I am Chief of the Macro-Financial Analysis section in the Division of Monetary Affairs at the Board of Governors of the Federal Reserve System.

Here you can find my official webpage at the Board.

My primary research fields are Macroeconomics, Financial Economics and Applied Econometrics.

Recent Activity

June 2023

"Sticky Leverage: Comment" with Ander Perez-Orive and Bálint Szőke is available on SSRN

Abstract: We revisit the role of long-term nominal corporate debt for the transmission of inflation shocks in the general equilibrium model of Gomes, Jermann, and Schmid (2016). We show that inaccuracies in the model solution and calibration strategy lead GJS to a model equilibrium in which nominal long-term debt is systematically mispriced. As a result, the quantitative importance of corporate leverage in the transmission of inflation shocks to real activity in their framework is 6 times larger than what arises under the rational expectations equilibrium. 

May 2023

"More than Words: Twitter Chatter and Financial Market Sentiment" with Travis Adams, Diego Silva, and Francisco Vazquez-Grande is available here.

Press Coverage: Bloomberg, WSJ "Real Time Economics" Newsletter 

February 2022

New FEDS Working Paper "Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms", with Nina Boyarchenko, François Gourio, and Andrea Tambalotti 


Email: andrea.ajello [at] frb.gov

Title: Section Chief

Mailing address:

Board of Governors of the Federal Reserve System,

Division of Monetary Affairs, Macro Financial Analysis 

1801 K Street NW

Washington DC, 20006

         Last update: April 2015