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Photo of Andrew C. Meldrum

Andrew C. Meldrum

Assistant Director Program Direction Section Monetary Affairs
[email protected]

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 - present
  • Chief

    Board of Governors of the Federal Reserve System

    2020 - 2022
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2017 - 2020
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2017
  • Advisor

    Bank of England

    2012 - 2016
  • Economist / 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