Curriculum Vitae
Fernando M. Martin
Senior Economic Policy Advisor II
Federal Reserve Bank of St. Louis
Updated August 2026
Professional Experience
Senior Economic Policy Advisor II, Federal Reserve Bank of St. Louis, 2025 to present.
Senior Economic Policy Advisor I, Federal Reserve Bank of St. Louis, 2023–2024.
Assistant Vice President, Federal Reserve Bank of St. Louis, 2021–2023.
Research Officer, Federal Reserve Bank of St. Louis, 2018–2021.
Lecturer, Washington University in St. Louis, 2016–2022.
Senior Economist, Federal Reserve Bank of St. Louis, 2011–2018.
Guest Editor, Journal of Economic Dynamics and Control, 2017–2018 (Issue 89).
Visiting Scholar, International Monetary Fund, March 2013.
Associate Professor (with tenure), Simon Fraser University, 2011–2013.
Assistant Professor, Simon Fraser University, 2005–2011.
Visiting Scholar, Federal Reserve Bank of St. Louis, May 2010.
Research Assistant to Professor José-Víctor Ríos-Rull, 2002–2003.
Senior Economist, Central Bank of Argentina, 1999–2000.
Junior Economist, Central Bank of Argentina, 1996–1999.
Intern, Central Bank of Argentina, 1995.
Intern, Banco del Sud, 1994.
Education
Ph.D. in Economics, University of Pennsylvania, 2005.
M.A. in Economics, University of Pennsylvania, 2004.
M.A. in Economics, Universidad Torcuato di Tella (Argentina), 1997.
B.A. in Economics with minor in Business, Universidad Torcuato di Tella (Argentina), 1996.
Working Papers
“Monetary Policy and the COVID-19 Inflation Shock”, with David Andolfatto.
“Taxation and the Global Allocation of Intangibles”, with Jesse LaBelle and Ana María Santacreu.
“How to Starve the Beast: Fiscal Policy Rules”.
“Time-Consistent Debt”, with Per Krusell and José-Víctor Ríos-Rull.
Journal Publications
“Policy Rules and Large Crises in Emerging Markets” (2025), with Emilio Espino, Julian Kozlowski and Juan M. Sánchez, Journal of International Economics, 158.
“Domestic Policies and Sovereign Default” (2025), with Emilio Espino, Julian Kozlowski and Juan M. Sánchez, American Economic Journal: Macroeconomics, 17(3): 74-113.
“Welfare-Enhancing Inflation and Liquidity Premia” (2023), with David Andolfatto, Review of Economic Dynamics, 51: 1036-1047.
“Money, Banking and Financial Markets” (2020), with David Andolfatto and Aleksander Berentsen, Review of Economic Studies, 87(5): 2049-2086.
“Markov-Perfect Risk Sharing, Moral Hazard and Limited Commitment” (2018), with Alexander Karaivanov, Journal of Economic Dynamics and Control, 94: 1-23.
“Monetary Policy and Liquid Government Debt” (2018), with David Andolfatto, Journal of Economic Dynamics and Control, 89: 183-199.
“Rehypothecation and Liquidity” (2017), with David Andolfatto and Shengxing Zhang, European Economic Review, 100: 488-505.
“Debt, Inflation and Central Bank Independence” (2015), European Economic Review, 79: 129-150.
“Policy and Welfare Effects of Within-Period Commitment” (2015), Macroeconomic Dynamics, 19(7): 1401-1426.
“Dynamic Optimal Insurance and Lack of Commitment” (2015), with Alexander Karaivanov, Review of Economic Dynamics, 18(2): 287-305.
“Information Disclosure and Exchange Media” (2013), with David Andolfatto, Review of Economic Dynamics, 16(3): 527-539.
“Government Policy in Monetary Economies” (2013), International Economic Review, 54(1), 185-217.
“Government Policy Response to War-Expenditure Shocks” (2012), The B.E. Journal of Macroeconomics: Contributions, 12(1): 2011-2028.
“On the Joint Determination of Fiscal and Monetary Policy” (2011), Journal of Monetary Economics, 58(2): 132-145.
“Markov-Perfect Capital and Labor Taxes” (2010), Journal of Economic Dynamics and Control, 34(3): 503-521.
