Photo of Emilio Osambela

Emilio Osambela

Education

  • Ph.D., Economics (mention in Finance), HEC Lausanne and Swiss Finance Institute, 2009
  • M.Sc., Economics and Management, Universitat Pompeu Fabra, 2004
  • B.Sc., Economics, Universidad del Pacifico, 2001
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - present
  • Adjunct Professor

    College of Arts & Sciences, Georgetown University

    2024 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Assistant Professor of Finance

    Tepper School of Business, Carnegie Mellon University

    2009 - 2016
  • Visiting Scholar, Finance Group

    Sloan School of Management, Massachusetts Institute of Technology

    2008 - 2009
  • Visiting Fellow, Weiss Center for International Financial Research

    The Wharton School, University of Pennsylvania

    2008
  • Consultant

    Inter-American Development Bank

    2006 - 2008
  • Research Fellow

    Inter-American Development Bank

    2006
  • When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance
    Yacine Aït-Sahalia, Felix Matthys, Emilio Osambela, and Ronnie Sircar
    Journal of Econometrics (Forthcoming)
    See also » FRB Working Paper (2021)
  • Asset Prices and Portfolios with Externalities
    Steven D. Baker, Burton Hollifield, and Emilio Osambela
    Review of Finance (2022)
    https://doi.org/10.1093/rof/rfac065
  • Preventing Controversial Catastrophes
    Steven D. Baker, Burton Hollifield, and Emilio Osambela
    Review of Asset Pricing Studies (2020)
    https://doi.org/10.1093/rapstu/raz001
    See also » FRB Working Paper (2018)
  • The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
    Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, and Emilio Osambela
    Financial Analysts Journal (2020)
    https://doi.org/10.1080/0015198X.2020.1779498
    See also » FRB Working Paper (2018)
  • Differences of Opinion and International Equity Markets
    Bernard Dumas, Karen K. Lewis, and Emilio Osambela
    Review of Financial Studies (2017)
    https://doi.org/10.1093/rfs/hhw083
  • Disagreement, Speculation, and Aggregate Investment
    Steven D. Baker, Burton Hollifield, and Emilio Osambela
    Journal of Financial Economics (2016)
    https://doi.org/10.1016/j.jfineco.2015.08.014
  • Differences of Opinion, Endogenous Liquidity, and Asset Prices
    Emilio Osambela
    Review of Financial Studies (2015)
    https://doi.org/10.1093/rfs/hhv001
  • Essays in General Equilibrium Asset Pricing
    Emilio Osambela
    (2009)
  • From Financial Crisis to Correction
    Martin Naranjo and Emilio Osambela
    Revitalizing the Jamaican Economy: Policies for Sustained Growth (2004)
  • Global Evaluation of the Financial Safety Net in the Andean Countries: Is it feasible to adopt Basel II?
    Oscar Basso, Martin Naranjo, and Emilio Osambela
    Economia y Sociedad (2004)
  • Issues Related to Financial Safety Nets and Regional Integration in the Context of the Andean Community
    Martin Naranjo and Emilio Osambela
    Integration & Trade Journal (2004)
  • discussion

    October 2023

    FMA annual meeting

    A New Option Momentum: Compensation for Risk (Beckmeyer, Filippou, and Zhou)

  • conference

    2023-2024

    FRB Macro-Finance Workshop, SED annual meeting, IFABS Oxford Conference, EFA annual meeting, EEA-ESEM congress, LACEA LAMES annual meeting, IEA world congress, Federal Reserve day ahead conference on financial markets and institutions

    Inflation Surprises and Equity Returns

  • discussion

    June 2022

    ITAM Finance Conference

    Dynamic Equilibrium with Costly Short-Selling and Lending Markets (Atmaz, Basak, and Ruan)

  • conference

    2020-2021

    NYU-FRB workshop on risk and uncertainty, SIAM annual meeting, FRB Macro-Finance workshop, and Paris December Finance Meeting

    When Uncertainty and Volatility are Disconnected: Implications for Asset Prices and Portfolio Performance

