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  • Bio
  • Curriculum Vitae

Adriana Z. Fernandez
Houston Branch
Federal Reserve Bank of Dallas

Adriana Z. Fernandez Adriana Z. Fernandez is an economist at the Federal Reserve Bank of Dallas, Houston Branch. Her main research interests lie in the field of monetary policy and currency crises. She has worked on topics such as the implications of institutional quality in the effectiveness of central banks’ policy actions.

Fernandez holds an MA and PhD in economics from the University of Houston and a graduate degree in international relations and economics from the École Nationale d'Administration Publique (ENA) in Paris.

Before coming to the Dallas Fed in March 2005, she taught economics at the University of Houston, worked for the European Commission in Brussels and held diverse positions in the Ministry of Industry and Commerce of the State of Hidalgo, Mexico, and the National Bank of Commerce and Trade in Mexico City.

Adriana Z. Fernandez
Houston Branch
Federal Reserve Bank of Dallas


  • PhD— Economics, University of Houston, May 2005
    Dissertation: “Three Essays on Currency Crises and Defensive Monetary Policy”
  • MA—Economics, University of Houston, July 2004
  • CIL (International Long Cycle)—International Relations/Economics, École Nationale d'Administration Publique (ENA), Paris, France, July 1998.
  • Diploma—Public Administration, Universidad Iberoamericana, México D.F., April 1997.
  • BA—Economics, University of Texas at El Paso, May 1994
  • BA—International Relations, Universidad Nacional Autónoma de México (UNAM), Mexico, D.F., July, 1991.

Major Fields of Interest

  • International Finance, International Economics, Monetary Economics.


  • Research Economist, Federal Reserve Bank of Dallas, Houston Branch, March 2005–present
  • European Union Intern, European Commission, Brussels, Belgium. April/July 1998
  • Advisor to the Secretary of Industry and Commerce, Hidalgo, Mexico. January 1995–June 1997
  • Economic Analyst, Mexico’s National Bank of Foreign Trade (BANCOMEXT), Mexico, DF. June 1990–July 1991

Academic Experience

  • Teaching Fellow, University of Houston, fall 2000–fall 2004. Economics instructor of Principles of Macroeconomics, Principles of Microeconomics, and Intermediate Macroeconomics.
  • Research Assistant, University of Houston, fall 2002–spring 2005.

Published Papers

  • “Can Alternative Taylor-Rule Specifications Describe the Federal Reserve Decisions?” Journal of Policy Modeling, volume 32 (2010), Issue 6, pp. 703–880, Nov–Dec 2010.
  • “The Changing Nature of the U.S. economic Influence in the World,” with Alex Nikolsko-Rzhevskyy, Journal of Policy Modeling, 32 (2010), pp. 196–209, February 2010.

  • “Quantifying the Effects of Environmental Regulations on US Gasoline Imports: A Natural Experiment,” with Jonathan Story and Bill Gilmer,
    Conference proceedings of the USAEE/IAEE Ann Arbor Conference, September 24–27, 2006.

Fed Publications

Work in Progress

  • “PVC: A global polymer after the U.S shale gas revolution? (with Bill Gilmer and Jesse Thompson)
  • “Liquidity risk on sovereign bond risk premia: the next big crisis in the making”
  • “Are Output Gaps useful for Forecasting Inflation? A Real-Time Approach for OECD Countries”
  • “Comparing Monetary Policy Rules with Unstable Parameters: Mexico”
  • “How accurate is the Mexican Output Gap? A Real Time Approach”
  • “Do Currency Crises Have Transitory or Permanent Effects? Analysis in the Perspective of Structural Change.”

Selected Contributing Articles

  • “Houston’s Economic Outlook,” Houston Business Journal, December 2008.
  • “Houston’s Economic Outlook,” Houston Business Journal, December 2007.
  • “Houston: A Leading Economic Force in Texas,” Growth Magazine, March 2006.
  • “Houston’s Economic Outlook,” Houston Business Journal, January 2006.

Contact Adriana Fernandez



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