“A Positive Theory of Government Debt” (2009), Review of Economic Dynamics, 12(4): 608-631.
St. Louis Fed Review Articles
“External Shocks versus Domestic Policies in Emerging Markets”, with Emilio Espino, Julian Kozlowski and Juan Sánchez, Federal Reserve Bank of St. Louis Review, Second Quarter 2023, 105(2): 108-121.
“The Economic Impact of COVID-19 around the World”, with Juan M. Sánchez and Olivia Wilkinson, Federal Reserve Bank of St. Louis Review, Second Quarter 2023, 105(2): 74-88.
“The Blockchain Revolution: Decoding Digital Currencies”, with David Andolfatto, Federal Reserve Bank of St. Louis Review, Third Quarter 2022, 104(3): 149-165.
“Market Power and Asset Contractibility in Dynamic Insurance Contracts” (2016), with Alexander Karaivanov, Federal Reserve Bank of St. Louis Review, Second Quarter 2016, 98(2): 111-127.
“Sovereign Debt: A Modern Greek Tragedy” (2012), with Christopher J. Waller, Federal Reserve Bank of St. Louis Review, September/October 2012, 94(5), 321-240.
Book Chapters
“The Return of Inflation?” in James A. Dorn, ed., Populism and the Future of the Fed, Cato Institute, 2022, Chapter 9, pp. 131-143.
Federal Reserve Bank of St. Louis Publications
“Prices, Wages and Workers: The Recent U.S. Inflation Experience” with David Wheelock, Annual Report 2023.
“The Blockchain Revolution: Decoding Digital Currencies”, with David Andolfatto, Annual Report 2021.
“State and Local Governments Harness Federal Funding”, with Bill Dupor, Annual Report 2020.
“The U.S. Financial Landscape on the Eve of the Pandemic”, Regional Economist, Third Quarter 2020, Vol. 28, No. 3.
“Economic Realities and Consequences of the COVID-19 Pandemic—Part II: The Economy and Fiscal Policy”, Economic Synopses, 2020, No. 11.
“Economic Realities and Consequences of the COVID-19 Pandemic—Part I: Financial Markets and Monetary Policy”, Economic Synopses, 2020, No. 10.
“Making Ends Meet on the Federal Budget: Outlook and Challenges”, Regional Economist, Third Quarter 2017, Vol. 25, No. 3.
“A Short History of Prices, Inflation since the Founding of the U.S.”, Regional Economist, Second Quarter 2017, Vol. 25, No. 2.
“A Perspective on Nominal Interest Rates”, Economic Synopses, 2016, No. 25.
“A Closer Look at Federal Income Taxes”, Economic Synopses, 2016, No. 23
“U.S. Fiscal Policy: Reality and Outlook”, Economic Synopses, 2016, No. 10.
“Revisiting GDP Growth Projections”, Economic Synopses, 2016, No. 5.
“Where Did All the New Liquidity Go?”, Regional Economist, First Quarter 2016, Vol. 24, No. 1.
“Private Investment and the Great Recession”, Economic Synopses, 2016, No. 1.
“Monetary Policy and the Output Gap”, Economic Synopses, 2014, No. 27.
“Projecting GDP Growth Using Trends in Labor Force Participation”, Economic Synopses, 2014, No. 26.
“The Federal Budget: How the U.S. Got Here, and Where It Is Headed”, Regional Economist, Third Quarter 2014, Vol. 22, No. 3.
“Labor Market Update”, Economic Synopses, 2014, No. 7.
“U.S. Inflation and Its Components”, Economic Synopses, 2013, No. 33.
“A View from the Fiscal Cliff”, Regional Economist, Second Quarter 2013, Vol. 21, No. 2.
“Winners and losers in the Great Recession”, Economic Synopses, 2013, No. 12.
“Lessons from the recent recession: the faster they grow, the harder they fall”, Economic Synopses, 2013 No. 10.
“Sovereign Debt: A Modern Greek Tragedy”, with Christopher J. Waller, Annual Report 2011. Essay in Spanish.
“The Fiscal Cliff in Context”, Economic Synopses, 2012, No. 34.
