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Fidora, Michael

Economics

Division

Euro Area External Sector

Current position

Lead Economist

Fields of interest

Macroeconomics and Monetary Economics,
International Economics

Email

michael.fidora@ecb.europa.eu

Education
  • 2000-2004
    Diplom, Economics, Goethe-University Frankfurt
Professional experience
  • 2020-2020
    Lead Economist, Directorate General Economics, European Central Bank
  • 2013-2019
    Principal Economist, Directorate General Economics, European Central Bank
  • 2011-2013
    Economist, Directorate General Economics, European Central Bank
  • 2005-2011
    Economist, Directorate General International and European Relations, European Central Bank

ECB Working Paper Series

2020
Fidora, Michael, Schmitz, Martin, Bergant, Katharina
International capital flows at the security level: evidence from the ECB’s Asset Purchase Programme
No 2388
2017
Fidora, Michael, Giordano, Claire, Schmitz, Martin
Real exchange rate misalignments in the euro area
No 2108
Fidora, Michael, Schmitz, Martin, Tcheng, Céline
Reducing large net foreign liabilities
No 2074
2015
Fidora, Michael, Carvalho, Daniel
Capital inflows and euro area long-term interest rates
No 1798
2011
Fidora, Michael, Chudik, Alexander
Using the global dimension to identify shocks with sign restrictions
No 1318
2008
Fidora, Michael, Bracke, Thierry
Global liquidity glut or global savings glut? A structural VAR approach
No 911
2007
Thimann, Christian, Fidora, Michael, Engler, Philipp
External imbalances and the US current account: how supply-side changes affect an exchange rate adjustment
No 761
2006
Fidora, Michael, Fratzscher, Marcel, Thimann, Christian
Home bias in global bond and equity markets: the role of real exchange rate volatility
No 685

ECB Occasional Paper Series

2019
ECB Working Group on Global Value Chains

Gunnella, Vanessa, Al-Haschimi, Alexander, Benkovskis, Konstantins, Chiacchio, Francesco, de Soyres, François, Di Lupidio, Benedetta, Fidora, Michael, Franco-Bedoya, Sebastian, Frohm, Erik, Gradeva, Katerina, Lopez-Garcia, Paloma, Koester, Gerrit, Nickel, Christiane, Osbat, Chiara, Pavlova, Elena, Schmitz, Martin, Schroth, Joachim, Skudelny, Frauke, Tagliabracci, Alex, Vaccarino, Elena, Wörz, Julia, Dorrucci, Ettore

The impact of global value chains on the euro area economy
No 221
2012
Schmitz, Martin, De Clercq, Maarten, Fidora, Michael, Lauro, Bernadette, Pinheiro, Cristina
Revisiting the effective exchange rates of the euro
No 134
2010
Task Force of the Monetary Policy Committee of the ESCB

Donoval, Milan, Gautier, Erwan, Nuño, Galo, Nakov, Anton, Jiménez, Noelia, de los Llanos Matea, María, Estrada, Ángel, Zioutou, Pinelopi, Bragoudakis, Zacharias, Weymes, Laura, O'Brien, Derry, Irac, Delphine, Maggiar, Nicolas, Faiella, Ivan, Car, Mikulas, Tepina, Monika, Amador, João, Breitenfellner, Andreas, Schotten, Guido, Micallef, Brian, Hubic, Amela, Bouchet, Muriel, Cleanthous, Lena, Venditti, Fabrizio, Slopek, Ulf, Hartmann, Christin, Landau, Bettina, Gattini, Luca, Fidora, Michael, Costantini, Riccardo, Consolo, Agostino, Beck, Roland, Sullivan, Claudia, Kelley, Sylvia, Meyler, Aidan, Strauch, Rolf, Lima, Ana, Lodge, David, Lombardi, Marco J., Cornille, David, Baugnet, Vanessa, Vasardani, Melina A., Spitzer, Martin, Soudan, Michel, Slavík, Michal, Skudelny, Frauke, Roma, Moreno, Mohr, Matthias, Mestre, Ricardo

