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Christopher Erceg

Senior Associate Director

Program Direction Section

International Finance

202-452-2575
christopher.erceg@frb.gov
Education
  • Ph.D., Macroeconomics, University of Chicago, 1993
  • B.A., Macroeconomics, Political/Social Thought, University of Virginia, 1986
  • Current Research Topics

  • Fiscal and Monetary Policy in a Liquidity Trap
    • Senior Associate Director

      Board of Governors of the Federal Reserve System

    • 2013 - present
    • Research Fellow

      International Monetary Fund

    • 2012 - 2013
    • Associate Director

      Board of Governors of the Federal Reserve System

    • 2012 - 2013
    • Deputy Associate Director

      Board of Governors of the Federal Reserve System

    • 2010 - 2012
    • Assistant Director

      Board of Governors of the Federal Reserve System

    • 2008 - 2010
    • Chief, Trade and Financial Studies

      Board of Governors of the Federal Reserve System

    • 2006 - 2008
    • Adjunct Professor

      Columbia University

    • 2006
    • Senior Economist

      Board of Governors of the Federal Reserve System

    • 2001 - 2006
    • Adjunct Professor

      Johns Hopkins University

    • 2000 - 2003
    • Adjunct Professor

      Georgetown University

    • 2000 - 2003
    • Adjunct Professor

      Syracuse University

    • 1998 - 2001
    • Economist

      Board of Governors of the Federal Reserve System

    • 1993 - 2001
  • Erceg, Christopher J., and Jesper Linde (Forthcoming). "Is there a Fiscal Free Lunch in a Liquidity Trap?" Journal of the European Economic Association.
  • Erceg, Christopher J., and Jesper Linde (2012). "Fiscal Consolidation in a Currency Union: Spending Cuts Vs. Tax Hikes," International Finance Discussion Papers 1063. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., and Jesper Linde (2012). "Fiscal Consolidation in an Open Economy," American Economic Review: Papers & Proceedings, vol. 102, no. 3, pp. 186-191.
  • Erceg, Christopher J., and Jesper Linde (2012). "Fiscal Consolidation in an Open Economy," International Finance Discussion Papers 1046. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., and Jesper Linde (2010). "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs?" in Clarida, Richard H., F. Giavazzi eds., NBER International Seminar on Macroeconomics. University of Chicago Press.
  • Coenen, Günter, Christopher J. Erceg, Charles Freedman, Davide Furceri, Michael Kumhof, Ren Lalonde, Douglas Laxton, et al. (2012). "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, vol. 4, no. 1, pp. 22-68.
  • Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2011). "Oil Shocks and External Adjustment," Journal of International Economics, vol. 83, no. 2, pp. 168-184.
  • Erceg, Christopher J., Luca Guerrieri, and Steven B. Kamin (2011). "Did Easy Money in the Dollar Bloc Fuel the the Oil Price Run-Up?" International Journal of Central Banking, vol. 7, no. 1, pp. 131-160.
  • Erceg, Christopher J., Christopher Gust, and David Lopez Salido (2009). "The Transmission of Domestic Shocks in Open Economies," in Gali, Jordi, Mark J. Gertler eds., International Dimensions of Monetary Policy. Chicago, IL: University of Chicago Press, pp. 89-148.
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2008). "Trade Adjustment and the Composition of Trade," Journal of Economic Dynamics and Control, vol. 32, no. 8, pp. 2622-2650.
  • Erceg, Christopher J., and Jesper Linde (2010). "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs?" International Finance Discussion Papers 1012. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., and Jesper Linde (2010). "Is there a Fiscal Free Lunch in a Liquidity Trap?" International Finance Discussion Papers 1003. Board of Governors of the Federal Reserve System (U.S.).
  • Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2009). "The Effects of Foreign Shocks when Interest Rates are at Zero," International Finance Discussion Papers 983. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., Luca Guerrieri, and Steven Kamin (2009). "Did Easy Money in the Dollar Bloc Fuel the Global Commodity Boom?" International Finance Discussion Papers 979. Board of Governors of the Federal Reserve System (U.S.).
  • Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2008). "Optimal Monetary Policy with Distinct Core and Headline Inflation Rates," Journal of Monetary Economics, Supplement 1, vol. 55, pp. S18-S33.
  • Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2008). "Optimal Monetary Policy with Distinct Core and Headline Inflation Rates," International Finance Discussion Papers 941. Board of Governors of the Federal Reserve System (U.S.).
  • Bodenstein, Martin, Christopher J. Erceg, and Luca Guerrieri (2007). "Oil Shocks and External Adjustment," International Finance Discussion Papers 897. Board of Governors of the Federal Reserve System (U.S.).
