Economists

Fernando Leibovici

Assistant Vice President

Federal Reserve Bank of Dallas

Fernando Leibovici is an assistant vice president in the Research Department at the Federal Reserve Bank of Dallas and an affiliated research professor in the Department of Economics at Southern Methodist University.

Previously, he was a senior economic policy advisor at the Federal Reserve Bank of St. Louis and an assistant professor of economics at York University in Toronto.

His research focuses on questions at the intersection of international trade and macroeconomics. His recent work examines global shipping dynamics and supply-chain vulnerabilities, the implications of trade risk for the gains from trade, and the role of trade and industrial policy in mitigating shortages of critical goods in the global economy.

His research has been published in leading academic journals, including the Journal of Political Economy, American Economic Journal: Macroeconomics, Journal of International Economics, International Economic Review and Canadian Journal of Economics, among others. His work has also been featured in major media outlets, including The New York Times, The Wall Street Journal and Barron’s.

Leibovici holds a BS in economics and mathematics as well as an MA in economics from the University of Toronto. He holds a PhD in economics from New York University.

Publications

“Artificial Intelligence and Inflation Forecasts,” with Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis Review, vol. 106, no. 12, Fourth Quarter 2024, pp. 1–14. https://doi.org/10.20955/r.2024.12.
“No Credit, No Gain: Trade Liberalization Dynamics, Production Inputs, and Financial Development,” with David Kohn and Michal Szkup, International Economic Review, vol. 64, no. 2, May 2023. https://doi.org/10.1111/iere.12620.
“Financial Frictions and International Trade: A Review,” with David Kohn and Michal Szkup, Oxford Research Encyclopedia of Economics and Finance, May 2022. https://doi.org/10.1093/acrefore/9780190625979.013.714.
“The Impact of Health and Economic Policies on the Spread of COVID-19 and Economic Activity,” with Matthew Famiglietti, European Economic Review, vol. 144, May 2022, 104087. https://doi.org/10.1016/j.euroecorev.2022.104087.
“Financial Development and International Trade,” Journal of Political Economy, vol. 129, no. 12, December 2021, pp. 3405–46. https://doi.org/10.1086/716564.
“Global Value Chains and U.S. Economic Activity During COVID-19,” with Ana Maria Santacreu and Jesse Labelle, Federal Reserve Bank of St. Louis Review, vol. 103, no. 3, Third Quarter 2021, pp. 271–88. https://doi.org/10.20955/r.103.271-88.
“Trade in Commodities and Business Cycle Volatility,” with David Kohn and Håkon Tretvoll, American Economic Journal: Macroeconomics, vol. 13, no. 3, July 2021, pp. 173–208. https://doi.org/10.1257/mac.20180131.
“Financial Frictions and Export Dynamics in Large Devaluations,” with David Kohn and Michal Szkup, Journal of International Economics, vol. 122, January 2020, 103257. https://doi.org/10.1016/j.jinteco.2019.103257.
“International Trade and Monetary Policy: Evidence from Cross-Country Data,” Federal Reserve Bank of St. Louis Review, vol. 101, no. 2, Second Quarter 2019, pp. 93–113. https://doi.org/10.20955/r.101.93-113.
“International Trade and Intertemporal Substitution,” with Michael E. Waugh, Journal of International Economics, vol. 117, March 2019, pp. 158–74. https://doi.org/10.1016/j.jinteco.2018.11.007.
“Financial Frictions and New Exporter Dynamics,” with David Kohn and Michal Szkup, International Economic Review, vol. 57, no. 2, May 2016, pp. 453–86. https://doi.org/10.1111/iere.12164.

Working Papers

“Import Source Reallocation and Aggregate Price Dynamics in the United States,” Dawn Chinagorom-Abiakalam and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2025-018A, August 2025.
“Trade Risk and Food Security,” Tasso Adamopoulos and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2024-004D, November 2025.
“Firm Exit and Liquidity: Evidence from the Great Recession,” David Wiczer and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2023-011C, July 2025.
“Navigating the Waves of Global Shipping: Drivers and Aggregate Implications,” Jason Dunn and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2023-002C, February 2024.
“The Allocation of Immigrant Talent: Macroeconomic Implications for the U.S. and Across Countries,” Serdar Birinci, Kurt See, and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2021-004G, June 2025.
“Shortages of Critical Goods in a Global Economy: Optimal Trade and Industrial Policy,” Ana Maria Santacreu and Fernando Leibovici, Federal Reserve Bank of St. Louis Working Paper 2020-010H, June 2025.

Other Works

“Oil Prices and Container Shipping Costs,” Dawn Chinagorom-Abiakalam and Fernando Leibovici, On the Economy, July 17, 2026.
“U.S. Import Price Dynamics Following the 2025 Tariffs,” Dawn Chinagorom-Abiakalam and Fernando Leibovici, On the Economy, February 26, 2026.
“How Tariffs Are Affecting Prices in 2025,” Maximiliano A. Dvorkin, Fernando Leibovici and Ana Maria Santacreu, On the Economy, October 16, 2025.
“How Changes in Trade Partners Have Affected U.S. Import Prices,” Dawn Chinagorom-Abiakalam and Fernando Leibovici, On the Economy, August 21, 2025.
“Nontariff Trade Barriers in the U.S. and EU,” Dawn Chinagorom-Abiakalam and Fernando Leibovici, On the Economy, April 10, 2025.
“How Cheap Are U.S. Imports from China?” Dawn Chinagorom-Abiakalam and Fernando Leibovici, On the Economy, September 19, 2024.
“Shipping Disruptions in the Red Sea: Ripples across the Globe,” Jason Dunn and Fernando Leibovici, On the Economy, February 15, 2024.
“Decoupling Where it Matters? US Imports from China in Critical Sectors,” Jason Dunn and Fernando Leibovici, Federal Reserve Bank of St. Louis Economic Synopses, 2024, No. 1.
“International Trade Dependence and Inventory Dynamics,” Jason Dunn and Fernando Leibovici, Federal Reserve Bank of St. Louis Economic Synopses, 2023, No. 17.
“U.S. Barriers to International Trade of Goods: Tariffs and Non-Tariff Measures,” Jason Dunn and Fernando Leibovici, Federal Reserve Bank of St. Louis Economic Synopses, 2023, No. 9.
“The Allocation of Immigrant Talent Across Countries: Earnings Gaps,” Serdar Birinci, Fernando Leibovici and Kurt See, Federal Reserve Bank of St. Louis Economic Synopses, 2023, No. 2.
“Supply Chain Disruptions and Inventory Dynamics,” Jason Dunn and Fernando Leibovici, On the Economy, August 7, 2023.
“How U.S. Import Shipping Costs Vary across Countries and Industries,” Jason Dunn and Fernando Leibovici, On the Economy, April 17, 2023.
“The Allocation of Immigrant Talent across Countries: Employment Gaps,” Serdar Birinci, Fernando Leibovici and Kurt See, On the Economy, August 11, 2022.
“Trade Linkages in the Shadow of the Russia-Ukraine War,” Jason Dunn and Fernando Leibovici, On the Economy, March 29, 2022.
“The Dynamics of International Shipping Supply,” Jason Dunn and Fernando Leibovici, On the Economy, February 8, 2022.
“The Dynamics of International Shipping Costs,” Jason Dunn and Fernando Leibovici, On the Economy, January 3, 2022.