Marco Macchiavelli, Ph.D.
Academic Affiliate,
Economist specializing in the role the Federal Reserve plays in monetary policy
Education
Boston College (Ph.D. in Economics)
Bio
Dr. Macchiavelli is currently an assistant professor of Finance at the University of Massachusetts, Amherst.
Marco left the Board of Governors of Federal Reserve in 2022 after seven years with the title Principal Economist.
His past research examined the interplay between money markets and broker-dealers in both good and bad times:
- How institutions used the emergency facilities established by the Fed in 2008: to support their funding, provide liquidity in corporate bonds, and sustain hedge fund clients
- The incentives and effects of the Liquidity Coverage Ratio on operations and FR2052a data collection
- How funding conditions in repo markets affect liquidity provisions in corporate bonds
- Focus on money market mutual funds and the pricing of commercial paper and certificates of deposit
Relevant Experience
- Expert on the various monetary policy tools of the Fed, the plumbing of money markets, and how Basel III regulations interact with both monetary policy and money markets
- Used his research to brief the Governors on the impact that the Liquidity Coverage Ratio was having on the federal funds market in 2017 as the Fed was shrinking its balance sheet
- At the onset of COVID 19 he participated in daily calls with money funds to assess their quickly deteriorating liquidity conditions and monitored the implementation and usage of the Money Market Mutual Fund Liquidity (MMLF) facility. He leveraged this experience to write an academic paper that was the basis for the SEC to remove gates and fees from the newly proposed rule on money market funds
- Currently conducting research on the rise of cybersecurity and geopolitical risks, both of which are not very well understood in the context of economics and finance
Education
Boston College (Ph.D. in Economics)
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