  • 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.).
  • Erceg, Christopher J., Christopher Gust, and David Lopez-Salido (2007). "The Transmission of Domestic Shocks in the Open Economy," International Finance Discussion Papers 906. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., Christopher Gust, and David Lopez-Salido (2007). "The Transmission of Domestic Shocks in the Open Economy," NBER Working Papers 13613. National Bureau of Economic Research, Inc.
  • Erceg, Christopher, and Andrew Levin (2006). "Optimal Monetary Policy with Durable Consumption Goods," Journal of Monetary Economics, vol. 53, no. 7, pp. 1341-1359.
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2006). "SIGMA: A New Open Economy Model for Policy Analysis," International Journal of Central Banking, vol. 2, no. 1, pp. 1-50.
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2006). "Trade Adjustment and the Composition of Trade," International Finance Discussion Papers 859. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2005). "Can Long-Run Restrictions Identify Technology Shocks?" Journal of the European Economic Association, vol. 3, no. 6, pp. 1237-1278.
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2005). "Expansionary Fiscal Shocks and the Trade Deficit," International Finance Discussion Papers 825. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2005). "Expansionary Fiscal Shocks and the US Trade Deficit," International Finance, vol. 8, no. 3, pp. 363-397.
  • Erceg, Christopher J., Luca Guerrieri, and Christopher Gust (2005). "SIGMA: A New Open Economy Model for Policy Analysis," International Finance Discussion Papers 835. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher, Luca Guerrieri, and Christopher Gust (2004). "Can Long-Run Restrictions Identify Technology Shocks?" International Finance Discussion Papers 792. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher J. (2003). "Comment on 'Monetary Rules for Small, Open, Emerging Economies'," Journal of Monetary Economics, vol. 50, no. 5, pp. 1147-1152.
  • Erceg, Christopher J., and Andrew T. Levin (2003). "Imperfect Credibility and Inflation Persistence," Journal of Monetary Economics, vol. 50, no. 4, pp. 915-944.
  • Erceg, Christopher J. (2002). "The Choice of an Inflation Target Range in a Small Open Economy," American Economic Review, vol. 92, no. 2, pp. 85-89.
  • 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.).
  • Bordo, Michael, Christopher Erceg, and Charles Evans (2001). "Re-Examining the Contributions of Money and Banking Shocks to the U.S. Great Depression: Comment," in Bernanke, Ben,S., Kenneth Rogoff eds., NBER Macroeconomics Annual 2000. Cambridge and London: MIT Press, pp. 227-237.
  • 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.).
  • Bordo, Michael D., Christopher J. Erceg, and Charles L. Evans (2000). "Money, Sticky Wages, and the Great Depression," American Economic Review, vol. 90, no. 5, pp. 1447-1463.
  • 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.
  • 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.).
  • 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.).
  • Bordo, Michael D., Christopher J. Erceg, and Charles L. Evans (1997). "Money, Sticky Wages, and the Great Depression," International Finance Discussion Papers 591. Board of Governors of the Federal Reserve System (U.S.).
  • Bordo, Michael D., Christopher J. Erceg, and Charles N. Evans (1997). "Money, Sticky Wages, and the Great Depression," NBER Working Papers 6071. National Bureau of Economic Research, Inc.
  • Erceg, Christopher J. (1997). "Nominal Wage Rigidities and the Propagation of Monetary Disturbances," International Finance Discussion Papers 590. Board of Governors of the Federal Reserve System (U.S.).
  • Erceg, Christopher (1993). "A Dynamic General Equilibrium Model of the Housing Market," Ph.D dissertation, University of Chicago.

Awards

  • 2005

    Board of Governors of the Federal Reserve System

    Special Achievement Award

Conference Organization

  • March 2010 Board of Governors of the Federal Reserve System

    6th International Research Forum on Monetary Policy conference

    Co-organizer

  • October 2009 Board of Governors of the Federal Reserve System

    FRB Conference on Key Developments in Monetary Economics

    Local co-organizer

  • June 2009 Board of Governors of the Federal Reserve System

    Financial Markets and Monetary Policy

    Co-organizer

Referee

  • American Economic Review
  • American Economic Journal: Macroeconomics
  • Journal of the European Economic Association
  • Journal of International Economics
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Journal of Political Economy
  • Review of Economic Studies
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Last update: February 10, 2014