  • seminar

    November 2021

    FRB Research Webinar

    When Uncertainty and Volatility are Disconnected: Implications for Asset Prices and Portfolio Performance

  • discussion

    September 2021

    NFA annual meeting

    Psychological Distance and Deviations from Rational Expectations (Bhamra, Uppal, and Walden)

  • discussion

    September 2020

    NFA annual meeting

    Granular Uncertainty and Disastrous Misallocation (Dou, Ji, and Wang)

  • conference

    2019-2020

    Conference on Commodities, Volatility, and Risk Management, FIRS annual meeting, CEMA annual meeting, SED annual meeting, and WFA annual meeting

    Asset Prices and Portfolios with Externalities

  • discussion

    May 2019

    SFS cavalcade

    Demand Disagreement (Heyerdahl-Larsen and Illeditsch)

  • conference

    March 2019

    Paying for Efficient and Effective Markets (LSE)

    The Shift from Active to Passive Investing: Potential Risks to Financial Stability?

  • seminar

    March 2019

    Central Bank of Ireland

    The Shift from Active to Passive Investing: Potential Risks to Financial Stability?

  • conference

    2018

    European Summer Symposium on Financial Markets and NFA annual meeting

    Asset Prices and Portfolios with Externalities

  • conference

    2016-2017

    NFA annual meeting, SFS cavalcade, European Summer Symposium on Financial Markets, and EFA annual meeting

    Preventing Controversial Catastrophes

  • discussion

    June 2017

    ITAM Finance Conference

    A Theory of Multi-Period Debt Structure (Huang, Oehmke, and Zhong)

  • seminar

    2016-2017

    ITAM and Luxembourg School of Finance

    Preventing Controversial Catastrophes

  • discussion

    February 2017

    FMA Latin American Conference

    Robust Portfolio Optimization When Asset Prices Can Jump (Ait-Sahalia and Matthys)

  • discussion

    June 2016

    WFA annual meeting

    Investor Protection and Asset Prices (Basak, Chabakauri, and Yavuz)

  • conference

    2015-2016

    University of Minnesota Junior Conference and International Conference on Capital Markets (INSEAD)

    Preventing Controversial Catastrophes

  • discussion

    March 2016

    MFA annual meeting

    Does investor sentiment affect mutual fund performance? (Yong and Xu)

  • seminar

    January 2016

    University of Calgary (Haskayne), University of Texas at Dallas (Jindal), Rutgers University (Rutgers Business School), and FRB

    Differences of Opinion and International Equity Markets

  • seminar

    May 2015

    BI Norwegian Business School

    Hedge Funds' Optimal Exposure to Sentiment Risk

  • conference

    May 2015

    Triple Crown Conference

    Hedge Funds' Optimal Exposure to Sentiment Risk

  • conference

    2013-2015

    NBER Summer Institute (Capital Markets), SFS cavalcade, UBC Summer Finance Conference, EFA annual meeting, and Finance UC 8th International Conference

    Disagreement, Speculation, and Aggregate Investment

  • discussion

    September 2014

    NFA annual meeting

    Price Dynamics and Market Selection in Small and Large Economies (Massari)

  • conference

    2011-2013

    Swiss Finance Institute Asset Pricing Workshop, 7th Bachelier Finance Society World Congress, and NBER Summer Institute (International Asset Pricing)

    Differences of Opinion and Foreign Exchange Markets

  • conference

    2010-2013

    Adam Smith Asset Pricing workshop, AFA annual meeting, 10th Annual Darden International Finance Conference, and SED annual meeting

    Differences of Opinion and International Equity Markets

  • seminar

    May 2013

    University of New South Wales, University of Melbourne, Australian National University, University of Technology Sydney, and University of Sydney

    Disagreement, Speculation, and Aggregate Investment

  • seminar

    2011-2012

    Carnegie Mellon University (Tepper), BCRP, University of Calgary (Haskayne), University of Pennsylvania (Wharton), and Colorado College

    Differences of Opinion and Foreign Exchange Markets

  • discussion

    September 2011

    Beliefs and Business Conference

    Incentives for information production in markets where prices affect real investment (Dow, Goldstein, and Guembel)

