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Meet the Researchers

Photo of Andrei Zlate

Andrei Zlate

Group Manager Banking and Financial Analysis Section Monetary Affairs
202-452-3386
[email protected]

Education

  • Ph.D., Economics, Boston College, 2009
  • M.A., Economics, Boston College, 2005
Current Research Topics
  • Monetary policy transmission through banks
  • Cross-border banking and portfolio flows
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - present
  • Senior Financial Economist

    Federal Reserve Bank of Boston

    2014 - 2019
  • Economist

    Board of Governors of the Federal Reserve System

    2009 - 2014
  • The 2023 Banking Turmoil and the Bank Term Funding Program
    David Glancy, Felicia Ionescu, Elizabeth Klee, Antonis Kotidis, Michael Siemer, and Andrei Zlate
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.045
  • The global financial cycle and capital flows during the COVID-19 pandemic
    J. Scott Davis and Andrei Zlate
    European Economic Review (2023)
    https://doi.org/10.1016/j.euroecorev.2023.104477
  • Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening
    Luke Morgan, Anthony Sarver, Manjola Tase, and Andrei Zlate
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.060
  • Cross-Border Bank Flows and Monetary Policy
    Ricardo Correa, Teodora Paligorova, Horacio Sapriza, and Andrei Zlate
    Review of Financial Studies (2022)
    https://doi.org/10.1093/rfs/hhab019
  • Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
    Camelia Minoiu, Rebecca Zarutskie, and Andrei Zlate
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.078
  • Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment
    Ricardo Correa, Horacio Sapriza, and Andrei Zlate
    Journal of International Economics (2021)
    https://doi.org/10.1016/j.jinteco.2021.103519
  • Reach for Yield by U.S. Public Pension Funds
    Lina Lu, Matthew Pritsker, Andrei Zlate, Ken Anadu, and James Bohn
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.048
  • Macroprudential Policy: Results from a Tabletop Exercise
    Denise Duffy, Joseph G. Haubrich, Anna Kovner, Alex Musatov, Edward S. Prescott, Richard J. Rosen, Thomas D. Tallarini, Alexandros P. Vardoulakis, Emily Yang, and Andrei Zlate
    Working Paper (Federal Reserve Bank of Cleveland) (2019)
    https://doi.org/10.26509/frbc-wp-201911
  • Monetary Policy Divergence, Net Capital Flows, and Exchange Rates: Accounting for Endogenous Policy Responses
    J. Scott Davis and Andrei Zlate
    Journal of International Money and Finance (2019)
    https://doi.org/10.1016/j.jimonfin.2019.01.016
  • International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?
    Shaghil Ahmed, Brahima Coulibaly, and Andrei Zlate
    Journal of International Money and Finance (2017)
    https://doi.org/10.1016/j.jimonfin.2017.05.001
  • Macroprudential Policy: Case Study from a Tabletop Exercise
    Tobias Adrian, Patrick de Fontnouvelle, Emily Yang, and Andrei Zlate
    Economic Policy Review (2017)
  • Financial Performance and Macroeconomic Fundamentals in Emerging Market Economies over the Global Financial Cycle
    Scott Davis and Andrei Zlate
    Globalization and Monetary Policy Institute Working Paper (2016)
  • Capital Flows to Emerging Market Economies: A Brave New World?
    Shaghil Ahmed and Andrei Zlate
    Journal of International Money and Finance (2014)
    https://doi.org/10.1016/j.jimonfin.2014.05.015
Awards
  • 2024

    Bank for International Settlements

    Central Bank Research Fellow

  • 2009

    Boston College

    Research Excellence Award

  • 2008

    Federal Reserve Bank of Atlanta

    Dissertation Fellowship

Referee
  • European Economic Review, IMF Economic Review, International Economic Review, International Finance, International Journal of Central Banking, International Review of Economics and Finance, Journal of Development Economics, Journal of Economic Dynamics and Control, Journal of 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, Macroeconomic Dynamics
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Last Update: June 30, 2025