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photo of Fabrizio Perri

Fabrizio Perri Monetary Advisor & Deputy Director

Federal Reserve Bank of Minneapolis

Connect with Fabrizio

Fabrizio Perri first became affiliated with the Federal Reserve Bank of Minneapolis in 1997 as an associate analyst in the Research Department, was a senior economist in 2004–5, and is now a monetary advisor. Past positions include professor of economics at the University of Minnesota, Università Bocconi and William Berkley Professor in Economics and Business at New York University.

Fabrizio studied economics and social sciences at Università Bocconi, and received his M.A. and Ph.D. from the University of Pennsylvania. In addition to his work for the Minneapolis Fed, Fabrizio has taught at several universities, including Northwestern University, UCLA, University of Texas and University of Wisconsin Madison. He has been a visiting scholar at the International Monetary Fund, the Bank of Italy, at the Federal Reserve Board and at the Federal Reserve Banks of New York and Philadelphia. He is also an affiliate of the National Bureau of Economic Research (NBER), the Center for Economic and Policy Research (CEPR).

Fabrizio’s research focuses on business cycles, international macroeconomics, and inequality. His articles have appeared in journals such as the Journal of Political Economy, Econometrica, the Review of Economic Studies, and the Journal of Monetary Economics. Currently he is an associate editor at the American Economic Review, the Review of Economic Dynamics, and the Journal of International Economics.

More Unequal We Stand? Inequality Dynamics in the United States, 1967–2021
2023 | Journal of Monetary Economics, 141: 121-126 | With Jonathan Heathcote, Giovanni L. Violante, and Lichen Zhang
Previously: Federal Reserve Bank of Minneapolis Staff Report 648

Comment on: “International tax competition with rising intangible capital and financial globalization” by Vincenzo Quadrini and José-Victor Ríos-Rull
2023 | Review of Economic Dynamics, 50: 235-266

Unequal Growth
2023 | Journal of Monetary Economics, 133: 1-18 | With Francesco Lippi

The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?
2020 | Review of Economic Dynamics, 37(S1): S181-204 | With Jonathan Heathcote and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 604

Exchange Rate Policies at the Zero Lower Bound
2020 | The Review of Economic Studies, 87(4): 1605-1645 | With Manuel Amador, Javier Bianchi, Luigi Bocola
Previously: Federal Reserve Bank of Minneapolis Working Paper 740

Wealth and Volatility
2018 | Review of Economic Studies, 85(4): 2173-2213 | With Jonathan Heathcote
Previously: Federal Reserve Bank of Minneapolis Staff Report 508

International Recessions
2018 | American Economic Review, 108(4/5): 935-984 | With Vincenzo Quadrini
Previously: Federal Reserve Bank of Minneapolis Staff Report 463

Reverse Speculative Attacks
2016 | Journal of Economic Dynamics and Control, 72: 125-137 | With Manuel Amador, Javier Bianchi, and Luigi Bocola
Previously: Federal Reserve Bank of Minneapolis Staff Report 528

Macroeconomics and Household Heterogeneity
2016 | Handbook of Macroeconomics, eds. John B. Taylor and Harald Uhlig, vol 2. ch. 11: 843-921 | With Dirk Krueger and Kurt Mitman
Previously: Federal Reserve Bank of Minneapolis Staff Report 529

On the Desirability of Capital Controls
2016 | IMF Economic Review, 64(1): 75-102 | With Jonathan Heathcote
Previously: Federal Reserve Bank of Minneapolis Staff Report 523

Macroeconomic Volatility and External Imbalances
2015 | Journal of Monetary Economics, 69: 1-15 | With Alessandra Fogli

Assessing International Efficiency
2014 | Handbook of International Economics, Gita Gopinath, Elhanan Helpman and Kenneth Rogoff, eds., Vol. 4, Chapter 9: 523-584 | With Jonathan Heathcote
Previously: Federal Reserve Bank of Minneapolis Staff Report 480

