Research
Biography
José L. Fillat is a senior economist and policy advisor in the Federal Reserve Bank of Boston Research Department. His research focuses on macro-finance, asset pricing, housing, and the links between international trade and finance. He has studied the asset pricing implications of long-run risks in consumption and housing. He also investigates portfolio allocation decisions in the presence of housing. In the international trade and finance fields, he studies the relationship between firms' risk premium and their international presence.
Fillat earned a PhD in economics from the University of Chicago and a BA and MSc in economics from Universitat Pompeu Fabra in Spain. He joined the Boston Fed in 2008, first working in the Banking Supervision Department, where he contributed to the system-wide implementation of Basel II Advanced Approaches and was member of a system committee overseeing the development of models for Dodd-Frank Act Stress Testing. Fillat teaches in the Applied Economics graduate program at the Woods College of Advancing Studies (WCAS) at Boston College, and he has taught economics at Harvard University. He also serves on the Board of Advisors of the MS in Applied Economics at the WCAS.
Work Experience
Federal Reserve Bank of Boston
Senior Economist, 2017–
Senior Financial Economist, 2012–
Financial Economist, 2008–2012
Harvard University
Visiting Lecturer of Economics, 2016
Boston College, Woods College of Advancing Studies
Adjunct Professor, 2015–
The University of Chicago
Lecturer, Teaching Assistant, 2004–2008
Universitat Pompeu Fabra
Teaching Assistant, Research Assistant, 2000–2002
Research Center on Economics and Health (CRES)
Research Assistant, 2000
Banca Catalana (BBVA Group)
Banking Analyst, 1999
Education
PhD, Economics, University of Chicago, 2008
MA, Economics, University of Chicago, 2003
MSc, Economics, Universitat Pompeu Fabra, Barcelona, Spain, 2001
BA, Economics, Universitat Pompeu Fabra, Barcelona, Spain, 2000
Primary fields of research
Finance, asset pricing, macroeconomics, economic dynamics
Publications
Refereed journal articles
“Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock,” with Falk Bräuning and J. Christina Wang. Forthcoming. Journal of Money, Credit and Banking. https://doi.org/10.1111/jmcb.13118
“Global Banking and the International Transmission of Shocks: A Quantitative Analysis,” with Stefania Garetto and Arthur V. Smith. 2023. Journal of International Economics 145: 103808. https://doi.org/10.1016/j.jinteco.2023.103808
"“The Main Street Lending Program,” with David Arsenau, Molly Mahar, Donald P. Morgan, and Skander Van den Heuvel. 2022. Economic Policy Review 28(1): 58–92.
"Risk, Returns, and Multinational Production," with Stefania Garetto. 2015. The Quarterly Journal of Economics. 130(4): 2027–2073.
"Diversification, Cost Structure, and the Risk Premium of Multinational Corporations," with Stefania Garetto and Lindsay Olden ski. 2015. Journal of International Economics 96(1): 37–54.
"Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs," with Stefano Corradin and Carles Vergara-Alert. 2014. Review of Financial Studies 27(3): 823–880.
Working papers and other unpublished papers
“Is Post-pandemic Wage Growth Fueling Inflation?” with Philippe Andrade, Falk Bräuning, and Gustavo Joaquim. 2024. Federal Reserve Bank of Boston Current Policy Perspectives 24-1.
“Firms’ Cash Holdings and Monetary Policy Transmission,” with Falk Bräuning and Gustavo Joaquim. 2023. Federal Reserve Bank of Boston Current Policy Perspectives. October 12, 2023.
“Cost-Price Relationships in a Concentrated Economy,” with Falk Bräuning and Gustavo Joaquim. 2023. Federal Reserve Bank of Boston Research Department Working Papers No. 23-9. https://doi.org/10.29412/res.wp.2023.09
“Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?” with Falk Bräuning and J. Christina Wang. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-13. https://doi.org/10.29412/res.wp.2022.13
“Cost-Price Relationships in a Concentrated Economy,” with Falk Bräuning and Gustavo Joaquim. 2022. Federal Reserve Bank of Boston Current Policy Perspectives. May 23, 2022.
“On the Origins of the Multinational Premium,” with Stefania Garetto 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-20. https://doi.org/10.29412/res.wp.2021.20
“Corporate Finance and the Transmission of Shocks to the Real Economy,” with Falk Bräuning and Gustavo Joaquim. 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-18. https://doi.org/10.29412/res.wp.2021.18
“A Helping Hand to Main Street Where and When It Was Needed,” with Falk Bräuning, Frankie Lin, and J. Christina Wang. 2021. Federal Reserve Bank of Boston Current Policy Perspectives. May 27, 2021.
“The Impact of Regulatory Stress Tests on Bank Lending and Its Macroeconomic Consequences,” with Falk Bräuning. 2020. Federal Reserve Bank of Boston Research Department Working Papers No. 20-12.
“Corporate Debt Maturity and Monetary Policy,” with Falk Bräuning and J. Christina Wang. 2020. Federal Reserve Bank of Boston Current Policy Perspectives. October 22, 2020.
“Stress Testing Effects on Portfolio Similarities Among Large US Banks.” 2019. Federal Reserve Bank of Boston Current Policy Perspectives No. 19–1.
“What are the Consequences of Global Banking for the International Transmission of Shocks? A Quantitative Analysis.” 2018. Federal Reserve Bank of Boston Research Department Working Papers No. 18–11.
“Becoming a Multinational: An Analysis of Market Access and Risk through Mergers,” with Stefania Garetto. Paper presented at the American Economic Association Annual Meeting, January 2018.
“Portfolio Choice with House Value Misperception,” with Stefano Corradin and Carles Vergara-Alert. 2017. Federal Reserve Bank of Boston Research Department Working Papers No. 17-16.
"Multinational Banks," with Stefania Garetto and Martin Goetz. 2015. Society for Economic Dynamics Meeting Papers 1256. (Also 2012. Society for Economic Dynamics Meeting Papers 898.)
“Evidence on Housing Price Predictability,” with Stefano Corradin and Carles Vergara-Alert. 2010.
“Housing as a Measure for the Long-Run Risk in Asset Pricing,” 2007. University of Chicago.
“GMM Estimation of an Asset Pricing Model with Habit Persistence,” with Hugo Garduño. 2005. University of Chicago.
“The Role of Habits in Returns Behavior: Evidence from the Stock Market.” Berkeley Program in Law & Economics. 2005. Latin American and Caribbean Law and Economics Association Annual Papers, Paper 2.