Fabrizio Perri
Biography
Fabrizio Perri (www.fperri.net) is the Orlando Bravo University Professor of Economics and Policy at Brown University (starting August 15, 2026). Past positions include Monetary Advisor and Deputy Director at the research department of the Federal Reserve Bank of Minneapolis, Professor of Economics at the University of Minnesota and at Università Bocconi, and William Berkley Professor in Economics and Business at New York University.
He graduated from Universitá Bocconi in Italy with a degree in economics and social sciences, and received his Ph.D. in Economics from the University of Pennsylvania. Fabrizio’s research focuses on macroeconomics, international macroeconomics, and inequality. His articles have appeared in journals such as the American Economic Review, Journal of Political Economy, Econometrica, and the Review of Economic Studies. He is also a fellow of the Econometric Society, an affiliate at the Center for Economic and Policy Research (CEPR) and serves as co-editor of Quantitative Economics.
Research
I do research in three broad areas: International Macroeconomics, Macroeconomics and Inequality and Macro-Finance.
In international macro the broad question I am interested in is how international markets (both real and financial) affect macroeconomic outcomes. Examples of issues I work on are the welfare impact of tariffs or how well economic risk can be shared across countries.
In macro and inequality the broad question I am interested in is how the distribution of resources across households/firms is affected by and affects aggregate outcomes. Examples of topics I work on are how much inequality amplifies business cycles or how much an inflation shock impacts economic inequality.
In macro finance I am interested in understanding the drivers of fluctuations in equity values. The market value of U.S. corporations relative to their output was around 1 in 1980, and since then has experienced a dramatic boom, reaching the value of 5 in 2026. Are these fluctuations mostly a reflection of shifts in investor sentiment or are they driven by fundamentals? And if so, which fundamentals?
Publications
A Macroeconomic Perspective on Stock Market Valuation Ratios (with A. Atkeson and J. Heathcote), American Economic Review: Insights, Conditionally Accepted, July 2026
Why People Disagree About What Drives Stock Prices? (with A. Atkeson and J. Heathcote), Journal of Finance Insights and Perspectives, Conditionally Accepted, July 2026
Comment on: Financial Repression and the Currency Market under Sanctions" by Oleg Itskhoki and Dmitry Mukhin, Economic Policy: Papers on European and Global Policy Issues, Forthcoming 2026
“The End of Privilege: a Re-examination of the Net Foreign Asset position of the United States” (with A. Atkeson and J. Heathcote), American Economic Review, 115(7), 2151-2206, July 2025
Comment on: “The U.S. trade deficit: Myths and Realities”, by M. Obstfeld, Brookings Papers on Economic Activity, 204-217, Spring 2025
“Capital Requirements and Bailouts” (with G. Stefanidis), Federal Reserve Bank of Minneapolis Quarterly Reviews, Volume 44 (4), February 2025
“How do households respond to income shocks?” (with D. Krueger and E. Malkov), Journal of Economic Dynamics and Control, Volume 169, November 2024
Teaching