The Federal Reserve Bank of Boston is pleased to announce the promotions of two officers to new positions in the Bank.

Prabal Chakrabarti has been promoted to executive vice president and community affairs officer. Giovanni Olivei has been promoted to senior vice president and deputy director of the Research department.

Chakrabarti joined the Bank in 2006 and has served as senior vice president and community affairs officer for the Bank since January 2015. He also serves as a member of the Bank’s Executive Committee. Prabal leads the Bank’s community development efforts, which focus on the economic well-being of low- and moderate-income people. He has made significant contributions to Bank and System work to revitalize smaller cities and rural areas through the Working Cities Challenge and Working Communities Challenge. He’s also overseen the Boston Fed’s efforts to address racial wealth and income gaps, striving to improve the quality of lower wage jobs and enhance access to quality child care.

Previously, Prabal worked at the Initiative for a Competitive Inner City, where he led a research effort to measure economic competitiveness in America’s inner cities. He also served in the U.S. Treasury, specializing in economic policy. Prabal holds graduate degrees from MIT and Oxford University, where he was a Marshall Scholar, and a bachelor’s degree from the University of Illinois, where he was a Truman Scholar.

Olivei joined the Bank in 1998 as an economist in the Research department. As deputy director of research, he oversees the Research department’s macro international section, which is responsible for monetary policy analysis and forecasting and also conducts research on current monetary, international, and other macroeconomic developments. Giovanni’s research interests are in monetary economics. Previously, Giovanni was an assistant in instruction in economics at Università Commerciale L. Bocconi in Italy and at Princeton University.

Giovanni earned his bachelor’s degree in economics at Università Commerciale L. Bocconi, where he graduated summa cum laude. He earned his Ph.D. in economics at Princeton University.

The Boston Federal Reserve Bank serves the First Federal Reserve District, which includes all of New England except Fairfield County, Connecticut. Within the district, the Bank monitors local economic conditions to aid in the formulation of monetary policy, engages in outreach to promote economic growth and community revitalization, supervises banks and bank hold Read more about the Boston Fed here.