I am a Principal Economist at the Division of Supervision and Regulation of the Board of Governors of the Federal Reserve System.
The contents of this website are my own and should not be interpreted as representing the views of the Board of Governors of the Federal Reserve System.
Email: marco.a.migueis at frb.gov and mmigueis at gmail.com
My other pages: FRB Economist page, LinkedIn, Google Scholar, and SSRN.
Research
Working Papers:
"Cost of banking for LMI and minority communities" (with Michael Suher and Jessie Xu), May 2025. Link to paper.
"Effect of the GSIB surcharge on the systemic risk posed by the activities of GSIBs" (with Sydney Pearce), April 2025. Link to paper.
"Outlining and measuring the benefits of risk sensitivity in bank capital requirements," March 2025. Link to paper.
Peer-Reviewed Publications:
"The information value of past losses in operational risk" (with Filippo Curti), Journal of Operational Risk, vol. 18, number 2 (2023), 1-36. Link to journal article and most up-to-date free draft.
"SRISKv2 - A note" (with Alexander Jiron), Economic Letters, vol. 201 (2021). Link to journal article and most up-to-date free draft.
"Regulatory arbitrage in the use of insurance in the new standardized approach for operational risk capital," Journal of Operational Risk, vol. 16, number 1 (2021), 1-11. Link to journal article and most up-to-date free draft.
"Benchmarking operational risk stress testing models" (with Filippo Curti and Robert Stewart), Journal of Operational Risk, vol. 15, number 2 (2020). Link to journal article and most up-to-date free draft.
"Evaluating the AMA and the new standardized approach for operational risk capital," Journal of Banking Regulation, vol. 20 (2019), 302-311. Link to journal article and most up-to-date free draft.
"Is operational risk regulation forward-looking and sensitive to current risks?" Journal of Operational Risk, vol. 13, number 4 (2018), 1-16. Link to journal article and most up-to-date free draft.
"Forward-looking and incentive-compatible operational risk capital framework," Journal of Operational Risk, vol. 13, number 3 (2018), 1-15. Link to journal article and most up-to-date free draft.
“Redistributive choices and income inequality: Experimental evidence for income as a signal of deservingness” (with Laura Gee and Sahar Parsa), Experimental Economics, vol. 20, issue 4 (2017), 894-923. Link to journal article (free view).
“Tail dependence in the US banking sector and measures of systemic risk” (with Eliana Balla and Ibrahim Ergen). Journal of Financial Stability, vol. 15 (2014), 195-209. Link to journal article (open access).
“The effect of political alignment on transfers to Portuguese municipalities.” Economics & Politics, vol. 25 (2013), 110-133. Link to journal article.
Book Chapters:
"13 - Operational Risk" in Validation of Risk Management Models for Financial Institutions (with Filippo Curti and Robert Stewart), Cambridge University Press, March 2023. Link to book chapter.
Other Papers:
"Measuring the systemic importance of large US banks" (with Andrew Hawley), September 2021. Link to paper.
“Benchmarking operational risk models” (with Filippo Curti, Ibrahim Ergen, Minh Le, and Robert Stewart), March 2016. Link to paper.
"Local government fiscal policies: Left-wing vs. right-wing Portuguese municipalities," April 2012. Link to paper.
PhD Thesis:
"Essays on political economy." September 2010. Massachusetts Institute of Technology. Link to thesis.
Other Writing
"We need to plan." Published in Voyagers-Log at Substack. Link to essay.
"Our rights and duties." Published in Voyagers-Log at Substack. Link to essay.