Professional Experience

• • Senior Economist

    Board of Governors of the Federal Reserve System

  • 2012 - present

• • Economist

    Board of Governors of the Federal Reserve System

  • 2008 - 2012

• • Economist

    Federal Reserve Bank of San Francisco

  • 2003 - 2008

• • Summer Intern

    Board of Governors of the Federal Reserve System

  • 2002

• • Summer Intern

    World Bank

  • 2000

• • Summer Intern

    Inter-American Development Bank

  • 1999

Publications

• 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, 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 and the Dynamic 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, J. O., T. Sopraseuth eds., Exchange Rate Dynamics: A New Open Economy Macroeconomics Perspective. London, UK: Routledge, pp. 577-602.
• 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.

Presentations

• conference

  January 2010

  AEA Annual Meetings, Atlanta, Georgia

  The Quantitative Role of Capital Goods Imports in U.S. Growth

• seminar

  December 2009

  University of Chicago, Booth School of Business

  Measuring Oil-Price Shocks Using Market-Based Information

• conference

  July 2009

  NBER Summer Institute, Impulse and Propagation Mechanism Workshop

  Measuring Oil-Price Shocks Using Market-Based Information

• conference

  July 2009

  SED Annual Meetings, Istanbul, Turkey

  Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth

• discussion

  October 2008

  Federal 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 2007

  NBER Summer Institute, Monetary Economics Workshop

  Measuring Oil-Price Shocks Using Market-Based Information

• conference

  July 2007

  SED Annual Meetings, Prague

  Measuring Oil-Price Shocks Using Market-Based Information

Other Activities