Sergio Rebelo

About

Sergio Rebelo is the MUFG Bank Distinguished Professor of International Finance at the Kellogg School of Management, where he has served as Chair of the Finance Department. His research focuses on macroeconomics and international finance, specifically studying the causes of business cycles, the impact of economic policy on economic growth, and the sources of exchange rate fluctuations. His work has been funded by prominent organizations such as the National Science Foundation, the World Bank, the Sloan Foundation, and the Olin Foundation. Professor Rebelo is a fellow of the Econometric Society, the National Bureau of Economic Research, and the Center for Economic Policy Research. He has served on the editorial boards of several academic journals, including the American Economic Review, the European Economic Review, the Journal of Monetary Economics, and the Journal of Economic Growth. Throughout his career, he has received numerous teaching awards at the Kellogg School of Management, including the Executive Masters Program Outstanding Professor Award and the Professor of the Year Award. His academic background includes a Ph.D. in Economics from the University of Rochester, and he has held positions at Northwestern University and the Portuguese Catholic University, as well as research roles at the Bank of Portugal. Professor Rebelo has also served as a consultant to various organizations such as the World Bank, the International Monetary Fund, the Federal Reserve System, the…

Research topics

• Macroeconomics
• Economics
• Sociology
• Monetary economics
• Geography
• Keynesian economics
• Finance
• Econometrics

Selected publications

• Epidemics in the New Keynesian model

  Journal of Economic Dynamics and Control · 2022-02-18 · 47 citations

  articleOpen accessCorresponding

  This paper documents the behavior of key macro aggregates in the wake of the Covid epidemic. We show that a unique feature of the Covid recession is that the peak-to-trough decline is roughly the same for consumption, investment, and output. In contrast to the 2008 recession, there was only a short-lived rise in financial stress that quickly subsided. Finally, there was mild deflation between the peak and the trough of the Covid recession. We argue that a New Keynesian model that explicitly inco…

  PublisherDOI

• The macroeconomics of testing and quarantining

  Journal of Economic Dynamics and Control · 2022-03-10 · 39 citations

  articleOpen accessCorresponding

  We develop a SIR-based macroeconomic model to study the impact of testing/ quarantining and social distancing/mask use on health and economic outcomes. These policies can dramatically reduce the costs of an epidemic. Absent testing/quarantining, the main effect of social distancing and mask use on health outcomes is to delay, rather than reduce, epidemic-related deaths. Social distancing and mask use reduce the severity of the epidemic-related recession but prolong its duration. There is an impo…

  PublisherDOI

• Epidemics in the New Keynesian Model

  National Bureau of Economic Research · 2020-06-01 · 37 citations

  reportOpen access

  This paper documents the behavior of key macro aggregates in the wake of the Covid epidemic. We show that a unique feature of the Covid recession is that the peak-to-trough decline is roughly the same for consumption, investment, and output. In contrast to the 2008 recession, there was only a short-lived rise in financial stress that quickly subsided. Finally, there was mild deflation between the peak and the trough of the Covid recession. We argue that a New Keynesian model that explicitly inco…

  PublisherDOI

• Expectations, Infections, and Economic Activity

  National Bureau of Economic Research · 2020-10-01 · 35 citations

  reportOpen access

  The Covid epidemic had a large impact on economic activity. In contrast, the dramatic decline in mortality from infectious diseases over the past 120 years had a small economic impact. We argue that people's response to successive Covid waves helps reconcile these two findings. Our analysis uses a unique administrative data set with anonymized monthly expenditures at the individual level that covers the first three Covid waves. Consumer expenditures fell by about the same amount in the first and…

  PublisherDOI

• Expectations, Infections, and Economic Activity

  Journal of Political Economy · 2024-01-12 · 15 citations

  article

  This paper develops a quantitative theory of how people weigh the risks of infections against the benefits of engaging in social interactions that contribute to the spread of infectious diseases. Our framework takes into account the effects of public policies and private behavior on the spread of the disease. We evaluate the model using a novel micro panel dataset on consumption expenditures of young and older people across the first three waves of COVID-19 in Portugal. Our model highlights the…

  PublisherDOI

Frequent coauthors

• Martin Eichenbaum

  Northwestern University

  235 shared

• Craig Burnside

  157 shared

• Nir Jaimovich

  65 shared

• Carlos Végh

  60 shared

• Pedro Teles

  Banco de Portugal

  56 shared

• Mathias Trabandt

  Halle Institute for Economic Research

  35 shared

• Ariel Burstein

  31 shared

• Rui Albuquerque

  Boston College

  30 shared

Awards & honors

• Sidney J. Levy Teaching Award, 2024-25
• Elected Fellow of the Econometric Society
• Elected Member American Academy of Arts and Sciences
• Martin E. and Gertrude G. Walder Award for Research Excellen…
• Sidney J. Levy Teaching Award, Kellogg School of Management,…

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