Research on monetary economics encompasses a broad array of positive and normative questions related to central banking. How macroeconomic aggregates interact with monetary policy, transmission of monetary policy, what asset prices signal about perceptions of policy are some of these. Policies chosen by central banks and optimal policies that should be chosen are often main research questions. Monetary policy is often studied in conjunction with inflation, economic growth, and unemployment.

The MEF programme also studies business cycles, propagation and amplification of shocks to economic activity, recessions and policies to mitigate their effects, and broad questions of macroeconomic dynamics.

The MEF programme is one of the three successors to the old International Macroeconomics (IM) programme, along with International Macroeconomics and Finance (IMF) and Macroeconomics and Growth (MG).

Key areas covered are:

  • Monetary Economics
  • Central Banking
  • Business Cycles

Programme Directors

Research Fellows

Klaus Adam

Research Professor Deutsche Bundesbank; Research Fellow at the Centre for Financial Studies Goethe University Frankfurt; Scientific Chair Professor of Economics University Of Oxford

Stefania Albanesi

Research Associate National Bureau Of Economic Research (NBER); Professor of Economics University Of Miami; Professor of Economics University Of Pittsburgh

Carlo Altavilla

Head of Division, Directorate General Monetary Policy European Central Bank

Sumru Altug

Professor and Chair, Department of Economics American University of Beirut

Marina Azzimonti

Senior Economist and Research Advisor Federal Reserve Bank Of Richmond; Research Associate on Economic Fluctuations and Growth (EFG) and Political Economy (POL) National Bureau Of Economic Research (NBER)

Rüdiger Bachmann

Stepan Family College Professor of Economics, Graduate Placement Director University Of Notre Dame

Michael Bauer

Senior Research Advisor Federal Reserve Bank Of San Francisco; Professor of Economics (on leave) Universität Hamburg

Christiane Baumeister

Research Professor Deutsche Bundesbank; Research Associate National Bureau Of Economic Research (NBER); Lambert Family Professor of Economics University Of Notre Dame

Christian Bayer

Professor of Economics, Institute for Macroeconomics and Econometrics University Of Bonn

Charles Bean

Professor of Economics and Co-director, Executive Masters in Public Administration/Policy London School Of Economics And Political Science

Francesco Bianchi

Louis J. Maccini Professor of Economics Johns Hopkins University; Research Associate National Bureau Of Economic Research (NBER)

Florin Bilbiie

Professor of Macroeconomics, Senior J.M. Keynes Fellow, and Janeway Institute Coordinator University Of Cambridge; Visiting Professor and Director of Research at Clare Hall University Of Cambridge

Olivier Blanchard

Fred Bergsten Senior Fellow Peterson Institute for International Economics (PIIE)

Lena Boneva

Research Economist European Central Bank; Senior Economist, Monetary Policy Analysis Division Swiss National Bank (SNB)

Timo Boppart

Associate Professor, Institute for International Economic Studies Swedish Institute for Social Research (SOFI), Stockholm University; Professor for International Economics University Of St Gallen

Benjamin Born

Associate Professor of Macroeconomics Frankfurt School Of Finance & Management

Tobias Broer

Professor Paris School of Economics (PSE); Associate Professor, Institute for International Economic Studies Swedish Institute for Social Research (SOFI), Stockholm University

Willem Buiter

Adjunct Senior Fellow Council on Foreign Relations in New York

Jeffrey Campbell

Consultant Federal Reserve Bank of Chicago; Professor of Macroeconometrics Tilburg University; Francis D. Rasmus and Jerome A. Castellini Professor of Economics University Of Notre Dame

Fabio Canova

Professor of macroeconomics Bi Norwegian Business School; Pierre Werner Chair in Monetary Union European University Institute; Santander Excellence Chair Universidad Carlos Iii De Madrid

Wendy Carlin

Scientific Council Paris School of Economics (PSE); External Professor Santa Fe Institute; Professor of Economics University College London

Vasco Carvalho

Turing Fellow The Alan Turing Institute; Professor of Macroeconomics University Of Cambridge

