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Andrew Levin

Special Adviser to the Board

General Program Support Section

Office of Board Members

(on leave to International Monetary Fund)


alevin@imf.org
Education
  • Ph.D., Macroeconomics, Stanford University, 1989
  • B.A., Economics & Mathematics, Yale University, 1984
  • Current Research Topics

  • Monetary Policy Strategy and Communications
    • Economist

      Board of Governors of the Federal Reserve System

    • 1992 - present
    • Committee Member, External Review of Research Activities

      Bank of Canada

    • 2007
    • Adjunct Professor of Economics

      Columbia University

    • 2006
    • External Consultant, Inflation Persistence Network

      European Central Bank

    • 2002 - 2005
    • Adjunct Professor of Economics

      Johns Hopkins University

    • 1998 - 2005
    • Adjunct Professor of Economics

      Georgetown University

    • 1998 - 2002
    • Assistant Professor of Economics

      University of California - San Diego

    • 1989 - 1992
  • Veirman, Emmanuel De, and Andrew T. Levin (Forthcoming). "When did Firms Become More Different? Time-Varying Firm-Specific Volatility in Japan," Journal of the Japanese and International Economies.
  • Beechey, Meredith J., Benjamin K. Johannsen, and Andrew T. Levin (2011). "Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?" American Economic Journal: Macroeconomics, vol. 3, no. 2, pp. 104-129.
  • Veirman, Emmanuel De, and Andrew T. Levin (2011). "Cyclical Changes in Firm Volatility," CAMA Working Papers 2011-29. Australian National University, Centre for Applied Macroeconomic Analysis.
  • Gurkaynak, Refet S., Andrew Levin, and Eric Swanson (2010). "Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from the U.S., UK, and Sweden," Journal of the European Economic Association, vol. 8, no. 6, pp. 1208-1242.
  • Levin, Andrew, and John B. Taylor (2010). "Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation," NBER Working Papers 15630. National Bureau of Economic Research, Inc.
  • Levin, Andrew, David Lopez-Salido, Edward Nelson, and Tack Yun (2010). "Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound," International Journal of Central Banking, vol. 6, no. 1, pp. 143-189.
  • Lopez-Salido, David, Andrew Levin, Edward Nelson, and Tack Yun (2010). "Limitations of the Effectiveness of Forward Guidance at the Zero Lower Bound," International Journal of central banking, vol. 6, no. 1, pp. 143-189.
  • Levin, Andrew, David Lopez-Salido, Edward Nelson, and Tack Yun (2009). "Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound," CEPR Discussion Papers 7581. Centre for Economic Policy Research.
  • Beechey, Meredith J., Benjamin K. Johannsen, and Andrew T. Levin (2008). "Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?" Finance and Economics Discussion Series 2008-23. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew T. (2008). "Optimal Monetary Policy Under Uncertainty: A Markov Jump-Linear-Quadratic Approach: Commentary," Federal Reserve Bank of St. Louis Review, vol. 90, no. 4, pp. 301-305.
  • Levin, Andrew T., J. David Lopez-Salido, Edward Nelson, and Tack Yun (2008). "Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy," Journal of Monetary Economics, vol. 55, pp. S48-62.
  • Levin, Andrew T., J. David Lopez-Salido, Edward Nelson, and Tack Yun (2008). "Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy," Working Papers 2008-035. Federal Reserve Bank of St. Louis.
  • Beechey, Meredith J., Benjamin K. Johannsen, and Andrew Levin (2007). "Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States?" CEPR Discussion Papers 6536. Centre for Economic Policy Research.
  • Bordo, Michael D., Christopher Erceg, Andrew Levin, and Ryan Michaels (2007). "Three Great American Disinflations," NBER Working Papers 12982. National Bureau of Economic Research, Inc.