The International Diversification Puzzle Is Not as Bad as You Think
2013 | Journal of Political Economy, 121(6): 1108-1159 | With Jonathan Heathcote
Previously: Federal Reserve Bank of Minneapolis Staff Report 398

Global Banks and Crisis Transmission
2013 | Journal of International Economics, 89(2): 495-510 | With Sebnem Kalemli-Ozcan and Elias Papaioannou

Public versus Private Risk Sharing
2011 | Journal of Economic Theory,i' 146(3): 920-956 | With Dirk Krueger

Tax Buyouts
2010 | Journal of Monetary Economics, 57(5): 576-595 | With Marco Del Negro and Fabiano Schivardi
Previously: Federal Reserve Bank of Minneapolis Staff Report 441

Cross-Sectional Facts for Macroeconomists
2010 | Review of Economic Dynamics, 13(1): 1-14 | With Dirk Krueger, Luigi Pistaferri and Giovanni L. Violante

Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006
2010 | Review of Economic Dynamics, 13(1): 15-51 | With Jonathan Heathcote and Giovanni L. Violante
Previously: Federal Reserve Bank of Minneapolis Staff Report 436

Evaluating Asset Pricing Models with Limited Commitment Using Household Consumption Data
2008 | Journal of the European Economic Association, 6(2-3): 715-726 | With Dirk Krueger and Hanno Lustig

The Great Moderation and the U.S. External Imbalance
2006 | Monetary and Economic Studies, 24(S1): 209-225 | With Alessandra Fogli

Does Income Inequality Lead to Consumption Inequality? Evidence and Theory
2006 | Review of Economic Studies, 73(1): 163-193 | With Dirk Krueger
Previously: Federal Reserve Bank of Minneapolis Staff Report 363

Understanding Consumption Smoothing: Evidence from the U.S. Consumer Expenditure Data
2005 | Journal of the European Economic Association, 3(2-3): 340-349 | With Dirk Krueger

Business Cycles in Emerging Economies: The Role of Interest Rates
2005 | Journal of Monetary Economics, 52(5): 345-380 | With Pablo A. Neumeyer
Previously: Federal Reserve Bank of Minneapolis Staff Report 335

Competitive Equilibria with Limited Enforcement
2004 | Journal of Economic Theory, 119(1): 184-206 | With Patrick J. Kehoe
Previously: Federal Reserve Bank of Minneapolis Staff Report 307

Financial Globalization and Real Regionalization
2004 | Journal of Economic Theory, 119(1): 207-243 | With Jonathan Heathcote

On the Welfare Consequences of the Increase in Inequality in the United States
2003 | NBER Macroeconomics Annual, Mark Gertler and Kenneth Rogoff, eds., Vol. 18: 83-121 | With Dirk Krueger
Previously: NBER Working Paper No. 9993

Why Has the U.S. Economy Become Less Correlated with the Rest of the World?
2003 | American Economic Review, 93(2): 63-69 | With Jonathan Heathcote

International Business Cycles with Endogenous Incomplete Markets
2003 | Econometrica, 70(3): 907-928 | With Patrick J. Kehoe
Previously: Federal Reserve Bank of Minneapolis Staff Report 265

Financial Autarky and International Real Business Cycles
2002 | Journal of Monetary Economics, 49(3): 601-627| With Jonathan Heathcote

The Great Depression in Italy: Trade Restrictions and Real Wage Rigidities
2002 | Review of Economic Dynamics, 5(1): 128-151 | With Vincenzo Quadrini
Reprinted in: Great Depressions of the Twentieth Century (2007) Tim Kehoe and Ed Prescott (eds): 167-190

The Role of Fiscal Policy in Japan: A Quantitative Study
2001 | Japan and the World Economy, 13(4): 387-404

L'integrazione europea: un'analisi empirica [In Italian]
1996 | Moneta e Credito, 49(193): 89-121 | With M. De Cecco