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Camelia Minoiu is a research economist and adviser on the financial markets team in the Research Department at the Federal Reserve Bank of Atlanta. Before joining the Atlanta Fed in 2022, Dr. Minoiu was a principal economist in the Division of Monetary Affairs at the Federal Reserve Board of Governors and a senior economist in the Research Department at the International Monetary Fund. From 2016 to2018, Dr. Minoiu spent a research sabbatical at the Wharton School of the University of Pennsylvania. Dr. Minoiu received her doctorate in economics in 2007 from Columbia University and her master's degree in econometrics and mathematical economics in 2001 from London School of Economics.
Dr. Minoiu's research interests are in the areas of financial intermediation, international finance, and international development, with a focus on banks. In many of her papers she studies the effects of macroeconomic policies and real and financial shocks on banks and firms. Her work emphasizes the critical role of the banking sector for financial access and economic growth. Dr. Minoiu has published papers in several leading economics and finance journals, including the Review of Economics and Statistics, Review of Financial Studies, Journal of Financial Economics, Journal of International Economics, and Journal of Development Economics.
2025-5 (July)
Why Does the Yield Curve Predict GDP Growth? The Role of Banks
Camelia Minoiu, Andres Schneider, and Min Wei
2025-4 (May)
Bank Financing of Global Supply Chains
Laura Alfaro, Mariya Brussevich, Camelia Minoiu, and Andrea Presbitero
2024-16a (October; Revised February 2025)
Trade Uncertainty and U.S. Bank Lending
Ricardo Correa, Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu
2024-7 (August)
Zombie Lending to U.S. Firms
Giovanni Favara, Camelia Minoiu, and Ander Perez-Orive
2023-14 (September)
Why Does the Yield Curve Predict GDP Growth? The Role of Banks
Camelia Minoiu, Andres Schneider, and Min Wei
Serving the Underserved: Microcredit as a Pathway to Commercial Banks
Sumit Agarwal, Thomas Kigabo, Camelia Minoiu, Andrea F. Presbitero, André F Silva
July 2021
Bank Lending in the Knowledge Economy
Giovanni Dell'Ariccia, Dalida Kadyrzhanova, Camelia Minoiu, and Lev Ratnovski
May 2020
Veronika Penciakova, Valerie Nguyen, Camelia Minoiu, and Lauren Taylor. "Are US Importers Ready for the New Tariff Landscape?." Policy Hub: Macroblog. August 26, 2025.
Laura Alfaro, Mariya Brussevich, Camelia Minoiu, and Andrea Presbitero. "Overcoming Constraints: How Banks Helped US Firms Reroute Supply Chains"." Policy Hub: Macroblog. May 19, 2025.
Ricardo Correa, Julian di Giovanni, Linda S. Goldberg, and Camelia Minoiu. "Does Trade Uncertainty Affect Bank Lending?"." Policy Hub: Macroblog. January 3, 2024.
Larry Wall, Camelia Minoiu, and Yuritzy Ramos. "Takeaways from the 2023 CEAR-CenFIS Conference: "Interest Rate Variability and the Financial Sector"." Policy Hub: Macroblog. December 19, 2023.
Salome Baslandze, Camelia Minoiu, Veronika Penciakova, and Jonathan L. Willis. "Do Credit Supply Shocks Constrain Employment Growth of Small and Medium-Sized Enterprises?" Policy Hub (2023-5).
Mircea Epure, Irina Mihai, Camelia Minoiu, and José-Luis Peydró. "Leaning Against the Global Financial Cycle with Macroprudential Policy: Lessons from an Emerging Market." Policy Hub: Macroblog. August 29, 2023.
Camelia Minoiu and Larry D. Wall. "Recapping the 2023 Financial Markets Conference: 'Old Challenges in New Clothes: Outfitting Finance, Technology, and Regulation for the Mid-2020s'." Policy Hub: Macroblog. June 27, 2023.
"U.S. Zombie Firms: How Many and How Consequential?" (with Giovanni Favara, Camelia Minoiu, and Ander Pérez-Orive). FEDS Notes.
"Trade Uncertainty and U.S. Bank Lending" (with Ricardo Correa, Julian di Giovanni, and Linda Goldberg), National Bureau of Economic Analysis Working Paper No. 31860.
"Serving the Underserved: Microcredit as a Pathway to Commercial Banks" (with Sumit Agarwal, Thomas Kigabo, Andrea Presbitero, and André F. Silva). Review of Economics and Statistics.
"Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country" (with Mircea Epure, Irina Mihai, and José-Luis Peydró). Management Science.
"Expansionary Yet Different: Credit Supply and Real Effects of Negative Interest Rate Policy" (with Margherita Bottero). Journal of Financial Economics.
"Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program" (with Rebecca Zarutskie, and Andrei Zlate). Finance and Economics Discussion Series.
"Bank Lending in the Knowledge Economy" (with Giovanni Dell'Ariccia, Dalida Kadyrzhanova, and Lev Ratnovski). Review of Financial Studies.
"Corporate Investment and the Real Exchange Rate" (with Mai Chi Dao, and Jonathan D. Ostry). Journal of International Economics.
"Shock Transmission Through Cross-Border Bank Lending: Credit and Real Effects" (with Galina Hale and Tümer Kapan). Review of Financial Studies.
"Monetary Policy and Bank Lending in Developing Countries: Loan Applications, Rates, and Real Effects" (with Charles Abuka, Ronnie K. Alinda, José-Luis Peydró, and Andrea F. Presbitero). Journal of Development Economics.
"Balance Sheet Strength and Bank Lending: Evidence from the Global Financial Crisis" (with Tümer Kapan). Journal of Banking & Finance.
"Managing the Sovereign-Bank Nexus" (with Giovanni Dell'Ariccia, Caio Ferreira, Nigel Jenkinson, Luc Laeven, Alberto Martin, and Alex Popov). IMF Departmental Papers.
"Does Financial Connectedness Predict Crises?" (with Chanhyun Kang, V.S. Subrahmanian, and Anamaria Berea). Quantitative Finance.
"Business Cycle Fluctuations, Large Macroeconomic Shocks, and Development Aid" (with Era Dabla-Norris, and Luis-Felipe Zanna). World Development.
"Financial Crises and the Composition of Cross-Border Lending" (with Eugenio Cerutti and Galina Hale). Journal of International Money and Finance.
"A Network Analysis of Global Banking: 1978–2010" (with Javier A. Reyes). Journal of Financial Stability.
"Strength in Lending" (with Tümer Kapan). Finance and Development.
"Caught in the Web". Finance and Development.