Christopher J. Erceg
Last Updated: January 24, 2013
Christopher Erceg is a visiting fellow in the Research Department. He is currently on leave from the Federal Reserve Board, where he serves as an Associate Director in the International Finance Division. Chris has played a major role in developing the Board’s global macroeconomic models. His research interests include monetary and fiscal policy, open economy macroeconomics, and commodity price behavior. He has published in leading journals, including the American Economic Review, the Journal of Monetary Economics, the Journal of International Economics and the Journal of the European Economic Association. Chris received his Ph.D. from the University of Chicago.
Education:
1993: Ph.D. (Economics), University of Chicago.
1987: M.A. (Economics), University of Chicago.
1986: B.A. (Economics), University of Virginia.
Previous Experience:
Deputy Associate Director, Federal Reserve Board, International Finance Division, 2010-2011
Assistant Director, Federal Reserve Board, International Finance Division, 2008-2010.
Section Chief, Federal Reserve Board, Trade and Financial Studies Section, 2006-2008.
Senior Economist, Federal Reserve Board, Global Modeling section, 2001-2006.
Economist, Federal Reserve Board, Global Modeling section, 1998-2001.
Economist, Federal Reserve Board, Emerging Market Economies section, 1993-1998.
Research Intern and Economic Consultant, Federal Reserve Bank of Chicago, 1986-1993.
Current Position:
Visiting Research Felllow in the Research Department
Associate Director, International Finance Division, Federal Reserve Board (on leave)
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IMF Books and Working Papers:
Labor Force Participation and Monetary Policy in the Wake of the Great Recession, Working Paper No. 13/245, December 16, 2013
Effects of Fiscal Stimulus in Structural Models, Working Paper No. 10/73, March 01, 2010
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Books
“Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs,” NBER Chapter in: NBER International Seminar on Macroeconomics 2010, National Bureau of Economic Research Inc. (2011), pg. 95-135 (with Jesper Linde).
“The Transmission of Domestic Shocks in the Open Economy,” NBER Chapter in: International Dimensions of Monetary Policy, National Bureau of Economic Research Inc. (2010), pg. 89-148 (with David Lopez-Saliido and Christopher Gust).
Publications in Journals (Refereed)
"Is There a Fiscal Free Lunch in a Liquidity Trap," Journal of the European Economic Association, forthcoming (with Jesper Linde).
Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes,” Journal of Economic Dynamics and Control, vol. 37(2), February 2013, pg. 422-445 (with Jesper Linde).
Christopher Erceg is a visiting fellow in the Research Department. He is currently on leave from the Federal Reserve Board, where he serves as an Associate Director in the International Finance Division. Chris has played a major role in developing the Board’s global macroeconomic models. His research interests include monetary and fiscal policy, open economy macroeconomics, and commodity price behavior. He has published in leading journals, including the American Economic Review, the Journal of Monetary Economics, the Journal of International Economics and the Journal of the European Economic Association. Chris received his Ph.D. from the University of Chicago.
Education:
1993: Ph.D. (Economics), University of Chicago.
1987: M.A. (Economics), University of Chicago.
1986: B.A. (Economics), University of Virginia.
Previous Experience:
Deputy Associate Director, Federal Reserve Board, International Finance Division, 2010-2011
Assistant Director, Federal Reserve Board, International Finance Division, 2008-2010.
Section Chief, Federal Reserve Board, Trade and Financial Studies Section, 2006-2008.
Senior Economist, Federal Reserve Board, Global Modeling section, 2001-2006.
Economist, Federal Reserve Board, Global Modeling section, 1998-2001.
Economist, Federal Reserve Board, Emerging Market Economies section, 1993-1998.
Research Intern and Economic Consultant, Federal Reserve Bank of Chicago, 1986-1993.