  • Bordo, Michael D., Christopher J. Erceg, Andrew T. Levin, and Ryan Michaels (2007). "Three Great American Disinflations," International Finance Discussion Papers 898. Board of Governors of the Federal Reserve System (U.S.).
  • Coenen, Gunter, Andrew T. Levin, and Kai Christoffel (2007). "Identifying the Influences of Nominal and Real Rigidities in Aggregate Price-Setting Behavior," Journal of Monetary Economics, vol. 54, no. 8, pp. 2439-2466.
  • Gaspar, Vitor, Andrew Levin, Fernando Manuel Martins, and Frank Smets (2007). "Evidence from Surveys of Price-Setting Managers: Policy Lessons and Directions for Ongoing Research," CEPR Discussion Papers 6227. Centre for Economic Policy Research.
  • Gurkaynak, Refet S., Andrew T. Levin, Andrew N. Marder, and Eric T. Swanson (2007). "Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere," Federal Reserve Bank of San Francisco Economic Review, pp. 25-47.
  • Gurkaynak, Refet S., Andrew T. Levin, Andrew N. Marder, and Eric T. Swanson (2007). "Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere," in Schmidt-Hebbel, Klaus ed., Monetary Policy Under Inflation Targeting. Santiago: Central Bank of Chile, pp. 415-465.
  • Kim, Jinill, Andrew T. Levin, and Tack Yun (2007). "Diagnosing and Treating Bifurcations in Perturbation Analysis of Dynamic Macro Models," Finance and Economics Discussion Series 2007-14. Board of Governors of the Federal Reserve System (U.S.).
  • King, Thomas B., Andrew T. Levin, and Roberto Perli (2007). "Financial Market Perceptions of Recession Risk," Finance and Economic Discussion Series 2007-57. Board of Governors of the Federal Reserve System (U.S.).
  • King, Thomas B., Andrew T. Levin, and Roberto Perli (2007). "Financial Market Perceptions of Recession Risk," Finance and Economics Discussion Series 2007-57. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, and Tack Yun (2007). "Reconsidering the Natural Rate Hypothesis in a New Keynesian Framework," Journal of Monetary Economics, vol. 54, no. 5, pp. 1344-1365.
  • Levin, Andrew, J. David Lopez-Salido, and Tack Yun (2007). "Strategic Complementarities and Optimal Monetary Policy," CEPR Discussion Papers 6423. Centre for Economic Policy Research.
  • Zakrajsek, Egon, Andrew T. Levin, and Roberto Perli (2007). "Frictions in the Markets for Corporate Debt and Credit Derivatives," in Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk. Frankfurt: European Central Bank.
  • Altissimo, Filippo, Laurent Bilke, Andrew Levin, Thomas Matha, and Benoit Mojon (2006). "Sectoral and Aggregate Inflation Dynamics in the Euro Area," Journal of the European Economic Association, vol. 4, no. 2-3, pp. 585-593.
  • Angeloni, Ignazio, Luc Aucremanne, Michael Ehrmann, Jordi Gali, Andrew Levin, and Frank Smets (2006). "New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling," Journal of the European Economic Association, vol. 4, no. 2-3, pp. 562-574.
  • Erceg, Christopher, and Andrew Levin (2006). "Optimal Monetary Policy with Durable Consumption Goods," Journal of Monetary Economics, vol. 53, no. 7, pp. 1341-1359.
  • Gurkaynak, Refet S., Andrew Levin, and Eric T. Swanson (2006). "Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the US, UK and Sweden," CEPR Discussion Papers 5808. Centre for Economic Policy Research.
  • Gurkaynak, Refet S., Andrew T. Levin, and Eric T. Swanson (2006). "Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from Long-Term Bond Yields in the U.S., U.K., and Sweden," Working Paper Series 2006-09. Federal Reserve Bank of San Francisco.
  • Gurkaynak, Refet S., Andrew T. Levin, Andrew N. Marder, and Eric T. Swanson (2006). "Metas De Inflacion y Anclaje De Expectatativas Inflacionarias En Economias Occidentales. (Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere with English Summary)," Economia Chilena, vol. 9, no. 3, pp. 19-52.
  • Swanson, Eric, Gary Anderson, and Andrew Levin (2006). "Higher-Order Perturbation Solutions to Dynamic, Discrete-Time Rational Expectations Models," Working Paper Series 2006-01. Federal Reserve Bank of San Francisco.
