Photo of Andrei Zlate

Andrei Zlate

Education

  • Ph.D., Economics, Boston College, 2009
  • M.A., Economics, Boston College, 2005
  • M.Sc., International Business and Economics, Copenhagen Business School, 2004
  • B.A., Economics, Academy of Economic Studies, Bucharest, 2000
Current Research Topics
  • Monetary and macroprudential policy transmission
  • Cross-border banking and portfolio flows
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - present
  • Senior Financial Economist

    Federal Reserve Bank of Boston

    2014 - 2019
  • Economist

    Board of Governors of the Federal Reserve System

    2009 - 2014
  • Visiting Researcher

    National Bank of Poland

    2017
  • Dissertation Fellow

    Federal Reserve Bank of Atlanta

    2008
  • Intern

    European Central Bank

    2007
  • The global financial cycle and capital flows during the COVID-19 pandemic
    J. Scott Davis and Andrei Zlate
    European Economic Review (2023)
    https://doi.org/10.1016/j.euroecorev.2023.104477
  • Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening
    Luke Morgan, Anthony Sarver, Manjola Tase, and Andrei Zlate
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.060
  • Offshoring, Automation, Low-Skilled Immigration, and Labor Market Polarization
    Federico S. Mandelman and Andrei Zlate
    American Economic Journal: Macroeconomics (2022)
    https://doi.org/10.1257/mac.20180205
  • Cross-Border Bank Flows and Monetary Policy
    Ricardo Correa, Teodora Paligorova, Horacio Sapriza, and Andrei Zlate
    Review of Financial Studies (2022)
    https://doi.org/10.1093/rfs/hhab019
    See also » FRB Working Paper (2018)
  • Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program
    Camelia Minoiu, Rebecca Zarutskie, and Andrei Zlate
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.078
  • Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment
    Ricardo Correa, Horacio Sapriza, and Andrei Zlate
    Journal of International Economics (2021)
    https://doi.org/10.1016/j.jinteco.2021.103519
  • Reach for Yield by U.S. Public Pension Funds
    Lina Lu, Matthew Pritsker, Andrei Zlate, Ken Anadu, and James Bohn
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.048
  • 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
  • Monetary Policy Divergence, Net Capital Flows, and Exchange Rates: Accounting for Endogenous Policy Responses
    J. Scott Davis and Andrei Zlate
    Journal of International Money and Finance (2019)
    https://doi.org/10.1016/j.jimonfin.2019.01.016
  • Economic aspects of international labour migration
    Federico S. Mandelman and Andrei Zlate
    International Finance (2017)
    https://doi.org/10.1111/infi.12105
  • International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?
    Shaghil Ahmed, Brahima Coulibaly, and Andrei Zlate
    Journal of International Money and Finance (2017)
    https://doi.org/10.1016/j.jimonfin.2017.05.001
    See also » FRB Working Paper (2015)
  • Macroprudential Policy: Case Study from a Tabletop Exercise
    Tobias Adrian, Patrick de Fontnouvelle, Emily Yang, and Andrei Zlate
    Economic Policy Review (2017)
  • Offshore Production and Business Cycle Dynamics with Heterogeneous Firms
    Andrei Zlate
    Journal of International Economics (2016)
    https://doi.org/10.1016/j.jinteco.2016.01.004
  • Financial Performance and Macroeconomic Fundamentals in Emerging Market Economies over the Global Financial Cycle
    Scott Davis and Andrei Zlate
    Globalization and Monetary Policy Institute Working Paper (2016)
  • Capital Flows to Emerging Market Economies: A Brave New World?
    Shaghil Ahmed and Andrei Zlate
    Journal of International Money and Finance (2014)
    https://doi.org/10.1016/j.jimonfin.2014.05.015
    See also » FRB Working Paper (2013)
  • Offshoring, Low-skilled Immigration, and Labor Market Polarization
    Federico S. Mandelman and Andrei Zlate
    Working Paper (Federal Reserve Bank of Atlanta) (2014)
  • Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis
    Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate
    International Review of Economics & Finance (2013)
    https://doi.org/10.1016/j.iref.2012.08.006
    See also » FRB Working Paper (2012)
  • Real Convergence in Central, Eastern and South-Eastern Europe: A Production Function Approach
    Magdalena Morgese Borys, Eva Katalin Polgar, and Andrei Zlate
    Real Convergence in Central, Eastern and South-Eastern Europe (2009)
    https://doi.org/10.1057/9780230235434_4
  • Offshore Production, Labor Migration and the Macroeconomy
    Andrei Zlate
    Dissertations (Boston College) (2009)
  • Real Convergence and the Determinants of Growth in the EU Candidate and Potential Candidate Countries: A Panel Data Approach
    Magdalena Morgese Borys, Éva Katalin Polgár, and Andrei Zlate
    Occasional paper series (European Central Bank) (2008)
  • Explorations into the Production of State Government Services: Education, Welfare and Hospitals
    Richard Tresch and Andrei Zlate
    Boston College Working Papers in Economics (2007)
  • Antidumping: Prospects for Discipline from the Doha Negotiations
    J. Michael Finger and Andrei Zlate
    Journal of World Investment & Trade (2005)
  • conference

