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The Federal Reserve, the central bank of the United States, provides
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Meet the Researchers
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Albert Queralto
Chief
Global Modeling Studies Section
International Finance
[email protected]
Education
Ph.D., Economics, New York University, 2012
International Finance
Macroeconomics
Current Research Topics
Monetary policy
The global financial cycle
Professional Experience
Research
Section Chief
Board of Governors of the Federal Reserve System
2023 - present
Principal Economist
Board of Governors of the Federal Reserve System
2017 - 2023
Economist
Board of Governors of the Federal Reserve System
2012 - 2015
Senior Economist
Board of Governors of the Federal Reserve System
2015 - 2017
Trade Costs and Inflation Dynamics
Pablo Cuba-Borda, Albert Queralto, Ricardo Reyes-Heroles, and Mikaël Scaramucci
International Finance Discussion Papers (2025)
https://doi.org/10.17016/IFDP.2025.1411
How Do Trade Disruptions Affect Inflation?
Pablo Cuba-Borda, Albert Queralto, Ricardo Reyes-Heroles, Mikäel Scaramucci
FEDS Notes (2025)
https://doi.org/10.17016/2380-7172.3664
U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
Shaghil Ahmed, Ozge Akinci, and Albert Queralto
International Finance Discussion Papers (2024)
https://doi.org/10.17016/IFDP.2021.1321r1
Has the Inflation Process Become More Persistent? Evidence from the Major Advanced Economies
Andrea De Michelis, Grace Lofstrom, Mike McHenry, Musa Orak, Albert Queralto, and Mikaël Scaramucci
FEDS Notes (2024)
https://doi.org/10.17016/2380-7172.3562
Exchange Rate Dynamics and Monetary Spillovers with Imperfect Financial Markets
Özge Akinci and Albert Queralto
Review of Financial Studies (2024)
https://doi.org/10.1093/rfs/hhad078
See also » FRB Working Paper (2019)
The international spillovers of synchronous monetary tightening
Dario Caldara, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, and Albert Queralto
Journal of Monetary Economics (2024)
https://doi.org/10.1016/j.jmoneco.2023.10.017
See also » FRB Working Paper (2023)
The International Spillovers of Synchronous Monetary Tightening
Dario Caldara, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, and Albert Queralto
International Finance Discussion Papers (2023)
https://doi.org/10.17016/IFDP.2023.1384
Global Flight to Safety, Business Cycles, and the Dollar
Martin Bodenstein, Pablo Cuba Borda, Nils Gornemann, Ignacio Presno, Andrea Prestipino, Albert Queralto, and Andrea Raffo
International Finance Discussion Papers (2023)
https://doi.org/10.17016/IFDP.2023.1381
The Transmission of Global Risk
Martin Bodenstein, Pablo Cuba-Borda, and Albert Queralto
FEDS Notes (2023)
https://doi.org/10.17016/2380-7172.3327
International Spillovers of Tighter Monetary Policy
Dario Caldara, Francesco Ferrante, and Albert Queralto
FEDS Notes (2022)
https://doi.org/10.17016/2380-7172.3238
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Ozge Akinci, Ṣebnem Kalemli-Özcan, and Albert Queralto
NBER Working Paper Series (2022)
https://doi.org/10.3386/w30026
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Ozge Akinci, Ṣebnem Kalemli-Özcan, and Albert Queralto
Staff reports (Federal Reserve Bank of New York) (2022)
https://doi.org/10.2139/ssrn.4104012
Monetary Policy in a Model of Growth
Queralto, Albert
International Finance Discussion Papers (2022)
https://doi.org/10.17016/IFDP.2022.1340
Credit Spreads, Financial Crises, and Macroprudential Policy
Ozge Akinci and Albert Queralto
American Economic Journal: Macroeconomics (2022)
https://doi.org/10.1257/mac.20180059
U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
Shaghil Ahmed, Ozge Akinci, and Albert Queralto
International Finance Discussion Papers (2021)
https://doi.org/10.17016/IFDP.2021.1321
The Asymmetric Costs of Misperceiving R-star
Andrea Ajello, Isabel Cairó, Vasco Cúrdia, and Albert Queralto
FRBSF Economic Letter (2021)
The Financial (In)Stability Real Interest Rate, R**
Ozge Akinci, Gianluca Benigno, Marco Del Negro, and Albert Queralto
CEPR Discussion Paper Series (2020)
https://doi.org/10.2139/ssrn.3727406
See also » FRB Working Paper (2021)
A Model of Slow Recoveries from Financial Crises
Albert Queralto
Journal of Monetary Economics (2020)
https://doi.org/10.1016/j.jmoneco.2019.03.008
See also » FRB Working Paper (2013)
Monetary Policy Tradeoffs and the Federal Reserve's Dual Mandate
Andrea Ajello, Isabel Cairó, Vasco Cúrdia, Thomas A. Lubik, and Albert Queralto
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.066
Modeling the Global Effects of the COVID-19 Sudden Stop in Capital Flows
Ozge Akinci, Gianluca Benigno, and Albert Queralto
FEDS Notes (2020)
https://doi.org/10.17016/2380-7172.2586
Exchange Rate Dynamics and Monetary Spillovers with Imperfect Financial Markets
Ozge Akinci and Albert Queralto
International Finance Discussion Papers (2019)
https://doi.org/10.17016/IFDP.2019.1254
Macroeconomic Effects of Banking Sector Losses across Structural Models
Luca Guerrieri, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto, and Jae Sim
International Journal of Central Banking (2019)
See also » FRB Working Paper (2015)
Innovation, Productivity, and Monetary Policy
Patrick Moran and Albert Queraltó
Journal of Monetary Economics (2018)
https://doi.org/10.1016/j.jmoneco.2017.10.006
See also » FRB Working Paper (2017)
Balance Sheets, Exchange Rates, and International Monetary Spillovers
Ozge Akinci and Albert Queralto
Staff reports (Federal Reserve Bank of New York) (2018)
https://doi.org/10.2139/ssrn.3191916
Innovation, Productivity, and Monetary Policy
Patrick Moran and Albert Queraltó
International Finance Discussion Papers (2017)
https://doi.org/10.17016/IFDP.2017.1217
Credit Spreads, Financial crises, and Macroprudential Policy
Ozge Akinci and Albert Queralto
Staff reports (Federal Reserve Bank of New York) (2017)
Banks, Capital Flows and Financial Crises
Ozge Akinci and Albert Queralto
International Finance Discussion Papers (2014)
https://doi.org/10.17016/IFDP.2014.1121
Financial Crises, Bank Risk Exposure and Government Financial Policy
Mark Gertler, Nobuhiro Kiyotaki, and Albert Queralto
Journal of Monetary Economics (2012)
https://doi.org/10.1016/j.jmoneco.2012.11.007
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Last Update:
February 26, 2026
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