Levine Fellow and Tutor in Economics

Andrea Ferrero

Andrea Ferrero


At Trinity, I teach first- and second-year papers in macroeconomics for the undergraduate courses in PPE and Economics and Management. I also lecture on macroeconomics in the Department of Economics, with a particular focus on macro-finance, financial crises and monetary policy.

At the graduate level, I teach courses in monetary economics, macro-finance and international macroeconomics for the MPhil in Economics. I have supervised doctoral dissertations on topics including financial crises and household heterogeneity. I have also held visiting teaching positions at NYU, EIEF Rome, Bank of Japan and European Central Bank.

The exterior of the US Federal Reserve Bank in New York City.
The Federal Reserve Bank of New York


My research interests are in the areas of monetary economics and international macroeconomics. I have worked on topics including policy options in a currency union, the determinants and implications of global imbalances and the macroeconomic impact of the Fed on unconventional policies. I am currently looking at monetary policy and credit frictions in closed and open economy, and on the determinants of real low interest rates.

I began my working life in the Research Department at the Federal Reserve Bank of New York, first as an Economist and then as a Senior Economist. I continue my connection with central banks as an academic consultant. In recent years, I have collaborated with the Bank of Finland, the European Central Bank, the Norges Bank and the Bank of England.

You can find out more about my work here.

The Federal Reserve Bank of New York
The Federal Reserve Bank of New York

Selected Publications

‘Fiscal and Monetary Policy in Open Economy’, Oxford Research Encyclopedia of Economics and Finance (forthcoming)

‘Notes on the Underground: Monetary Policy in Resource-Rich Economies’, Journal of Money, Credit and Banking 51 (June 2019), pp.953-976

With Martin Seneca

‘International Credit Supply Shocks’, Journal of International Economics 112 (May 2018), pp.219-237

With Ambrogio Cesa-Bianchi and Alessandro Rebucci

‘The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities’, American Economic Review 107 (March 2017) pp.824-857

With Marco del Negro, Gauti Eggertsson and Nobuhiro Kiyotaki

‘Demographics and Real Interest Rates: Inspecting the Mechanism’, European Economic Review 88 (September 2016) pp.208-226

With Carlos Carvalho and Fernanda Nechio

‘House Price Booms, Current Account Deficits, and Low Interest Rates’, Journal of Money, Credit, and Banking 47 (S1), March 2015, pp.261-193

Professor Ferrero

The Federal Reserve’s liquidity facilities made a material difference in preventing the recession from becoming deeper, substituting for the conventional interest rate policy that was constrained by the zero lower bound.