Andrea Ferrero

Publications

Journal Articles

1. “House Price Dynamics, Optimal LTV Limits and the Liquidity Trap,” with Richard Harrison and Benjamin Nelson. Review of Economic Studies (accepted). Also available as Bank of England Staff Working Paper No. 969.

2. “Fiscal and Monetary Policy in Open Economies,” Oxford Research Encyclopedia of Economics and Finance, September 2020.

3. “Notes from the Underground: Monetary Policy in Resource-Rich Economies,” with Martin Seneca. Journal of Money, Credit and Banking 51(4), June 2019, pp. 953–976.

4. “International Credit Supply Shocks,” with Ambrogio Cesa-Bianchi and Alessandro Rebucci. Journal of International Economics 112, May 2018, pp. 219–237.

5. “The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities,” with Marco Del Negro, Gauti Eggertsson, and Nobuhiro Kiyotaki. American Economic Review 107(3), March 2017, pp. 824–857.

6. “Demographics and Real Interest Rates: Inspecting the Mechanism,” with Carlos Carvalho and Fernanda Nechio. European Economic Review 88, September 2016, pp. 208–226.

7. “House Price Booms, Current Account Deficits, and Low Interest Rates,” Journal of Money, Credit, and Banking 47(S1), March 2015, pp. 261–293.

8. ”Has U.S. Monetary Policy Tracked the Efficient Interest Rate?,” with Vasco Curdia, Ging Cee Ng, and Andrea Tambalotti. Journal of Monetary Economics 70, March 2015, pp. 72–83.

9. “Can Structural Reforms Help Europe?” with Gauti Eggertsson and Andrea Raffo. Journal of Monetary Economics 61, January 2014, pp. 2–22.

10. “The Macroeconomic Effects of Large-Scale Asset Purchase Programs,” with Han Chen and Vasco Curdia, Economic Journal 122, Issue 564, November 2012, pp. F289–F315.

11. “The Advantage of Flexible Targeting Rules,”Journal of Money, Credit, and Banking 44(5), August 2012, pp. 863–881. 2

12. “A Structural Decomposition of the U.S. Trade Balance: Productivity, Demographics and Fiscal Policy,”Journal of Monetary Economics 57(4), May 2010, pp. 478–490.

13. “Current Account Dynamics and Monetary Policy,” with Mark Gertler and Lars Svensson, in The International Dimensions of Monetary Policy, J. Gal´ı and M. Gertler (eds.), University of Chicago Press (2010).

14. “Fiscal and Monetary Rules for a Currency Union,” Journal of International Economics 77(1), February 2009, pp. 1–10.

15. “Does the Exchange Rate Regime Matter for Monetary Stabilizations?” Rivista di Politica Economica 12, December 2000, pp. 71–113.

Working Papers & Works In Progess

1. “What Should the Inflation Target Be? Views from 600 Economists,” with Gene Ambrocio, Esa Jokivuolle and Kim Ristolainen.

2. “The Transmission of Keynesian Supply Shocks,” with Ambrogio Cesa-Bianchi.

3. “Demographics and Real Interest Rates Across Countries and Over Time,” with Carlos Carvalho, Felipe Mazin and Fernanda Nechio.

4. “What Explains Japan’s Persistent Deflation?” with Carlos Carvalho.

5. “Capital Flows and Exchange Rates: A Quantitative Assessment of the Dilemma Hypothesis,” with Ambrogio Cesa-Bianchi and Shangshang Li.

6. “Dollar Shortages and Central Bank Swap Lines,” with Ambrogio Cesa-Bianchi and Fernando Eguren-Martin.

7. “Liquidity Shocks over the Business Cycle,” with Alexander Haas.

Published Discussions

1. “The Fiscal-Monetary Policy Mix in the Euro Area: Challenges at the Zero Lower Bound,” by Athanasios Orphanides. Economic Policy 35, July 2020, pp. 505-511.

2. “Completing the Banking Union with a European Deposit Insurance Scheme: Who Is Afraid of Cross-Subsidisation?,” by Jacopo Carmassi, Sonja Dobkowitz, Johanne Evrard, Laura Parisi, Andr´e Silva, and Michael Wedow. Economic Policy 35, January 2020, pp. 87-89.

3. “Income Contingent University Loans: Policy Design and an Application to Spain,” by Antonio Cabrales, Maia G¨uell, Rocio Madera, Analia Viola. Economic Policy 34, July 2019, pp. 515-516.

4. “Policy Spillovers and Synergies in a Monetary Union,” by Oscar Arce, Samuel Hurtado, and Carlos Thomas. International Journal of Central Banking, September 2016, pp. 279-290.

Other Writings

1. “What Academics Think of Central Banks’ Current Inflation Target and Other Objectives,” with Gene Ambrocio, Esa Jokivuolle and Kim Ristolainen. VoxEU, March 2021.

2. “How Did Central Banks Respond to the Coronavirus Crisis,” with Simona Giglioli. Economics Observatory, August 2020.

3. “La Risposta di Politica Monetaria nella Crisi COVID-19: Un’Analisi Comparata,” with Simona Giglioli. In Le Parole della Crisi, le Politiche dopo la Pandemia, M. Malvicini, T. Portaluri and A. Martinengo (eds.), Editoriale Scientifica (2020).

4. “China Needs Tighter Macro-Prudential Regulations to Loosen Capital Controls,” with Ambrogio Cesa-Bianchi and Alessandro Rebucci. VoxChina, November 2017.

5. “Riforme Strutturali e Politica Monetaria in Europa,” with Andrea Raffo. In La Sfida Europea. Riforme, Crescita e Occupazione, V. De Luca and D. Salvatore (eds.). Franco Angeli (2015).

