Focus areas: macroeconomics, international finance, monetary policy, fiscal policy, as well as economic growth and development policy

Luis Felipe Céspedes is Professor of Economics at the Business School of Universidad Adolfo Ibáñez and Visiting Professor at Columbia University.  

He served as Minister of Economy, Development and Tourism of Chile between March 2014 and August 2017. During this tenure he was also President of the Board of the Economic Development Agency of Chile (CORFO) and President of the Foreign Investment Promotion Committee.

Mr. Céspedes was Chief of Economic Research at the Central Bank of Chile between 2009 and 2011. Earlier, in 2006-2009, Mr. Céspedes was Chief Economic Advisor and Director of Economic Policy at the Ministry of Finance of Chile. Previously, he was an economist at the Research Department of the Central Bank of Chile and of the International Monetary Fund.

He has also been member of the board of the Technical Committee of Investment for Pension Funds at the Superintendence of Pensions of Chile and member of the Potential Output Committee at the Ministry of Finance of Chile. He has been consultant for the International Monetary Fund, the World Bank and the Inter-American Development Bank.

Mr. Céspedes has been Visiting Scholar in the Research Department at the International Monetary Fund and the Inter-American Development Bank and in the Department of Economics at Rutgers University and Visiting Professor at Columbia University.

He has written extensively on international economics, macroeconomic policy and financial crises. He has published in internationally renowned academic journals and has also contributed chapters to various books on macroeconomics and international finance. He has been the editor of three books and of the academic journal Economía Chilena.

Mr. Céspedes holds a Ph.D. in Economics from New York University (NYU) and a B.A. in Economics and Business Administration from Universidad Católica de Chile.

Research & Publications

May 2017|Journal of International Economics|Luis Felipe Céspedes, Roberto Chang, Andrés Velasco

Financial Intermediation, Real Exchange Rates, and Unconventional Policies in an Open Economy

January 2015|Journal of Money, Credit and Banking|Luis Felipe Céspedes, Ambrogio Cesa-Bianchi, Alessandro Rebucci

Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Market Economies

June 2014|Journal of Development Economics|Luis Felipe Céspedes, Andrés Velasco

Was This Time Different?: Fiscal Policy in Commodity Republics

June 2014|Journal of Development Economics|Luis Felipe Céspedes, Andrés Velasco

Is Inflation Targeting Still on Target?: Fiscal Policy in Commodity Republics

July 2013|Journal of International Economics|Luis Felipe Céspedes, Yan Carriere-Swallow

The Impact of Uncertainty Shocks in Emerging Economies

November 2012|IMF Economic Review|Luis Felipe Céspedes, Andrés Velasco

Macroeconomic Performance During Commodity Price Booms and Busts

October 2004|Journal of Development Economics|Luis Felipe Céspedes, Paul Cashin, Ratna Sahay

Commodity Currencies and the Real Exchange Rate

September 2004|American Economic Review|Luis Felipe Céspedes, Roberto Chang , Andrés Velasco

Balance Sheets and Exchange Rate Policy

November 2002|IMF Staff Papers|Luis Felipe Céspedes, Roberto Chang , Andrés Velasco

IS-LM-BP in the Pampas