Research
Philippe.Andrade@bos.frb.org
Biography
Philippe Andrade is a senior economist and policy advisor in the Federal Reserve Bank of Boston Research Department. His research interests include macroeconomics and monetary economics. His research focuses on the formation of expectations, in particular inflation expectations, and their contribution to the transmission of monetary policy and to macroeconomic fluctuations. Andrade also has explored central banks’ reaction to the Great Recession, analyzing the impact of their unconventional policies—with a particular emphasis on communication and forward guidance—and discussing potential adjustments of their strategy to the post-crisis environment. He also has written papers on the impact of global shocks on international price dynamics.
Andrade joined the Boston Fed in 2019 after serving as the head of the Monetary Policy Division at the Banque de France. Previously, he held senior economist positions at the European Central Bank and at Banque de France. He was a professor at the University of Caen and an assistant professor at the University of Cergy, and he taught at Ecole Polytechnique, HEC Lausanne, and Sciences Po. He also has been a visiting scholar at the New York Fed and the European University Institute.
Andrade earned PhD and master’s degrees in economics from Université Paris Nanterre.
Work Experience
Federal Reserve Bank of Boston
Senior Economist and Policy Advisor, 2020–
Senior Economist, 2019–2020
Banque de France
Monetary Policy Division Head, 2016–2018
Monetary Policy Division Deputy Head, 2015
European Central Bank
Financial Research Division Senior Economist, 2015
Federal Reserve Bank of New York
Research Department Macroeconomic Group Visiting Researcher, 2012
Banque de France
Monetary Policy Division Senior Economist, 2008–2014
Université de Caen
Professor, 2006–2008
European University Institute
Visiting Scholar, 2002
Université de Cergy-Pontoise
Assistant Professor, 2001–2006
Education
Agrégation de l’Enseignement Supérieur en Sciences Economiques, 2006
PhD, Economics, Université Paris Nanterre, 2000
Master, Economics, Université Paris Nanterre, 1995
Public Service
Referee: American Economic Review; American Economic Journal: Macroeconomics; Annals of Economics & Statistics; Canadian Journal of Economics; Economica; Economic Journal; Econometric Theory; International Journal of Central Banking; International Journal of Forecasting; Journal of Applied Econometrics; Journal of Business and Economic Statistics; Journal of Econometrics; Journal of the European Economic Association; Journal of Monetary Economics; Journal of Money, Credit and Banking; Review of Economic Studies.
Scientific committee member for the Empirical Monetary Economics workshop (OFCE-Sciences Po) since 2013
Primary fields of research
Macroeconomics, monetary economics
Publications
Journal articles
"No Firm is an Island? How Industry Conditions Shape Firms' Aggregate Expectations," with Olivier Coibion, Erwan Gautier, and Yuriy Gorodnichenko. 2022. Journal of Monetary Economics 125: 40–56. https://doi.org/10.1016/j.jmoneco.2021.05.006
"Should the ECB Adjust its Strategy in the Face of a Lower r*? " with Jordi Galí, Hervé Le Bihan, and Julien Matheron. 2021. Journal of Economic Dynamics and Control 132: 104207. https://doi.org/10.1016/j.jedc.2021.104207
"Delphic and Odyssean Monetary Policy Shocks: Evidence from the Euro-Area," with Filippo Ferroni. 2021. Journal of Monetary Economics 117: 816–832. https://doi.org/10.1016/j.jmoneco.2020.06.002
"The Optimal Inflation Target and the Natural Rate of Interest,"with Jordi Galí, Hervé Le Bihan, and Julien Matheron. 2019.Brookings Papers on Economic Activity Fall 2019: 173–230.
“Forward Guidance and Heterogenous Beliefs,” with Gaetano Gaballo, Eric Mengus, and Benoît Mojon. 2019. American Economic Journal: Macroeconomics11(3) 1–29. https://doi.org/10.1257/mac.20180141
“Heterogeneous Beliefs and Forward Guidance,” with G. Gaballo, E. Mengus, and B. Mojon. Forthcoming. American Economic Journal: Macroeconomics. Revised version of Banque de France Working Paper No. 573 (2015).
“Can Unlimited Liquidity Provisions Mitigate a Credit Crunch? Evidence from the Eurosystem’s 3-Year LTROs,” with C. Cahn, H. Fraisse, and J.S. Mésonnier. Forthcoming. Journal of European Economic Association. Revised version of Banque de France Working Paper No. 540 (2015).
