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Meet the Economists

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Cecilia R. Caglio

Group Manager Financial Structure Section Research and Statistics
202-452-3084
[email protected]

Education

  • Ph.D., Finance, Bocconi University, 2003
  • B.A., Economics (Summa cum laude), Bocconi University, 1998
Current Research Topics
  • Broker dealer and Asset Managers
  • Repo and securities lending
  • Group Manager

    Board of Governors of the Federal Reserve System

    2018 - present
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2016 - 2018
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Economist

    Board of Governors of the Federal Reserve System

    2012 - 2015
  • Financial Economist

    U.S. Securities and Exchange Commission

    2008 - 2012
  • Visiting Assistant Professor

    George Washington University - School of Business

    2007 - 2008
  • Visiting Assistant Professor

    American University - Kogod School of Business

    2006 - 2007
  • Financial Economist

    U.S. Securities and Exchange Commission

    2005 - 2006
  • Visiting Assistant Professor

    Universitat Pompeu Fabra

    2004 - 2005
  • Research Fellow

    Ente Luigi Einaudi

    2003 - 2004
  • Visiting PhD Student

    The Wharton School - University of Pennsylvania

    2001 - 2002
  • The Value of Internal Sources of Funding Liquidity: U.S. Broker-Dealers and the Financial Crisis
    Cecilia Caglio, Adam Copeland, and Antoine Martin
    Staff reports (Federal Reserve Bank of New York) (2021)
  • Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms
    Cecilia R. Caglio, R. Matthew Darst, and Ṣebnem Kalemli-Özcan
    NBER Working Paper Series (2021)
    https://doi.org/10.3386/w28685
  • The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements
    Viktoria Baklanova, Cecilia Caglio, Marco Cipriani, and Adam Copeland
    Review of Economic Dynamics (2019)
    https://doi.org/10.1016/j.red.2019.05.002
  • Half-full or Half-empty? Financial Institutions, CDS Use, and Corporate Credit Risk
    Cecilia Caglio, R. Matthew Darst, and Eric Parolin
    Journal of Financial Intermediation (2019)
    https://doi.org/10.1016/j.jfi.2019.03.001
    See also » FRB Working Paper (2018)
  • The Use of Collateral in Bilateral Repurchase and Securities Lending Agreements
    Viktoria Baklanova, Cecilia Caglio, Marco Cipriani, and Adam Copeland
    Staff reports (Federal Reserve Bank of New York) (2017)
  • A Look Under the Hood How Banks Use Credit Default Swaps
    Cecilia Caglio, Matt Darst, and Eric Parolin
    FEDS Notes (2016)
    https://doi.org/10.17016/2380-7172.1865
  • Going Public Abroad
    Cecilia Caglio, Kathleen Weiss Hanley, and Jennifer Marietta-Westberg
    Journal of Corporate Finance (2016)
    https://doi.org/10.1016/j.jcorpfin.2016.07.004
    See also » FRB Working Paper (2013)
  • What Does It Take to List Abroad? The Role of Global Underwriters
    Cecilia R. Caglio, Kathleen Weiss Hanley, and Jennifer Marietta-Westberg
    Finance and Economics Discussion Series (2016)
    https://doi.org/10.17016/FEDS.2016.041
  • A Pilot Survey of Agent Securities Lending Activity
    Viktoria Baklanova, Cecilia Caglio, Frank Keane, and Burt Porter
    Staff reports (Federal Reserve Bank of New York) (2016)
  • The U.S. Bilateral Repo Market: Lessons from a New Survey
    Viktoria Baklanova, Cecilia Caglio, Marco Cipriani, and Adam Copeland
    OFR Brief Series (2016)
  • Equity Trading and the Allocation of Market Data Revenue
    Cecilia Caglio and Stewart Mayhew
    Journal of Banking & Finance (2016)
    https://doi.org/10.1016/j.jbankfin.2015.10.002
    See also » FRB Working Paper (2012)
  • Competition among Exchanges and Enforcement Policy
    Cecilia Caglio and Andrea Pescatori
    IMF Working Papers (2013)
  • Short-Term Interest Rate Volatility and Liquidity Risk
    Cecilia Caglio, G. Gabbi, and G. Zanotti
    Stock Market Liquidity: Implications for Market Microstructure and Assets Pricing (2008)
  • A Specialist's Quoted Depth as a Strategic Choice Variable: An Application to Spread Decomposition Models
    Cecilia Caglio and Kenneth A. Kavajecz
    Journal of Financial Research (2006)
    https://doi.org/10.1111/j.1475-6803.2006.00184.x
  • Order Submission Strategies and Information: Empirical Evidence from the NYSE
    Alessandro Beber and Cecilia Caglio
    Research Paper (International Center for Financial Asset Management and Engineering) (2005)
    https://doi.org/10.2139/ssrn.424922
  • Banking Size and the Evolution of Settlement Systems (in Italian)
    Cecilia Caglio, A. Beber, and G. Gabbi
    Banche e Banchieri (2002)
  • The Prudential Treatment of Credit Derivatives: Problems and Proposals (in Italian)
    Cecilia Caglio
    Credit Derivatives (1999)
Last update: October 31, 2022