Photo of Dario Caldara

Dario Caldara

Education

  • Ph.D., Economics, Institute for International Economic Studies, Stockholm University, 2011
  • M.Sc., International Economics, Kiel Institute for the World Economy, 2005
  • B.A., Economics, Bocconi University, 2004
Current Research Topics
  • Monetary Policy, Oil Prices, Uncertainty
  • Assistant Director, Division of International Finance

    Board of Governors of the Federal Reserve System

    2022 - present
  • Chief, Trade and Financial Studies Section

    Board of Governors of the Federal Reserve System

    2019 - 2022
  • Principal Economist, Trade and Financial Studies Section

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Senior Economist, Trade and Financial Studies Section

    Board of Governors of the Federal Reserve System

    2015 - 2016
  • Economist, Trade and Financial Studies Section

    Board of Governors of the Federal Reserve System

    2014 - 2015
  • Economist, Macroeconomic and Quantitative Studies Section

    Board of Governors of the Federal Reserve System

    2011 - 2014
  • The international spillovers of synchronous monetary tightening
    Dario Caldara, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, and Albert Queralto
    Journal of Monetary Economics (2024)
    https://doi.org/10.1016/j.jmoneco.2023.10.017
    See also » FRB Working Paper (2023)
  • The International Spillovers of Synchronous Monetary Tightening
    Dario Caldara, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, and Albert Queralto
    International Finance Discussion Papers (2023)
    https://doi.org/10.17016/IFDP.2023.1384
  • International Spillovers of Tighter Monetary Policy
    Dario Caldara, Francesco Ferrante, and Albert Queralto
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3238
  • The Effect of the War in Ukraine on Global Activity and Inflation
    Dario Caldara, Sarah Conlisk, Matteo Iacoviello, and Maddie Penn
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3141
  • Measuring Geopolitical Risk
    Dario Caldara and Matteo Iacoviello
    American Economic Review (2022)
    https://doi.org/10.1257/aer.20191823
    See also » FRB Working Paper (2022)
  • Monetary Policy and Economic Performance Since the Financial Crisis
    Dario Caldara, Etienne Gagnon, Enrique Martínez-García, and Christopher J. Neely
    Federal Reserve Bank of St. Louis Review (2021)
    https://doi.org/10.20955/r.103.425-60
    See also » FRB Working Paper (2020)
  • Macroeconomic and Financial Risks: A Tale of Mean and Volatility
    Dario Caldara, Chiara Scotti, and Molin Zhong
    International Finance Discussion Papers (2021)
    https://doi.org/10.17016/IFDP.2021.1326
  • The Global Recovery: Lessons from the Past
    Dario Caldara, Matthew DeHaven, Francesco Ferrante, and Matteo Iacoviello
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2931
  • The Economic Effects of Trade Policy Uncertainty
    Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo
    Journal of Monetary Economics (2020)
    https://doi.org/10.1016/j.jmoneco.2019.11.002
    See also » FRB Working Paper (2019)
  • Does Trade Policy Uncertainty Affect Global Economic Activity?
    Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2445
  • Monetary Policy, Real Activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs
    Dario Caldara and Edward Herbst
    American Economic Journal: Macroeconomics (2019)
    https://doi.org/10.1257/mac.20170294
    See also » FRB Working Paper (2016)
  • The Systematic Component of Monetary Policy in SVARs: An Agnostic Identification Procedure
    Jonas E. Arias, Dario Caldara, and Juan F. Rubio-Ramirez
    Journal of Monetary Economics (2019)
    https://doi.org/10.1016/j.jmoneco.2018.07.011
    See also » FRB Working Paper (2015)
  • The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers
    Dario Caldara and Christophe Kamps
    Review of Economic Studies (2017)
    https://doi.org/10.1093/restud/rdx030
    See also » FRB Working Paper (2012)
  • The Macroeconomic Impact of Financial and Uncertainty Shocks
    Dario Caldara, Cristina Fuentes-Albero, Simon Gilchrist, and Egon Zakrajšek
    European Economic Review (2016)
    https://doi.org/10.1016/j.euroecorev.2016.02.020
    See also » FRB Working Paper (2016)
  • Practical Tools for Policy Analysis in DSGE Models with Missing Shocks
    Dario Caldara, Richard Harrison, and Anna Lipinska
    Journal of Applied Econometrics (2014)
    https://doi.org/10.1002/jae.2409
    See also » FRB Working Paper (2012)
  • Computing DSGE Models with Recursive Preferences and Stochastic Volatility
    Dario Caldara, Jesus Fernandez-Villaverde, Juan Rubio-Ramirez, and Wen Yao
    Review of Economic Dynamics (2012)
    https://doi.org/10.1016/j.red.2011.10.001
    See also » FRB Working Paper (2012)
  • Essays on Empirical Macroeconomics
    Dario Caldara
    Monograph Series (2011)
  • What are the Effects of Fiscal Shocks? A VAR-Based Comparative Analysis
    Dario Caldara and Christophe Kamps
    Working paper series (European Central Bank) (2008)
  • seminar