Energy markets and the euro area macroeconomy
No 113
2008
Fidora, Michael, Beck, Roland
The impact of sovereign wealth funds on global financial markets
No 91
Bracke, Thierry, Bussière, Matthieu, Fidora, Michael, Straub, Roland
A framework for assessing global imbalances
No 78

ECB Economic Bulletin Article

2021
Dorrucci, Ettore, Fidora, Michael, Gartner, Christine, Zumer, Tina
The European exchange rate mechanism (ERM II) as a preparatory phase on the path towards euro adoption – the cases of Bulgaria and Croatia
2017
Gunnella, Vanessa, Fidora, Michael, Schmitz, Martin
The impact of global value chains on the macroeconomic analysis of the euro area

ECB Economic Bulletin Box

2020
Fidora, Michael, Schmitz, Martin
The ECB’s enhanced effective exchange rate measures
Dorrucci, Ettore, Fidora, Michael, Gartner, Christine, Zumer, Tina
The Bulgarian lev and the Croatian kuna in the exchange rate mechanism (ERM II)
2019
Fidora, Michael, Schmitz, Martin
The decrease in euro area net financial outflows in 2018: foreign direct investment retrenchment and portfolio investment slowdown
2018
Fidora, Michael, Schmitz, Martin
The geography of the euro area current account balance
Fidora, Michael
Cyclical developments in the euro area current account
Fidora, Michael, Schmitz, Martin
Factors driving the recent improvement in the euro area’s international investment position

Journal publications

2020
Michael Fidora, Claire Giordano, Martin Schmitz
Real Exchange Rate Misalignments in the Euro Area
Open Economies Review
2019
Celine Cheng, Michael Fidora, Martin Schmitz
Reducing large net foreign liabilities
Review of International Economics, Vol 27, April 2019
2018
Katharina Bergant, Michael Fidora, Martin Schmitz
International capital flows at the security level – evidence from the ECB’s asset purchase programme
ECMI Papers 13926, 2018
2015
Daniel Carvalho, Michael Fidora
Capital inflows and euro area long-term interest rates
Journal of International Money and Finance, Elsevier, vol. 54(C), June 2015
2013
Maarten DeClercq, Michael Fidora, Bernadette Lauro, Cristina Pinheiro, Martin Schmitz
Revisiting the effective exchange rates of the euro
Journal of Economic and Social Measurement, Vol. 38(2), 2013
2012
Thierry Bracke, Michael Fidora
Global liquidity glut or savings glut – a structural VAR approach
North American Journal of Economics and Finance, Vol. 23, 2012
Alexander Chudik, Michael Fidora
How the global perspective can help us identify structural shocks
Dallas Fed Staff Papers, No. 19, December 2012
2010
Thierry Bracke, Matthieu Bussiere, Michael Fidora, Roland Straub
A framework for assessing global imbalances
World Economy, Vol. 33(9), September 2010
Roland Beck, Michael Fidora
Foreign exchange reserves and sovereign wealth funds: will they change the global financial landscape?
Arjan Berkelaar, Joachim Coche and Ken Nyholm (eds.) Central Bank Reserves and Sovereign Wealth Management, Palgrave Macmillan, 2010.
2009
Philipp Engler, Michael Fidora, Christian Thimann
External adjustment and the US current account: how supply-side changes affect an exchange rate adjustment
Review of International Economics, Vol. 17(5), November 2009
Roland Beck, Michael Fidora
Sovereign wealth funds: before and since the crisis
European Business Organisation Law Review, Vol. 10(3), September 2009
2008
Roland Beck, Michael Fidora
The impact of sovereign wealth funds on global financial markets
Review of European Economic Policy, Vol. 43(6), December 2008
2007
Michael Fidora, Marcel Fratzscher, Christian Thimann
Home bias in global bond and equity markets: the role of real exchange rate volatility
Journal of International Money and Finance, Vol. 26(4), June 2007