Christopher Erceg

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Christopher Erceg

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Bibliographic details

• Authors: Christopher Erceg

Profile

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)

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).

IMF Publications

IMF Books and Working Papers

• Macroeconomic and Fiscal Consequences of Quantitative Easing, Working Paper No. 2025/158 , August 8, 2025

• Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation, Staff Discussion Notes No. 2025/003 , April 11, 2025

• Monetary Policy and Inflation Scares, Working Paper No. 2024/260 , December 20, 2024

• New Perspectives on Quantitative Easing and Central Bank Capital Policies, Working Paper No. 2024/103 , May 17, 2024

• Can Energy Subsidies Help Slay Inflation?, Working Paper No. 2024/081 , April 5, 2024

• Central Bank Exit Strategies Domestic Transmission and International Spillovers, Working Paper No. 2024/073 , March 29, 2024

• A Quantitative Microfounded Model for the Integrated Policy Framework, Working Paper No. 2021/292 , December 17, 2021

• Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies during COVID-19 and Beyond, Departmental Paper No 2021/023 , October 11, 2021

• A Quantitative Model for the Integrated Policy Framework, Working Paper No. 2020/122 , July 7, 2020

• Labor Force Participation and Monetary Policy in the Wake of the Great Recession, Working Paper No. 2013/245 , December 16, 2013

• Effects of Fiscal Stimulus in Structural Models, Working Paper No. 2010/073 , March 1, 2010

Non-IMF Publications

Publications in Journals (Referred)

• "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).