Photo of Marco Macchiavelli

Marco Macchiavelli

Education

  • Ph.D., Economics, Boston College, 2015
  • M.A., Economics, University of Bologna, 2010
Current Research Topics
  • Bank Runs and Rollover Risk
  • Macro-Finance
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2021 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2018 - 2021
  • Economist

    Board of Governors of the Federal Reserve System

    2015 - 2018
  • Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective
    Marco Macchiavelli and Xing
    Management Science (Forthcoming)
    https://doi.org/10.1287/mnsc.2021.4053
  • Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds
    Lei Li, Yi Li, Marco Macchiavelli, and Xing (Alex) Zhou
    Review of Financial Studies (2021)
    https://doi.org/10.1093/rfs/hhab065
  • Liquidity Regulation and Financial Intermediaries
    Marco Macchiavelli and Luke Pettit
    Journal of Financial and Quantitative Analysis (2021)
    https://doi.org/10.1017/S0022109020000654
    See also » FRB Working Paper (2018)
  • Primary Markets for Short-term Debt and the Stabilizing Effects of the PDCF
    Mark Carlson and Marco Macchiavelli
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2917
  • Emergency Loans and Collateral Upgrades: How Broker-Dealers Used Federal Reserve Credit During the 2008 Financial Crisis
    Mark Carlson and Marco Macchiavelli
    Journal of Financial Economics (2020)
    https://doi.org/10.1016/j.jfineco.2020.03.005
  • Bank Lending Networks and the Propagation of Natural Disasters
    Ivan Ivanov, Marco Macchiavelli, and João A. C. Santos
    Working Papers (SSRN) (2020)
  • Private Supply of Safe Assets: Shadow Banks versus Traditional Banks
    Stefan Gissler, Marco Macchiavelli, and Borghan Narajabad
    American Economic Review: Papers and Proceedings (2020)
    https://doi.org/10.1257/pandp.20201098
  • Endogenous Debt Maturity and Rollover Risk
    Emanuele Brancati and Marco Macchiavelli
    Financial Management (2020)
    https://doi.org/10.1111/fima.12250
    See also » FRB Working Paper (2016)
  • Pirates without Borders: The Propagation of Cyberattacks through Firms' Supply Chains
    Matteo Crosignani, Marco Macchiavelli, and André F. Silva
    Staff reports (Federal Reserve Bank of New York) (2020)
  • Shining a Light on the Shadows: Dealer Funding and Internalization
    Marco Macchiavelli and Luke Pettit
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2419
  • The Information Sensitivity of Debt in Good and Bad Times
    Emanuele Brancati and Marco Macchiavelli
    Journal of Financial Economics (2019)
    https://doi.org/10.1016/j.jfineco.2019.01.002
  • Interest on Reserves and Arbitrage in Post-Crisis Money Markets
    Thomas Keating and Marco Macchiavelli
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2136
    See also » FRB Working Paper (2017)
  • The Systemic Nature of Settlement Fails
    Rajkamal Iyer and Marco Macchiavelli
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.1997
  • Primary Dealers' Behavior during the 2007-08 Crisis: Part II, Intermediation and Deleveraging
    Rajkamal Iyer and Marco Macchiavelli
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.1998
  • Primary Dealers' Behavior during the 2007-08 Crisis: Part I, Repo Runs
    Rajkamal Iyer and Marco Macchiavelli
    FEDS Notes (2017)
    https://doi.org/10.17016/2380-7172.1996
  • The Political Origin of Home Bias: The Case of Europe
    Filippo De Marco and Marco Macchiavelli
    Finance and Economics Discussion Series (2016)
    https://doi.org/10.17016/FEDS.2016.060
  • The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession
    Emanuele Brancati and Marco Macchiavelli
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.079
  • seminar

    12-2018

    Boston Fed

    Emergency Collateral Upgrades and The Broker of Last Resort

  • conference

    11-2018

    NY Fed-Bank of Italy Conference on Post-Crisis Regulation

    Liquidity Regulation and Financial Intermediaries

  • conference

    05-2018

    Fifth Annual Conference on Financial Market Regulation (SEC)

    Primary Dealers' Behavior During the 2007-08 Crisis

  • conference

    05-2018

    Workshop on Reserves and Money Markets Analysis (NY Fed)

    Who is Trading Fed Funds?

  • discussion

    03-2018

    Chicago Financial Institution Conference

    Hedge Fund Liquidity Management

  • conference

    03-2018

    Midwest Finance Association Conference

    Primary Dealers' Behavior During the 2007-08 Crisis

  • conference

    07-2017

    Fighting a Financial Crisis Conference (Yale SOM)

    Access to Safe Assets and Financial Fragility

  • discussion

    03-2017

    Chicago Financial Institution Conference

    Self-fulfilling Fire Sales: Fragility of Collateralized Short-term Debt Markets

  • discussion

    10-2016

    Monetary Policy Implementation in the Long Run (Minneapolis Fed)

    ON RRP and Stability of the Tri-party Market

  • conference

    09-2016

    IMF/Board Workshop on Monetary Policy and Financial Stability

    Access to Safe Assets and Financial Fragility

  • conference

    06-2016

    5th MoFiR Workshop on Banking (DePaul)

    The Political Origin of Home Bias: the Case of Europe

  • conference

    03-2016

    Chicago Financial Institution Conference

    The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession

  • conference

    01-2016

    MFM Meeting (NYU Stern)

    The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession

  • seminar

    09-2015

    Yale School of Management

    The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession

Awards
  • 2014

    Becker Friedman Institute - University of Chicago

    MFM Fellowship

Conference Organization
  • 2021

    Short-Term Funding Market Conference

    Co-Organizer

Referee
  • AER Insights
  • Financial Management
  • International Journal of Central Banking
  • Journal of Financial Economics
  • Journal of Financial Stability
  • Journal of Money, Credit, and Banking
  • Review of Financial Studies
Last update: March 7, 2022