Meet the Researchers
Michele Cavallo
[email protected]
Education
- Ph.D., Economics, New York University, 2003
- M.Sc., Economics, HEC Lausanne, 1997
- B.A., Economics, Università Commerciale Luigi Bocconi, 1996
Principal Economist
Board of Governors of the Federal Reserve System
2019 - presentChief
Board of Governors of the Federal Reserve System
2015 - 2019Senior Economist, Division of International Finance
Board of Governors of the Federal Reserve System
2012 - 2015Economist, Division of International Finance
Board of Governors of the Federal Reserve System
2008 - 2012Economist
Federal Reserve Bank of San Francisco
2003 - 2008Summer Intern
Board of Governors of the Federal Reserve System
2002Summer Intern
World Bank
2000Summer Intern
Inter-American Development Bank
1999
- A New Index to Measure U.S. Financial Conditions
Andrea Ajello, Michele Cavallo, Giovanni Favara, William B. Peterman, John Schindler, and Nitish R. Sinha
FEDS Notes (2023)
https://doi.org/10.17016/2380-7172.3281 - Understanding Bank Deposit Growth during the COVID-19 Pandemic
Andrew Castro, Michele Cavallo, and Rebecca Zarutskie
FEDS Notes (2022)
https://doi.org/10.17016/2380-7172.3133 - Fiscal Implications of the Federal Reserve’s Balance Sheet Normalization
Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
International Journal of Central Banking (2019)
See also » FRB Working Paper (2018) - Fiscal Implications of the Federal Reserve’s Balance Sheet Normalization
Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
FEDS Notes (2018)
https://doi.org/10.17016/2380-7172.2126
See also » FRB Working Paper (2018) - Fiscal Implications of the Federal Reserve's Balance Sheet Normalization
Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
Working paper (Federal Reserve Bank of Minneapolis) (2018)
https://doi.org/10.21034/wp.747
See also » FRB Working Paper (2018) - Capital-Goods Imports and US Growth
Michele Cavallo and Anthony Landry
Staff Working Paper (Bank of Canada) (2018) - Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown?
Mary Amiti, Tyler Bodine-Smith, Michele Cavallo, and Logan Lewis
IFDP Notes (2015)
https://doi.org/10.17016/2573-2129.09 - The Surprising Strength of U.S. Imports During the Recovery
Michele Cavallo
IFDP Notes (2014)
https://doi.org/10.17016/2573-2129.07 - Measuring Oil-Price Shocks Using Market-Based Information
Tao Wu and Michele Cavallo
IMF Working Papers (2012) - The Quantitative Role of Capital Goods Imports in US Growth
Michele Cavallo and Anthony Landry
American Economic Review: Papers and Proceedings (2010)
https://doi.org/10.1257/aer.100.2.78 - Measuring Oil-Price Shocks using Market-Based Information
Tao Wu and Michele Cavallo
Research Department Working Paper (Federal Reserve Bank of Dallas) (2009) - Oil Prices and Inflation
Michele Cavallo
FRBSF Economic Letter (2008) - Government Consumption Expenditures and the Current Account
Michele Cavallo
Public Finance and Management (2007) - Interest Rates, Carry Trades, and Exchange Rate Movements
Michele Cavallo
FRBSF Economic Letter (2006) - International Financial Integration and the Current Account Balance
Michele Cavallo
FRBSF Economic Letter (2006) - Oil Prices and the U.S. Trade Deficit
Michele Cavallo
FRBSF Economic Letter (2006) - Current Account Adjustment with High Financial Integration: A Scenario Analysis
Michele Cavallo and Cédric Tille
FRBSF Economic Review (2006) - Could Capital Gains Smooth a Current Account Rebalancing?
Michele Cavallo and Cédric Tille
Staff reports (Federal Reserve Bank of New York) (2006) - Government Employment Expenditure and the Effects of Fiscal Policy Shocks
Michele Cavallo
FRBSF Working Paper (2005) - Exchange Rate Overshooting and the Costs of Floating
Michele Cavallo, Kate Kisselev, Fabrizio Perri, and Nouriel Roubini
FRBSF Working Paper (2005) - Understanding the Twin Deficits: New Approaches, New Results
Michele Cavallo
FRBSF Economic Letter (2005) - To Float Or Not to Float? Exchange Rate Regimes and Shocks
Michele Cavallo
FRBSF Economic Letter (2005) - Exchange Rate Movements and the U.S. International Balance Sheet
Michele Cavallo
FRBSF Economic Letter (2004) - Net Foreign Assets and Exchange Rate Dynamics: The Monetary Model Revisited
Michele Cavallo and Fabio Ghironi
Exchange Rate Dynamics: A New Open Economy Macroeconomics Perspective (2004) - Net Foreign Assets and the Exchange Rate: Redux Revived
Michele Cavallo and Fabio Ghironi
Journal of Monetary Economics (2002)
https://doi.org/10.1016/S0304-3932(02)00122-8 - Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications
Michele Cavallo and Giovanni Majnoni
Ratings, Rating Agencies and the Global Financial System (2002)
conference
June 2016IAAE Annual Conference, Milan
Oil Price Elasticities and Oil Price Fluctuations
conference
October 2015LACEA Annual Meeting, Santa Cruz
Sources and Consequences of Oil Price Fluctuations: A VAR Approach
conference
June 2015IAAE Annual Conference, Thessaloniki
Sources and Consequences of Oil Price Fluctuations: A VAR Approach
discussion
December 2013FRB Atlanta-NYU Workshop on International Economics
Bad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2007
conference
January 2010AEA Annual Meetings, Atlanta, Georgia
The Quantitative Role of Capital Goods Imports in U.S. Growth
seminar
December 2009University of Chicago, Booth School of Business
Measuring Oil-Price Shocks Using Market-Based Information
seminar
December 2009George Washington University
Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth
conference
July 2009NBER Summer Institute, Impulse and Propagation Mechanism Workshop
Measuring Oil-Price Shocks Using Market-Based Information
conference
July 2009SED Annual Meetings, Istanbul, Turkey
Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth
discussion
October 2008Federal Reserve Bank of Cleveland, Workshop on Methods and Applications for DSGE Models
The General Equilibrium Effects of Fiscal Policy: Estimates for the Euro Area
conference
July 2007NBER Summer Institute, Monetary Economics Workshop
Measuring Oil-Price Shocks Using Market-Based Information
conference
July 2007SED Annual Meetings, Prague
Measuring Oil-Price Shocks Using Market-Based Information
Referee
- American Economic Journal: Macroeconomics
- American Economic Review
- B.E. Journal of Macroeconomics
- Canadian Journal of Economics
- Economic Inquiry
- Economic Journal
- Economics Letters
- European Economic Review
- International Economic Review
- International Finance
- International Review of Economics and Finance
- Japan and the World Economy
- Journal of Applied Econometrics
- Journal of Business and Economic Studies
- Journal of Development Economics
- Journal of Economic Dynamics and Control
- Journal of the European Economic Association
- Journal of International Economics
- Journal of International Money and Finance
- Journal of the Japanese and International Economy
- Journal of Monetary Economics
- Journal of Money, Credit, and Banking
- The Manchester School
- National Science Foundation
- Oxford Bulletin of Economics and Statistics
- Review of Economics and Statistics
- Review of Economic Dynamics
- Review of International Economics