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photo of Fernando Alvarez

Fernando Alvarez Consultant

University of Chicago

Fernando Alvarez joined the Federal Reserve Bank of Minneapolis as a consultant in 2013. He is a professor of economics at the University of Chicago. He received his B.A. degree in economics from Universidad Nacional de La Plata and his Ph.D. from the University of Minnesota in 1994. He has taught at The Wharton School, University of Pennsylvania, and has been a visitor at Universidad de San Andres and the Universidad Torcuato Di Tella (both in Argentina), as well as the Enaudi Institute of Economics and Finance. He is a Wim Duisenberg Fellow at the European Central Bank. Fernando has been a Fellow of the Sloan Foundation and is a Fellow of the Econometric Society. He was as editor of the Journal of Political Economy and associate editor of the Review of Economic Dynamics and Quality Rated Journal of Macroeconomics. His work on endogenously incomplete markets shows that the limited commitment model of Kehoe, Levine, and Kocherlakota can be decentralized with certain borrowing constraints, as well as explain some features of asset prices. He has also presented a new estimate of the welfare cost of business cycles based on observed asset prices. His other work includes models of monetary economies with segmented markets and menu cost, and search models with incomplete markets.