    November 2016

    DIW Berlin

  • seminar

    November 2016

    Universitat Pompeu Fabra

  • seminar

    November 2016

    Universitat Autonoma Barcelona

  • seminar

    September 2016

    European Central Bank

  • conference

    September 2016

    SITE Summer Workshops 2017

  • seminar

    May 2016

    Oxford University

  • seminar

    May 2016

    London Business School

  • seminar

    May 2016

    Bank of England

  • seminar

    April 2016

    Cornell University

  • seminar

    April 2016

    Colgate College

  • seminar

    April 2016

    Emory University

  • conference

    July 2015

    NBER Summer Institute

  • conference

    June 2015

    Society for Economic Dynamics - Annual Meeting - Warsaw

  • seminar

    December 2014

    Duke University

  • seminar

    November 2014

    University of California, San Diego

  • seminar

    November 2014

    Federal Reserve Bank of Chicago

  • seminar

    November 2014

    North Carolina State University

  • conference

    October 2013

    Workshop on Macroeconomics, Financial Frictions and Asset Prices - Pavia

  • conference

    June 2013

    Society for Economic Dynamics - Annual Meeting - Seoul

  • seminar

    April 2013

    Banque de France

  • seminar

    April 2013

    Swiss National Bank

  • conference

    July 2012

    Conference on Computing in Economics and Finance -Prague

  • seminar

    March 2012

    European Central Bank

  • seminar

    March 2012

    Sverige Riksbank

  • seminar

    March 2012

    Bank of England

  • seminar

    May 2011

    Uppsala University

  • seminar

    February 2011

    Board of Governors of the Federal Reserve System

  • seminar

    February 2011

    Boston College

  • seminar

    February 2011

    Universidad Autonoma Barcelona

  • seminar

    February 2011

    TUFTS

  • seminar

    February 2011

    Bank of Italy

  • seminar

    February 2011

    Royal Holloway

  • seminar

    January 2011

    London School of Economics

  • seminar

    January 2011

    University College London

  • seminar

    January 2011

    CREI - Pompeu Fabra

  • seminar

    January 2011

    Bank of Spain

  • seminar

    January 2011

    CEMFI

  • seminar

    January 2011

    University of Warwick

  • seminar

    January 2011

    Bank of England

  • seminar

    November 2010

    Sverige Riksbank

  • seminar

    November 2010

    Stockholm School of Economics

  • seminar

    October 2010

    Stockholm University

  • seminar

    October 2010

    University of Pennsylvania

  • conference

    September 2010

    Oslo Workshop on Monetary and Fiscal Policy

  • conference

    July 2010

    Society for Economic Dynamics - Annual Meeting - Montreal

  • conference

    July 2010

    Conference on Computing in Economics and Finance - London

  • conference

    June 2010

    Conference on Monetary and Fiscal Policy for Macroeconomic Stability - Pavia

  • conference

    June 2009

    Society for Economic Dynamics - Annual Meeting - Istanbul

  • seminar

    December 2008

    European Central Bank

  • conference

    August 2006

    European Economic Association Annual Meeting - Vienna

  • conference

    June 2006

    Conference on Computing in Economics and Finance - Cyprus

Conference Organization
  • May 2019 | Board of Governors, Washington DC

    Conference on Developments in Empirical Macroeconomics

    Organizer

  • May 2018 | Federal Reserve Bank of New York, NY

    Conference on Developments in Empirical Macroeconomics

    Organizer

  • May 2017 | Board of Governors, Washington DC

    Conference on Developments in Empirical Monetary Economics

    Organizer

  • September 2014 | Istanbul, Turkey

    Advances in Applied Macro-Finance and Forecasting

    Member of the Scientific Committee

Editor
  • Associate Editor, Journal of Applied Econometrics, January 2020 - present
Referee
  • American Economic Review
  • Econometrica
  • Review of Economic Studies
  • Journal of the European Economic Association
  • Journal of Monetary Economics
  • AEJ: Macroeconomics
  • Review of Economic Dynamics
  • International Economic Review
  • Journal of Money, Credit and Banking
  • Journal of Applied Econometrics
  • The Economic Journal
  • Review of Economics and Statistics
  • Quantitative Economics
  • Journal of International Economics
  • Journal of Forecasting
  • Macroeconomic Dynamics
  • Economics Letters
  • Energy Journal
  • The B.E. Journal of Macroeconomics
Professional Affiliation
  • Adjunct Professor, Georgetown University, 2018-2019
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Last Update: January 16, 2024