Marc Giannoni

Marc P. Giannoni is senior vice president and director of research. He joined the Dallas Fed in September 2017.

Giannoni previously was research economist and assistant vice president in the macroeconomic and monetary studies function of the New York Fed. He is a native of Switzerland and began his career as an economist with the Swiss National Bank in Zurich in 1992.

He joined the New York Fed as an economist in 2000 before leaving to begin an academic career at the Columbia University Graduate School of Business in 2002. Giannoni rejoined the New York Fed in 2011 while continuing as an adjunct professor of finance and economics at Columbia.

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.

Education

• Doctor of Philosophy - PhD Princeton University
• Master's degree Princeton University (1996 — 1998)
• Master's degree University of Geneva (1990 — 1991)
• Bachelor's degree University of Geneva (1987 — 1990)

Companies

• Senior Vice President and Director of Research Federal Reserve Bank of Dallas (2017)
• Assistant Vice President, Macroeconomic & Monetary Studies Federal Reserve Bank of New York (2014 — 2017)
• Adjunct Professor, Finance and Economics Columbia Business School (2012 — 2017)
• Research Officer, Macroeconomic & Monetary Studies Federal Reserve Bank of New York (2012 — 2014)
• Senior Economist, Macroeconomic & Monetary Studies Federal Reserve Bank of New York (2011 — 2012)
• Roderick H. Cushman Associate Professor of Business Columbia Business School (2007 — 2011)
• Associate Professor of Finance and Economics Columbia Business School (2006 — 2007)
• Assistant Professor of Finance and Economics Columbia Business School (2002 — 2006)
• Economist, Domestic Research Federal Reserve Bank of New York (2000 — 2002)

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.