Meet the Economists
Emilio Osambela
Education
- Ph.D., Economics (mention in Finance), HEC Lausanne and Swiss Finance Institute, 2009
- M.Sc., Economics and Management, Universitat Pompeu Fabra, 2004
- B.Sc., Economics, Universidad del Pacifico, 2001
Principal Economist
Board of Governors of the Federal Reserve System
2019 - presentSenior Economist
Board of Governors of the Federal Reserve System
2016 - 2019Assistant Professor of Finance
Tepper School of Business, Carnegie Mellon University
2009 - 2016Visiting Scholar, Finance Group
Sloan School of Management, Massachusetts Institute of Technology
2008 - 2009Visiting Fellow, Weiss Center for International Financial Research
The Wharton School, University of Pennsylvania
2008Consultant
Inter-American Development Bank
2006 - 2008Research Fellow
Inter-American Development Bank
2006
- Asset Prices and Portfolios with Externalities
Steven D. Baker, Burton Hollifield, and Emilio Osambela
Review of Finance (2022)
https://doi.org/10.1093/rof/rfac065 - When Uncertainty and Volatility Are Disconnected: Implications for Asset Pricing and Portfolio Performance
Yacine Aït-Sahalia, Felix Matthys, Emilio Osambela, and Ronnie Sircar
Finance and Economics Discussion Series (2021)
https://doi.org/10.17016/FEDS.2021.063 - Preventing Controversial Catastrophes
Steven D. Baker, Burton Hollifield, and Emilio Osambela
Review of Asset Pricing Studies (2020)
https://doi.org/10.1093/rapstu/raz001
See also » FRB Working Paper (2018) - The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, and Emilio Osambela
Financial Analysts Journal (2020)
https://doi.org/10.1080/0015198X.2020.1779498
See also » FRB Working Paper (2018) - Differences of Opinion and International Equity Markets
Bernard Dumas, Karen K. Lewis, and Emilio Osambela
Review of Financial Studies (2017)
https://doi.org/10.1093/rfs/hhw083 - Disagreement, Speculation, and Aggregate Investment
Steven D. Baker, Burton Hollifield, and Emilio Osambela
Journal of Financial Economics (2016)
https://doi.org/10.1016/j.jfineco.2015.08.014 - Differences of Opinion, Endogenous Liquidity, and Asset Prices
Emilio Osambela
Review of Financial Studies (2015)
https://doi.org/10.1093/rfs/hhv001 - Essays in General Equilibrium Asset Pricing
Emilio Osambela
(2009) - From Financial Crisis to Correction
Martin Naranjo and Emilio Osambela
Revitalizing the Jamaican Economy: Policies for Sustained Growth (2004) - Global Evaluation of the Financial Safety Net in the Andean Countries: Is it feasible to adopt Basel II?
Oscar Basso, Martin Naranjo, and Emilio Osambela
Economia y Sociedad (2004) - Issues Related to Financial Safety Nets and Regional Integration in the Context of the Andean Community
Martin Naranjo and Emilio Osambela
Integration & Trade Journal (2004)
discussion
June 2022ITAM Finance Conference
Dynamic Equilibrium with Costly Short-Selling and Lending Markets (Atmaz, Basak, and Ruan)
conference
2020-2021NYU-FRB workshop on risk and uncertainty, SIAM annual meeting, FRB Macro-Finance workshop, and Paris December Finance Meeting
When Uncertainty and Volatility are Disconnected: Implications for Asset Prices and Portfolio Performance
seminar
November 2021FRB Research Webinar
When Uncertainty and Volatility are Disconnected: Implications for Asset Prices and Portfolio Performance
discussion
September 2021NFA annual meeting
Psychological Distance and Deviations from Rational Expectations (Bhamra, Uppal, and Walden)
discussion
September 2020NFA annual meeting
Granular Uncertainty and Disastrous Misallocation (Dou, Ji, and Wang)
conference
2019-2020Conference on Commodities, Volatility, and Risk Management, FIRS annual meeting, CEMA annual meeting, SED annual meeting, and WFA annual meeting
Asset Prices and Portfolios with Externalities
discussion
May 2019SFS cavalcade
Demand Disagreement (Heyerdahl-Larsen and Illeditsch)
conference
March 2019Paying for Efficient and Effective Markets (LSE)
The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
seminar
March 2019Central Bank of Ireland
The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
conference
2018European Summer Symposium on Financial Markets and NFA annual meeting
Asset Prices and Portfolios with Externalities
conference
2016-2017NFA annual meeting, SFS cavalcade, European Summer Symposium on Financial Markets, and EFA annual meeting
Preventing Controversial Catastrophes
discussion
June 2017ITAM Finance Conference
A Theory of Multi-Period Debt Structure (Huang, Oehmke, and Zhong)
seminar
2016-2017ITAM and Luxembourg School of Finance
Preventing Controversial Catastrophes
discussion
February 2017FMA Latin American Conference
Robust Portfolio Optimization When Asset Prices Can Jump (Ait-Sahalia and Matthys)
discussion
June 2016WFA annual meeting
Investor Protection and Asset Prices (Basak, Chabakauri, and Yavuz)
conference
2015-2016University of Minnesota Junior Conference and International Conference on Capital Markets (INSEAD)
Preventing Controversial Catastrophes
discussion
March 2016MFA annual meeting
Does investor sentiment affect mutual fund performance? (Yong and Xu)
seminar
January 2016University of Calgary (Haskayne), University of Texas at Dallas (Jindal), Rutgers University (Rutgers Business School), and FRB
Differences of Opinion and International Equity Markets