Stephen Cecchetti

Rosen Family Chair in International Finance, Brandeis International Business School Brandeis University; Vice-Chair, Advisory Scientific Committee European Systemic Risk Board

James Cloyne

Visiting Scholar Federal Reserve Bank Of San Francisco; Research Fellow Institute for Fiscal Studies (IFS); Research Associate on Monetary Economics National Bureau Of Economic Research (NBER); Associate Professor of Economics (with Tenure) University of California, Davis

Fabrizio Coricelli

Emeritus Professor Paris School of Economics (PSE); Professor of Economics University Of Siena

Isabel Correia

Head of Research and Economics Department Bank of Portugal; Full Professor Catholic University of Portugal

Giancarlo Corsetti

Pierre Werner Chair and Joint Professor, Department of Economics and Robert Schuman Centre for Advanced Studies European University Institute

Alex Cukierman

Professor of Economics Interdisciplinary Center Herzliya; Professor Emeritus Tel Aviv University

Jean-Pierre Danthine

Managing Director Enterprise for Society (E4S - UNIL-IMD-EPFL); Emeritus Professor of Economics and Finance HEC Lausanne; Associate Member and President Paris School of Economics (PSE); Professor Swiss Federal Institute of Technology Lausanne (EPFL)

Paul De Grauwe

John Paulson Chair in European Political Economy London School Of Economics And Political Science

Davide Debortoli

Research Professor Barcelona School Of Economics; Research Associate Centre De Recerca En Economia Internacional (CREI); ICREA Research Professor Pompeu Fabra University

Luca Dedola

Senior Adviser, Directorate General Research European Central Bank

Marco Del Negro

Director of the Applied Macroeconomics and Econometrics Center (AMEC) Federal Reserve Bank Of New York

Harris Dellas

Research Fellow Federal Reserve Bank Of St. Louis; Professor and Co-Director, Institute of Political Economy University Of Bern

Wouter Den Haan

Professor of Economics and Co-Director of the Centre for Macroeconomics London School Of Economics And Political Science

Michael Ehrmann

Head of the Monetary Policy Research Division European Central Bank

Martin Ellison

Professor of Economics and Professorial Fellow of Nuffield College University Of Oxford

Elisa Faraglia

Associate Professor, Faculty of Economics University Of Cambridge

Roger Farmer

Honorary Fellow National Institute of Economic and Social Research; Emeritus Distinguished Professor University of California, Los Angeles; Professor of Economics University Of Warwick

Carlo A. Favero

Deutsche Bank Chair in Asset Pricing and Quantitative Finance, Department of Finance Bocconi University

Jesús Fernández-Villaverde

Research Associate National Bureau Of Economic Research (NBER); Howard Marks Presidential Professor of Economics, Director of the Penn Initiative for the Study of the Markets and Co-Director of the Business, Economic, and Financial History Project at the Wharton Initiative on Financial Policy and Regulation University Of Pennsylvania

Andrea Ferrero

Professor of Economics and Senior Research Fellow, Trinity College University Of Oxford

Andreas Fischer

Research Associate Federal Reserve Bank Of Dallas; Professor Economic Adviser at the International Research Unit Swiss National Bank (SNB); Adjunct Professor University Of Bern

Martin Floden

Professor in Economics Stockholm University; Deputy Governor Sveriges Riksbank; Professor of Economics Swedish Institute for Social Research (SOFI), Stockholm University

Kristin Forbes

Jerome and Dorothy Lemelson Professor of Management and Global Economics Massachusetts Institute of Technology (MIT)

Mario Forni

Professore Ordinario of Econometrics University Of Modena And Reggio Emilia

Xavier Gabaix

Pershing Square Professor of Economics and Finance Harvard University

Gaetano Gaballo

Associate Professor in Macroeconomics HEC Paris School of Management

Jordi Galí

Research Professor Barcelona School Of Economics; Senior Researcher and Professor Centre De Recerca En Economia Internacional (CREI); Professor of Economics Pompeu Fabra University

Ana Beatriz Galvão

Global Modeling Team, Senior Economist Fellow Office For National Statistics; Professor of Economic Modelling and Forecasting, Warwick Business School University Of Warwick