“Fiscal Policy in the Great Recession and Lessons from the Past”, Economic Synopses, 2012, No. 1.
Blog Posts
“Between Headline and Core: Inflation Excluding Energy Goods”, On the Economy, 07/15/2026.
“The Dual Mandate in Conflict: Balancing Current Tensions between Inflation and Employment”, On the Economy, 3/3/2026.
“Is the U.S. in an Above-Target Inflation Regime?”, On the Economy, 10/17/2025.
“The Fiscal Origin of the COVID-19 Price Surge”, On the Economy, 3/6/2025.
“The Road to 2% Inflation: Are We There Yet?”, On the Economy, 2/25/2025
“Is Inflation on the Way Out or Here to Stay?”, On the Economy, 10/19/2023.
“Where Might Inflation Head?“, On the Economy, 05/09/2023.
“Understanding the Recent Behavior of Inflation“, On the Economy, 05/08/2023.
“Inflation Is Still High and Widespread”, On the Economy, 10/17/2022.
“2021: The Year of High Inflation”, On the Economy, 04/12/2022.
“How Widespread Are Price Increases in the U.S.?”, On the Economy, 10/19/2021.
“What Are the Risks for Future Inflation?”, On the Economy, 10/07/2021.
“Is Inflation Making a Comeback?”, On the Economy, 04/05/2021.
“Financing the U.S. Response to COVID-19”, On the Economy, 12/01/2020.
“The Fed’s balance sheet”, The FRED Blog, 09/21/2020.
“The Impact of the Fed’s Response to COVID-19 So Far”, On the Economy, 06/16/2020.
“A lesson in measuring the federal debt”, The FRED Blog, 12/09/2019.
“Monetary Policy’s Potential Effects on the Deficit, Debt and Fiscal Policy”, On the Economy, 11/14/2019.
“Foreign Demand for Currency and the Fed’s Balance Sheet”, On the Economy, 5/7/2019.
“Safe Assets in the U.S. Economy”, On the Economy, 12/10/2018.
“Fed Policies’ Continued Effects on Short-Term Liquidity Markets”, On the Economy, 10/15/2018.
“GDP, Labor Force Participation and Economic Growth”, On the Economy, 8/6/2018.
“How Fiscal Realities Intersect with Monetary Policy”, On the Economy, 1/4/2018.
“How Might Increases in the Fed Funds Rate Impact Other Interest Rates?” On the Economy, 10/9/2017.
“Where Is the Federal Budget Going?”, On the Economy, 3/30/2017.
“Why Does Economic Growth Keep Slowing Down?” On the Economy, 2/9/2017.
“Durable Goods Prove a Drag on Inflation”, On the Economy, 12/5/2016.
“Who Holds the U.S. Public Debt?” On the Economy, 5/11/2015.
“Three Economic Indicators That May Regain Focus in Policy Debate and Outlook”, On the Economy, 6/23/2014.
“Why Inflation Matters in Setting Monetary Policy”, On the Economy, 5/5/2014.
Other Publications
“Implications of Inflation Dynamics for Monetary Policy Strategies” (2025), with Hess Chung, Callum Jones and Antoine Lepetit, FEDS paper 2025-72.
“An Assessment of Canada’s 2021-22 Inflation Surge” (2025), with David Andolfatto, C.D. Howe Institute, Commentary 688.
“Fiscal and Monetary Policies: Where We are and the Road Ahead” (2018), Journal of Economic Dynamics and Control, 89: 2-4.
“Financiaciones por Actividad Económica” (1999), Banco Central de la República Argentina, Nota Técnica Nro. 5.
Professional Activities
Refereeing activities
American Economic Review; American Economic Journal: Macroeconomics; B.E. Journal of Macroeconomics; Canadian Journal of Economics; Econometrica, Economic Inquiry; Economic Journal; Economic Letters; European Economic Review; Federal Reserve Bank of St. Louis Review; International Economic Review; International Journal of Central Banking; Journal of Economic Dynamics and Control; Journal of Economic Theory; Journal of the European Economic Association; Journal of International Economics; Journal of International Financial Markets, Institutions & Money; Journal of Macroeconomics; Journal of Monetary Economics; Journal of Political Economy; Journal of Political Economy: Macroeconomics; Journal of Public Economics; Macroeconomic Dynamics; Quantitative Economics; Quarterly Journal of Economics; Review of Economic Dynamics; Review of Economic Studies; Scandinavian Journal of Economics; and Studies in Nonlinear Dynamics and Econometrics.
