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Research Interests
macroeconomics, finance and financial stability, fiscal and monetary policySelected Work
“Fiscal Multipliers and Financial Crises”
Review of Economics and Statistics, May 14, 2024, Vol. 106, No. 3, pp. 728-747
Related working paper (PDF)
“Evergreening”
with Pascal Paul and Juan M. Sánchez
Journal of Financial Economics, March 2024, Vol. 153, pp. 103778
Related working paper (PDF)
“Measuring Labor Supply and Demand Shocks during COVID-19”
with Pedro Brinca and Joao B. Duarte
European Economic Review, October 2021, Vol. 139, pp. 103901
Related working paper (PDF)
“Fiscal Policy during a Pandemic”
Journal of Economic Dynamics & Control, 2021, Vol. 125, pp. 104088
Related working paper (PDF)
“The (Unintended?) Consequences of the Largest Liquidity Injection Ever”
with M. Crosignani and L. Fonseca
Journal of Monetary Economics, June 2020, Vol. 112, pp. 97-112
Related working paper (PDF)
“Runs versus Lemons: Information Disclosure and Fiscal Capacity”
with Joseba Martinez and Thomas Philippon
Review of Economic Studies, 2017, Vol. 84, No. 4, pp. 1683-1707
“The Portuguese Banking Sector During the Sovereign Debt Crisis”
with Matteo Crosignani and Luis Fonseca
Banco de Portugal Economic Studies, 2015, Vol. 1, No. 2, pp. 43-80
“Mapping a Country’s Competitive Position: A Real Exchange Rate Approach”
with Joao Zambujal-Oliveira
Studies in Economics and Finance, 2011, Vol. 28, No. 3, pp. 233-244
“Asset Returns and Labor Force Participation During COVID-19”
Federal Reserve Bank of St. Louis Economic Synopses, 2022, No. 1
“The COVID Retirement Boom”
Federal Reserve Bank of St. Louis Economic Synopses, 2021, No. 25
“Mortgage Forbearance and Economic Recovery from the Pandemic”
with Olivia Wilkinson
Federal Reserve Bank of St. Louis Economic Synopses, 2021, No. 19
“Is the COVID-19 Pandemic a Supply or a Demand Shock?”
with Pedro Brinca and Joao B. Duarte
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 31
“Fiscal Policy and COVID-19: Insights from a Quantitative Model”
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 8
“Can Countercyclical Capital Buffers Help Prevent a Financial Crisis?”
Federal Reserve Bank of St. Louis Economic Synopses, 2019, No. 15
“Rising Interest Rates, the Deficit, and Public Debt”
Federal Reserve Bank of St. Louis Economic Synopses, 2018, No. 28
“What Are the Fiscal Costs of a (Great) Recession?”
Federal Reserve Bank of St. Louis Economic Synopses, 2018, No. 22
“Dissecting the Great Retirement Boom” (PDF)
with Serdar Birinci and Kurt See
Federal Reserve Bank of St. Louis Working Paper 2024-017B, July 2024
“An Empirical Analysis of the Cost of Borrowing” (PDF)
with Samuel Jordan-Wood and Julian Kozlowski
Federal Reserve Bank of St. Louis Working Paper 2024-016B, July 2024
“The St. Louis Fed DSGE Model” (PDF)
https://doi.org/10.20955/wp.2024.014
Federal Reserve Bank of St. Louis Working Paper 2024-014A, June 2024
“Pandemic Labor Force Participation and Net Worth Fluctuations” (PDF)
with Samuel Jordan-Wood
Federal Reserve Bank of St. Louis Working Paper 2023-010A, May 2023
“A Quantitative Theory of Relationship Lending” (PDF)
with Kyle Dempsey
Federal Reserve Bank of St. Louis Working Paper 2022-033C, March 2024
“EBITDA Add-backs in Debt Contracting: A Step Too Far?” (PDF)
with Radhakrishnan Gopalan, Avantika Pal, Juan M. Sánchez, and Vijay Yerramilli
Federal Reserve Bank of St. Louis Working Paper 2022-029A, September 2022
“Credit and Liquidity Policies during Large Crises” (PDF)
with Mahdi Ebsim and Julian Kozlowski
Federal Reserve Bank of St. Louis Working Paper 2020-035J, February 2024
“The Nonlinear Effects of Fiscal Policy” (PDF)
with Pedro Brinca, Miguel H. Ferreira, Hans Holter, and Valter Nóbrega
Federal Reserve Bank of St. Louis Working Paper 2019-015G, June 2024
“A Quantitative Analysis of the Countercyclical Capital Buffer” (PDF)
Federal Reserve Bank of St. Louis Working Paper 2019-008D, January 2020
Miguel Faria-e-Castro is an economic policy advisor in the Research division of the Federal Reserve Bank of St. Louis, which he joined in July 2017. His principal areas of research are macroeconomics and finance, with emphasis on fiscal and monetary policy and financial stability. Faria-e-Castro earned a Ph.D. in economics from New York University, having previously earned M.Res. and B.A. degrees in economics from Universidade Nova de Lisboa (Portugal).
His research has been published in professional economic journals including Review of Economic Studies, Journal of Financial Economics, and Journal of Monetary Economics. He teaches macroeconomics at Washington University in St. Louis and has previously taught at New York University and Universidade Nova de Lisboa. His work has been featured in the New York Times, Wall Street Journal, Bloomberg, CNN, and Reuters, among other sources.