Economists
Marc P. Giannoni
Senior Vice President and Director of Research
Federal Reserve Bank of Dallas
Marc P. Giannoni serves as senior vice president and director of research at the Federal Reserve Bank of Dallas. In this role, Giannoni leads the research and statistics departments and advises the Dallas Fed president and CEO on economic issues and monetary policy. Giannoni’s thought leadership and research focuses on broad macroeconomic and policy issues, including monetary policy strategies, the transmission of monetary policy, interest rates and inflation determination, as well as labor markets. He co-led a team that developed the analytical work in support of the Federal Reserve’s updated monetary policy framework, released in August 2020. Additionally, Giannoni’s expertise includes the U.S. national economy and the regional economy of the Federal Reserve Bank’s Eleventh District, which encompasses Texas, southern New Mexico and northern Louisiana. He and his team combine frontier research with information from contacts, business leaders and other research colleagues to guide policy.
Previously, Giannoni worked as a research economist in the macroeconomic and monetary studies area at the Federal Reserve Bank of New York. He was also an associate professor at the Columbia University Graduate School of Business. He is a native of Switzerland and began his career as an economist with the Swiss National Bank in Zurich. He holds BA and MA degrees in economics from the University of Geneva in Switzerland and MA and PhD degrees in economics from Princeton University.
Publications
- “Medium-Term Money Neutrality and the Effective Lower Bound,” with Gauti Eggertsson, Journal of Money, Credit, and Banking, vol. 52, no. S2, February 2021, pp. 561–600.
See also: NBER Working Paper no. 27669, August 2020. - “DSGE Forecasts of the Lost Recovery,” with Michael Cai, Marco Del Negro, Abhi Gupta, Pearl Li and Erica Moszkowski, International Journal of Forecasting, vol. 35, no. 4, October-December 2019, pp. 1770–89. https://doi.org/10.1016/j.ijforecast.2018.12.001.
See also: Federal Reserve Bank of New York Staff Reports 844, September 2018. - “A Unified Approach to Measuring u*,” with Richard K. Crump, Stefano Eusepi and Aysegul Sahin, Brookings Papers on Economic Activity: Spring 2019, Brookings Institution Press, March 2019, pp. 143–214.
- “Global Trends in Interest Rates,” with Marco Del Negro, Domenico Giannone and Andrea Tambalotti, Journal of International Economics, vol. 118, May 2019, pp. 248–62. https://doi.org/10.1016/j.jinteco.2019.01.010.
See also: Federal Reserve Bank of Dallas Working Paper no. 1812, October 2018. - “Dynamic Effects of Credit Shocks in a Data-Rich Environment,” with Jean Boivin and Dalibor Stevanovic, Journal of Business & Economic Statistics, vol. 38, no. 2, 2018, pp. 272–84. https://doi.org/10.1080/07350015.2018.1497507.
See also: Federal Reserve Bank of New York Staff Reports 615, May 2013, revised October 2016. - “Some Implications of Learning for Price Stability,” with Stefano Eusepi and Bruce Preston, European Economic Review, vol. 106, July 2018, pp. 1–20. https://doi.org/10.1016/j.euroecorev.2018.03.002.
See also: CAMA Working Paper 8/2017, January 2017. - “Safety, Liquidity, and the Natural Rate of Interest,” with Marco Del Negro, Domenico Giannone and Andrea Tambalotti, Brookings Papers on Economic Activity: Spring 2017, Brookings Institution Press, March 2017, pp. 235–94.
- “Optimal Target Criteria for Stabilization Policy,” with Michael Woodford, Journal of Economic Theory, vol. 168, March 2017, pp. 55–106. https://doi.org/10.1016/j.jet.2016.12.003.
See also: Federal Reserve Bank of New York Staff Reports 535, January 2012, revised October 2016. - “Inflation in the Great Recession and New Keynesian Models,” with Marco Del Negro and Frank Schorfheide, American Economic Journal: Macroeconomics, vol. 7, no. 1, January 2015, pp. 168–96. https://doi.org/10.1257/mac.20140097.
See also: Federal Reserve Bank of New York Staff Reports 618, May 2013, revised April 2014. - “Optimal Interest-Rate Rules and Inflation Stabilization versus Price-Level Stabilization,” Journal of Economic Dynamics and Control, vol. 41, April 2014, pp. 110–29. https://doi.org/10.1016/j.jedc.2014.01.013.
See also: Federal Reserve Bank of New York Staff Reports 546, February 2012. - “Some Unpleasant General Equilibrium Implications of Executive Incentive Compensation Contracts,” with John B. Donaldson and Natalia Gershun, Journal of Economic Theory, vol. 148, no. 1, January 2013, pp. 31–63. https://doi.org/10.1016/j.jet.2012.09.007.
See also: Federal Reserve Bank of New York Staff Reports 531, December 2011. - “Global Forces and Monetary Policy Effectiveness,” with Jean Boivin, in Jordi Galí and Mark Gertler, eds., International Dimensions of Monetary Policy, University of Chicago Press, chap. 8, 2010, pp. 429–78. https://doi.org/10.7208/chicago/9780226278872.003.0009.
