David Andolfatto is the Vice President of Economic Research Federal Reserve Bank of St. Louis. He has a PhD in Economics from University of Western Ontario and his areas of interest are Dynamic General Equilibrium Theory, Macroeconomics, Labor Markets, Monetary Theory.

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Awards & Publications

“Optimal Disclosure Policy and Undue Diligence” with Aleksander Berentsen, David Andolfatto and Christopher J. Waller. Journal of Economic Theory, 149, pp. 128-152, January 2014. ( “Scarcity of Safe Assets, Inflation, and the Policy Trap,” with David

Latest Articles

Smart Contracts and Asset Tokenization

Book of Smart Contracts 1959 In his 1959 classic Theory of Value, Gerard Debreu takes a deep dive into general (Walrasian) equilibrium theory. (Yes, I know, but please try to stay awake for at least a few more paragraphs.)He studies a very stark h...

What is the yield curve forecasting?

It's well-known that in the United States, recessions are often preceded by an inversion of the yield curve. Is there any economic rationale for why this should be the case? Most yield curve analysis makes reference to nominal interest rates. Econo...

The Trust Machine: The Story of Bitcoin

I came across a presentation of Bitcoin the other day called The Trust Machine: The Story of Bitcoin.  I thought it was very nice and I encourage anyone who's interested in Bitcoin to view it (less than 25 minutes). What I offer below are questions...

Inflation and Unemployment (Part 2)

In my previous post (Inflation and Unemployment), I reviewed what I thought was a fair characterization of the way the Federal Reserve Board staff organize their thinking about inflation and unemployment, as well as how this view of the world was at ...

Inflation and unemployment

The FOMC decided on March 21 to increase the target band for the federal funds rate by 25 basis points, to a range of 1.50-1.75%. This despite inflation running persistently below the Fed's 2% target, only moderate wage growth, and inflation expectat...