The William R. Rhodes Center for International Economics and Finance

Şebnem Kalemli-Özcan's research sits at the intersection of international macroeconomics, global finance, and production networks, with a strong emphasis on micro-level data. She studies how capital flows, risk premia, and financial frictions shape global business cycles and the transmission of shocks across countries. A hallmark of her pioneering work is the use of granular firm-, bank-, and security-level datasets (including ORBIS, credit regiteries from Turkey, Spain and Chile, administrative portfolio data from the U.S. TIC and Euro Area SHS, and multinationals production records) to quantify the mechanisms behind international financial integration, cross-border bank lending, and global value chains. Her recent work examines how tariffs, geopolitical risk, and policy uncertainty propagate through multi-country, multi-sector models, influencing inflation, productivity, and asset prices. She has also contributed to venues like Jackson Hole Symposium with influential research on the policy making on the internatinal spillovers of US monetary policy, capital flows, international arbitrage deviations, expectations of exchange rate fluctuations, the role of the U.S. dollar in the international monetary system, and emerging-market vulnerabilities.