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Person

Damjan Pfajfar

Vice President
Areas of Expertise inflation, macroeconomics, monetary economics
Department Research
Education
  • BS,
  • Economics,
  • University of Ljubljana,
  • 2002
  • MS,
  • Economics,
  • University of Warwick,
  • 2003
  • PhD,
  • Economics,
  • University of Cambridge,
  • 2008

Damjan Pfajfar is a vice president in the Research Department at the Federal Reserve Bank of Cleveland. He leads the Bank’s Center for Inflation Research, which seeks to improve the understanding of policymakers, researchers, and the public about inflation and the factors that influence its behavior. Dr. Pfajfar’s research focuses on macroeconomics, monetary economics, and inflation.

Dr. Pfajfar joined the Cleveland Fed as vice president in 2024. Before joining the Bank, he was the group manager, Monetary Studies section, Monetary Affairs division and, before that, a principal economist in the Macroeconomic and Quantitative Studies section, Research and Statistics division, at the Federal Reserve Board of Governors. He was also an assistant professor at Tilburg University from 2008 to 2014.

Dr. Pfajfar holds a BS in economics from the University of Ljubljana, an MS in economics from the University of Warwick and a PhD in economics from the University of Cambridge.

    • “How to Limit the Spillover from the Inflation Surge to Inflation Expectations?” With Lena Dräger and Michael Lamla. Journal of Monetary Economics, 144, 2024.
    • “The Role of Expectations in Changed Inflation Dynamics.” With John M. Roberts. International Journal of Central Banking, 18, 2022, 199–238.
    • “When is the Fiscal Multiplier High? A Comparison of Four Business Cycle Phases.” With Maarten De Ridder and Travis Berge. European Economic Review, 128, 2021, 103852.
    • “Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother.” With Hess Chung, Cristina Fuentes-Albero, and Matthias Paustian. Journal of Economic Dynamics and Control, 125, 2021, 104097.
    • “Frictions in an experimental dynamic stochastic general equilibrium economy.” With Charles Noussair and Janos Zsiros. Journal of Money, Credit and Banking, 53, 2021, 555–587.
    • “Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory.” With Blaž Žakelj. Macroeconomic Dynamics, 22, 2018, 1035–1075.
    • “Consumers’ Attitudes and Their Inflation Expectations.” With Michael Ehrmann and Emiliano Santoro. International Journal of Central Banking, 13, 2017, 225–259.
    • “Uncertainty in Forecasting Inflation and Monetary Policy Design: Evidence from the Laboratory.” With Blaž Žakelj. International Journal of Forecasting, 32, 2016, 849–864.
    • “Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News.” With Lena Dräger and Michael Lamla. European Economic Review, 85, 2016, 84–111.
    • “Pricing decisions in an experimental dynamic stochastic general equilibrium economy.” With Charles Noussair and Janos Zsiros. Journal of Economic Behavior & Organization, 109, 2015,188–202.
    • “Loss Aversion and the Asymmetric Transmission of Monetary Policy.” With Emiliano Santoro, Ivan Petrella and Edoardo Gaffeo. Journal of Monetary Economics, 68, 2014, 19–36.
    • “Persistence of shocks in an experimental dynamic stochastic general equilibrium economy.” With Charles Noussair and Janos Zsiros. in “Experiments in Macroeconomics,” John Duffy (ed.), Research in Experimental Economics, vol. 17, 2014.
    • “Credit Frictions, Collateral and the Cyclical Behavior of the Finance Premium.” With Pierre-Richard Agénor and George Bratsiotis. Macroeconomic Dynamics, 18(5), 2014, 985–997.
    • “Experimental Evidence on Inflation Expectation Formation.” With Blaž Žakelj. Journal of Economic Dynamics and Control, 44, 2014, 147–168.
    • “The Role of Financial Intermediaries in Monetary Policy Transmission.” With Thorsten Beck and Andrea Colciago. Journal of Economic Dynamics and Control, 43, 2014, 1–11.
    • “Credit Market Distortions, Asset Prices and Monetary Policy.” With Emiliano Santoro. Macroeconomic Dynamics, 18(3), 2014, 631–650.
    • “News on Inflation and the Epidemiology of Inflation Expectations.” With Emiliano Santoro. Journal of Money, Credit and Banking, 45(6), 2013, 1045–1067.
    • “Formation of Rationally Heterogeneous Expectations.” Journal of Economic Dynamics and Control, 37(8), 2013, 1434–1452.
    • “Are Alternative Currencies a Substitute or a Complement to Fiat Money? Evidence from Cross-Country Data.” With Giovanni Sgro and Wolf Wagner. International Journal of Community Currency Research, 16(D), 2012, 45–56.
    • “Determinacy, Stock Market Dynamics and Monetary Policy Inertia.” With Emiliano Santoro. Economics Letters, 112(1), 2011, 7–10.
    • “Heterogeneity, Learning and Information Stickiness in Inflation Expectations.” With Emiliano Santoro. Journal of Economic Behavior & Organization, 75(3), 2010, 426–444.