Photo of Chiara Scotti

Chiara Scotti

202-452-3827
[email protected]

Education

  • Ph.D., Economics, University of Pennsylvania, 2005
  • M.A., Economics, University of Pennsylvania, 2002
  • B.A., Economics, Bocconi University, 1998
Current Research Topics
  • Macroeconomic Uncertainty, News Announcements
  • Unconventional Monetary Policy
  • Deputy Associate Director

    Board of Governors of the Federal Reserve System

    2020 - present
  • Special Adviser to the Vice Chair

    Board of Governors of the Federal Reserve System

    2020 - 2022
  • Assistant Director

    Board of Governors of the Federal Reserve System, Division of Financial Stability

    2018 - 2020
  • Visiting Professor

    Bocconi University

    2017
  • Chief

    Board of Governors of the Federal Reserve System, Division of Financial Stability

    2014 - 2017
  • Principal Economist

    Board of Governors of the Federal Reserve System, Division of International Finance

    2011 - 2014
  • Economist

    Board of Governors of the Federal Reserve System, Division of International Finance

    2005 - 2011
  • Ph.D. Summer Intern

    European Central Bank

    2003
  • Analyst

    Credit Suisse First Boston, London

    1998 - 2000
  • Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements
    Benjamin Gardner, Chiara Scotti, and Clara Vega
    Journal of Econometrics (Forthcoming)
    https://doi.org/10.1016/j.jeconom.2021.07.014
    See also » FRB Working Paper (2021)
  • The Financial Stability Implications of Digital Assets
    Pablo D. Azar, Garth Baughman, Francesca Carapella, Jacob Gerszten, Arazi Lubis, JP Perez-Sangimino, David E. Rappoport, Chiara Scotti, Nathan Swem, Alexandros Vardoulakis, and Aurite Werman
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.058
  • Macroeconomic and Financial Risks: A Tale of Mean and Volatility
    Dario Caldara, Chiara Scotti, and Molin Zhong
    International Finance Discussion Papers (2021)
    https://doi.org/10.17016/IFDP.2021.1326
  • The COVID-19 Crisis and the Federal Reserve’s Policy Response
    Richard H. Clarida, Burcu Duygan-Bump, and Chiara Scotti
    Monetary Policy and Central Banking in the Covid Era (2021)
    See also » FRB Working Paper (2021)
  • Measuring the Liquidity Profile of Mutual Funds
    Sirio Aramonte, Chiara Scotti, and Ilknur Zer
    International Journal of Central Banking (2020)
    See also » FRB Working Paper (2019)
  • Real-Time Measurement of Business Conditions, Macroeconomic Surprises, and Uncertainty: Is a Recession Looming?
    Alessandro Barbarino and Chiara Scotti
    Alternative Economic Indicators (2020)
    https://doi.org/10.17848/9780880996778
  • How Correlated is LIBOR with Bank Funding Costs?
    David Bowman, Chiara Scotti, and Cindy M. Vojtech
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2539
  • Monitoring the Liquidity Profile of Mutual Funds
    Sirio Aramonte, Chiara Scotti, and Ilknur Zer
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2558
  • Does Anyone Listen When Politicians Talk? The Effect of Political Commentaries on Policy Rate Decisions and Expectations
    Selva Demiralp, Sharmila King, and Chiara Scotti
    Journal of International Money and Finance (2019)
    https://doi.org/10.1016/j.jimonfin.2019.03.006
    See also » FRB Working Paper (2016)
  • Unconventional Monetary Policy and International Risk Premia
    John H. Rogers, Chiara Scotti, and Jonathan H. Wright
    Journal of Money, Credit and Banking (2018)
    https://doi.org/10.1111/jmcb.12511
    See also » FRB Working Paper (2016)
  • Is the Intrinsic Value of a Macroeconomic News Announcement Related to its Asset Price Impact?
    Thomas Gilbert, Chiara Scotti, Georg Strasser, and Clara Vega
    Journal of Monetary Economics (2017)
    https://doi.org/10.1016/j.jmoneco.2017.09.008
    See also » FRB Working Paper (2015)
  • Surprise and Uncertainty Indexes: Real-Time Aggregation of Real-Activity Macro Surprises
    Chiara Scotti
    Journal of Monetary Economics (2016)
    https://doi.org/10.1016/j.jmoneco.2016.06.002
    See also » FRB Working Paper (2016)
  • Comment on 'Central Bank Macroeconomic Forecasting during the Global Financial Crisis: The European Central Bank and Federal Reserve Bank of New York Experiences'
    Chiara Scotti
    Journal of Business & Economic Statistics (2014)
    https://doi.org/10.1080/07350015.2014.956873
  • Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Multi-Country Review
    John Harold Rogers, Chiara Scotti, and Jonathan H. Wright
    Economic Policy (2014)
    https://doi.org/10.1111/1468-0327.12042
    See also » FRB Working Paper (2014)
  • A Bivariate Model of Federal Reserve and ECB Main Policy Rates
    Chiara Scotti
    International Journal of Central Banking (2011)
  • Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis
    John Ammer, Fang Cai, and Chiara Scotti
    Impact of the Global Financial Crisis on Emerging Financial Markets (2011)
  • Real-Time Measurement of Business Conditions
    S. Boragan Aruoba, Francis Diebold X., and Chiara Scotti
    Journal of Business & Economic Statistics (2009)
    https://doi.org/10.1198/jbes.2009.07205
  • Exchange Rates Dependence: What Drives It?
    Sigridur Benediktsdottir and Chiara Scotti
    International Finance Discussion Papers (2009)
  • Markov Switching GARCH Models of Currency Turmoil in Southeast Asia
    Celso Brunetti, Chiara Scotti, Roberto S. Mariano, and Augustine H. H. Tan
    Emerging Markets Review (2008)
    https://doi.org/10.1016/j.ememar.2008.02.005
  • Modelling the Term Structure of Futures Commodity Prices: An Empirical Analysis in the Copper Market
    Chiara Scotti
    Rivista di Politica Economica (1999)
Awards
  • 2004

