Meet the Economists

Andrew C. Meldrum
Assistant Director
Program Direction Section
Monetary Affairs
Education
- Ph.D., Economics, University of Cambridge, 2012
- M.Sc., Economics, Birkbeck College, University of London, 2008
- M.Sc., Finance, University of Durham, 2002
- B.A., Economics, University of Durham, 2001
Current Research Topics
- Term structure of interest rates
- Treasury market liquidity
Assistant Director
Board of Governors of the Federal Reserve System
2022 - presentChief
Board of Governors of the Federal Reserve System
2020 - 2022Principal Economist
Board of Governors of the Federal Reserve System
2017 - 2020Senior Economist
Board of Governors of the Federal Reserve System
2016 - 2017Advisor
Bank of England
2012 - 2016Economist / Senior Economist
Bank of England
2002 - 2008
- Aronovich, Alex, and Andrew Meldrum (2021). "High-Frequency Estimates of the Natural Real Rate and Inflation Expectations," Finance and Economics Discussion Series 2021-034. Board of Governors of the Federal Reserve System (U.S.).
- Aronovich, Alex, Dobrislav Dobrev, and Andrew Meldrum (2021). "The Treasury Market Flash Event of February 25, 2021," FEDS Notes 2021-05-14. Board of Governors of the Federal Reserve System (U.S.).
- Eguren-Martin, Fernando, Andrew Meldrum, and Wen Yan (2021). "No-Arbitrage Pricing of GDP-Linked Bonds," Journal of Banking & Finance, vol. 126 (May).
- Dobrev, Dobrislav, and Andrew Meldrum (2020). "What Do Quoted Spreads Tell Us About Machine Trading at Times of Market Stress? Evidence from Treasury and FX Markets during the COVID-19-Related Market Turmoil in March 2020," FEDS Notes 2020-09-25. Board of Governors of the Federal Reserve System (U.S.).
- Aronovich, Alex, and Andrew Meldrum (2020). "New Financial Market Measures of the Neutral Real Rate and Inflation Expectations," FEDS Notes 2020-08-03. Board of Governors of the Federal Reserve System (U.S.).
- Joergensen, Kasper, and Andrew Meldrum (2019). "Expectations about the Federal Funds Rate in the Long Run," FEDS Notes 2019-10-09. Board of Governors of the Federal Reserve System (U.S.).
- Andreasen, Martin M., and Andrew C. Meldrum (2019). "A Shadow Rate or a Quadratic Policy Rule? The Best Way to Enforce the Zero Lower Bound in the United States," Journal of Financial and Quantitative Analysis, vol. 54, no. 5, pp. 2261-2292.
- Andreasen, Martin M., Kasper Jørgensen, and Andrew Meldrum (2019)."Bond Risk Premiums at the Zero Lower Bound," Finance and Economics Discussion Series 2019-040. Board of Governors of the Federal Reserve System (U.S.).
- Johansson, Peter, and Andrew Meldrum (2018). "Predicting Recession Probabilities Using the Slope of the Yield Curve," FEDS Notes 2018-03-01. Board of Governors of the Federal Reserve System (U.S.).
- Li, Canlin, Andrew Meldrum, and Marius Rodriguez (2017). "Robustness of Long-Maturity Term Premium Estimates," FEDS Notes 2017-04-03. Board of Governors of the Federal Reserve System (U.S.).
- Malik, Sheheryar, and Andrew Meldrum (2016). "Evaluating the Robustness of UK Term Structure Decompositions Using Linear Regression Methods," Journal of Banking and Finance, vol. 67, pp. 85-102.
- Meldrum, Andrew, Marek Raczko, and Peter Spencer (2016). "Overseas Unspanned Factors and Domestic Bond Returns," Staff Working Paper No. 618. Bank of England.
- Andreasen, Martin M., and Andrew Meldrum (2015). "Dynamic Term Structure Models: The Best Way to Enforce the Zero Lower Bound in the United States," Staff Working Paper No. 550. Bank of England.
- Andreasen, Martin M., and Andrew Meldrum (2015). "Market Beliefs about the UK Monetary Policy Lift-off Horizon: A No-arbitrage Shadow Rate Term Structure Model Approach," Staff Working Paper No. 541. Bank of England.
- Meldrum, Andrew, and Matt Roberts-Sklar (2015). "Long-run Priors for Term Structure Models," Staff Working Paper No. 575. Bank of England.
- Andreasen, Martin M., and Andrew Meldrum (2013). "Likelihood Inference in Non-linear Term Structure Models: The Importance of the Lower Bound," Working Paper No. 481. Bank of England.
- Kaminska, Iryna, Andrew Meldrum, and James Smith (2013). "A Global Model of International Yield Curves: No-arbitrage Term Structure Approach," International Journal of Finance and Economics, vol. 18, no. 4, pp. 352-374.
- Kaminska, Iryna, Andrew Meldrum, and James Smith (2011). "A Global Model of International Yield Curves: No-arbitrage Term Structure Approach," Working Paper 419. Bank of England.
- Joyce, Michael, and Andrew Meldrum (2008). "Market Expectations of Future Bank Rate," Bank of England Quarterly Bulletin, vol. 48, no. 3, pp. 274-282.
Last update:
October 3, 2022