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
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2018 - present
  • Economist

    Board of Governors of the Federal Reserve System

    2015 - 2018
  • Macchiavelli, Marco, and Xing (Alex) Zhou (forthcoming). "Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective," Management Science.
  • Macchiavelli, Marco, and Luke Pettit (forthcoming). "Liquidity Regulation and Financial Intermediaries," Journal of Financial and Quantitative Analysis.
  • Crosignani, Matteo, Marco Macchiavelli, and André F. Silva (2020). "Pirates without Borders: The Propagation of Cyberattacks through Firms' Supply Chains," Federal Reserve Bank of New York Staff Report, No. 937.
  • Gissler, Stefan, Marco Macchiavelli, and Borghan Narajabad (2020). "Private Supply of Safe Assets: Shadow Banks versus Traditional Banks," AEA Papers and Proceedings, vol. 110, pp. 477-481.
  • Ivanov, Ivan, Marco Macchiavelli, and João A. C. Santos (2020). "Bank Lending Networks and the Propagation of Natural Disasters," SSRN Electronic Journal.
  • Carlson, Mark, and Marco Macchiavelli (2020). "Emergency Loans and Collateral Upgrades: How Broker-Dealers Used Federal Reserve Credit During the 2008 Financial Crisis," Journal of Financial Economics, vol. 137, no. 3 pp. 701-722.
  • Brancati, Emanuele, and Marco Macchiavelli (2020). "Endogenous Debt Maturity and Rollover Risk," Financial Management, vol. 49, no. 1, pp. 69-90.
  • Macchiavelli, Marco, and Luke Pettit (2019). "Shining a Light on the Shadows: Dealer Funding and Internalization," FEDS Notes 2019-12-20. Board of Governors of the Federal Reserve System (U.S.).
  • Brancati, Emanuele, and Marco Macchiavelli (2019). "The Information Sensitivity of Debt in Good and Bad Times," Journal of Financial Economics., vol. 133, no. 1, pp. 99-112.
  • Carlson, Mark, and Marco Macchiavelli (2018). "Emergency Collateral Upgrades," Finance and Economics Discussion Series 2018-078. Board of Governors of the Federal Reserve System (U.S.).
  • Keating, Thomas, and Marco Macchiavelli (2018). "Interest on Reserves and Arbitrage in Post-Crisis Money Markets," FEDS Notes 2018-03-01. Board of Governors of the Federal Reserve System (U.S.).
  • Macchiavelli, Marco, and Luke Pettit (2018). "Liquidity Regulation and Financial Intermediaries," Finance and Economics Discussion Series 2018-084. Board of Governors of the Federal Reserve System (U.S.).
  • Iyer, Rajkamal, and Marco Macchiavelli (2017). "Primary Dealers' Behavior during the 2007-08 Crisis: Part II, Intermediation and Deleveraging," FEDS Notes 2017-06-28. Board of Governors of the Federal Reserve System (U.S.).
  • Iyer, Rajkamal, and Marco Macchiavelli (2017). "Primary Dealers' Behavior during the 2007-08 Crisis: Part I, Repo Runs," FEDS Notes 2017-06-22. Board of Governors of the Federal Reserve System (U.S.).
  • Iyer, Rajkamal, and Marco Macchiavelli (2017). "The Systemic Nature of Settlement Fails," FEDS Notes 2017-07-03. Board of Governors of the Federal Reserve System (U.S.).
  • Keating, Thomas, and Marco Macchiavelli (2017). "Interest on Reserves and Arbitrage in Post-Crisis Money Markets," Finance and Economics Discussion Series 2017-124. Board of Governors of the Federal Reserve System (U.S.).
  • Brancati, Emanuele, and Marco Macchiavelli (2016). "Endogenous Debt Maturity and Rollover Risk," Finance and Economics Discussion Series 2016-074. Board of Governors of the Federal Reserve System (U.S.).
  • De Marco, Filippo, and Marco Macchiavelli (2016). "The Political Origin of Home Bias: The Case of Europe," Finance and Economics Discussion Series 2016-060. Board of Governors of the Federal Reserve System (U.S.).
  • Brancati, Emanuele, and Marco Macchiavelli (2015). "The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession," Finance and Economics Discussion Series 2015-079. Board of Governors of the Federal Reserve System (U.S.).
  • 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: July 27, 2021