Meet the Economists
Michele Cavallo
[email protected]
Education
- Ph.D., Economics, New York University, 2003
- M.Sc., Economics, HEC Lausanne, 1997
- B.A., Economics, Università Commerciale Luigi Bocconi, 1996
Principal Economist
Board of Governors of the Federal Reserve System
2019 - presentChief
Board of Governors of the Federal Reserve System
2015 - 2019Senior Economist, Division of International Finance
Board of Governors of the Federal Reserve System
2012 - 2015Economist, Division of International Finance
Board of Governors of the Federal Reserve System
2008 - 2012Economist
Federal Reserve Bank of San Francisco
2003 - 2008Summer Intern
Board of Governors of the Federal Reserve System
2002Summer Intern
World Bank
2000Summer Intern
Inter-American Development Bank
1999
- Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2019). "Oil Price Elasticities and Oil Price Fluctuations," Journal of Monetary Economics. Volume 103, May 2019, Pages 1-20.
- Cavallo, Michele, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa (2019). "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," International Journal of Central Banking, vol. 15, no. 5, pp. 255-306.
- Cavallo, Michele, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa (2018). "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," Working Papers 747. Federal Reserve Bank of Minneapolis.
- Cavallo, Michele, and Anthony Landry (2018). "Capital-Goods Imports and US Growth," Staff Working Paper 2018-1. Bank of Canada.
- Cavallo, Michele, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa (2018). "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," FEDS Notes 2018-01-09. Board of Governors of the Federal Reserve System (U.S.).
- Cavallo, Michele, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa (2018). "Fiscal Implications of the Federal Reserve's Balance Sheet Normalization," Finance and Economics Discussion Series 2018-002. Board of Governors of the Federal Reserve System (U.S.).
- Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2016). "Oil Price Elasticities and Oil Price Fluctuations," International Finance Discussion Papers 1173. Board of Governors of the Federal Reserve System (U.S.).
- Amiti, Mary, Tyler Bodine-Smith, Michele Cavallo, and Logan Lewis (2015). "Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown?" IFDP Notes 2015-07-02. Board of Governors of the Federal Reserve System (U.S.).
- Cavallo, Michele (2014). "The Surprising Strength of U.S. Imports During the Recovery," IFDP Notes 2014-11-13. Board of Governors of the Federal Reserve System (U.S.).
- Wu, Tao, and Michele Cavallo (2012). "Measuring Oil-Price Shocks using Market-Based Information," IMF Working Papers 12/19. International Monetary Fund.
- Cavallo, Michele, and Anthony Landry (2010). "The Quantitative Role of Capital Goods Imports in US Growth," American Economic Review: Papers and Proceedings, vol. 100, no. 2, pp. 78-82.
- Wu, Tao, and Michele Cavallo (2009). "Measuring Oil-Price Shocks using Market-Based Information," Research Department Working Paper 0905. Federal Reserve Bank of Dallas.
- Cavallo, Michele (2008). "Oil Prices and Inflation," Economic Letter 2008-31. Federal Reserve Bank of San Francisco.
- Cavallo, Michele (2007). "Government Consumption Expenditures and the Current Account," Public Finance and Management, vol. 7, no. 1, pp. 73-115.
- Cavallo, Michele (2006). "Interest Rates, Carry Trades and Exchange Rate Movements," Economic Letter 2006-31. Federal Reserve Bank of San Francisco.
- Cavallo, Michele (2006). "Oil Prices and the U.S. Trade Deficit," Economic Letter 2006-24. Federal Reserve Bank of San Francisco.
- Cavallo, Michele, and Cédric Tille (2006). "Current Account Adjustment with High Financial Integration: A Scenario Analysis," Federal Reserve Bank of San Francisco Economic Review, pp. 31-45.
- Cavallo, Michele, and Cédric Tille (2006). "Could Capital Gains Smooth a Current Account Rebalancing?" Staff Reports 237. Federal Reserve Bank of New York.
- Cavallo, Michele (2006). "International Financial Integration and the Current Account Balance," Economic Letter 2006-14. Federal Reserve Bank of San Francisco.
