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Meet the Researchers

Photo of Francisco B. Covas

Francisco B. Covas

Principal Economist Supervision and Regulation
[email protected]

Education

  • Ph.D., Economics, University of California - San Diego, 2004
  • B.A., Economics, Universidade Nova de Lisboa, 1997
Current Research Topics
  • Macro Stress Testing
  • Changes in Banking Regulation and the Macroeconomy
  • Economist

    Board of Governors of the Federal Reserve System

    2007 - present
  • Senior Analyst

    Bank of Canada

    2004 - 2007
  • Macroeconomic Effects of Banking Sector Losses across Structural Models
    Luca Guerrieri, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim
    International Journal of Central Banking (2019)
    See also » FRB Working Paper (2015)
  • Why Are Net Interest Margins of Large Banks So Compressed?
    Francisco B. Covas, Marcelo Rezende, and Cindy M. Vojtech
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1612
  • Macroeconomic Effects of Banking Sector Losses across Structural Models
    Luca Guerrieri, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim
    BIS Working Papers (2015)
    https://doi.org/10.2139/ssrn.2670990
    See also » FRB Working Paper (2015)
  • Bank Liquidity and Capital Regulation in General Equilibrium
    Francisco Covas and John C. Driscoll
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.85
  • Stress-testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach
    Francisco B. Covas, Ben Rump, and Egon Zakrajšek
    International Journal of Forecasting (2014)
    https://doi.org/10.1016/j.ijforecast.2013.11.003
    See also » FRB Working Paper (2013)
  • The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending
    Paul S. Calem, Francisco B. Covas, and Jason J. Wu
    Journal of Money, Credit and Banking (2013)
    https://doi.org/10.1111/jmcb.12037
  • The Role of Debt and Equity Finance over the Business Cycle
    Francisco Covas and Wouter J. Den Haan
    Economic Journal (2012)
    https://doi.org/10.1111/j.1468-0297.2012.02528.x
  • Private Equity Premium and Aggregate Uncertainty in a Model of Uninsurable Investment Risk
    Francisco Covas and Shigeru Fujita
    B.E. Journal of Macroeconomics (2011)
    https://doi.org/10.2202/1935-1690.2216
  • The Cyclical Behavior of Debt and Equity Finance
    Francisco Covas and Wouter J. Den Haan
    American Economic Review (2011)
    https://doi.org/10.1257/aer.101.2.877
  • Procyclicality of Capital Requirements in a General Equilibrium Model of Liquidity Dependence
    Francisco Covas and Shigeru Fujita
    International Journal of Central Banking (2010)
    https://doi.org/10.21799/frbp.wp.2009.23
  • Price-Level versus Inflation Targeting with Financial Market Imperfections
    Francisco Covas and Yahong Zhang
    Canadian Journal of Economics (2010)
    https://doi.org/10.1111/j.1540-5982.2010.01615.x
  • Time-Varying Capital Requirements in a General Equilibrium Model of Liquidity Dependence
    Francisco Covas and Shigeru Fujita
    Working paper (Federal Reserve Bank of Philadelphia) (2009)
    https://doi.org/10.2139/ssrn.1485007
  • Uninsured Idiosyncratic Production Risk with Borrowing Constraints
    Francisco Covas
    Journal of Economic Dynamics & Control (2006)
    https://doi.org/10.1016/j.jedc.2005.06.012

  • conference

    October 17, 2012

    2nd Conference of the Macroprudential Research Network/European Central Bank

    Stress-Testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach

  • conference

    November 16, 2012

    New Tools for Financial Regulation Conference/Banque de France

    Stress-Testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach

  • conference

    December 7, 2012

    Interagency Risk Quantification Forum/Federal Reserve Bank of Philadelphia

    Stress-Testing U.S. Bank Holding Companies: A Dynamic Panel Quantile Regression Approach

Referee
  • American Economic Review
  • American Economic Journal: Macroeconomics
  • European Economic Review
  • Journal of Economic Dynamics and Control
  • Journal of Economic Growth
  • Journal of Monetary Economics
  • Journal of Money, Credit and Banking
  • Journal of Public Economics
  • Journal of Risk Management in Financial Institutions
  • Portuguese Economic Journal
  • Review of Economic Dynamics
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Last Update: November 21, 2025