Photo of Sebastian Infante

Sebastian Infante

Education

  • Ph.D., Finance, Stanford Graduate School of Business, 2013
  • M.A., Applied Economics, Universidad de Chile, 2006
  • B.A., Mathematical Engineering, Universidad de Chile, 2006
Current Research Topics
  • Repo markets
  • Safe assets
  • Chief -- Money Market Analysis Section

    Board of Governors of the Federal Reserve System

    2023 - present
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - 2023
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Economist

    Board of Governors of the Federal Reserve System

    2013 - 2016
  • Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability
    Sebastian Infante, Kyungmin Kim, Anna Orlik, André F. Silva, and Robert J. Tetlow
    Finance and Economics Discussion Series (2023)
    https://doi.org/10.17016/FEDS.2023.072
  • Dealers' Treasury Market Intermediation and the Supplementary Leverage Ratio
    Paul Cochran, Sebastian Infante, Lubomir Petrasek, Zack Saravay, and Mary Tian
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3341
  • The Macroeconomic Implications of CBDC: A Review of the Literature
    Sebastian Infante, Kyungmin Kim, Anna Orlik, André F. Silva, and Robert J. Tetlow
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.076
  • Non-bank financial institutions and the slope of the yield curve
    Sebastian Infante, Phillip Monin, Lubomir Petrasek, and Mary Tian
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3185
  • Insights from revised Form FR2004 into primary dealer securities financing and MBS activity
    Sebastian Infante, Lubomir Petrasek, Zack Saravay, and Mary Tian
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3182
  • What Drives U.S. Treasury Re-use?
    Sebastian Infante and Zack Saravay
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2020.103r1
  • Collateral Runs
    Sebastian Infante and Alexandros P. Vardoulakis
    Review of Financial Studies (2021)
    https://doi.org/10.1093/rfs/hhaa139
    See also » FRB Working Paper (2018)
  • Bond Market Intermediation and the Role of Repo
    Yesol Huh and Sebastian Infante
    Journal of Banking & Finance (2021)
    https://doi.org/10.1016/j.jbankfin.2020.105999
    See also » FRB Working Paper (2017)
  • Treasury Market Functioning During the COVID-19 Outbreak: Evidence from Collateral Re-use
    Sebastian Infante and Zack Saravay
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2755
  • The Collateral Link between Volatility and Risk Sharing
    Sebastian Infante and Guillermo Ordoñez
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w28119
  • Monitoring Risk From Collateral Runs
    Sebastian Infante and Alexandros P. Vardoulakis
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2605
  • Private Money Creation with Safe Assets and Term Premia
    Sebastian Infante
    Journal of Financial Economics (2020)
    https://doi.org/10.1016/j.jfineco.2019.11.007
    See also » FRB Working Paper (2017)
  • Understanding Collateral Re-use in the US Financial System
    Sebastian Infante, Charles Press, and Zack Saravay
    American Economic Review: Papers and Proceedings (2020)
    https://doi.org/10.1257/pandp.20201099
  • Liquidity Windfalls: The Consequences of Repo Rehypothecation
    Sebastian Infante
    Journal of Financial Economics (2019)
    https://doi.org/10.1016/j.jfineco.2019.02.004
    See also » FRB Working Paper (2015)
  • The Ins and Outs of Collateral Re-Use
    Sebastian Infante, Charles Press, and Jacob Strauss
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2298
  • What Makes a Safe Asset Safe?
    Thomas Eisenbach and Sebastian Infante
    Liberty Street Economics (2017)
  • Repo Collateral Fire Sales: The Effects of Exemption from Automatic Stay
    Sebastian Infante
    Finance and Economics Discussion Series (2013)
    https://doi.org/10.17016/FEDS.2013.83
  • Loyalty Inducing Programs and Competition with Homogeneous Goods
    Nicolas Figueroa, Ronald Fischer, and Sebastian Infante
    Documentos de trabajo. Serie Economía (2008)
Awards
  • 2021

    Division of Monetary Affairs--Federal Reserve Board

    Division Director Award

  • 2022

    Federal Reserve Board

    Special Achievement Award

  • 2008

    Stanford Graduate School of Business

    Jaedicke Award

Referee
  • Journal of Political Economy
  • Journal of Finance
  • The Review of Financial Studies
  • Review of Finance
  • Journal of Economic Theory
  • Management Science
  • Journal of Financial Intermediation
  • Journal of Monetary Economics
  • Journal of Banking and Finance
  • Review of Asset Pricing Studies
  • Review of Economic Dynamics
  • International Journal of Central Banking
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Last Update: December 4, 2023