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Andrea Ferrero

Economics & Finance

Andrea Ferrero

Professor of Economics, University of Oxford

Andrea Ferrero is Professor of Economics in the Department of Economics at the University of Oxford and the Levine Fellow in Economics at Trinity College Oxford, where he teaches undergraduate and graduate macroeconomics.

Before joining Oxford in September 2013, Andrea spent seven years in the Research Department at the Federal Reserve Bank of New York, first as an Economist and then as a Senior Economist. He was a visiting scholar at NYU Stern in the Winter/Spring of 2012 and at EIEF Rome in the Spring of 2016. He also held visiting teaching positions at NYU, IMT Lucca, and IHS Vienna. He is currently an academic consultant for the Bank of England and was a consultant the Norges Bank between 2014 and 2016.

His research interests are in the areas of Monetary Economics and International Macroeconomics. Among other topics, he has worked on policy options in a currency union, the determinants and implications of global imbalances, and the macroeconomic impact of the Fed’s unconventional policies. His research has appeared in top professional outlets, including the American Economic Review, the Economic Journal, and the Journal of Monetary Economics.

His current research focuses on monetary policy and financial frictions in closed and open economy, and on the determinants of low real interest rates.

Born: Lombardy, Italy.

Education
PhD Economics, New York University · MSc Economics, Universitat Pompeu Fabra · BA Economics, Bocconi University
Topics
Macroeconomics · Monetary Economics · International Finance · Monetary Policy And Financial Frictions In Closed And Open Economy · The Determinants Of Low Real Interest Rates · Policy Options In A Currency Unions · The Determinants & Implications Of Global Imbalances · The Macroeconomic Impact Of The Fed’s Unconventional Policies · Bank of England · Norges Bank · Bank of Finland

In the Encyclopedia1

Talks & video10

Selected publications41

  1. 2021“What Academics Think of Central Banks’ Current Inflation Target and Other Objectives,” with Gene Ambrocio, Esa Jokivuolle and Kim Ristolainen. VoxEU, March 2021.
  2. 2021• International Finance (Summer School, 2021), University of Oxford
  3. 2021• Introduction to Macroeconomics (Undergraduate, 2016-2019, 2021), University of Oxford
  4. 2020“Fiscal and Monetary Policy in Open Economies,” Oxford Research Encyclopedia of Economics and Finance, September 2020.
  5. 2020“The Fiscal-Monetary Policy Mix in the Euro Area: Challenges at the Zero Lower Bound,” by Athanasios Orphanides. Economic Policy 35, July 2020, pp. 505-511.
  6. 2020“Completing the Banking Union with a European Deposit Insurance Scheme: Who Is Afraid of Cross-Subsidisation?,” by Jacopo Carmassi, Sonja Dobkowitz, Johanne Evrard, Laura Parisi, Andr´e Silva, and Michael Wedow. Economic Policy 35, January 2020, pp. 87-89.
  7. 2020“How Did Central Banks Respond to the Coronavirus Crisis,” with Simona Giglioli. Economics Observatory, August 2020.
  8. 2020“La Risposta di Politica Monetaria nella Crisi COVID-19: Un’Analisi Comparata,” with Simona Giglioli. In Le Parole della Crisi, le Politiche dopo la Pandemia, M. Malvicini, T. Portaluri and A. Martinengo (eds.), Editoriale Scientifica (2020).
  9. 2020• Monetary Economics (MPhil, 2020), University of Oxford
  10. 2019“Notes from the Underground: Monetary Policy in Resource-Rich Economies,” with Martin Seneca. Journal of Money, Credit and Banking 51(4), June 2019, pp. 953–976.
  11. 2019“Income Contingent University Loans: Policy Design and an Application to Spain,” by Antonio Cabrales, Maia G¨uell, Rocio Madera, Analia Viola. Economic Policy 34, July 2019, pp. 515-516.
  12. 2019• International Macroeconomics and Finance (MPhil, 2019), University of Oxford
  13. 2018“International Credit Supply Shocks,” with Ambrogio Cesa-Bianchi and Alessandro Rebucci. Journal of International Economics 112, May 2018, pp. 219–237.
  14. 2018• Macro-Finance (MPhil, 2014-2018), University of Oxford
  15. 2017“The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities,” with Marco Del Negro, Gauti Eggertsson, and Nobuhiro Kiyotaki. American Economic Review 107(3), March 2017, pp. 824–857.
  16. 2017“China Needs Tighter Macro-Prudential Regulations to Loosen Capital Controls,” with Ambrogio Cesa-Bianchi and Alessandro Rebucci. VoxChina, November 2017.
  17. 2017• International Macroeconomics (MSc, 2017), LSE
  18. 2017• Euro-Area Crisis: Causes and Remedies (Summer Course, 2017), CBL
  19. 2016“Demographics and Real Interest Rates: Inspecting the Mechanism,” with Carlos Carvalho and Fernanda Nechio. European Economic Review 88, September 2016, pp. 208–226.
  20. 2016“Policy Spillovers and Synergies in a Monetary Union,” by Oscar Arce, Samuel Hurtado, and Carlos Thomas. International Journal of Central Banking, September 2016, pp. 279-290.
  21. 2016• Financial Crises and Policy Responses (Summer Course, 2014-2016), CBL
  22. 2015“House Price Booms, Current Account Deficits, and Low Interest Rates,” Journal of Money, Credit, and Banking 47(S1), March 2015, pp. 261–293.
  23. 2015”Has U.S. Monetary Policy Tracked the Efficient Interest Rate?,” with Vasco Curdia, Ging Cee Ng, and Andrea Tambalotti. Journal of Monetary Economics 70, March 2015, pp. 72–83.
  24. 2015“Riforme Strutturali e Politica Monetaria in Europa,” with Andrea Raffo. In La Sfida Europea. Riforme, Crescita e Occupazione, V. De Luca and D. Salvatore (eds.). Franco Angeli (2015).
  25. 2015• Advanced Macroeconomics II (MPhil, 2015), University of Oxford
  26. 2014“Can Structural Reforms Help Europe?” with Gauti Eggertsson and Andrea Raffo. Journal of Monetary Economics 61, January 2014, pp. 2–22.
  27. 2014“Lessons from America,” The Economist Free Exchange Blog, November 4, 2014.
  28. 2014“Desperate Times, Desperate Measures,” The Economist Free Exchange Blog, January 15, 2014.
  29. 2014• Monetary Economics (MSc, 2014), IHS Vienna
  30. 2013“How Stimulatory Are Large-Scale Asset Purchases?” with Vasco Curdia. Federal Reserve Bank of San Francisco Economics Letter 2013-22, August 2013.
  31. 2012“The Macroeconomic Effects of Large-Scale Asset Purchase Programs,” with Han Chen and Vasco Curdia, Economic Journal 122, Issue 564, November 2012, pp. F289–F315.
  32. 2012“The Advantage of Flexible Targeting Rules,”Journal of Money, Credit, and Banking 44(5), August 2012, pp. 863–881. 2
  33. 2012• Monetary Policy, Banks and Central Banks (MBA, 2011-2012), NYU Stern
  34. 2011“How Much Will the Second Round of Large-Scale Asset Purchases Affect Inflation and Unemployment?” with Vasco Curdia. Liberty Street Economics, May 2011.
  35. 2010“A Structural Decomposition of the U.S. Trade Balance: Productivity, Demographics and Fiscal Policy,”Journal of Monetary Economics 57(4), May 2010, pp. 478–490.
  36. 2010“Current Account Dynamics and Monetary Policy,” with Mark Gertler and Lars Svensson, in The International Dimensions of Monetary Policy, J. Gal´ı and M. Gertler (eds.), University of Chicago Press (2010).
  37. 2010• Macroeconomic Theory I (MA, 2008-2010), New York University
  38. 2009“Fiscal and Monetary Rules for a Currency Union,” Journal of International Economics 77(1), February 2009, pp. 1–10.
  39. 2009• International Macroeconomics (PhD, 2009), IMT Lucca
  40. 2000“Does the Exchange Rate Regime Matter for Monetary Stabilizations?” Rivista di Politica Economica 12, December 2000, pp. 71–113.
  41. “House Price Dynamics, Optimal LTV Limits and the Liquidity Trap,” with Richard Harrison and Benjamin Nelson. Review of Economic Studies (accepted). Also available as Bank of England Staff Working Paper No. 969.