  • Angelloni, Ignazio, Luc Aucremanne, Michael Ehrmann, Jordi Gali, Andrew Levin, and Frank Smets (2005). "New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling," Economics Working Papers 910. Department of Economics and Business, Universitat Pompeu Fabra.
  • Coenen, Gunter, Andrew Levin, and Volker Wieland (2005). "Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy," European Economic Review, vol. 49, no. 4, pp. 975-1006.
  • Levin, Andrew T. (2005). "Comment on 'Endogenous Objectives and the Evaluation of Targeting Rules for Monetary Policy'," Journal of Monetary Economics, vol. 52, no. 5, pp. 913-919.
  • Levin, Andrew T., Alexei Onatski, John C. Williams, and Noah Williams (2005). "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models," NBER Working Papers 11523. National Bureau of Economic Research, Inc.
  • Levin, Andrew T., Alexei Onatski, John C. Williams, and Noah Williams (2005). "Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models," Working Papers in Applied Economic Theory 2005-15. Federal Reserve Bank of San Francisco.
  • Levin, Andrew T., and Richhild Moessner (2005). "Inflation Persistence and Monetary Policy Design - an Overview," Working Paper Series 539. European Central Bank.
  • Ahmed, Shaghil, Andrew Levin, and Beth Anne Wilson (2004). "Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, Or Good Luck?" Review of Economics and Statistics, vol. 86, no. 3, pp. 824-832.
  • Coenen, Gunter, and Andrew T. Levin (2004). "Identifying the Influences of Nominal and Real Rigidities in Aggregate Price-Setting Behavior," Working Paper Series 418. European Central Bank.
  • Levin, Andrew, and Jeremy Piger (2004). "Is Inflation Persistence Intrinsic in Industrial Economies?" Working Paper Series 334. European Central Bank.
  • Levin, Andrew T., Fabio M. Natalucci, and Egon Zakrajsek (2004). "The Magnitude and Cyclical Behavior of Financial Market Frictions," Finance and Economics Discussion Series 2004-70. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew T., Fabio M. Natalucci, and Jeremy M. Piger (2004). "Explicit Inflation Objectives and Macroeconomic Outcomes," Working Paper Series 383. European Central Bank.
  • Levin, Andrew T., Fabio M. Natalucci, and Jeremy M. Piger (2004). "The Macroeconomic Effects of Inflation Targeting," Federal Reserve Bank of St.Louis Review, vol. 86, no. 4, pp. 51-80.
  • Coenen, Gunter, Andrew Levin, and Volker Wieland (2003). "Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy," CEPR Discussion Papers 3812. Centre for Economic Policy Research.
  • Erceg, Christopher J., and Andrew T. Levin (2003). "Imperfect Credibility and Inflation Persistence," Journal of Monetary Economics, vol. 50, no. 4, pp. 915-944.
  • Iyigun, Murat F., and Andrew T. Levin (2003). "What Determines Public Support for Affirmative Action?" Southern Economic Journal, vol. 69, no. 3, pp. 612-627.
  • Kim, Jinill, Sunghyun Henry Kim, and Andrew Levin (2003). "Patience, Persistence, and Welfare Costs of Incomplete Markets in Open Economies," Journal of International Economics, vol. 61, no. 2, pp. 385-396.
  • Levin, Andrew T., and Jeremy M. Piger (2003). "Is Inflation Persistence Intrinsic in Industrial Economies?" Working Papers 2002-023. Federal Reserve Bank of St. Louis.
  • Levin, Andrew T., and John C. Williams (2003). "Robust Monetary Policy with Competing Reference Models," Journal of Monetary Economics, vol. 50, no. 5, pp. 945-975.
  • Levin, Andrew T., and John C. Williams (2003). "Robust Monetary Policy with Competing Reference Models," Working Papers in Applied Economic Theory 2003-10. Federal Reserve Bank of San Francisco.
  • Levin, Andrew, Volker Wieland, and John C. Williams (2003). "The Performance of Forecast-Based Monetary Policy Rules Under Model Uncertainty," American Economic Review, vol. 93, no. 3, pp. 622-645.