Current Position:
Visiting Research Felllow in the Research Department
Associate Director, International Finance Division, Federal Reserve Board (on leave)
IMF Books and Working Papers:
Labor Force Participation and Monetary Policy in the Wake of the Great Recession, Working Paper No. 13/245, December 16, 2013
Effects of Fiscal Stimulus in Structural Models, Working Paper No. 10/73, March 01, 2010
Books
“Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs,” NBER Chapter in: NBER International Seminar on Macroeconomics 2010, National Bureau of Economic Research Inc. (2011), pg. 95-135 (with Jesper Linde).
“The Transmission of Domestic Shocks in the Open Economy,” NBER Chapter in: International Dimensions of Monetary Policy, National Bureau of Economic Research Inc. (2010), pg. 89-148 (with David Lopez-Saliido and Christopher Gust).
“Monetary Business Cycle Models – Sticky Prices and Wages,” New Palgrave Dictionary of Economics, Second Edition, Edited by Lawrence Blume and Steven Durlauf, Hampshire: Palgrave Macmillan Ltd. (2008).
“Sticky Wages and Staggered Wage-Setting,” New Palgrave Dictionary of Economics, Second Edition, Edited by Lawrence Blume and Steven Durlauf, Hampshire: Palgrave Macmillan Ltd. (2008).
Publications in Journals (Refereed)
"Is There a Fiscal Free Lunch in a Liquidity Trap," Journal of the European Economic Association, forthcoming (with Jesper Linde).
Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes,” Journal of Economic Dynamics and Control, vol. 37(2), February 2013, pg. 422-445 (with Jesper Linde).
“Effects of Fiscal Stimulus in Structural Models,” American Economic Journal: Macroeconomics 4 (1), January 2012, pg. 22–68 (with G. Coenen and 15 additional co-authors).
“Fiscal Consolidation in an Open Economy,” American Economic Review Papers and Proceedings, vol. 102(3), May 2012, pg. 186-191 (with Jesper Linde).
“Oil Shocks and External Adjustment,” Journal of International Economics, vol. 83(2) March 2011, pg. 168-184 (with Martin Bodenstein and Luca Guerrieri).
“Did Easy Money in the Dollar Bloc Fuel the Oil Price Run-Up?”, International Journal of Central Banking, vol. 7, no. 1, March 2011, pg. 131-160 (with Luca Guerrieri and Steve Kamin).
“Optimal Monetary Policy with Distinct Core and Headline Inflation Rates,” Journal of Monetary Economics, Supplement 1, vol. 55, October 2008, pg. S18-S33 (with Martin Bodenstein and Luca Guerrieri).
“Trade Adjustment and the Composition of Trade,” Journal of Economic Dynamics and Control, vol. 32(8), August 2008, pg. 2622-2650 (with Luca Guerrieri and Christopher Gust).
''Optimal Monetary Policy with Durable Consumption Goods'', Journal of Monetary Economics, vol. 53 no. 7, October 2006, pg. 1341-59 (with Andrew Levin).
“SIGMA: A New Open Economy Model for Policy Analysis,” International Journal of Central Banking vol. 2, no. 1, March 2006, pg. 1-50 (with Luca Guerrieri and Christopher Gust).
''Can Long-Run Restrictions Identify Technology Shocks?'' Journal of the European Economic Association, vol. 3, December 2005, pg. 1237-1278 (with Luca Guerrieri and Christopher Gust).
''Expansionary Fiscal Shocks and the Trade Deficit,'' International Finance, vol. 8 December 2005, pg. 363-397 (with Luca Guerrieri and Christopher Gust).
''Imperfect Credibility and Inflation Persistence,'' Journal of Monetary Economics, vol. 50 June 2003, pg. 915-944 (with Andrew Levin).
''The Choice of an Inflation Target Range in a Small Open Economy,'' American Economic Review Papers and Proceedings, vol. 92 (May 2002), pg. 85-89.
“Optimal Monetary Policy with Staggered Wage and Price Contracts,” Journal of Monetary Economics vol. 46 (October 2000), pg. 281-313 (with Dale Henderson and Andrew Levin).
“Money, Sticky Wages, and the Great Depression,” American Economic Review 90, vol. 5 (December 2000), pg. 1447-1463 (with Charles Evans and Michael Bordo).