Research Interests
fiscal and monetary policies, money and banking, international economicsSelected Work
“Money, Banking and Financial Markets”
with David Andolfatto and Aleksander Berentsen
Review of Economic Studies, October 2020, Vol. 87, No. 5, pp. 2049-86
Related working paper (PDF)
“Debt, Inflation and Central Bank Independence”
European Economic Review, October 2015, Vol. 79, pp. 129-150
Related working paper (PDF)
“Government Policy in Monetary Economies”
International Economic Review, February 2013, Vol. 54, No. 1, pp. 185-217
Related working paper (PDF)
“On the Joint Determination of Fiscal and Monetary Policy”
Journal of Monetary Economics, 2011, Vol. 58, No. 2, pp. 132-45
“A Positive Theory of Government Debt”
Review of Economic Dynamics, 2009, Vol. 12, No. 4, pp. 608-631
“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
“External Shocks versus Domestic Policies in Emerging Markets”
with Emilio Espino, Julian Kozlowski, and Juan M. Sánchez
Federal Reserve Bank of St. Louis Review, Second Quarter 2023
“The Blockchain Revolution: Decoding Digital Currencies”
with David Andolfatto
Federal Reserve Bank of St. Louis Review, Third Quarter 2022
“Economic Realities and Consequences of the COVID-19 Pandemic—Part II: The Economy and Fiscal Policy”
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 11
“Economic Realities and Consequences of the COVID-19 Pandemic—Part I: Financial Markets and Monetary Policy”
Federal Reserve Bank of St. Louis Economic Synopses, 2020, No. 10
“The U.S. Financial Landscape on the Eve of the Pandemic”
Federal Reserve Bank of St. Louis The Regional Economist, Third Quarter 2020, Vol. 28, No. 3
“Monetary Policy and the COVID-19 Price Level Shock” (PDF)
with David Andolfatto
Federal Reserve Bank of St. Louis Working Paper 2025-004C, July 2025
“The Economic Impact of COVID-19 around the World” (PDF)
with Juan M. Sánchez and Olivia Wilkinson
Federal Reserve Bank of St. Louis Working Paper 2022-030A, September 2022
“Policy Rules and Large Crises in Emerging Markets” (PDF)
with Emilio Espino, Julian Kozlowski, and Juan M. Sánchez
Federal Reserve Bank of St. Louis Working Paper 2022-018F, June 2025
“Fiscal Dominance” (PDF)
Federal Reserve Bank of St. Louis Working Paper 2020-040D, August 2023
“How to Starve the Beast: Fiscal Policy Rules” (PDF)
Federal Reserve Bank of St. Louis Working Paper 2019-026H, August 2023
“The Value of Constraints on Discretionary Government Policy” (PDF)
Federal Reserve Bank of St. Louis Working Paper 2016-019C, October 2018
“Money and Capital as Competing Media of Exchange in a News Economy” (PDF)
with David Andolfatto
Federal Reserve Bank of St. Louis Working Paper 2009-046A, September 2009
Fernando M. Martin is senior economic policy advisor in the Research division of the Federal Reserve Bank of St. Louis, which he joined in August 2011. He conducts research on fiscal and monetary policies, money and banking, and international economics, and serves as an advisor to the Bank president on monetary policy. He received his M.A. and Ph.D. degrees in economics from the University of Pennsylvania in 2004 and 2005, respectively. He also holds an M.A. degree in economics from Universidad Torcuato di Tella in Buenos Aires, Argentina.
His publications include articles in the Review of Economic Studies, Journal of Monetary Economics, European Economic Review, International Economic Review, Review of Economic Dynamics, and the St. Louis Fed Review, among others. Between 2016 and 2022, he taught a course on understanding the financial crisis of 2007-08 at Washington University in St. Louis.
Prior to joining the Bank, he was an economist at the central bank of Argentina and an assistant professor and associate professor with tenure at Simon Fraser University. His research has been discussed on “Marketplace,” “60 Minutes,” “ABC News,” and local news, including St. Louis Public Radio.