  • Ahmed, Shaghil, Andrew Levin, and Beth Anne Wilson (2002). "Recent U.S. Macroeconomic Stability: Good Policies, Good Practices Or Good Luck?" International Finance Discussion Papers 730. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., and Andrew T. Levin (2002). "Optimal Monetary Policy with Durable and Non-Durable Goods," International Finance Discussion Papers 748. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, C. J., and A. T. Levin (2002). "Optimal Monetary Policy with Durable and Non-Durable Goods," Working Paper Series 179. European Central Bank.
  • Levin, Andrew, Chien-Fu Lin, and Chia-Shang James Chu (2002). "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties," Journal of Econometrics, vol. 108, no. 1, pp. 1-24.
  • Levin, Andrew T. (2002). "Comment on 'Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles'," Journal of Monetary Economics, vol. 49, no. 5, pp. 1017-1023.
  • Coenen, Gunter, Andrew Levin, and Volker Wieland (2001). "Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy," Finance and Economics Discussion Series 2001-54. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., and Andrew T. Levin (2001). "Imperfect Credibility and Inflation Persistence," Finance and Economics Discussion Series 2001-45. Board of Governors of the Federal Reserve System (U.S.).
  • Kim, Jinill, Sunghyun Henry Kim, and Andrew Levin (2001). "Patience, Persistence and Welfare Costs of Incomplete Markets in Open Economies," International Finance Discussion Papers 696. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, Volker Wieland, and John C. Williams (2001). "The Performance of Forecast-Based Monetary Policy Rules Under Model Uncertainty," Finance and Economics Discussion Series 2001-39. Board of Governors of the Federal Reserve System (U.S.).
  • den Haan, Wouter J., and Andrew T. Levin (2000). "Robust Covariance Matrix Estimation with Data-Dependent VAR Prewhitening Order," NBER Technical Working Paper 255. National Bureau of Economic Research, Inc.
  • Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin (2000). "Optimal Monetary Policy with Staggered Wage and Price Contracts," Journal of Monetary Economics, vol. 46, no. 2, pp. 281-313.
  • Haan, Wouter J. den, and Andrew T. Levin (2000). "Robust Covariance Matrix Estimation with Data-Dependent VAR Prewhitening Order," Discussion Papers 2000-11. University of California at San Diego, Department of Economics.
  • Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin (1999). "Optimal Monetary Policy with Staggered Wage and Price Contracts," International Finance Discussion Papers 640. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew (1999). "Wage Dispersion and Country Price Levels: Comment," in Heston, ,Alan, Robert Lipsey E. eds., International and Interarea Comparisons of Income, Output, and Prices. Chicago and London: University of Chicago Press, pp. 474-477.
  • Levin, Andrew, Volker Wieland, and John C. Williams (1999). "Robustness of Simple Monetary Policy Rules Under Model Uncertainty," in Taylor, John,B. ed., Monetary Policy Rules. Chicago and London: University of Chicago Press, pp. 263-299.
  • Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin (1998). "Tradeoffs between Inflation and Output-Gap Variances in an Optimizing-Agent Model," International Finance Discussion Papers 627. Board of Governors of the Federal Reserve System (U.S.).
  • Iyigun, Murat F., and Andrew T. Levin (1998). "Macroeconomic Implications of Competitive College Admissions," International Finance Discussion Papers 613. Board of Governors of the Federal Reserve System (U.S.).
  • Iyigun, Murat F., and Andrew T. Levin (1998). "What Determines Public Support for Affirmative Action?" International Finance Discussion Papers 620. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, Volker Wieland, and John C. Williams (1998). "Robustness of Simple Monetary Policy Rules Under Model Uncertainty," Finance and Economics Discussion Series 1998-45. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, Volker Wieland, and John C. Williams (1998). "Robustness of Simple Monetary Policy Rules Under Model Uncertainty," NBER Working Papers 6570. National Bureau of Economic Research, Inc.