  • seminar

    2010-2011

    Carnegie Mellon University (Tepper) and University of Southern California (Marshall)

    Differences of Opinion and International Equity Markets

  • conference

    2009-2010

    2nd International Financial Research Forum on Risk Management, Mathematical Finance Days workshop, and Econometric Society World Congress

    Differences of Opinion, Endogenous Liquidity, and Asset Prices

  • conference

    2009

    CEPR 4th Annual Workshop on Global Interdependence, 8th Swiss Doctoral Workshop in Finance, and NBER International Finance and Macroeconomics meeting

    Differences of Opinion and International Equity Markets

  • seminar

    April 2009

    Universidad de Piura

    Differences of Opinion, Endogenous Liquidity, and Asset Prices

  • seminar

    January 2009

    ESSEC Business School, Stockholm School of Economics, Boston University (School of Management), and Carnegie Mellon University (Tepper)

    Differences of Opinion, Endogenous Liquidity, and Asset Prices

  • seminar

    2008

    MIT (Sloan), University of Pennsylvania (Wharton), and HEC Lausanne

    Differences of Opinion, Endogenous Liquidity, and Asset Prices

  • conference

    2008

    7th Swiss Doctoral Workshop in Finance, Symposium on Stochastic Dynamic Models in Finance and Economics, and Paris December Finance Meeting

    Differences of Opinion, Endogenous Liquidity, and Asset Prices

Awards
  • 2021

    Society for Financial Studies

    Best paper award, Review of Asset Pricing Studies

  • 2020

    Oxford University Press

    Top research on causes and policy responses to crises

  • 2020

    Review of Asset Pricing Studies

    Editor's choice

  • 2016

    Carnegie Mellon University

    Dean's recognition of MBA teaching excellence

  • 2014

    Carnegie Mellon University

    Dean's recognition of MBA teaching excellence

  • 2012

    Carnegie Mellon University

    Berkman faculty development grant

  • 2010

    Montreal Institute of Mathematical Finance

    Best paper award, Mathematical Finance Days workshop

  • 2009

    Global Association of Risk Professionals (GARP)

    Research grant

  • 2009

    HEC Lausanne

    Prix de Faculte, for best Ph.D. thesis defended in the year 2009

  • 2002

    International Development Research Centre (IDRC)

    Research award

Conference Organization
  • 2022 | Virtual

    CGFS workshop on climate risks and asset prices

    Panelist

  • 2015 - 2021 | Canada

    Northern Finance Association annual meeting

    Review committee member

  • 2020 | Washington, DC

    IMF-FRB conference on Uncertainty and Economic Activity: Global Perspectives

    Program committee member

  • 2018 | Washington, DC

    FRB conference on Risk, Uncertainty, and Volatility

    Program committee member and session chair

  • 2012 - 2016 | Melbourne, Australia

    Finance Down Under: Building on the Best from the Cellars of Finance

    Review committee member

  • 2016 | Atlanta, GA

    Midwest Finance Association annual meeting

    Review committee member

  • 2012 | Charlottesville, VA

    Society for Financial Studies Cavalcade North America

    Review committee member

  • 2012 | Lima, Peru

    Latin American meeting of the Econometric Society

    Review committee member

Referee
  • Econometrica
  • Economies
  • Financial Analysts Journal
  • Financial Review
  • International Journal of Financial Studies
  • Journal of Banking and Finance
  • Journal of Corporate Finance
  • Journal of Economic Behavior and Organization
  • Journal of Finance
  • Journal of Financial and Quantitative Analysis
  • Journal of International Economics
  • Journal of International Money and Finance
  • Journal of Monetary Economics
  • Journal of Money, Credit and Banking
  • Journal of Risk and Financial Management
  • Management Science
  • Palgrave Macmillan (book review)
  • Review of Asset Pricing Studies
  • Review of Finance
  • Review of Financial Studies
Professional Affiliation
  • Lifetime Member, Western Finance Association
  • Member, Macro Finance Society
  • Founding Member, Peruvian Economics Association
  • Associate Member, Lima School of Economics
Back to Top
Last Update: January 8, 2024