Domenico Giannone

Senior Principal Economist Amazon; Assistant Vice President Federal Reserve Bank Of New York; Affiliate Professor University Of Washington

Marc Giannoni

Senior Vice President and Director of Research Federal Reserve Bank Of Dallas

Charles Goodhart

Emeritus Professor in the Financial Markets Group London School Of Economics And Political Science

Yuriy Gorodnichenko

Quantedge Presidential Professor, Department of Economics University Of California, Berkeley

Veronica Guerrieri

Ronald E. Tarrson Professor of Economics and Williard Graham Faculty Scholar, Booth School of Business University Of Chicago

Christian Hellwig

Professor of Economics and Scientific Director Toulouse School Of Economics

Seppo Honkapohja

Emeritus Professor, Department of Economics Aalto University School of Business

Patrick Honohan

Nonresident Senior Fellow Peterson Institute for International Economics (PIIE); Honorary Professor Trinity College Dublin

Ethan Ilzetzki

Associate Professor of Economics (with Tenure) London School Of Economics And Political Science

Luigi Iovino

Associate Professor (with Tenure) in the Department of Economics Bocconi University, IGIER

Nir Jaimovich

Professor of Economics Department of Economics, University of California San Diego

Òscar Jordà

Senior Policy Advisor Federal Reserve Bank Of San Francisco; Professor of Economics University of California, Davis

Lutz Kilian

Senior Economic Policy Adviser Federal Reserve Bank Of Dallas

Nobuhiro Kiyotaki

Academic Consultant Federal Reserve Bank Of New York; Academic Consultant Federal Reserve Bank Of Richmond; Harold H. Helm '20 Professor of Economics and Banking Princeton University

Anton Korinek

Nonresident Fellow Brookings Institution; Research Associate National Bureau Of Economic Research (NBER); Professor, Department of Economics and Darden School of Business University Of Virginia

Per Krusell

Savings Banks Foundations and Swedbank Chair in Macroeconomics, Torsten and Ragnar Söderberg chair in Economics Institute For International Economic Studies (IIES), Stockholm University; Centennial Professor London School of Economics and Political Science

Jennifer La'O

Associate Professor of Economics (with Tenure) Columbia University

Sarah Lein

Research Network Fellow Cesifo; Full Professor of Macroeconomics University Of Basel

Michele Lenza

Head of Section, D-G Research, Monetary Policy Division, Macroeconomics Section European Central Bank

Francesco Lippi

Senior Fellow Einaudi Institute for Economics and Finance (EIEF); Professor of Economics Luiss Guido Carli Free International University for Social Studies; Professor of Economics University of Sassari

Lars Ljungqvist

Global Distinguished Professor New York University; Professor Stockholm School Of Economics

Albert Marcet

ICREA Research Professor Centre De Recerca En Economia Internacional (CREI); Adjunct Professor Pompeu Fabra University

Filip Matějka

Associate Professor with Tenure Center For Economic Research And Graduate Education - Economics Institute (CERGE-EI); Researcher at the Economics Institute, the Czech Academy of Sciences; Associate Professor Charles University

Michael McMahon

Professor of Economics and Senior Research Fellow University Of Oxford

Leonardo Melosi

Professor of Economics, University of Warwick Federal Reserve, Bank of Chicago

Karel Mertens

Associate Professor of Economics Cornell University; Senior Economist and Policy Advisor Federal Reserve Bank Of Dallas

Ilian Mihov

The Rausing Chaired Professor of Economic and Business Transformation, Dean European Institute of Business Administration (INSEAD)

Patrick Minford

Professor of Economics and Director of the Julian Hodge Institute of Applied Macroeconomics Cardiff University

Kurt Mitman

Associate Professor (with Tenure) Institute For International Economic Studies (IIES), Stockholm University

Benjamin Moll

Professor of Economics London School Of Economics And Political Science

Fellow, Monetary Economics and Fluctuations / Fellow, Macroeconomics and Growth / RPN Member, Geoeconomics

John Muellbauer

Senior Fellow Institute for New Economic Thinking; Senior Research Fellow Nuffield College; Professor of Economics University Of Oxford