seminar
May 2015BI Norwegian Business School
Hedge Funds' Optimal Exposure to Sentiment Risk
conference
May 2015Triple Crown Conference
Hedge Funds' Optimal Exposure to Sentiment Risk
conference
2013-2015NBER Summer Institute (Capital Markets), SFS cavalcade, UBC Summer Finance Conference, EFA annual meeting, and Finance UC 8th International Conference
Disagreement, Speculation, and Aggregate Investment
discussion
September 2014NFA annual meeting
Price Dynamics and Market Selection in Small and Large Economies (Massari)
conference
2011-2013Swiss Finance Institute Asset Pricing Workshop, 7th Bachelier Finance Society World Congress, and NBER Summer Institute (International Asset Pricing)
Differences of Opinion and Foreign Exchange Markets
conference
2010-2013Adam Smith Asset Pricing workshop, AFA annual meeting, 10th Annual Darden International Finance Conference, and SED annual meeting
Differences of Opinion and International Equity Markets
seminar
May 2013University of New South Wales, University of Melbourne, Australian National University, University of Technology Sydney, and University of Sydney
Disagreement, Speculation, and Aggregate Investment
seminar
2011-2012Carnegie Mellon University (Tepper), BCRP, University of Calgary (Haskayne), University of Pennsylvania (Wharton), and Colorado College
Differences of Opinion and Foreign Exchange Markets
discussion
September 2011Beliefs and Business Conference
Incentives for information production in markets where prices affect real investment (Dow, Goldstein, and Guembel)
seminar
2010-2011Carnegie Mellon University (Tepper) and University of Southern California (Marshall)
Differences of Opinion and International Equity Markets
conference
2009-20102nd International Financial Research Forum on Risk Management, Mathematical Finance Days workshop, and Econometric Society World Congress
Differences of Opinion, Endogenous Liquidity, and Asset Prices
conference
2009CEPR 4th Annual Workshop on Global Interdependence, 8th Swiss Doctoral Workshop in Finance, and NBER International Finance and Macroeconomics meeting
Differences of Opinion and International Equity Markets
seminar
April 2009Universidad de Piura
Differences of Opinion, Endogenous Liquidity, and Asset Prices
seminar
January 2009ESSEC Business School, Stockholm School of Economics, Boston University (School of Management), and Carnegie Mellon University (Tepper)
Differences of Opinion, Endogenous Liquidity, and Asset Prices
seminar
2008MIT (Sloan), University of Pennsylvania (Wharton), and HEC Lausanne
Differences of Opinion, Endogenous Liquidity, and Asset Prices
conference
20087th Swiss Doctoral Workshop in Finance, Symposium on Stochastic Dynamic Models in Finance and Economics, and Paris December Finance Meeting
Differences of Opinion, Endogenous Liquidity, and Asset Prices
Awards
- 2021
Society for Financial Studies
Best paper award, Review of Asset Pricing Studies
- 2020
Oxford University Press
Top research on causes and policy responses to crises
- 2020
Review of Asset Pricing Studies
Editor's choice
- 2016
Carnegie Mellon University
Dean's recognition of MBA teaching excellence
- 2014
Carnegie Mellon University
Dean's recognition of MBA teaching excellence
- 2012
Carnegie Mellon University
Berkman faculty development grant
- 2010
Montreal Institute of Mathematical Finance
Best paper award, Mathematical Finance Days workshop
- 2009
Global Association of Risk Professionals (GARP)
Research grant
- 2009
HEC Lausanne
Prix de Faculte, for best Ph.D. thesis defended in the year 2009
- 2002
International Development Research Centre (IDRC)
Research award
Conference Organization
2022 | Virtual
CGFS workshop on climate risks and asset prices
Panelist
2015 - 2021 | Canada
Northern Finance Association annual meeting
Review committee member
2020 | Washington, DC
IMF-FRB conference on Uncertainty and Economic Activity: Global Perspectives
Program committee member
2018 | Washington, DC
FRB conference on Risk, Uncertainty, and Volatility
Program committee member and session chair
2012 - 2016 | Melbourne, Australia
Finance Down Under: Building on the Best from the Cellars of Finance
Review committee member
2016 | Atlanta, GA
Midwest Finance Association annual meeting
Review committee member
2012 | Charlottesville, VA
Society for Financial Studies Cavalcade North America
Review committee member
2012 | Lima, Peru
Latin American meeting of the Econometric Society
Review committee member
Referee
- Econometrica
- Economies
- Financial Analysts Journal
- Financial Review
- International Journal of Financial Studies
- Journal of Banking and Finance
- Journal of Corporate Finance
- Journal of Economic Behavior and Organization
- Journal of Finance
- Journal of Financial and Quantitative Analysis
- Journal of International Economics
- Journal of International Money and Finance
- Journal of Monetary Economics
- Journal of Money, Credit and Banking
- Journal of Risk and Financial Management
- Management Science
- Palgrave Macmillan (book review)
- Review of Asset Pricing Studies
- Review of Finance
- Review of Financial Studies
Professional Affiliation
- Lifetime Member, Western Finance Association
- Member, Macro Finance Society
- Founding Member, Peruvian Economics Association
- Associate Member, Lima School of Economics