- “Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data,” with Jean Boivin and Ilian Mihov, American Economic Review, vol. 99, no. 1, March 2009, pp. 350–84. https://doi.org/10.1257/aer.99.1.350.
- “How Has the Euro Changed the Monetary Transmission Mechanism?” with Jean Boivin and Benoit Mojon, in Daron Acemoglu, Kenneth Rogoff and Michael Woodford, eds., NBER Macroeconomics Annual 2008, University of Chicago Press, chap. 2, 2009, pp. 77–125. https://doi.org/10.1086/593083.
- “Robust Optimal Monetary Policy in a Forward-Looking Model with Parameter and Shock Uncertainty,” Journal of Applied Econometrics, vol. 22, no. 1, January/February 2007, pp. 179–213. https://doi.org/10.1002/jae.934.
- “Has Monetary Policy Become More Effective?” with Jean Boivin, The Review of Economics and Statistics, vol.88, no.3, August 2006, pp. 445–62. https://doi.org/10.1162/rest.88.3.445.
- “Optimal Inflation-Targeting Rules,” with Michael Woodford, in Ben S. Bernanke and Michael Woodford, eds., The Inflation-Targeting Debate, University of Chicago Press, chap. 3, 2005, pp. 93–172. https://doi.org/10.7208/chicago/9780226044736.003.0004.
- “How Forward-Looking is Optimal Monetary Policy?” with Michael Woodford, Journal of Money, Credit, and Banking, vol. 35, no. 6, part 2, December 2003, pp. 1425–69.
- “Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach,” with Jean Boivin, Federal Reserve Bank of New York Economic Policy Review, vol. 8, no. 1, May 2002, pp. 97–111.
- “Does Model Uncertainty Justify Caution? Robust Optimal Monetary Policy in a Forward-Looking Model,” Macroeconomic Dynamics, vol. 6, no. 1, February 2002, pp. 111–44. https://doi.org/10.1017/s1365100502027062.
Published Discussions
- “Comment on ‘Optimal Inflation and the Identification of the Phillips Curve’,” NBER Macroeconomics Annual 2019, University of Chicago Press, chap. 4, 2020, pp. 256–66. https://doi.org/10.1086/707182.
- “Discussion of ‘Monetary Policy, the Financial Cycle and Ultra-Low Interest Rates’,” International Journal of Central Banking, vol. 13, no. 3, September 2017, pp. 91–101.
- “Discussion of ‘Unemployment and Monetary Policy in Switzerland’ by Peter Kugler and George Sheldon,” Swiss Journal of Economics and Statistics, vol. 146, no. 1, January 2010, pp. 209–13. https://doi.org/10.1007/BF03399302.
Working Papers
- “On the Limits of Monetary Policy,” with Stefano Eusepi and Bruce Preston, July 2019, revised October 2020.
- “Outsourcing, Markups and the Labor Share,” with Karel Mertens, March 2019.
- “The Forward Guidance Puzzle,” with Marco Del Negro and Christina Patterson, Federal Reserve Bank of New York Staff Reports 574, October 2012, revised December 2015.
- “The FRBNY DSGE Model,” with Marco Del Negro, Stefano Eusepi, Argia Sbordone, Andrea Tambalotti, Matthew Cocci, Raiden Hasegawa and M. Henry Linder, Federal Reserve Bank of New York Staff Reports 647, October 2013.
- “The Inflation-Output Trade-Off Revisited,” with Gauti Eggertsson, Federal Reserve Bank of New York Staff Reports 608, March 2013.
- “Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge,” with Stefano Eusepi and Bruce Preston, Federal Reserve Bank of New York Staff Reports 547, February 2012.
- “Financial Intermediary Balance Sheet Management,” with John B. Donaldson and Natalia Gershun, Federal Reserve Bank of New York Staff Reports 531, 2011.
- “DSGE Models in a Data-Rich Environment,” with Jean Boivin, NBER Working Paper no. 12772, December 2006.
- “Optimal Interest-Rate Rules: II. Applications,” with Michael Woodford, NBER Working Paper no. 9420, December 2002.
- “Optimal Interest-Rate Rules: I. General Theory," with Michael Woodford, NBER Working Paper no. 9419, December 2002.
Dallas Fed Publications
- “What the Trimmed Mean Says About Future Inflation: Broadening Price Pressures Ahead,” with Tyler Atkinson, Jim Dolmas and Evan F. Koenig, Dallas Fed Economics, July 01, 2021.
- “The Labor Market May Be Tighter than the Level of Employment Suggests,” with Robert S. Kaplan, Tyler Atkinson, Jim Dolmas and Karel Mertens, Dallas Fed Economics, May 27, 2021.
- “Average Inflation over the Pandemic Avoids 'Base-Effect' Distortions,” with Tyler Atkinson and Jim Dolmas, Dallas Fed Economics, May 13, 2021.
Policy Notes and Social Media
- “The Federal Reserve's Review of Its Monetary Policy Framework: A Roadmap,” with David Altig, Jeff Fuhrer and Thomas Laubach, FEDS Notes, Washington: Board of Governors of the Federal Reserve System, August 27, 2020. https://doi.org/10.17016/2380-7172.2767.
