Research Programs

CEBRA’s Research Programs foster interaction among researchers at central banks, academic institutions, and other organizations on specific areas of research that are both academically relevant and of high policy interest.

CEBRA’s Research Programs fill a gap in the existing environment of research organizations by gathering both established and young researchers in policy relevant areas of research and providing a forum for interaction, development of ideas, and their dissemination. To fulfill this goal, each Program hosts an annual conference hosted by a central bank within the CEBRA network. By including both academics and researchers at central banks and other policy institutions and promoting their interaction, the Program seeks to pursue both excellence in cutting-edge research and its application to the most important policy-relevant questions.

At the current juncture, CEBRA hosts the following research programs.

International Trade and Macroeconomics Program (ITM) 

DIRECTORS: JULIAN DI GIOVANNI, FEDERAL RESERVE BANKOF NEW YORK/UNIVERSITAT POMPEU FABRA AND ANDREI LEVCHENKO, UNIVERSITY OF MICHIGAN

The ITM Program brings together researchers with interests at the intersection of international trade and international macroeconomics. This has been an especially active area in the last fifteen years, with important contributions from academic and policy researchers alike. The topics covered in theoretical and empirical work include (i) using micro data on trade and multinational production to understand macroeconomic interdependence; (ii) price dynamics and markup determination; (iii) trade and labor markets; (iv) global value chains, trade finance, and several others. The tools developed in this literature are being applied to policy questions of interest to central banks, such as the optimal conduct of monetary policy, the implications of different exchange rate arrangements, or the understanding of macroeconomic dynamics in an increasingly integrated world of global value chains.

The program is led by its Directors Julian di Giovanni and Andrei Levchenko (Term 2019-2022), and an Advisory Committee of senior central bank and academic researchers. The current members of the Advisory Committee are:

Lillian Cheung, Hong Kong Monetary Authority (Term 2021-2026)
Luca Dedola, European Central Bank (Term 2021-2026)
Miguel Fuentes, Central Bank of Chile  (Term 2021-2026)
Jean Imbs, NYU-Abu Dhabi (Term 2021-2026)
Veronica Rappoport, London School of Economics (Term 2021-2026)
Linda Tesar, University of Michigan (Term 2021-2026)
Kei-Mu Yi, University of Houston and the Federal Reserve Bank of Dallas (Term 2021-2026)
Shang-Jin Wei, Columbia Business School (Term 2021-2026)

Past Director:

Fabio Ghironi (Term 2016-2018)

INTERNATIONAL FINANCE AND MACROECONOMICS PROGRAM (IFM)

DIRECTOR: GALINA HALE, UNIVERSITY OF CALIFORNIA, SANTA CRUZ 

The IFM Program brings together researchers with interests in international finance and monetary economics. It encompasses empirical and theoretical analysis of issues related to international financial markets and institutions, international capital flows, and monetary policy spillovers and coordination. The IFM Program strives to bring together young as well as established researchers from the fields of international economics, finance, banking, and macroeconomics, to foster dialogue and collaboration on the topics of utmost policy relevance. By including both academics and researchers at central banks and other policy institutions and promoting their interaction, the Program seeks to pursue both excellence in cutting-edge research and its application to the most important policy-relevant questions. The program is led by its Director Galina Hale (Term 2016-2020) and an Advisory Committee of senior central bank and academic researchers.The current members of the Advisory Committee are:

Laura Alfaro, Harvard Business School (Term 2016-2020)
Stijn Claessens, Bank for International Settlements (BIS) (Term 2016-2020)
Kristin Forbes, MIT Sloan (Term 2018-2022)
Linda Goldberg, Federal Reserve Bank of New York (Term 2018-2022)
Pierre-Olivier Gourinchas, UC Berkeley (Term 2016-2020)
Takatoshi Ito, U Columbia (Term 2017-2021)
Philip Lane, Central Bank of Ireland (Term 2017-2021)
Gian Maria Milesi-Ferretti, The Brookings Institution (Term 2016-2020)
Neeltje Van Horen, Bank of England (Term 2016-2020)

Inflation: Drivers & Dynamics (IDD)

CO-DIRECTORS: ROB RICH, FEDERAL RESERVE BANK OF CLEVELAND AND RAPHAEL SCHOENLE, FEDERAL RESERVE BANK OF CLEVELAND/BRANDEIS UNIVERSITY

The “Inflation: Drivers and Dynamics” (IDD) Program brings together researchers with interests in inflation and its underlying determinants. The goal of the program is to draw upon the expertise of academics and policymakers to improve our understanding of the  inflationary process, its welfare consequences and business cycle properties, and statistical methods that offer greater forecast accuracy.  A current focus of the program lies in the analysis of surveys to inform micro-founded models of consumer and firm behavior which are related to inflation, such as the formation of inflation expectations and the roles that inflation expectations play in the monetary transmission process.

The Center for Inflation Research at the Federal Reserve Bank of Cleveland is the official sponsor of the Inflation: Drivers & Dynamics research program.

The program is led by its Co-Directors Rob Rich and Raphael Schoenle (Term 2020-2024) and an Advisory Committee of leading central bank and academic researchers. The current members of the Advisory Committee are as follows: