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Katheryn Russ


  • Ph.D., Economics, Johns Hopkins University, 2005
  • M.A., Economics, Johns Hopkins University, 2001
  • M.S., Agricultural and Applied Economics, Virginia Polytechnic Institute and State University, 1996
  • B.A., Economics major, East Asian Studies minor, College of William and Mary, 1994


Katheryn Russ has expertise in open-economy macroeconomics and international trade. She is a faculty research associate in the National Bureau of Economic Research International Trade and Investment Group and a research advisor at the Halle Institute for Economic Research in Halle, Germany. She has been a visiting scholar at the central banks of Germany, Portugal and France, and the Federal Reserve Banks of St. Louis and San Francisco. She is a research associate of the Institute for Globalization and Monetary Policy at the Federal Reserve Bank of Dallas. She began her career in economics as a dissertation intern in the International Finance Division of the Federal Reserve Board of Governors. She has written numerous articles on international trade and finance, including top field journals such as the Journal of International Economics and American Economic Journal—Macroeconomics. She is serving as guest editor for a special issue of the IMF Economic Review on international banking, and as an associate editor for the journal Economic Inquiry.

Research Focus

Professor Russ conducts research on the macroeconomic outcomes arising from international trade and investment.

Selected Publications

  • Russ, K., and B. de Blas. "Understanding Markups in the Global Economy." American Economic Journal: Macroeconomics (forthcoming).
  • Russ, K., F. Bremus, C. Buch, and M. Schnitzer. "Big Banks and Macroeconomic Outcomes." The Evolution of Thought on Banking Regulation (tentative title). Ed. Jon Danielsson (in press). London: VoxEU eBooks
  • Russ, K., S. Contessi, and L. Li. "Bank versus Bond Financing over the Business Cycle." Economic Synopses 31 (November 2014): 1–3.
  • Russ, K., and B. de Blas. "Hymer's Multinationals." Journal of Economic Behavior and Organization 94.C (2013): 381–392.
  • Russ, K., and D. Valderrama. "A Theory of Bank Versus Bond Finance and Intra-Industry Reallocation" (NBER Working Paper, No. 15454). Journal of Macroeconomics 34.3 (2012): 652–673.


Professor Russ teaches undergraduate courses in international microeconomics, international macroeconomics, and the economy of East Asia, and supervises honors study. She teaches a graduate course on international trade and soon will teach a graduate course in international macroeconomics.


  • National Science Foundation ($46,316): "Systemic Risk in Financial Intermediation: An International Perspective," 2012
  • Volkswagen Foundation (€103,000, part of €675,000 project led by Claudia Buch, University of Tübingen): "Europe's Global Linkages and the Impact of the Financial Crisis: Policies for Sustainable Trade, Capital Flows, and Migration," 2011
  • University of California, Davis: Thomas Mayer Award for Distinguished Teaching in Economics (graduate and undergraduate), 2010