Emi Nakamura

Professor of Business and Economics Columbia University; Faculty Research Fellow National Bureau Of Economic Research (NBER); Chancellor's Professor of Economics University Of California, Berkeley

Anton Nakov

Principal Economist in DG Research European Central Bank

Liwa Rachel Ngai

Associate Professor, Department of Economics London School Of Economics And Political Science

Athanasios Orphanides

Co-Chair Professor of the Practice of Global Economics and Management Massachusetts Institute of Technology (MIT)

Luigi Paciello

Full Professor Einaudi Institute for Economics and Finance (EIEF)

Evi Pappa

Full Professor Universidad Carlos Iii De Madrid

Josep Pijoan-Mas

Professor of Economics Center for Monetary and Financial Studies (CEMFI)

Christopher Pissarides

Co-Chair Institute for The Future of Work; Regius Professor of Economics London School Of Economics And Political Science; Professor of European Studies University Of Cyprus

Céline Poilly

Professor of Economics Aix Marseille School Of Economics; Assistant Professor HEC Lausanne

Vincenzo Quadrini

Research Associate National Bureau Of Economic Research (NBER); James McN. Stancill Chair in Business Administration Professor of Finance and Business Economics University Of Southern California

Valerie Ramey

Professor in the Department of Economics University of California, San Diego

Federico Ravenna

Carlo Alberto Chair Affiliated Professor Hec Montreal; Affiliated Professor University Of Copenhagen

Morten Ravn

Professor of Economics Professor of Economics University College London

Lucrezia Reichlin

Fellow British Academy; Fellow Econometric Society; Trustee IFRS International Financial Reporting Standards Foundation; Professor of Economics London Business School

Pietro Reichlin

Research Fellow Einaudi Institute for Economics and Finance (EIEF); Professor of Economics Luiss Guido Carli Free International University for Social Studies

Ricardo Reis

A.W. Phillips Professor of Economics London School Of Economics And Political Science

José-Víctor Ríos-Rull

Professorial Research Fellow University College London; Lawrence R. Klein Professor of Economics University Of Pennsylvania

David Romer

Herman Royer Professor in Political Economy University Of California, Berkeley

Barbara Rossi

Associate Researcher Centre De Recerca En Economia Internacional (CREI); ICREA Professor Pompeu Fabra University; Research Fellow

Andrew Scott

Professor of Economics London Business School; Consulting Scholar at Stanford University’s Center on Longevity Stanford University

Petr Sedláček

Professor of Economics University of New South Wales (UNSW); Senior Research and Teaching Fellow University Of Oxford

Anne Sibert

Professor of Economics Birkbeck, University Of London

Alp Simsek

Rudi Dornbusch Career Development Associate Professor of Economics Massachusetts Institute of Technology (MIT); Professor of Finance Yale School Of Management

Frank Smets

Adviser to the Counsel to the Executive Board European Central Bank; Part-time Professor of Economics Ghent University

Dennis Snower

Senior Research Fellow Blavatnik School of Government, University of Oxford; President Global Solutions Initiative; Professorial Research Fellow Institute for New Economic Thinking Oxford University; Program Chair The New Institute

Lars E.O. Svensson

Affiliated Professor, Department of Economics Stockholm School Of Economics; Affiliated Professor, Institute for International Economic Studies Stockholm University

Silvana Tenreyro

External Monetary Policy Committee Member Bank Of England; Professor London School of Economics and Political Science

Antonella Trigari

Research Fellow Baffi-Carefin Centre; Full Professor Bocconi University; Research Fellow IGIER

Oreste Tristani

Senior Adviser in the Directorate General Research European Central Bank

Harald Uhlig

Bruce Allen and Barbara Ritzenthaler Professor of Economics University Of Chicago

Etienne Wasmer

Professor of Economics New York University Abu Dhabi; Professor of Economics, LIEPP Sciences Po Paris University

Axel A. Weber

President Center for Financial Studies; Chairman Institute of International Finance

Philippe Weil

Professor of economics, Solvay Brussels School of Economics and Business ECARES, ULB