- “Global Trends in Interest Rates,” with Brandyn Bok, Marco Del Negro, Domenico Giannone, Eric Qian and Andrea Tambalotti, Federal Reserve Bank of New York Liberty Street Economics Blog, February 27, 2019.
- “Forecasts of the Lost Recovery,” with Michael Cai, Marco Del Negro, Abhi Gupta and Pearl Li, Federal Reserve Bank of New York Liberty Street Economics Blog, May 09, 2018.
- “A DSGE Perspective on Safety, Liquidity, and Low Interest Rates,” with Marco Del Negro, Domenico Giannone, Abhi Gupta, Pearl Li and Andrea Tambalotti, Federal Reserve Bank of New York Liberty Street Economics Blog, February 07, 2018.
- “A Time-Series Perspective on Safety, Liquidity, and Low Interest Rates,” with Brandyn Bok, Marco Del Negro, Domenico Giannone and Andrea Tambalotti, Federal Reserve Bank of New York Liberty Street Economics Blog, February 06, 2018.
- “A New Perspective on Low Interest Rates,” with Marco Del Negro, Domenico Giannone and Andrea Tambalotti, Federal Reserve Bank of New York Liberty Street Economics Blog, February 05, 2018.
- “The New York Fed DSGE Model Forecast—August 2017,” with Michael Cai, Abhi Gupta, Pearl Li and Argia Sbordone, Federal Reserve Bank of New York Liberty Street Economics Blog, September 08, 2017.
- “Forecasting with Julia,” with Marco Del Negro, Abhi Gupta, Pearl Li and Erica Moszkowski, Federal Reserve Bank of New York Liberty Street Economics Blog, May 08, 2017.
- “The FRBNY DSGE Model Forecast—February 2017,” with Marco Del Negro, Abhi Gupta, Pearl Li and Erica Moszkowski, Federal Reserve Bank of New York Liberty Street Economics Blog, February 17, 2017.
- “The FRBNY DSGE Model Forecast—November 2016,” with Marco Del Negro, Abhi Gupta, Pearl Li and Erica Moszkowski, Federal Reserve Bank of New York Liberty Street Economics Blog, November 21, 2016.
- “The Macro Effects of the Recent Swing in Financial Conditions,” with Marco Del Negro and Micah Smith, Federal Reserve Bank of New York Liberty Street Economics Blog, May 25, 2016.
- “The FRBNY DSGE Model Meets Julia,” with Marco Del Negro, Pearl Li, Erica Moszkowski and Micah Smith, Federal Reserve Bank of New York Liberty Street Economics Blog, December 03, 2015.
- “The FRBNY DSGE Model Forecast—November 2015,” with Marco Del Negro, Erica Moszkowski, Sara Shahanaghi and Micah Smith, Federal Reserve Bank of New York Liberty Street Economics Blog, December 01, 2015.
- “Why Are Interest Rates So Low?” with Marco Del Negro, Matthew Cocci, Sara Shahanaghi and Micah Smith, Federal Reserve Bank of New York Liberty Street Economics Blog, May 20, 2015.
- “The FRBNY DSGE Model Forecast—April 2015,” with Marco Del Negro, Matthew Cocci, Sara Shahanaghi and Micah Smith, Federal Reserve Bank of New York Liberty Street Economics Blog, May 18, 2015.
- “The FRBNY DSGE Model Forecast,” with Matthew Cocci, Marco Del Negro, Stefano Eusepi and Sara Shahanaghi, Federal Reserve Bank of New York Liberty Street Economics Blog, September 26, 2014.
- “An Assessment of the FRBNY DSGE Model's Real-Time Forecasts, 2010-13,” with Matthew Cocci, Marco Del Negro, Stefano Eusepi, M. Henry Linder and Sara Shahanaghi, Federal Reserve Bank of New York Liberty Street Economics Blog, September 25, 2014.
- “Forecasting with the FRBNY DSGE Model,” with Marco Del Negro, Bianca De Paoli, Stefano Eusepi, Argia M. Sbordone and Andrea Tambalotti, Federal Reserve Bank of New York Liberty Street Economics Blog, September 22, 2014.
- “Why Didn’t Inflation Collapse in the Great Recession?” with Marco Del Negro, Raiden Hasegawa and Frank Schorfheide, Federal Reserve Bank of New York Liberty Street Economics Blog, August 13, 2014.
- “Inflation in the Great Recession and New Keynesian Models,” with Marco Del Negro, Raiden Hasegawa and Frank Schorfheide, Federal Reserve Bank of New York Liberty Street Economics Blog, August 11, 2014.
- “Has the Fed Stabilized the Price Level?” with Hannah Herman, Federal Reserve Bank of New York Liberty Street Economics Blog, November 27, 2013.
- “The Macroeconomic Effects of Forward Guidance,” with Marco Del Negro and Christina Patterson, Federal Reserve Bank of New York Liberty Street Economics Blog, February 25, 2013.
