HEC-McGill Winter Finance Conference, Baltimore Area Finance Conference, ITAM Finance Conference, CICF

    Liquidity Supply and Demand in the Corporate Bond Market

  • conference

    2017

    ESEM (Econometric Society European Meeting)

    Risk Shocks, Liquidity and Investment

  • conference

    2017

    EEA, AFA, Federal Reserve "Day Ahead" ASSA Conference

    The Supply of Liquidity and Real Economic Activity

  • discussion

    2016

    Notre Dame Financial Regulation Conference

    Discussion: Bessembinder et al., "Capital Commitment and Illiquidity in Corporate Bonds"

  • conference

    April 2016

    "Kyle Conference" at the University of Maryland

    What drives liquidity? Identifying shocks to market makers' supply of liquidity and their role in economic fluctuations

  • conference

    March 2016

    Financial Risks conference at the Institut Louis Bachelier

    What drives liquidity? Identifying shocks to market makers' supply of liquidity and their role in economic fluctuations

  • conference

    November 2015

    The Role of Liquidity in the Financial System, Federal Reserve Bank of Atlanta

    What drives liquidity? Identifying shocks to market makers' supply of liquidity and their role in economic fluctuations

  • seminar

    October 2015

    Georgetown University macro seminar

    What drives liquidity? Identifying shocks to market makers' supply of liquidity and their role in economic fluctuations

  • conference

    May 2015

    Georgetown Center for Economic Research (GCER) conference

    Idiosyncratic uncertainty, managerial risk aversion and investment dynamics

  • seminar

    October 2014

    Federal Reserve Bank of Kansas City

    Idiosyncratic uncertainty, managerial risk aversion and investment dynamics

  • conference

    October 2014

    Kauffman Foundation

    Idiosyncratic uncertainty, managerial risk aversion and investment dynamics

  • seminar

    March 2012

    World Bank, Macro and Growth seminar

    Deleveraging Dynamics

  • discussion

    January 2012

    AEA

    Discussion: Nick Bloom and Scott Baker, "Does Uncertainty Cause Business Cycles? Panel Estimation from Fifty Countries"

  • discussion

    June 2011

    IFN Entrepreneurship Conference, Stockholm, Sweden

    Discussion: Andrew Ellul et al., "Transparency, Tax Pressure and Access to Finance"

  • conference

    June 2011

    IFN Entrepreneurship Conference, Stockholm, Sweden

    A Model of Deleveraging

  • seminar

    2011

    MIT, Federal Reserve Board, Michigan, Berkeley-Haas (Finance), Maryland-Smith (Finance), Boston University, New York Fed, Richmond Fed, Boston College

    A Model of Deleveraging

Awards
  • 2011

    Ewing Marion Kauffman Foundation

    Kauffman Dissertation Fellowship

  • 2006

    National Science Foundation (NSF)

    Graduate Research Fellowship

  • 2003

    Alumni and Friends of the LSE

    LSE Scholarship

Conference Organization
  • Fall 2009 | NBER, Cambridge, Massachusetts

    NBER Organizational Economics working group

    Program committee

Referee
  • Journal of Finance (JF)
  • Review of Financial Studies (RFS)
  • Journal of Monetary Economics (JME)
  • Journal of the European Economic Association (JEEA)
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Last Update: July 7, 2025