- Cavallo, Michele (2005). "Government Employment Expenditure and the Effects of Fiscal Policy Shocks," Working Paper Series 2005-16. Federal Reserve Bank of San Francisco.
- Cavallo, Michele, Kate Kisselev, Fabrizio Perri, and Nouriel Roubini (2005). "Exchange Rate Overshooting and the Costs of Floating," Working Paper 2005-07. Federal Reserve Bank of San Francisco.
- Cavallo, Michele (2005). "Understanding the Twin Deficits: New Approaches, New Results," Economic Letter 2005-16. Federal Reserve Bank of San Francisco.
- Cavallo, Michele (2005). "To Float Or Not to Float? Exchange Rate Regimes and Shocks," Economic Letter 2005-01. Federal Reserve Bank of San Francisco.
- Cavallo, Michele, and Fabio Ghironi (2004). "Net Foreign Assets and Exchange Rate Dynamics: The Monetary Model Revisited," in Hairault, Jean-Oliver and Thepthida Sopraseuth, eds., Exchange Rate Dynamics: A New Open Economy Macroeconomics Perspective. London: Routledge.
- Cavallo, Michele (2004). "Exchange Rate Movements and the U.S. International Balance Sheet," Economic Letter 2004-25. Federal Reserve Bank of San Francisco.
- Cavallo, Michele, and Fabio Ghironi (2002). "Net Foreign Assets and the Exchange Rate: Redux Revived," Journal of Monetary Economics, vol. 49, no. 5, pp. 1057-1097.
- Cavallo, Michele, and Giovanni Majnoni (2002). "Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications," in Levich, R. M., G. Majnoni and C. M. Reinhart eds., Ratings, Rating Agencies and the Global Financial System. Boston, MA: Kluwer Academic Publishers, pp. 319-342.
conference
June 2016IAAE Annual Conference, Milan
Oil Price Elasticities and Oil Price Fluctuations
conference
October 2015LACEA Annual Meeting, Santa Cruz
Sources and Consequences of Oil Price Fluctuations: A VAR Approach
conference
June 2015IAAE Annual Conference, Thessaloniki
Sources and Consequences of Oil Price Fluctuations: A VAR Approach
discussion
December 2013FRB Atlanta-NYU Workshop on International Economics
Bad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2007
conference
January 2010AEA Annual Meetings, Atlanta, Georgia
The Quantitative Role of Capital Goods Imports in U.S. Growth
seminar
December 2009University of Chicago, Booth School of Business
Measuring Oil-Price Shocks Using Market-Based Information
seminar
December 2009George Washington University
Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth
conference
July 2009NBER Summer Institute, Impulse and Propagation Mechanism Workshop
Measuring Oil-Price Shocks Using Market-Based Information
conference
July 2009SED Annual Meetings, Istanbul, Turkey
Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth
discussion
October 2008Federal Reserve Bank of Cleveland, Workshop on Methods and Applications for DSGE Models
The General Equilibrium Effects of Fiscal Policy: Estimates for the Euro Area
conference
July 2007NBER Summer Institute, Monetary Economics Workshop
Measuring Oil-Price Shocks Using Market-Based Information
conference
July 2007SED Annual Meetings, Prague
Measuring Oil-Price Shocks Using Market-Based Information
Referee
- American Economic Journal: Macroeconomics
- American Economic Review
- B.E. Journal of Macroeconomics
- Canadian Journal of Economics
- Economic Inquiry
- Economic Journal
- Economics Letters
- European Economic Review
- International Economic Review
- International Finance
- International Review of Economics and Finance
- Japan and the World Economy
- Journal of Applied Econometrics
- Journal of Business and Economic Studies
- Journal of Development Economics
- Journal of Economic Dynamics and Control
- Journal of the European Economic Association
- Journal of International Economics
- Journal of International Money and Finance
- Journal of the Japanese and International Economy
- Journal of Monetary Economics
- Journal of Money, Credit, and Banking
- The Manchester School
- National Science Foundation
- Oxford Bulletin of Economics and Statistics
- Review of Economics and Statistics
- Review of Economic Dynamics
- Review of International Economics