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CFM in the News 


Silvana Tenreyro_1

Silvana Tenreyro appointed a CBE

Congratulations to Silvana Tenreyro who has been appointed a CBE in the King's Birthday Honours, for services to the economy.

Silvana has contributed significantly to the economy, notably as an external member of the Monetary Policy Committee at the Bank of England.



Ricardo Reis interviewed on VoxTalks podcast

Ricardo Reis is interviewed by Tim Phillips on the VoxTalks podcast, for the Centre for Economic Policy Research (CEPR), about why many advanced economies ended up with inflation levels that we haven’t seen for a generation.

'How did inflation get so high?' (Audio)



Ethan Ilzetzki interviewed by news outlets on the UK economic situation


New York Times





Ethan Ilzetzki presented at the Jackson Hole Conference for central banks

'Reassessing Constraints on Policy: Fiscal Constraints' - Discussion




Ethan Ilzetzki explains what happens when interest rates rise

'How can interest rates control inflation?' - LSE Research (video)



Ricardo Reis Carl Menger award2

Ricardo Reis awarded the Carl Menger Prize

Congratulations to CFM Director Ricardo Reis who was awarded the Carl Menger Prize for innovative international research achievements in the fields of monetary macroeconomics, monetary policy, and currency policy.

The prize was awarded for Ricardo’s research on understanding price rigidities, inflation dynamics, and the sustainability of public finances.

The committee described Ricardo’s research as ground-breaking and ‘Through his contributions, he shapes the dialogue between researchers and the public and, as a valued advisor, actively participates in economic policy debates at home and abroad.’



Congratulations to Ricardo Reis!

Ricardo has been awarded an ERC Advanced Grant for the project DISINF (The Distributional Consequences of Inflation). The grant will run for 5 years, (2022 - 2027).

Ricardo's research will use detailed micro data from the financial sector to measure what is the exposure of different groups to inflation risk, which institutions sell and buy inflation risk, and how this affects the differential pass-through of inflation to nominal interest rates. These redistributions can cause costly financial crisis and are often behind financial repression measures.
Second, it will use models of non-financial firms that are differentially exposed to inflation risk and are likely to have their operations impacted by unexpected shocks. The heterogeneous impact of inflation across firms generate a new source of costs of inflation, as they lead to distortions in the allocation of inputs and production that are amplified by price rigidity.
Third, the composition and maturity of the public debt redistributes risk between current generations and future ones. Empirically, the extent to which the government shifts inflation risk between itself and the private economy varies considerably over time, and this affects the cyclicality of the tightness of the government budget constraint as well as the incentives to inflate away the debt. For the central bank, inflation has a differential effect on the attractiveness of banknotes, public digital currency, and private digital currency, and this is turn determines the seignorage revenue that central banks earn and so the financial constraints that monetary policy faces in the pursuit of stable inflation.

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said: “The ERC Advanced Grants support ground-breaking researchers throughout Europe. It gives our talents the possibility to realise their creative ideas. Their pioneering work contribute to solve the most pressing social, economic and environmental challenges.”

Read the ERC’s full press release 


Silvana Tenreyro_1

Congratulations to Silvana Tenreyro!

Silvana was awarded the 2022 Birgit Grodal Award for her significant contributions to applied macroeconomics.
The European Economic Association (EEA) said:

‘Silvana has made significant contributions in monetary and international economics. Her papers on monetary policy transmission and on the Phillips curve have been influential both in academia and in policy circles. Her work on volatility and development has improved our understanding of the roles of technological diversification and of the characteristics of shocks hitting emerging and advanced economies in the growth process. She is also the author of a widely cited methodological paper on the estimation of gravity equations in international trade.

Moreover, she has an excellent record of public service, holding positions in various professional societies and serving as external member of the Bank of England Monetary committe.

On receiving the award, Silvana responded:

'I’m very grateful to the Award Committee, to my wonderful co-authors, with whom I carried out the research mentioned in the award, and to my family for their constant support.'



Ethan Ilzetzki contributes to the Bloomberg Daybreak EU Podcast

Spring Statement: 'Impossible to Protect Everyone' (Audio) (From Minute 16)




Congratulations to Ethan Ilzetzki!

Ethan has been awarded an ERC Consolidator Grant for the project FISCAL (Fiscal Policy, Productivity, and Growth: New Data and New Approaches). The project will run for 5 years, (2022 - 2027)


July 5, 2021
June 1, 2021
April 27, 2021
March 19, 2021
March 01, 2021

Silvana Tenreyro and John Moore awarded the Banque de France & Toulouse School of Economics Prizes in Monetary Economics and Finance

Congratulations to Silvana Tenreyro and John Moore for being awarded the Banque de France & Toulouse School of Economics Prizes in Monetary Economics and Finance: John Moore for the Senior Prize and Silvana for the Junior Prize Europe.

March 01, 2021

Ricardo Reis and Silvana Tenreyro win the 2021 Yrjö Jahnsson Award

Congratulations to CFM Director Ricardo Reis and CFM Management Committee member Silvana Tenreyro, joint winners of the 2021 Yrjö Jahnsson Award.The award is given biannually to a European economist under the age of 45.  Both were selected for their contribution to macroeconomics.

February 27, 2021

New CFM Survey

The ECB's Green Agenda

January 28, 2021



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