Conference organization
Fed St. Louis-JEDC-SCG-SNB-UniBern Conference “Monetary Policy Beyond Nominal Rigidities” in Gerzensee, Switzerland, 2025.
Summer Workshop on Money, Banking, Payments and Finance, 2015-16, 2018, 2022-25.
Monetary/Fiscal Interaction 40 Years after “Unpleasant Monetarist Arithmetic”, 2021.
Conference on Monetary and Fiscal Policy Coordination, Federal Reserve Bank of St. Louis, 2019.
Fed St. Louis-JEDC-SCG-SNB-UniBern Conference “Fiscal and Monetary Policies” in Gerzensee, Switzerland, 2017.
Midwest Macro Meeting (St. Louis, Spring 2015). Program Committee member.
Annual Federal Reserve Bank of St. Louis Fall Conference, 2012.
Other
“Financial Programming and Policies”, course for government economists, International Monetary Fund, Washington D.C., Fall 1998.
Grants And Awards
Excellence in Refereeing Award, Journal of the European Economic Association, 2017.
SSHRC-SFU Institutional Grant–Small, 2008
Discovery Parks SSHRC Research Grant, Simon Fraser University, 2006.
Endowed Research Fellowship, Simon Fraser University, 2005.
President’s Research Grant, Simon Fraser University, 2005.
Premio Estímulo, Fundación Bolsa de Comercio de Buenos Aires, 1992.
Presentations
2025: Midwest Macroeconomics Conference (Kansas City); International Monetary Fund; BSE Summer Forum: Monetary Policy (Barcelona); Society for Economic Dynamics (Copenhagen); Summer Workshop in Money, Banking, Payments, and Finance (Ottawa); CEMLA Conference (Miami).
2024: Midwest Macroeconomics Conference (Richmond); BSE Summer Forum: A Dynamic Economic and Monetary Union Workshop (Barcelona); Reserve Bank of Australia; University of New South Wales; University of Melbourne; International Workshop on Fiscal and Monetary Policy Interactions (Brisbane); Advances in Macro-Finance Tepper-LAEF Conference (Pittsburgh); Society for Economic Dynamics (Buenos Aires).
2023: Society for Economic Dynamics (Cartagena); European Economic Association Congress (Barcelona); European Summer Meeting of the Econometric Society (Barcelona); Vienna Macroeconomics Workshop.
2022: Midwest Macroeconomics Conference (Logan); Bureau of the Fiscal Service, U.S. Department of the Treasury: The Future of Payments and Collections; North America Summer Meeting of the Econometric Society (Miami); Society for Economic Dynamics (Madison); Summer Workshop in Money, Banking, Payments, and Finance (D.C.); ITAM-PIER Conference on Macro-Finance (Mexico)
2021: BGSE Summer Forum: A Dynamic Economic and Monetary Union Workshop (Barcelona); SciencesPo Summer Workshop in Macroeconomics (Paris); Journées Louis-André Gérard-Varet (Marseille); Cato Institute’s Annual Monetary Conference: Populism and the Future of the Fed.
2020: DePaul University; World Congress of the Econometric Society (Milan).
2019: Midwest Macro Meeting (Athens); Society for Economic Dynamics (St. Louis).
2018: City University of New York; General Equilibrium and its Applications (New Haven); Midwest Macro Meeting (Madison); BGSE Summer Forum: Asset Prices, Finance and Macroeconomics (Barcelona); Society for Economic Dynamics (Mexico); National University of Singapore; Singapore Management University; Bank of Canada Macrofinancial Issues Workshop (Ottawa).
2017: Purdue University; Federal Reserve Bank of Atlanta; Summer Workshop on Money, Banking, Payment and Finance (Ottawa); University of Miami; University of Bern; University of Cambridge; LACEA/LAMES (Buenos Aires); University of Iowa.