    University of Pennsylvania

    Hiram C. Haney Fellowship Award in Economics

  • 1999

    Rivista di Politica Economica

    Angelo Costa, Prize for Best Undergrad Dissertation

Conference Organization
  • 2013 | Federal Reserve Board, Washington DC

    NBER-NSF Time Series Conference

    Program Committee

  • 2013, 2014

    (EC)^2 Conference

    Scientific Committee

  • 2015-2018, 2022

    International Association for Applied Econometrics (IAAE)

    Scientific Committee

  • 2019 | ECB, Frankfurt

    Gender and Career Progression Conference (joint BoE, Fed & ECB)

    Scientific Committee

  • 2021 | Washington, DC (Virtual)

    Uncertainty and Economic Activity: Global Perspectives (IMF & Board of Governors)

    Scientific Committee

  • 2021 | Washington, DC

    Diversity and Inclusion Conference (BoC, BoE, Fed & ECB)

    Program Committee & Local Organizer

  • 2022 | Ottawa, Canada

    Diversity and Inclusion Conference (BoC, BoE, Fed & ECB)

    Program Committee

Referee
  • American Economic Journal: Macroeconomics
  • Economica
  • Economic Letters
  • Empirical Economics
  • European Economic Review
  • International Economic Review
  • International Journal of Central Banking
  • International Review of Economic and Finance
  • Journal of Applied Econometrics
  • Journal of Banking and Finance
  • Journal of Business and Economic Statistics
  • Journal of Financial Services Research
  • Journal of Forecasting
  • Journal of International Money and Finance
  • Journal of Macroeconomics
  • Journal of Money, Credit, and Banking
  • Journal of Monetary Economics
  • Journal of Political Economy
  • Journal of Public Economics
  • The BE Journals in Macroeconomics
  • The Review of Economics and Statistics
Professional Affiliation
  • American Economic Association
  • European Economic Association
  • Econometric Society
Last update: September 19, 2022