  • Brayton, Flint, Andrew T. Levin, Ralph W. Tryon, and John C. Williams (1997). "The Evolution of Macro Model at the Federal Reserve Board," Finance and Economics Discussion Series 1997-29. Board of Governors of the Federal Reserve System (U.S.).
  • den Haan, Wouter J., and Andrew T. Levin (1997). "A Practitioner's Guide to Robust Covariance Matrix Estimation," in Maddala, G.,S., C. Rao R. eds., Robust Inference. North-Holland: Elsevier Science, pp. 299-342.
  • Levin, Andrew, and Lakshmi K. Raut (1997). "Complementarities between Exports and Human Capital in Economic Growth: Evidence from the Semi-Industrialized Countries," Economic Development and Cultural Change, vol. 46, no. 1, pp. 155-174.
  • Levin, Andrew, John Rogers, and Ralph Tryon (1997). "Evaluating International Economic Policy with the Federal Reserve's Global Model," Federal Reserve Bulletin, vol. 83, no. 10, pp. 797-817.
  • Levin, Andrew T., John H. Rogers, and Ralph W. Tryon (1997). "A Guide to FRB/Global," International Finance Discussion Papers 588. Board of Governors of the Federal Reserve System (U.S.).
  • Haan, Wouter J. den, and Andrew Levin (1996). "A Practitioner's Guide to Robust Covariance Matrix Estimation," Discussion Papers 96-17. University of California at San Diego, Department of Economics.
  • Haan, Wouter J. Den, and Andrew Levin (1996). "Inferences from Parametric and Non-Parametric Covariance Matrix Estimation Procedures," NBER Technical Working Paper 195. National Bureau of Economic Research, Inc.
  • Haan, Wouter J. Den, and Andrew T. Levin (1996). "A Practitioner's Guide to Robust Covariance Matrix Estimation," NBER Technical Working Paper 197. National Bureau of Economic Research, Inc.
  • Haan, Wouter J. den, and Andrew T. Levin (1995). "Inferences from Parametric and Non-Parametric Covariance Matrix Estimation Procedures," International Finance Discussion Papers 504. Board of Governors of the Federal Reserve System (U.S.).
  • Haan, Wouter J. den, and Andrew Levin (1994). "Inferences from Parametric and Non-Parametric Covariance Matrix Estimation Procedures," Discussion Papers 94-30. University of California at San Diego, Department of Economics.
  • Levin, Andrew, and Chien-Fu Lin (1993). "Unit Root Tests in Panel Data: New Results," Discussion Papers 93-56. University of California at San Diego, Department of Economics.
  • Levin, Andrew, and Chien-Fu Lin (1992). "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties," Discussion Papers 92-23. University of California at San Diego, Department of Economics.
  • Levin, Andrew, and Lakshmi K. Raut (1992). "Complementarities between Exports and Human Capital in Economic Growth: Evidence from the Semi-Industrialized Countries," Discussion Papers 92-14. University of California at San Diego, Department of Economics.
  • Levin, Andrew (1991). "The Macroeconomic Significance of Nominal Wage Contract Duration," Discussion Papers 91-08. University of California at San Diego, Department of Economics.
  • Levin, Andrew (1990). "Monetary Stabilization Policy in a General Equilibrium Model with Wage Contracts," Discussion Papers 90-43. University of California at San Diego, Department of Economics.
  • Levin, Andrew (1990). "The Theoretical and Empirical Relevance of Staggered Wage Contracts," Ph.D dissertation, Stanford University.

Editor

  • Co-Editor, International Journal of Central Banking, 2007-2011

Referee

  • American Economic Review
  • Econometrica
  • Journal of Political Economy
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Review of Economics & Statistics

Professional Affiliation

  • International Research Fellow, Centre for Economic Policy Research
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Last update: December 9, 2013