Levine Senior Research Fellow

Andrea Ferrero

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Andrea Ferrero

Teaching

I teach monetary economics, macro-finance and international macroeconomics at both the graduate and undergraduate levels. I also supervise MPhil and DPhil dissertations on several topics in macroeconomics.

At Trinity, I supervise graduate students in Economics and other social sciences.

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

Research

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.

My first job was in the Research Department of the Federal Reserve Bank of New York, where I raised to the position of Senior Economist. I remained connected with central banks and other international macroeconomic institutions as an academic consultant, currently for the Bank of England and the European Stability Mechanism. In the past, I also collaborated with the Bank of Finland, the European Central Bank and the Norges Bank. In the academic year 2019-2020, I was the Houblon-Norman Fellow at the Bank of England. I held visiting research positions at NYU Stern, EIEF Rome, the European Central Bank and the Bank of Japan.

You can find out more about my work on my website.

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

Selected Publications

‘House Price Dynamics, Optimal LTV Limits and the Liquidity Trap’, Review of Economic Studies 91 (March 2024), pp. 940-971.

With Richard Harrison and Benjamin Nelson

‘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
andrea.ferrero@trinity.ox.ac.uk

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.