2016: Banco de Mexico; ITAM; FGV Sao Paulo; Universidad Torcuato di Tella; Midwest Macro Meeting (West Lafayette); African Search and Matching Workshop (Marrakech); Universidad Carlos III; BGSE Summer Forum: Central Bank Design Workshop (Barcelona); Society for Economic Dynamics (Toulouse); Summer Workshop on Money, Banking, Payments and Finance (Chicago); University of California, Irvine; Vienna Macroeconomics Workshop; Conference of Money, Banking and Asset Markets (Madison).
2015: System Committee on Macroeconomics (Los Angeles); Midwest Macro Meeting (St. Louis); African Search and Matching Workshop (Marrakech); Workshop on Political Economy (Stony Brook); Summer Workshop on Money, Banking, Payments and Finance (St. Louis); ITAM-PIER Conference on Macroeconomics (Philadelphia); RIDGE Workshop on Financial Stability (Montevideo).
2014: University of Reading; CEMFI; African Search and Matching Workshop (Marrakech); Konstanz Seminar on Monetary Theory and Policy; Society for Economic Dynamics (Toronto); Conference On Money as a Medium of Exchange: KW at 25! (Santa Barbara); Chicago Fed Summer Workshop on Money, Banking, Payments and Finance; CERGE-EI; Vienna Macroeconomics Workshop; The University of Edinburgh; University College London; University of Michigan; 3rd Annual UTDT Economics Conference (Buenos Aires).
2013: Society for Economic Dynamics (Seoul); Chicago Fed Summer Workshop on Money, Banking, Payments and Finance; National Bank of Slovakia; Bank of England; Oxford University; Royal Holloway University of London; Canadian Macroeconomics Study Group.
2012: Stony Brook University; Vienna Macroeconomics Workshop; Chicago Fed Summer Workshop on Money, Banking, Payments and Finance; Society for Economic Dynamics (Limassol), Conference on Old and New Ideas about Fiscal Policy (LAEF), Conference on Macroeconomics Across Time and Space (Federal Reserve Bank of Philadelphia).
2011: Bank of Canada; Chicago Fed Summer Workshop on Money, Banking, Payments and Finance; Society for Economic Dynamics (Ghent); Federal Reserve Bank of St. Louis.
2010: Midwest Macro Meetings (East Lansing); Federal Reserve Bank of St. Louis; Chicago Fed Summer Workshop on Money, Banking, Payments and Finance; Vienna Macroeconomics Workshop (Rome); Wisconsin School of Business Conference on Money.
2009: Chicago Fed Summer Workshop on Money, Banking and Payments; Canadian Macroeconomics Study Group (Kingston).
2008: University of Victoria; Chicago Fed Summer Workshop on Money, Banking and Payments; Canadian Economic Association Meeting (Vancouver); Midwest Macro Meetings (Philadelphia).
2007: Canadian Macroeconomics Study Group (Ottawa); Money, Banking, Payments, and Finance Conference (Cleveland); Society for Economic Dynamics Meeting (Prague); Midwest Macro Meetings (Cleveland); Federal Reserve Bank of Cleveland.
2006: Vienna Macroeconomic Workshop on Current Topics in Macroeconomic Theory and Policy; Penn State University; UBC-Kobe-SFU Macroeconomics Workshop (Vancouver); European Economic Association Congress (Vienna); European Meetings of the Econometric Society (Vienna); Society for Economic Dynamics Meeting (Vancouver); North American Summer Meetings of the Econometric Society (Minneapolis); Canadian Economic Association Meeting (Montreal); B.C. Macro Workshop (Whistler); North American Winter Meetings of the Econometric Society (Boston).
2005: Midwest Macroeconomics Conference (Iowa); Simon Fraser University; University of Western Ontario; University of British Columbia.
2004: Midwest International Economics and Economic Theory Meetings (St. Louis); Penn Macro Workshop; Penn Macro Club; Penn Shadow Workshop.
2003: Penn Macro Club; Penn Shadow Workshop.
Discussant
2026: BOJ-IMES Conference: Monetary Policy from New Perspectives (Tokyo).
2024: University of Georgia Macro Workshop; Vienna Macroeconomics Workshop.
2022: Vienna Macroeconomics Workshop.