Michael R. Wickens

Professor of Economics Cardiff University; Professor of Economics University of Cardiff; Emeritus Professor of Economics University Of York

Volker Wieland

Endowed Chair of Monetary Economics, Institute for Monetary and Financial Stability Goethe University Frankfurt

Eran Yashiv

Member, Centre for Macroeconomics London School Of Economics And Political Science; Professor of Economics, the Eitan Berglas School of Economics Tel Aviv University

Research Affiliates

Adrien Auclert

Assistant Professor in the Department of Economics Stanford University

Isaac Baley

Affiliated Professor Barcelona School Of Economics; Research Associate Centre De Recerca En Economia Internacional (CREI); Associate Professor & ERC Distinguished Researcher Pompeu Fabra University

David Rezza Baqaee

Faculty Research Fellow National Bureau Of Economic Research (NBER); Associate Professor of Economics University of California, Los Angeles

Corina Boar

Research Economist Bocconi University; Assistant Professor of Economics New York University

Katarína Borovičková

Senior Scholar Bocconi University; Economist Federal Reserve Bank Of Richmond; Assistant Professor in the Department of Economics New York University

Charles Brendon

Affiliated Researcher Toulouse School Of Economics; El-Erian Fellow in Macroeconomics, Faculty of Economics and Queens’ College University Of Cambridge

Yao Chen

Assistant Professor Erasmus School of Economics, Erasmus University Rotterdam

Axelle Ferriere

Research Fellow French National Centre for Scientific Research; Assistant Professor of Economics Paris School of Economics (PSE)

Basile Grassi

Assistant Professor Bocconi University; Affiliate Bocconi University, IGIER

Sinem Hacıoğlu Hoke

Research Advisor, Financial Stability, Strategy and Risk Directorate Bank Of England; Senior Economist Federal Reserve Board Of Governors

Gregor Jarosch

Associate Professor, Department of Economics Duke University; Faculty Research Fellow National Bureau Of Economic Research (NBER)

Matthias Kehrig

Associate Professor Of Economics Duke University; Faculty Research Fellow National Bureau Of Economic Research (NBER)

Ralph Luetticke

Professor Eberhard-Karls-University Tüebingen; Assistant Professor University College London

Eric Mengus

Associate Professor of Economics HEC Paris School of Management

Emanuel Moench

Professor of Financial and Monetary Economics Frankfurt School Of Finance & Management

Francesca Monti

Professor of Economics IRES/LIDAM, UCLouvain; Advisor, Qatar Centre for Global Banking & Finance King's Business School, King's College London

Andreas Müller

Tenure-Track Assistant Professor, Faculty of Business and Economics University Of Basel; Senior Lecturer in the Department of Economics (on Leave) University Of Essex

Christina Patterson

Assistant Professor of Economics Booth School of Business, University of Chicago; Faculty Research Fellow National Bureau Of Economic Research (NBER)

Facundo Piguillem

Associate Professor of Economics Einaudi Institute for Economics and Finance (EIEF)

Giovanni Ricco

Professeur de Classe Exceptionnelle Ecole Polytechnique; Chercheur Associé, OFCE Sciences Po Paris University; Professor of Economics University Of Warwick

Alexander Rodnyansky

Research Affiliate Centre for Macroeconomics at LSE; Assistant Professor of Economics Faculty of Economics, University of Cambridge; Presidential Adviser to the Office of the President of Ukraine

Edouard Schaal

ICREA Research Professor of Economics Centre De Recerca En Economia Internacional (CREI)

Linda Schilling

Assistant Professor of Finance Olin Business School, Washington University in St Louis

Kathrin Schlafmann

Assistant Professor in the Department of Finance Copenhagen Business School; Research Fellow Danish Finance Institute

Benjamin Schoefer

Visiting Scholar Federal Reserve Bank Of San Francisco; Faculty Research Fellow National Bureau Of Economic Research (NBER); Associate Professor (with Tenure) University Of California, Berkeley

Victoria Vanasco

Adjunct Professor Barcelona School Of Economics; Researcher Centre De Recerca En Economia Internacional (CREI); Adjunct Professor Pompeu Fabra University