“Fundamental Disagreement,” with R. Crump, S. Eusepi, and E. Moench. 2016. Journal of Monetary Economics 83(C): 106–128.
“Global Versus Local Shocks in Micro Price Dynamics,” with M. Zachariadis. 2016. Journal of International Economics 98(1): 78–92.
“The Financial Content of Inflation Risks in the Euro Area,” with V. Fourel, E. Ghysels, and J. Idier. 2014. International Journal of Forecasting 30(3): pp. 648–659.
“Inattentive Professional Forecasters,” with H. Le Bihan. 2013. Journal of Monetary Economics 60(8): 967–982.
“Hausse de TVA et Variations de Taux de Marge: une Analyse Empirique sur Données d’Entreprises,” with M. Carré and A. Bénassy-Quéré. 2012. Économie & Prévisions 200-201(2/3): 1-17.
“Testing for the Cointegration Rank When Some Cointegrating Directions Are Changing,” with C. Bruneau and S. Gregoir. 2005. Journal of Econometrics 124(2): 269–310.
“Excess Returns, Portfolio Choices and Exchange Rate Dynamics. The Yen/Dollar Case,” with C. Bruneau. 2002. Oxford Bulletin of Economics and Statistics 64(3): 237–260.
Book chapter
“Sources of Non-stationary Real Exchange Rates Fluctuations: Elements of Theory and Some Empirical Evidence.” In Exchange Rate Dynamics: A New Open-Economy Macroeconomics Perspective, edited by J.O. Hairault and T. Sopraseuth. 2004. Abingdon, UK: Routledge.
Working papers
“Is Post-pandemic Wage Growth Fueling Inflation?” with Falk Bräuning, José L. Fillat, and Gustavo Joaquim. 2024. Federal Reserve Bank of Boston Current Policy Perspectives 24-1.
“The Aggregate Effects of Sectoral Shocks in an Open Economy,” with Martin Arazi and Viacheslav Sheremirov. 2023. Federal Reserve Bank of Boston Research Department Working Papers No. 23-13. https://doi.org/10.29412/res.wp.2023.13
“Do Multisectoral New Keynesian Models Match Sectoral Data?” with Viacheslav Sheremirov. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-14. https://doi.org/10.29412/res.wp.2022.14
“Should the ECB Adjust its Strategy in the Face of a Lower r*?” with Jordi Galí, Hervé Le Bihan, and Julien Matheron. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-1. https://doi.org/10.29412/res.wp.2021.01
“What Matters in Households’ Inflation Expectations?” with Erwan Gautier and Eric Mengus. 2020. Federal Reserve Bank of Boston Research Department Working Papers No. 20-18. https://doi.org/10.29412/res.wp.2020.18
“No Firm Is an Island? How Industry Conditions Shape Firms’ Expectations,” with Olivier Coibion, Erwan Gautier, and Yuriy Gorodnichenko. 2020. Federal Reserve Bank of Boston Research Department Working Papers No. 20-17. https://doi.org/10.29412/res.wp.2020.17
“The Optimal Inflation Target and the Natural Rate or Interest,” with Jordi Galí, Hervé Le Bihan, and Julien Matheron. 2019. Federal Reserve Bank of Boston Research Department Working Papers No. 19-18.
“Delphic and Odyssean Monetary Shocks: Evidence from the Euro Area,” with Filippo Ferroni. 2019. Federal Reserve Bank of Boston Research Department Working Papers No. 19-17.
“The ECB’s Asset Purchase Programme: An Early Assessment,” with J. Breckenfelder, F. Fiore, P. Karadi, and O. Tristani. 2016. Revisions requested for the International Journal of Central Banking.
“Tails of Inflation Forecasts and Tales of Monetary Policy,” with E. Ghysels and J. Idier. 2015. Revision of Banque de France Working Paper No. 407 (2012).
Other writings
“What Would Be Wrong with Lowering the Inflation Target?” 2017. Banque de FranceEco Notepad.
“The Heterogeneous Interpretations of Forward Guidance.” 2016. European Central Bank Research Bulletin No. 23.
“Did the Eurosystem’s LTROs of 2011 and 2012 Help To Avert a Credit Crunch in the Euro Area?” with Christophe Cahn, Jean-Stéphane Mésonnier, and Henri Fraisse. 2015. Rue de la Banque No. 10.
“Learning from Disagreement,” with R. Crump, S. Eusepi, and E. Moench. 2014. Invited to VoxEU.org.