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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.

I was also an adjunct professor at Johns Hopkins University in 2018, and taught Macroeconomic Theory in the Masters' in Applied Economics program.

Here you can find my official webpage at the Board.

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

Recent Activity

March 2022

New Working Paper Draft "Getting in all the Cracks: Monetary Policy, Financial Vulnerabilities, and Macro Risk", with Tyler Pike

February 2022

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

June 2020

New FEDS Working Paper "Monetary Policy Tradeoffs and the Federal Reserve's Dual Mandate", with Isabel Cairó, Vasco Cúrdia, Thomas A. Lubik, and Albert Queralto

February 2019

Core and Crust was accepted for publication in the Review of Financial Studies.

December 2017

Financial Stability and Optimal Interest-Rate Policy was accepted for publication in the International Journal of Central Banking.

Visited

Winter 2016 - 2017

Visited the Chicago Fed and the London School of Economics while on sabbatical leave from the Federal Reserve Board.

Presented 'Term Premium, Credit Risk Premium, and Monetary Policy' at the Chicago Fed, University of York, London School of Economics, Bank of Italy, University of Oxford.

September 2016

Presented 'Term Premium, Credit Risk Premium, and Monetary Policy'. Find the slides from the Dynare Conference here.

August 2016

'Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations', was published in the August 2016 volume of the American Economic Review.

September 2015

Presented new work on Financial Stability and Optimal Interest-Rate Policy at the annual Swiss National Bank Research Conference.

April 2015

Ben Bernanke reviews our work on financial stability and optimal interest-rate policy on his blog.

March 2015

Presented new work on Financial Stability and Optimal Interest-Rate Policy at the annual San Francisco Fed Macroeconomic Conference "The New Normal for Monetary Policy".

February 2015

New Paper Available. Comments are welcome!

Financial Stability and Optimal Interest-Rate Policy, with Thomas Laubach, David López-Salido and Taisuke Nakata

August 2014

Financial Intermediation, Investment Dynamics and Business Cycle Fluctuations, second revision requested at the American Economic Review.

July 2013

Core and Crust: Consumer Prices and the Term Structure of Interest Rates was presented at the NBER Summer Institute (Asset Pricing meeting) in Cambridge, MA.

Contacts

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