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)

Monetary Policy and Macro Finance (MPMF)

UPDATE: David Lopez-Salido elected as inaugural Director of the Monetary Policy and Macro Finance research program

During the course of 2017, CEBRA is to launch its Research Program on the topic of “Monetary Policy and Macro Finance“ (MPMF). The MPMF research program covers topics ranging from classical monetary models to new macroeconomic models with a financial sector, focusing on implications of central bank policies and financial regulation. It addresses recent theoretical and empirical contributions from academic and policy researchers related to the link between finance and the real economy, the role of the financial sector and monetary policy. This includes researchers from the fields of macroeconomic theory, monetary economics, macroeconometrics, finance, banking and economic history.

The MPMF program is launched by an exclusive founding committee. The members of this committee will select the inaugural Program Director and the Advisory Committee.  The members of the founding committee are:

  • Tobias Adrian, Financial Counsellor & Director of the Monetary and Capital Markets Department at the IMF
  • Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University & former Vice Chairman of the Board of Governors of the Federal Reserve System
  • Claudio Borio, Head of the Monetary and Economic Department of the Bank for International Settlement
  • Markus K. Brunnermeier, Edwards S. Sanford Professor of Economics at Princeton University & Alexandre Lamfalussy Senior Research Fellow at the Bank for International Settlement
  • James Bullard, President & Chief Executive Officer of the Federal Reserve Bank of St. Louis
  • Piti Disyatat, Director of Research at the Bank of Thailand
  • Hans Genberg, Executive Director at The SEACEN Centre & former Executive Director of Research at the Hong Kong Monetary Authority.
  • Seppo Honkapohja, Deputy Governor of the Bank of Finland
  • Athanasios Orphanides, Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management & former Governor of the Central Bank of Cyprus
  • Frank Smets, Director General Economics at the European Central Bank
  • John B. Taylor, Mary and Robert Raymond Professor of Economics at Stanford University & former Under Secretary of Treasury for International Affairs of the United States of America
  • Kazuo Ueda, Professor of Economics at the University of Tokyo & former member of the Policy Board at the Bank of Japan
  • John C. Williams, President & Chief Executive Officer of the Federal Reserve Bank of San Francisco

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: