Photo of Michele Cavallo

Michele Cavallo

Education

  • Ph.D., Economics, New York University, 2003
  • M.Sc., Economics, HEC Lausanne, 1997
  • B.A., Economics, Università Commerciale Luigi Bocconi, 1996
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - present
  • Chief

    Board of Governors of the Federal Reserve System

    2015 - 2019
  • Senior Economist, Division of International Finance

    Board of Governors of the Federal Reserve System

    2012 - 2015
  • Economist, Division of International Finance

    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
  • Unpacking the Effects of Bank Credit Supply Shocks on Economic Activity
    Michele Cavallo, Juan Morelli, and Rebecca Zarutskie
    FEDS Notes (2024)
    https://doi.org/10.17016/2380-7172.3517
  • Measuring Bank Credit Supply Shocks Using the Senior Loan Officer Survey
    Michele Cavallo, Juan Morelli, Rebecca Zarutskie, and Solveig Baylor
    FEDS Notes (2024)
    https://doi.org/10.17016/2380-7172.3516
  • A New Index to Measure U.S. Financial Conditions
    Andrea Ajello, Michele Cavallo, Giovanni Favara, William B. Peterman, John Schindler, and Nitish R. Sinha
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3281
  • Understanding Bank Deposit Growth during the COVID-19 Pandemic
    Andrew Castro, Michele Cavallo, and Rebecca Zarutskie
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3133
  • Fiscal Implications of the Federal Reserve’s Balance Sheet Normalization
    Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
    International Journal of Central Banking (2019)
    See also » FRB Working Paper (2018)
  • Oil Price Elasticities and Oil Price Fluctuations
    Dario Caldara, Michele Cavallo, and Matteo Iacoviello
    Journal of Monetary Economics (2019)
    https://doi.org/10.1016/j.jmoneco.2018.08.004
    See also » FRB Working Paper (2016)
  • Fiscal Implications of the Federal Reserve’s Balance Sheet Normalization
    Michele Cavallo, Marco Del Negro, W. Scott Frame, Jamie Grasing, Benjamin A. Malin, and Carlo Rosa
    FEDS Notes (2018)
    https://doi.org/10.17016/2380-7172.2126
    See also » FRB Working Paper (2018)
  • Capital-Goods Imports and US Growth
    Michele Cavallo and Anthony Landry
    Staff Working Paper (Bank of Canada) (2018)
  • Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown?
    Mary Amiti, Tyler Bodine-Smith, Michele Cavallo, and Logan Lewis
    IFDP Notes (2015)
    https://doi.org/10.17016/2573-2129.09
  • The Surprising Strength of U.S. Imports During the Recovery
    Michele Cavallo
    IFDP Notes (2014)
    https://doi.org/10.17016/2573-2129.07
  • Measuring Oil-Price Shocks Using Market-Based Information
    Tao Wu and Michele Cavallo
    IMF Working Papers (2012)
  • The Quantitative Role of Capital Goods Imports in US Growth
    Michele Cavallo and Anthony Landry
    American Economic Review: Papers and Proceedings (2010)
    https://doi.org/10.1257/aer.100.2.78
  • Oil Prices and Inflation
    Michele Cavallo
    FRBSF Economic Letter (2008)
  • Government Consumption Expenditures and the Current Account
    Michele Cavallo
    Public Finance and Management (2007)
  • Could Capital Gains Smooth a Current Account Rebalancing?
    Michele Cavallo and Cédric Tille
    FRBSF Working Paper (2006)
  • Interest Rates, Carry Trades, and Exchange Rate Movements
    Michele Cavallo
    FRBSF Economic Letter (2006)
  • International Financial Integration and the Current Account Balance
    Michele Cavallo
    FRBSF Economic Letter (2006)
  • Oil Prices and the U.S. Trade Deficit
    Michele Cavallo
    FRBSF Economic Letter (2006)
  • Current Account Adjustment with High Financial Integration: A Scenario Analysis
    Michele Cavallo and Cédric Tille
    FRBSF Economic Review (2006)
  • Government Employment Expenditure and the Effects of Fiscal Policy Shocks
    Michele Cavallo
    FRBSF Working Paper (2005)
  • Exchange Rate Overshooting and the Costs of Floating
    Michele Cavallo, Kate Kisselev, Fabrizio Perri, and Nouriel Roubini
    FRBSF Working Paper (2005)
  • Understanding the Twin Deficits: New Approaches, New Results
    Michele Cavallo
    FRBSF Economic Letter (2005)
  • To Float Or Not to Float? Exchange Rate Regimes and Shocks
    Michele Cavallo
    FRBSF Economic Letter (2005)
  • Exchange Rate Movements and the U.S. International Balance Sheet
    Michele Cavallo
    FRBSF Economic Letter (2004)
  • Net Foreign Assets and Exchange Rate Dynamics: The Monetary Model Revisited
    Michele Cavallo and Fabio Ghironi
    Exchange Rate Dynamics: A New Open Economy Macroeconomics Perspective (2004)
  • Net Foreign Assets and the Exchange Rate: Redux Revived
    Michele Cavallo and Fabio Ghironi
    Journal of Monetary Economics (2002)
    https://doi.org/10.1016/S0304-3932(02)00122-8
  • Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications
    Michele Cavallo and Giovanni Majnoni
    Ratings, Rating Agencies and the Global Financial System (2002)
  • conference

    June 2016

    IAAE Annual Conference, Milan

    Oil Price Elasticities and Oil Price Fluctuations

  • conference

    October 2015

    LACEA Annual Meeting, Santa Cruz

    Sources and Consequences of Oil Price Fluctuations: A VAR Approach

  • conference

    June 2015

    IAAE Annual Conference, Thessaloniki

    Sources and Consequences of Oil Price Fluctuations: A VAR Approach

  • discussion

    December 2013

    FRB Atlanta-NYU Workshop on International Economics

    Bad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2007

  • 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

  • seminar

    December 2009

    George Washington University

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

  • 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

Referee
  • American Economic Journal: Macroeconomics
  • American Economic Review
  • B.E. Journal of Macroeconomics
  • Canadian Journal of Economics
  • Economic Inquiry
  • Economic Journal
  • Economics Letters
  • European Economic Review
  • International Economic Review
  • International Finance
  • International Review of Economics and Finance
  • Japan and the World Economy
  • Journal of Applied Econometrics
  • Journal of Business and Economic Studies
  • Journal of Development Economics
  • Journal of Economic Dynamics and Control
  • Journal of the European Economic Association
  • Journal of International Economics
  • Journal of International Money and Finance
  • Journal of the Japanese and International Economy
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • The Manchester School
  • National Science Foundation
  • Oxford Bulletin of Economics and Statistics
  • Review of Economics and Statistics
  • Review of Economic Dynamics
  • Review of International Economics
Last Update: August 2, 2024