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Meet the Researchers

Photo of Alexandros Vardoulakis

Alexandros Vardoulakis

Chief Macroprudential Policy Analysis Section Financial Stability
[email protected]

Education

  • Ph.D., Financial Economics, University of Oxford, 2010
  • M.Sc., Mathematical Finance, Athens University of Economics & Business, 2006
Current Research Topics
  • Digital Assets, Stablecoins, CBDC
  • Bubbles and macroprudential regulation
  • Chief

    Board of Governors of the Federal Reserve System

    2021 - present
  • Principal Economist, Senior Economist, Economist

    Board of Governors of the Federal Reserve System

    2013 - 2021
  • Economist

    European Central Bank

    2012 - 2013
  • Economist

    Banque de France

    2010 - 2012
  • Financial Stability Implications of CBDC
    Francesca Carapella, Jin-Wook Chang, Sebastian Infante, Melissa Leistra, Arazi Lubis, and Alexandros P. Vardoulakis
    Finance and Economics Discussion Series (2024)
    https://doi.org/10.17016/FEDS.2024.021
  • Optimal Bank Regulation in the Presence of Credit and Run Risk
    Anil K Kashyap, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    Journal of Political Economy (2024)
    https://doi.org/10.1086/726909
    See also » FRB Working Paper (2017)
  • Sudden Stops and optimal policy in a two-agent economy
    Nina Biljanovska and Alexandros P. Vardoulakis
    Journal of International Economics (2024)
    https://doi.org/10.1016/j.jinteco.2024.103894
  • Leverage and Stablecoin Pegs
    Gary B. Gorton, Elizabeth C. Klee, Chase P. Ross, Sharon Y. Ross, and Alexandros P. Vardoulakis
    NBER Working Paper Series (2022)
    https://doi.org/10.3386/w30796
  • The Financial Stability Implications of Digital Assets
    Pablo D. Azar, Garth Baughman, Francesca Carapella, Jacob Gerszten, Arazi Lubis, JP Perez-Sangimino, David E. Rappoport, Chiara Scotti, Nathan Swem, Alexandros Vardoulakis, and Aurite Werman
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.058
  • A Macroprudential Perspective on the Regulatory Boundaries of U.S. Financial Assets
    David M. Arseneau, Grace Brang, Matt Darst, Jacob M. M. Faber, David E. Rappoport, and Alexandros Vardoulakis
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.002
  • Lessons from the History of the U.S. Regulatory Perimeter
    Alexandros Vardoulakis, Asad Kudiya, Byoung Hwa Hwang, Courtney Demartini, Dan McGonegle, Gavin Smith, Jess Cheng, Katherine E. Di Lucido, Kathy Wilson, Jeffery Y. Zhang, Joseph Cox, Mary L. Watkins, Meg Donovan, Nicholas K. Tabor, Nick Ehlert, and Stacey L. Schreft
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.3007
  • Collateral Runs
    Sebastian Infante and Alexandros P. Vardoulakis
    Review of Financial Studies (2021)
    https://doi.org/10.1093/rfs/hhaa139
    See also » FRB Working Paper (2018)
  • Private and Public Liquidity Provision in Over-the-Counter Markets
    David Arseneau, David Rappoport, and Alexandros Vardoulakis
    Theoretical Economics (2020)
    https://doi.org/10.3982/TE3419
    See also » FRB Working Paper (2017)
  • Banks, Non Banks, and Lending Standards
    Matthew R. Darst, Ehraz Refayet, and Alexandros Vardoulakis
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.086
  • Monitoring Risk From Collateral Runs
    Sebastian Infante and Alexandros P. Vardoulakis
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2605
  • Designing a Main Street Lending Facility
    Alexandros P. Vardoulakis
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2020.052
  • Optimal Bank Regulation in the Presence of Credit and Run-Risk
    Anil K. Kashyap, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    NBER Working Paper Series (2020)
    https://doi.org/10.3386/w26689
    See also » FRB Working Paper (2017)
  • Macroprudential Policy: Results from a Tabletop Exercise
    Denise Duffy, Joseph G. Haubrich, Anna Kovner, Alex Musatov, Edward S. Prescott, Richard J. Rosen, Thomas D. Tallarini, Alexandros P. Vardoulakis, Emily Yang, and Andrei Zlate
    Working Paper (Federal Reserve Bank of Cleveland) (2019)
    https://doi.org/10.26509/frbc-wp-201911
  • The Non-Bank Credit Cycle
    Esti Kemp, René van Stralen, Alexandros Vardoulakis, and Peter Wierts
    Finance and Economics Discussion Series (2018)
    https://doi.org/10.17016/FEDS.2018.076
  • Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing
    Nina Biljanovska and Alexandros P. Vardoulakis
    Finance and Economics Discussion Series (2017)
    https://doi.org/10.17016/FEDS.2017.053
  • On Default and Uniqueness of Monetary Equilibria
    Li Lin, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    Economic Theory (2016)
    https://doi.org/10.1007/s00199-015-0890-y
    See also » FRB Working Paper (2015)
  • Debt Deflation Effects of Monetary Policy
    Li Lin, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    Journal of Financial Stability (2015)
    https://doi.org/10.1016/j.jfs.2015.10.005
    See also » FRB Working Paper (2014)
  • A Reconsideration of Minsky's Financial Instability Hypothesis
    Sudipto Bhattacharya, Charles AE Goodhart, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    Journal of Money, Credit and Banking (2015)
    https://doi.org/10.1111/jmcb.12229
  • Collateral and the Efficiency of Monetary Policy
    M. Udara Peiris and Alexandros P. Vardoulakis
    Economic Theory (2015)
    https://doi.org/10.1007/s00199-014-0857-4
  • Capital Regulation in a Macroeconomic Model with Three Layers of Default
    Laurent Clerc, Alexis Deviz, Caterina Mendicino, Stephane Moyen, Kali Nikolov, Livio Stracca, Javier Suarez, and Alexandros P. Vardoulakis
    International Journal of Central Banking (2015)
  • How does Macroprudential Regulation Change Bank Credit Supply?
    Anil K. Kashyap, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    NBER Working Paper Series (2014)
    https://doi.org/10.3386/w20165
  • Savings and Default
    M. U. Peiris and Alexandros P. Vardoulakis
    Economic Theory (2013)
    https://doi.org/10.1007/s00199-012-0722-2
  • An Integrated Framework for Analyzing Multiple Financial Regulations
    Charles A. E. Goodhart, Anil K. Kashyap, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    International Journal of Central Banking (2013)
  • Financial Regulation in General Equilibrium
    Charles A. E. Goodhart, Anil K. Kashyap, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis
    NBER Working Paper Series (2012)
    https://doi.org/10.3386/w17909
  • On Dividend Restrictions and the Collapse of the Interbank Market
    Dimitrios Tsomocos, Charles Goodhart, M. U. Peiris, and Alexandros Vardoulakis
    Annals of Finance (2010)
    https://doi.org/10.1007/s10436-010-0147-5
  • Modelling a Housing and Mortgage Crisis
    Alexandros Vardoulakis, Dimitrios Tsomocos, and Charles Goodhart
    Financial Stability, Monetary Policy, and Central Banking (2010)
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Last Update: August 2, 2024