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Research Interests
macroeconomics, monetary economics, housing and credit markets, asset pricing, public economicsSelected Work
“Rural-Urban Migration and House Prices in China”
with Aaron Hedlund, Yang Tang, and Ping Wang
Regional Science and Urban Economics, November 2021, Vol. 91, 103613, pp. 1-29
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“Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession”
with Aaron Hedlund
American Economic Review, June 2020, Vol. 110, No. 6, pp. 1603-34
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“Crises in the Housing Market: Causes, Consequences, and Policy Lessons”
with Aaron Hedlund
Oxford Research Encyclopedia, Economics and Finance, August 2019
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“Optimal Fiscal Policy in Overlapping Generations Models”
Public Finance Review, 2017
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“Mortgages and Monetary Policy”
with Finn E. Kydland and Roman Šustek
Review of Financial Studies, October 2017, Vol. 30, pp. 3337-3375
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“Intergenerational Policy and the Measurement of Tax Incidence”
with Juan Carlos Conesa
European Economic Review, April 2016, Vol. 83, pp. 1-18
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“A Model of Price Swings in the Housing Market”
with Rodolfo E. Manuelli and Adrian Peralta-Alva
American Economic Review, June 2019
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Appendix (PDF)
“Housing Policy and the Progressivity of Income Taxation”
with Matthew S. Chambers and Don Schlagenhauf
ICFAI Journal of Monetary Economics, November 2009, Vol. 56, No. 8, pp. 1116-34
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“Indirect Taxation and the Welfare Effects of Altruism on the Optimal Fiscal Policy”
with Fernando Sánchez-Losada
Economic Modelling, November 2009, Vol. 26, No. 6, pp. 1365-74
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“Accounting for Changes in the Homeownership Rate”
with Matthew S. Chambers and Don Schlagenhauf
International Economic Review, August 2009, Vol. 50, No. 3, pp. 677-726
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“The Loan Structure and Housing Tenure Decisions in an Equilibrium Model of Mortgage Choice”
with Matthew S. Chambers and Don Schlagenhauf
Review of Economic Dynamics, July 2009, Vol. 12, No. 3, pp. 444-468
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“Inflation, Part 3: What Is the Fed’s Current Goal? Has the Fed Met Its Inflation Mandate?”
with Devin Werner
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 25
“Inflation, Part 2: How Do We Construct and Choose an Index?”
with Devin Werner
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 16
“Inflation, Part 1: What Is it, Exactly?”
with Devin Werner
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 15
“Putting Recent Inflation in Historical Context”
with Matthew Famiglietti
Federal Reserve Bank of St. Louis Economic Synopses, 2021, No. 12
“A Simple Evaluation of Two Decades of Inflation Targeting: Lessons for the New Monetary Policy Strategy”
with Matthew Famiglietti
Federal Reserve Bank of St. Louis Economic Synopses, 2021, No. 1
“Reconstructing the Great Recession”
with Michele Boldrin, Adrian Peralta-Alva, and Juan M. Sánchez
Federal Reserve Bank of St. Louis Review, Third Quarter 2020
“The Geography of Housing Market Liquidity During the Great Recession”
with Matthew Famiglietti and Aaron Hedlund
Federal Reserve Bank of St. Louis Review, First Quarter 2020
“Household Debt and the Great Recession”
with Bryan J. Noeth and Don Schlagenhauf
Federal Reserve Bank of St. Louis Review, Second Quarter 2017
“The Homeownership Experience of Minorities During the Great Recession”
with Lowell R. Ricketts and Don Schlagenhauf
Federal Reserve Bank of St. Louis Review, First Quarter 2017
“Intertemporal Discounting and Policy Selection”
with Juan Carlos Conesa
Federal Reserve Bank of St. Louis Review, March/April 2013
“Demographics, Redistribution, and Optimal Inflation”
with James Bullard and Christopher J. Waller
Federal Reserve Bank of St. Louis Review, November/December 2012
“Withdrawal History, Private Information, and Bank Runs”
with Chao Gu
Federal Reserve Bank of St. Louis Review, July/August 2012
“Raising College Access and Completion: How Much Can Free College Help?” (PDF)
with Maria Marta Ferreyra, Juan David Martin, and Angelica Maria Sanchez Diaz
Federal Reserve Bank of St. Louis Working Paper 2020-048A, October 2020
“Investors and Housing Affordability” (PDF)
with Pedro Gete and Athena Tsouderou
Federal Reserve Bank of St. Louis Working Paper 2020-047A, October 2020
“Optimal Management of an Epidemic: Lockdown, Vaccine and Value of Life” (PDF)
with Rodolfo E. Manuelli and Siddhartha Sanghi
Federal Reserve Bank of St. Louis Working Paper 2020-046B, May 2022
“Nominal Rigidities in Debt and Product Markets” (PDF)
with Finn E. Kydland and Roman Šustek
Federal Reserve Bank of St. Louis Working Paper 2016-017A, August 2016
“The Postwar Conquest of the Home Ownership Dream” (PDF)
with Matthew S. Chambers and Don Schlagenhauf
Federal Reserve Bank of St. Louis Working Paper 2016-007B, April 2016
“Rural-Urban Migration, Structural Transformation, and Housing Markets in China” (PDF)
with Yang Tang and Ping Wang
Federal Reserve Bank of St. Louis Working Paper 2014-028C, October 2015
“Reconstructing the Great Recession” (PDF)
with Michele Boldrin, Adrian Peralta-Alva, and Juan M. Sánchez
Federal Reserve Bank of St. Louis Working Paper 2013-006C, February 2013
“A General Equilibrium Theory of College with Education Subsidies, In-School Labor Supply, and Borrowing Constraints” (PDF)
with Mark P. Keightley
Federal Reserve Bank of St. Louis Working Paper 2007-051A, October 2007
Carlos Garriga is a senior vice president and director of research at the Federal Reserve Bank of St. Louis, which he joined in August 2007. His research focuses on macroeconomics, monetary economics, housing and credit markets, asset pricing, and public economics. He is a member of the Bank’s Management Committee. Garriga also serves as part of the FOMC council that advises the Bank president on current issues related to monetary policy and the broader economy and, since 2017, has attended FOMC meetings in Washington, D.C.
Garriga received his Ph.D. and B.A. in economics from the University of Barcelona. He has published peer-reviewed research in leading journals such as American Economic Review, Review of Financial Studies, Journal of Monetary Economics, European Economic Review, and Journal of the European Economic Association. His past research has received funding from the National Science Foundation and Ministerio de Educacion y Ciencia. He has been a visiting researcher and presenter throughout the Federal Reserve System and at leading international central banks and universities: European Central Bank, Deutsche Bundesbank, Sveriges Riksbank, Banco de España, Banca d’Italia, Banque de France, Swiss National Bank, Reserve Bank of New Zealand.
As director of research, Garriga oversees the Bank’s globally recognized products, such as the FRED data service, FRASER archive, economic education resources, Fed in Print, Native Economic and Financial Education Empowerment (NEFEE), and the Federal Reserve History site.