2019: Philadelphia Workshop on Macroeconomics & Economic Policy (Philadelphia)
2018: Mad(ison) Money Meeting (Madison).
2017: Missouri Macro Workshop (St. Louis); Macro Marrakech Workshop in Macroeconomics.
2016: Joint Central Banker’s Conference (Nashville).
2015: System Committee on International Economic Analysis (Minneapolis); Workshop on Monetary Policy and the Distribution of Income and Wealth (St. Louis).
2014: Canadian Macroeconomics Study Group (Hamilton).
2013: Monetary Policy in a Global Setting: China and the United States Second Annual Conference (Beijing); Vienna Macroeconomics Workshop.
2012: Canadian Macroeconomics Study Group (Montreal).
2011: Canadian Macroeconomics Study Group (Vancouver); Southeastern International/Development Economics Workshop (Atlanta Fed).
2006: North American Winter Meeting of the Econometric Society (Boston).
Public Outreach
Media Interviews
ABC News; Al Día en América; Bloomberg; Business Retirement Network; Ceteris Paribus Podcast; FiveThirtyEight; Fox2 News (KTVI); KSDK-TV, Marketplace; MNI; Missouri Net Radio; Red Latina; Reuters; SiriusXM Business; St. Louis Post Dispatch; STL Public Radio; Wall Street Journal.
Presentations and public events
2023: Policy Panel on Central Bank Independence hosted by the Banco de la República at the Annual Meeting of the Society of Economic Dynamics in Cartagena; Dialogue with the Fed, “A Conversation about Inflation and Monetary Policy”; Breakfast with the Fed, Memphis Branch.
2022: “Money, payments, technological innovation and the blockchain revolution” closing keynote at The Future of Payments and Collections (Bureau of the Fiscal Service, U.S. Department of the Treasury); Dialogue with the Fed, “The Blockchain Revolution: Decoding Digital Currencies”.
2021: Banker’s Breakfast, Little Rock Branch, Dialogue with the Fed (Panelist), “Central Bank Independence and Accountability”.
2019: Breakfast with Bankers, Little Rock Branch; Dialogue with the Fed (Panelist), “Go with the Flows - The Balancing Act of International Trade”.
2018: Breakfast with Bankers, Little Rock Branch; Dialogue with the Fed (Panelist), “Staying Ahead of the Yield Curve”.
2016: St. Louis Actuaries Club; “Pre-Election Night Policy Watch”, Federal Reserve Bank of St. Louis; “Journalists Studying Economics Visit the St. Louis Fed”, Federal Reserve Bank of St. Louis; Breakfast with the Fed for Bankers, Little Rock Branch.
2015: Dialogue with the Fed, Memphis Branch, “Understanding the Great Recession”; Breakfast with the Fed for Bankers, Little Rock Branch.
2014: Missouri Society of CPAs.
2013: Breakfast with the Fed for Bankers, Little Rock Branch; Breakfast with the Fed for Educators, Louisville Branch; “Fed-ucation: The Fiscal Cliff” (Panelist), Federal Reserve Bank of St. Louis.
2012: Dialogue with the Fed in Spanish, “Deuda Soberana: Una Tragedia Griega Moderna”; Dialogue with the Fed (Panelist), “Sovereign Debt: A Greek Modern Tragedy”; Better Investing; Parkside Financial.
Teaching Experience
Graduate
Simon Fraser University: Advanced Macroeconomic Theory.
Undergraduate
Washington University in St. Louis: Understanding the Financial Crisis.
Simon Fraser University: Money and Banking; Intermediate Microeconomic Theory I; Intermediate Macroeconomic Theory II; Monetary Theory; Advanced Macroeconomic Theory.
University of Pennsylvania: Introductory Macroeconomics.
UNDERGRADUATE (Recitation Instructor/TA/Grader)
University of Pennsylvania: Introductory Microeconomics; Introductory Macroeconomics; Mathematics for Economists; Development Economics
Universidad Torcuato di Tella: Topics in Macroeconomics; International Finance.
Graduate Students Supervised
Ph.D.: Fatemeh Mokhtarzadeh, Haitao Xiang and Mei Dong.
M.A.: Pedro Bento and Michael Siemer.