Positions & affiliations16

  • University of Oxford
  • Federal Reserve Bank of New York
  • University of Oxford: Professor, Department of Economics, since August 2018 Associate Professor, January 2014 – July 2018 University Lecturer, September 2013 – December 2013
  • Trinity College: Senior Research Fellow, since September 2022 Levine Tutorial Fellow, September 2013 – August 2022
  • Federal Reserve Bank of New York: Senior Economist, April – June 2013 Economist, June 2006 – March 2013
  • CEPR Research Fellow: International Macroeconomics and Finance (since December 2017) Monetary Economics (since December 2018)
  • Deputy Director, Nuffield Centre for Applied Macroeconomic Policy (NuCamp)
  • Academic Consultant: Bank of Finland, Bank of England
  • Houblon-Norman Fellow, Bank of England, September 2019 – July 2020
  • Senior Economist (short-term contract), European Central Bank, July – October 2018
  • Visiting Scholar, Bank of Japan, March – April 2018
  • Visiting Scholar, Federal Reserve Bank of New York, April 2017
  • Visiting Scholar, Einaudi Institute for Economics and Finance, March – April 2016
  • Visiting Scholar, NYU Stern School of Business, Department of Economics, February – July 2012
  • Academic Consultant: Norges Bank, 2014 – 2016, European Central Bank, 2019 – 2020
  • Intern, Monetary Strategy, European Central Bank, May – July 2004

Credentials & fellowships3

  • • Associate Editor: Journal of International Economics
  • • Editorial Board Member: Oxford Economic Papers
  • • Referee: American Economic Journal: Macroeconomics, American Economic Journal: Economic Policy, American Economic Review, Bank of England Working Paper Series, Bank of Spain Working Paper Series, BIS Working Paper Series, Current Issues in Economics and Finance, ECB Working Paper Series, Econometrica, Economic Inquiry, Economic Letters, Economic Journal, Economic Policy, Economic Policy Review, European Economic Review, International Economic Review, International Finance, International Journal of Central Banking, IMF Economic Review, International Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of the European Economic Association, Journal of International Economics, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Macroeconomic Dynamics, Mercatus, Oxford Bulletin of Economics and Statistics, Oxford Economic Papers, Review of Economic Dyna

Honours & awards7

  • • John Fell OUP Research Fund (with Guido Ascari), June 2015.
  • • Foscolo Europe Fellowship 2013 (declined), Unicredit & Universities Foundation
  • • 2010 CEPR/ESI prize for Best Central Bank Research Paper at CEPR-ESI 14th annual conference on “How has our view of central banking changed with the recent financial crisis?”
  • • The Henry MacCracken Fellowship, New York University (2001-2005)
  • • Premio Angelo Costa 2001 (thesis award), Rivista di Politica Economica
  • • Euroclear Euro Grant 2000 (thesis award), Euroclear • Graduate Fellowship, Universit`a di Milano (1999-2002)
  • • Gold Medal for Best Graduates 1999, Universit`a Bocconi