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Photo of Francesca Carapella

Francesca Carapella

Principal Economist Macroprudential Policy Analysis Section Financial Stability
[email protected]

Education

  • Ph.D., Economics, University of Minnesota, 2008
  • M.A., Economics, University of Minnesota, 2007
  • B.A., Economics, LUISS Guido Carli (Rome), 2001
Current Research Topics
  • Financial Market Infrastructures, Repo Markets,
  • Collateral Requirements for Central Counterparties
  • Economist

    Board of Governors of the Federal Reserve System

    2009 - present
  • Adjunct professor, Macroeconomics

    Carnegie Mellon University, Tepper School of Business, 1st year Ph.D Fall 2020

    2020 - 2021
  • Adjunct professor, Financial Regulation

    Georgetown University, department of economics, Masters Programs in Economics

    2019 - present
  • Adjunct professor, Financial Regulation

    University of Bern, Switzerland, Masters Programs in Economics

    2017 - 2018
  • Adjunct professor of Macroeconomics

    Georgetown University, department of economics, 1st year Ph.D Spring Macroeconomics sequence

    2009 - 2010
  • Assistant professor of Economics

    Einaudi Institute for Economics and Finance

    2008 - 2009
  • Adjunct professor of Macroeconomics

    LUISS University, Rome (Italy), within MOSEC (Master of Science in Economics)

    2008 - 2009
  • Financial Stability Implications of CBDC
    Francesca Carapella, Jin-Wook Chang, Sebastian Infante, Melissa Leistra, Arazi Lubis, and Alexandros P. Vardoulakis
    International Journal of Central Banking (2025)
    https://doi.org/10.17016/FEDS.2024.021
  • Crypto ETPs: An Examination of Liquidity and NAV Premium
    Nathan Swem and Francesca Carapella
    FEDS Notes (2025)
    https://doi.org/10.17016/2380-7172.3741
  • 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 P. Vardoulakis, and Aurite Werman
    Economic Policy Review (2024)
    https://doi.org/10.59576/epr.30.2.1-48
  • Tokenization: Overview and Financial Stability Implications
    Francesca Carapella, Grace Chuan, Jacob Gerszten, Chelsea Hunter, and Nathan Swem
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.060r1
  • A Simple Model of Voluntary Reserve Targets with Tolerance Bands
    Garth Baughman and Francesca Carapella
    Journal of Money, Credit and Banking (2023)
    https://doi.org/10.1111/jmcb.12927
    See also » FRB Working Paper (2019)
  • The stable in stablecoins
    Garth Baughman, Francesca Carapella, Jacob Gerszten, and David Mills
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3224
  • Decentralized Finance (DeFi): Transformative Potential & Associated Risks
    Francesca Carapella, Edward Dumas, Jacob Gerszten, Nathan Swem, and Larry Wall
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.057
  • Transparency and collateral: Central versus bilateral clearing
    Gaetano Antinolfi, Francesca Carapella, and Francesco Carli
    Theoretical Economics (2022)
    https://doi.org/10.3982/TE3893
    See also » FRB Working Paper (2018)
  • Dealers' Insurance, Market Structure, and Liquidity
    Francesca Carapella and Cyril Monnet
    Journal of Financial Economics (2020)
    https://doi.org/10.1016/j.jfineco.2020.06.013
    See also » FRB Working Paper (2017)
  • Central Bank Digital Currency: A Literature Review
    Francesca Carapella and Jean Flemming
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2790
  • Voluntary Reserve Targets
    Garth Baughman and Francesca Carapella
    Journal of Money, Credit and Banking (2020)
    https://doi.org/10.1111/jmcb.12579
    See also » FRB Working Paper (2018)
  • A Simple Model of Voluntary Reserve Targets with Tolerance Bands
    Garth Baughman and Francesca Carapella
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.060
  • Transparency and Collateral: Central versus Bilateral Clearing
    Gaetano Antinolfi, Francesca Carapella, and Francesco Carli
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.017
  • Banking Panics and Deflation in Dynamic General Equilibrium
    Francesca Carapella
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.018
  • Credit Markets, Limited Commitment, and Government Debt
    Stephen D. Williamson and Francesca Carapella
    Review of Economic Studies (2015)
    https://doi.org/10.1093/restud/rdv006
  • Repos, Fire Sales, and Bankruptcy Policy
    Gaetano Antinolfi, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal
    Review of Economic Dynamics (2015)
    https://doi.org/10.1016/j.red.2014.06.002
  • Credit Markets, Limited Commitment, and Government Debt
    Stephen D. Williamson and Francesca Carapella
    Working paper (Federal Reserve Bank of St. Louis) (2014)
    https://doi.org/10.2139/ssrn.2417462
  • Repos, Fire Sales, and Bankruptcy Policy
    Gaetano Antinolfi, Francesca Carapella, Charles Kahn, Antoine Martin, David Mills, and Ed Nosal
    Working paper series (Federal Reserve Bank of Chicago. Research Department) (2012)
    https://doi.org/10.2139/ssrn.2189583
  • Essays in Monetary Economics
    Francesca Carapella
    Dissertations (University of Minnesota) (2008)
  • A Model of Banknote Discounts
    Laurence Ales, Francesca Carapella, Pricila Maziero, and Warren E. Weber
    Journal of Economic Theory (2008)
    https://doi.org/10.1016/j.jet.2006.10.010
  • Deposit Insurance, Institutions and Bank Interest Rates
    Francesca Carapella and Giorgio Di Giorgio
    Discussion paper series (Columbia University. Department of Economics) (2003)
    https://doi.org/10.1007/s11300-004-0006-z

  • conference

    August 2011

    Workshop on Money, Banking, Payment and Finance, Federal Reserve Bank of Chicago

    Information Insensitive Securities: the Benefits of Central Counterparties

  • conference

    October 2011

    Macroeconomics Workshop, Institute for Advanced Studies, Vienna, Austria

    Information Insensitive Securities: the Benefits of Central Counterparties

  • seminar

    October 2011

    University of Zurich, Department of Banking and Finance, Zurich, Switzerland

    Information Insensitive Securities: the Benefits of Central Counterparties

Conference Organization

  • June 23-24, 2011 | Washington D.C.

    The Economics of Payments V

    Organizer

Referee
  • American Economic Review
  • American Economic Journal: Macroeconomics
  • Annals of Finance
  • European Economic Review
  • International Economic Review
  • International Journal of Central Banking
  • Journal of Economic Dynamics and Control
  • Journal of Economic Theory
  • Journal of Finance
  • Journal of Financial Services Research
  • Journal of Money, Credit and Banking
  • Journal of Monetary Economics
  • Journal of Political Economy
  • Macroeconomic Dynamics
  • Review of Economic Dynamics
  • Review of Economic Studies
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Last Update: November 21, 2025