{
  "title": "Christopher Erceg",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/erceg-christopher",
  "canonical": "https://www.imf.org/en/research/researcher-cv/author/erceg-christopher",
  "overlayPath": "/en/research/researcher-cv/author/erceg-christopher/index.md",
  "summary": "1993: Ph.D. (Economics), University of Chicago.",
  "authors": [
    "Christopher Erceg"
  ],
  "sections": [
    {
      "heading": "Education",
      "content": "- 1993: Ph.D. (Economics), University of Chicago.\n\n- 1987: M.A. (Economics), University of Chicago.\n\n- 1986: B.A. (Economics), University of Virginia."
    },
    {
      "heading": "Previous Experience",
      "content": "- Deputy Associate Director, Federal Reserve Board, International Finance Division, 2010-2011\n\n- Assistant Director, Federal Reserve Board, International Finance Division, 2008-2010.\n\n- Section Chief, Federal Reserve Board, Trade and Financial Studies Section, 2006-2008.\n\n- Senior Economist, Federal Reserve Board, Global Modeling section, 2001-2006.\n\n- Economist, Federal Reserve Board, Global Modeling section, 1998-2001.\n\n- Economist, Federal Reserve Board, Emerging Market Economies section, 1993-1998.\n\n- Research Intern and Economic Consultant, Federal Reserve Bank of Chicago, 1986-1993."
    },
    {
      "heading": "Current Position",
      "content": "- Visiting Research Felllow in the Research Department\n\n- Associate Director, International Finance Division, Federal Reserve Board (on leave)"
    },
    {
      "heading": "Books",
      "content": "- “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).\n\n- “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).\n\n- “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).\n\n- “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)."
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Macroeconomic and Fiscal Consequences of Quantitative Easing, Working Paper No. 2025/158 , August 8, 2025\n\n- Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation, Staff Discussion Notes No. 2025/003 , April 11, 2025\n\n- Monetary Policy and Inflation Scares, Working Paper No. 2024/260 , December 20, 2024\n\n- New Perspectives on Quantitative Easing and Central Bank Capital Policies, Working Paper No. 2024/103 , May 17, 2024\n\n- Can Energy Subsidies Help Slay Inflation?, Working Paper No. 2024/081 , April 5, 2024\n\n- Central Bank Exit Strategies Domestic Transmission and International Spillovers, Working Paper No. 2024/073 , March 29, 2024\n\n- A Quantitative Microfounded Model for the Integrated Policy Framework, Working Paper No. 2021/292 , December 17, 2021\n\n- 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\n\n- A Quantitative Model for the Integrated Policy Framework, Working Paper No. 2020/122 , July 7, 2020\n\n- Labor Force Participation and Monetary Policy in the Wake of the Great Recession, Working Paper No. 2013/245 , December 16, 2013\n\n- Effects of Fiscal Stimulus in Structural Models, Working Paper No. 2010/073 , March 1, 2010"
    },
    {
      "heading": "Publications in Journals (Referred)",
      "content": "- \"Is There a Fiscal Free Lunch in a Liquidity Trap,\" Journal of the European Economic Association, forthcoming (with Jesper Linde).\n\n- 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).\n\n- “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).\n\n- “Fiscal Consolidation in an Open Economy,” American Economic Review Papers and Proceedings, vol. 102(3), May 2012, pg. 186-191 (with Jesper Linde).\n\n- “Oil Shocks and External Adjustment,” Journal of International Economics, vol. 83(2) March 2011, pg. 168-184 (with Martin Bodenstein and Luca Guerrieri).\n\n- “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).\n\n- “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).\n\n- “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).\n\n- ''Optimal Monetary Policy with Durable Consumption Goods'', Journal of Monetary Economics, vol. 53 no. 7, October 2006, pg. 1341-59 (with Andrew Levin).\n\n- “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).\n\n- ''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).\n\n- ''Expansionary Fiscal Shocks and the Trade Deficit,'' International Finance, vol. 8 December 2005, pg. 363-397 (with Luca Guerrieri and Christopher Gust).\n\n- ''Imperfect Credibility and Inflation Persistence,'' Journal of Monetary Economics, vol. 50 June 2003, pg. 915-944 (with Andrew Levin).\n\n- ''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.\n\n- “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).\n\n- “Money, Sticky Wages, and the Great Depression,” American Economic Review 90, vol. 5 (December 2000), pg. 1447-1463 (with Charles Evans and Michael Bordo)."
    }
  ],
  "bullets": [
    "1993: Ph.D. (Economics), University of Chicago.",
    "1987: M.A. (Economics), University of Chicago.",
    "1986: B.A. (Economics), University of Virginia.",
    "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.",
    "Visiting Research Felllow in the Research Department",
    "Associate Director, International Finance Division, Federal Reserve Board (on leave)",
    "“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).",
    "[Macroeconomic and Fiscal Consequences of Quantitative Easing](https://www.imf.org/en/publications/wp/issues/2025/08/08/macroeconomic-and-fiscal-consequences-of-quantitative-easing-569267), Working Paper No. 2025/158 , August 8, 2025",
    "[Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation](https://www.imf.org/en/publications/staff-discussion-notes/issues/2025/04/10/navigating-trade-offs-between-price-and-financial-stability-in-times-of-high-inflation-565220), Staff Discussion Notes No. 2025/003 , April 11, 2025",
    "[Monetary Policy and Inflation Scares](https://www.imf.org/en/publications/wp/issues/2024/12/20/monetary-policy-and-inflation-scares-559408), Working Paper No. 2024/260 , December 20, 2024",
    "[New Perspectives on Quantitative Easing and Central Bank Capital Policies](https://www.imf.org/en/publications/wp/issues/2024/05/17/new-perspectives-on-quantitative-easing-and-central-bank-capital-policies-549168), Working Paper No. 2024/103 , May 17, 2024",
    "[Can Energy Subsidies Help Slay Inflation?](https://www.imf.org/en/publications/wp/issues/2024/04/05/can-energy-subsidies-help-slay-inflation-547366), Working Paper No. 2024/081 , April 5, 2024",
    "[Central Bank Exit Strategies Domestic Transmission and International Spillovers](https://www.imf.org/en/publications/wp/issues/2024/03/29/central-bank-exit-strategies-domestic-transmission-and-international-spillovers-546938), Working Paper No. 2024/073 , March 29, 2024",
    "[A Quantitative Microfounded Model for the Integrated Policy Framework](https://www.imf.org/en/publications/wp/issues/2021/12/17/a-quantitative-microfounded-model-for-the-integrated-policy-framework-510977), 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](https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2021/10/08/asset-purchases-and-direct-financing-guiding-principles-for-emerging-markets-and-developing-464660), Departmental Paper No 2021/023 , October 11, 2021",
    "[A Quantitative Model for the Integrated Policy Framework](https://www.imf.org/en/publications/wp/issues/2020/07/07/a-quantitative-model-for-the-integrated-policy-framework-49555), Working Paper No. 2020/122 , July 7, 2020",
    "[Labor Force Participation and Monetary Policy in the Wake of the Great Recession](https://www.imf.org/en/publications/wp/issues/2016/12/31/labor-force-participation-and-monetary-policy-in-the-wake-of-the-great-recession-41133), Working Paper No. 2013/245 , December 16, 2013",
    "[Effects of Fiscal Stimulus in Structural Models](https://www.imf.org/en/publications/wp/issues/2016/12/31/effects-of-fiscal-stimulus-in-structural-models-23671), Working Paper No. 2010/073 , March 1, 2010",
    "\"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)."
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