6. “Lessons from America,” The Economist Free Exchange Blog, November 4, 2014.

7. “Desperate Times, Desperate Measures,” The Economist Free Exchange Blog, January 15, 2014.

8. “How Stimulatory Are Large-Scale Asset Purchases?” with Vasco Curdia. Federal Reserve Bank of San Francisco Economics Letter 2013-22, August 2013.

9. “How Much Will the Second Round of Large-Scale Asset Purchases Affect Inflation and Unemployment?” with Vasco Curdia. Liberty Street Economics, May 2011.

Positions Held

Current Employment

University of Oxford: Professor, Department of Economics, since August 2018 Associate Professor, January 2014 – July 2018 University Lecturer, September 2013 – December 2013

Trinity College: Senior Research Fellow, since September 2022 Levine Tutorial Fellow, September 2013 – August 2022

Past Employment

Federal Reserve Bank of New York: Senior Economist, April – June 2013 Economist, June 2006 – March 2013

Professional Positions

CEPR Research Fellow: International Macroeconomics and Finance (since December 2017) Monetary Economics (since December 2018)

Deputy Director, Nuffield Centre for Applied Macroeconomic Policy (NuCamp)

Academic Consultant: Bank of Finland, Bank of England

Past Positions

Houblon-Norman Fellow, Bank of England, September 2019 – July 2020

Senior Economist (short-term contract), European Central Bank, July – October 2018

Visiting Scholar, Bank of Japan, March – April 2018

Visiting Scholar, Federal Reserve Bank of New York, April 2017

Visiting Scholar, Einaudi Institute for Economics and Finance, March – April 2016

Visiting Scholar, NYU Stern School of Business, Department of Economics, February – July 2012

Academic Consultant: Norges Bank, 2014 – 2016, European Central Bank, 2019 – 2020

Intern, Monetary Strategy, European Central Bank, May – July 2004

Refereeing

• Associate Editor: Journal of International Economics

• Editorial Board Member: Oxford Economic Papers

• Referee: American Economic Journal: Macroeconomics, American Economic Journal: Economic Policy, American Economic Review, Bank of England Working Paper Series, Bank of Spain Working Paper Series, BIS Working Paper Series, Current Issues in Economics and Finance, ECB Working Paper Series, Econometrica, Economic Inquiry, Economic Letters, Economic Journal, Economic Policy, Economic Policy Review, European Economic Review, International Economic Review, International Finance, International Journal of Central Banking, IMF Economic Review, International Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of the European Economic Association, Journal of International Economics, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Macroeconomic Dynamics, Mercatus, Oxford Bulletin of Economics and Statistics, Oxford Economic Papers, Review of Economic Dyna

Invited Lectures

• Invited talk on “Demographics and Real Interest Rates” at the Council for Return Expectations and Pension Research Center Conference on “Long-Run Outlook for Interest Rates,” 1 September 2021.

• Keynote presentation at the Durham/MMF Workshop on “Too Much or Too Little Credit? Which One Should Make Us Worry More?” 16 September 2019.

• Invited talk on “Demographics and Real Interest Rates: A Global Perspective” at the joint Bank of Canada/ECB conference on “The Future of the Global Economy: Policy Challenges and Opportunities for Central Banks,” 10-11 June 2019

• Opening lecture on “International Dynamics of Real Rates and Outlook,” joint DNB/ECB Workshop on the natural rate of interest, De Nederlandsche Bank, Amsterdam, 16-17 May 2019.

• “QE Programs: Domestic Effects and Foreign Spillovers,” 5th Central Banking Workshop on “Financial Stability and Expansionary Monetary Policy,” Frankfurt School of Finance and Management, 14-17 September 2015.

• “The U.S. Economic Recovery: The Outlook and the Challenges Ahead,” Oxford-HKUST Leadership and Public Policy Series, Hong Kong University of Science and Technology, 2-5 July 2014.

Courses Taught

• International Finance (Summer School, 2021), University of Oxford

• Monetary Economics (MPhil, 2020), University of Oxford

• International Macroeconomics and Finance (MPhil, 2019), University of Oxford

• International Macroeconomics (MSc, 2017), LSE

• Introduction to Macroeconomics (Undergraduate, 2016-2019, 2021), University of Oxford

• Macro-Finance (MPhil, 2014-2018), University of Oxford

• Advanced Macroeconomics II (MPhil, 2015), University of Oxford

• Euro-Area Crisis: Causes and Remedies (Summer Course, 2017), CBL

• Financial Crises and Policy Responses (Summer Course, 2014-2016), CBL

• Monetary Economics (MSc, 2014), IHS Vienna

• Monetary Policy, Banks and Central Banks (MBA, 2011-2012), NYU Stern

• International Macroeconomics (PhD, 2009), IMT Lucca

• Macroeconomic Theory I (MA, 2008-2010), New York University

Awards

• John Fell OUP Research Fund (with Guido Ascari), June 2015.

• Foscolo Europe Fellowship 2013 (declined), Unicredit & Universities Foundation

• 2010 CEPR/ESI prize for Best Central Bank Research Paper at CEPR-ESI 14th annual conference on “How has our view of central banking changed with the recent financial crisis?”

• The Henry MacCracken Fellowship, New York University (2001-2005)

• Premio Angelo Costa 2001 (thesis award), Rivista di Politica Economica

• Euroclear Euro Grant 2000 (thesis award), Euroclear • Graduate Fellowship, Universit`a di Milano (1999-2002)

• Gold Medal for Best Graduates 1999, Universit`a Bocconi