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Klodiana Istrefi

Research

Division

Monetary Policy Research

Current Position

Senior Economist

Fields of interest

Macroeconomics and Monetary Economics,International Economics

Email

klodiana.istrefi@ecb.europa.eu

Other current responsibilities
2023-

Associate Editor, International Journal of Central Banking

2021-

Research Affiliate, Centre for Economic Policy Research

2019-

Lecturer, Paris School of Economics

Education
2018

M.Sc. on Economics and Psychology, Paris 1 Pantheon Sorbonne, France

2016

Ph.D. in Economics, Goethe University Frankfurt, Germany

2006

M.Sc. on European Economic Studies, Bamberg University & University of Tirana, Albania

Professional experience
2014-2022

(Senior) Economist, Monetary Policy Research, Banque de France

2014

Researcher, Center of Excellence SAFE, Frankfurt

2001-2008

(Senior) Economist, Monetary Policy and Research Department, Bank of Albania

Teaching experience
2022

Big Data and Central Bank Communication - International Banking and Finance Institute, France

2022

Macroconomic Analysis and Policymakers - Paris School of Economics, France

2019-2021

Short-term Economic Analysis - Paris School of Economics, France

2018-2019

Time Series Forecasting and Data Quality - Center of Excellence in Finance, Slovenia

2018-2019

Unconventional Monetary Policies - International Banking and Finance Institute, France

2016

Introduction in Microeconomics - Paris College of Arts, France

2002-2007

Introduction in Economics & Macroeconomics 1 - Economic Faculty, University of Tirana, Albania

5 October 2023
WORKING PAPER SERIES - No. 2851
Details
Abstract
We propose a novel identification design to estimate the causal effects of systematic monetary policy on the propagation of macroeconomic shocks. The design combines (i) a time-varying measure of systematic monetary policy based on the historical composition of hawks and doves in the Federal Open Market Committee (FOMC) with (ii) an instrument that leverages the mechanical FOMC rotation of voting rights. We apply our design to study the effects of government spending shocks. We find fiscal multipliers between two and three when the FOMC is dovish and below zero when it is hawkish. Narrative evidence from historical FOMC records corroborates our findings.
JEL Code
E32 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Business Fluctuations, Cycles
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
E63 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Comparative or Joint Analysis of Fiscal and Monetary Policy, Stabilization, Treasury Policy
H56 : Public Economics→National Government Expenditures and Related Policies→National Security and War
21 September 2021
OCCASIONAL PAPER SERIES - No. 274
Details
Abstract
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to expert and non-expert audiences is essential in an environment of an ever-increasing need by central banks to reach these audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was established, the communications landscape has changed dramatically and continues to evolve. This paper outlines how better communication, including greater engagement with the wider public, could help boost people’s understanding of and trust in the Eurosystem.
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
2023
Journal of Forecasting
  • Belly, G., Boeckelmann, L., Graciano, C., Di Iorio, A., Istrefi, K., Siakoulis, V. and Stalla-Bourdillon, A.
2023
Journal of Banking and Finance
  • Istrefi, K., Odendahl, F. and Sestieri, G.
2023
Journal of Monetary Economics
  • Bordo, M. and Istrefi, K.
2020
Revue d’Economie Politique
  • Istrefi, K. and Piloiu, A.
2019
Journal of Monetary Economics
  • Istrefi, K.
2018
Journal of International Money and Finance
  • Istrefi, K. and Mouabbi, S.
2017
Hawks and Doves: Deeds and Words - Economics and Politics of Monetary Policymaking
  • Bordo, M. and Istrefi, K.