I am a sixth year PhD candidate in Economics Northwestern University, working on macroeconomics.

My research focuses on macroeconomic dynamics, and monetary economics.

I will be joining Bank of Italy in September 2026 as research fellow.

Email: andr.ferrara1@gmail.com

Download CV here

Job Market Paper

Why the Federal Reserve Cuts Rates when Public Debt Rises
with Luca Zanotti
Abstract: We document that, conditional on inflation and output, the Federal Reserve lowers the policy rate when the U.S. public debt-to-GDP ratio rises. To explain this pattern, we develop and estimate a New Keynesian model with shocks to households’ demand for public debt. These shocks generate a negative comovement between public debt and the natural rate. If monetary policy tracks the natural rate, the model rationalizes the negative relationship between debt and the policy rate. Consistent with this view, when a novel debt-informed natural rate measure is included in the policy rule, the debt-to-GDP ratio no longer explains variations in the policy rate.

Working Papers

Cautious Monetary Policy
July 2025

Intra-Household Bargaining and Labor Market Outcomes - Evidence from Shared Parental Leave
with M. Hampole, and J. Monteiro
December 2024

Work in Progress

When Lagged Observables Can (and Should) Be Used as Instruments
with Michael Cai

Publications

Empirical Investigation of a Sufficient Statistic for Monetary Shocks
with F. Alvarez, E. Gautier, H. Le Bihan, and F. Lippi
Review of Economic Studies, Volume 92, Issue 4, July 2025