    2019

    Dutch Central Bank; Chicago Financial Institutions Conference; IBEFA/WEAI; Econometric Society, Manchester, UK

    Reach for Yield by U.S. Public Pension Funds

  • conference

    May - August 2018

    ECB - Emerging Markets Group Workshop, Cass Business School; European Finance Association, Warsaw

    Cross-Border Bank Flows and Monetary Policy

  • seminar

    November 2017

    Central Bank of Romania

    Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment

  • conference

    January - June 2017

    Society for Economic Dynamics, Edinburgh, UK; Bank of England; University of Connecticut

    Offshoring, Low-skilled Immigration and Labor Market Polarization

  • seminar

    May 2017

    State Bank of Pakistan

    International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?

  • conference

    December 2016

    14th Research Meeting of NIPFP - DEA Research Program, Alwar, Rajasthan, India

    International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?

  • conference

    September 2016

    CEBRA Conference on "International Trade and Macroeconomic Interdependence in the Age of Global Value Chains, Bank of Lithuania

    Offshoring, Low-skilled Immigration and Labor Market Polarization

  • conference

    June 2016

    Federal Reserve Summer Policy Conference, Atlanta Fed

    Macroprudential Policy: Case Study from a Tabletop Exercise

  • conference

    June 2016

    Barcelona GSE Summer Forum

    International Shocks and Firm-Level Volatility

  • conference

    November 2015

    Hong Kong Monetary Authority - FR Board - ECB - Dallas Fed Conference on "Diverging Monetary Policies, Capital Flows and Financial Stability"

    International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?

  • conference

    July 2014

    NBER Summer Institute, International Finance and Macroeconomics

    Offshoring, Low-skilled Immigration and Labor Market Polarization

  • conference

    May 2014

    Federal Reserve Board Conference on "Spillovers fromAccommodative Monetary Policies since the GFC," Washington, DC

    International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?

  • conference

    December 2013

    European Comission Conference on "Current Account Imbalances and Financial Integration," Brussels

    Capital Flows to Emerging Market Economies: A Brave New World?"

  • conference

    January 2013

    AEA/ASSA, San Diego

    Offshore Production and Business Cycle Dynamics with Heterogeneous Firms

  • conference

    Sep, Oct 2012

    Federal Reserve Board, Euro Area Crisis Workshop; European Central Bank, Second Conference of the Macro-prudential Research Network, Frankfurt

    Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel during the European Sovereign Crisis

  • conference

    January 2012

    AEA/ASSA, Chicago

    Immigration, Remittances and Business Cycles

  • conference

    July, September 2010

    Federal Reserve Board, Workshop on the Global Financial Crisis; European Trade Study Group, University of Lausanne

    Trade Credit and International Trade during the 2008-09 Global Financial Crisis

  • seminar

    2010

    University of Delaware; Econometric Society World Congress, Shanghai; LACEA, Medellin

    Immigration, Remittances and Business Cycles

  • conference

    July, November 2009

    NBER Summer Institute, International Finance and Macroeconomics; NEUDC, Tufts University

    Immigration, Remittances and Business Cycles

  • conference

    2009

    IEFS/ASSA, San Francisco; SCIEA, Dalls Fed, San Antonio, TX

    Offshore Production and Business Cycle Dynamics with Heterogeneous Firms

Awards
  • 2009

    Boston College

    Research Excellence Award

  • 2008

    Federal Reserve Bank of Atlanta

    Dissertation Fellowship

Conference Organization
  • 2017, 2018, 2019

    IBEFA/ASSA, WEAI

    Scientific Committee

  • 2017, 2018, 2019

    ERMAS

    Scientific Committee

  • 2019

    Financial Management Association

    Scientific Committee

Referee
  • Economic Letters
  • European Economic Review
  • IMF Economic Review
  • International Economic Review
  • International Finance
  • International Journal of Central Banking
  • International Review of Economics and Finance
  • Journal of Development Economics
  • Journal of Economic Dynamics and Control
  • Journal of European Economic Association
  • Journal of International Economics
  • Journal of International Money and Finance
  • Journal of International Trade and Economic Development
  • Journal of Macroeconomics
  • Journal of Monetary Economics
  • Journal of Money, Credit and Banking
  • Macroeconomic Dynamics
Professional Affiliation
  • American Economic Association
  • Econometric Society
  • International Banking, Economics and Finance Association
  • IZA - Institute of Labor Economics
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Last Update: August 2, 2024