Immo Schott

Immo Schott

Principal Economist

Division of International Finance · Board of Governors of the Federal Reserve System

Research interests: macroeconomics, firm dynamics, taxation, and macro-finance.

CV Email Federal Reserve Board page

News

About

I am a Principal Economist in the Division of International Finance (IF) at the Board of Governors of the Federal Reserve System, where I work in the Global Modeling Studies (GMS) section. My research studies how firms make decisions — on debt, investment, and hiring — and how those decisions shape business cycles, productivity, and the effects of monetary and tax policy. You can find my official Board homepage here.

Before joining the Federal Reserve Board, I was Associate Professor (with tenure) at the Université de Montréal. I hold a Ph.D. in Economics from the European University Institute. I have taught at Université de Montréal and Georgetown University and will teach at USC (DC Campus) next spring.

Working Papers

Who Built the Service Economy?
with Vladimir Smirnyagin
October 2026
PDF SSRN
Trade Policy Sentiment and Global Corporate Investment
with Francesco Ferrante, Dario Caldara, and Matteo Iacoviello
April 2026
PDF
The Employment and Output Effects of Short-Time Work in Germany
with Russell Cooper and Moritz Meyer
September 2026
PDF NBER
Coverage VoxEU

Publications & Accepted Manuscripts

10
Tax Heterogeneity and Misallocation
with Barış Kaymak
Accepted at Review of Economics and Statistics
PDF Online Appendix IFDP
9
Corporate Debt Maturity Matters for Monetary Policy
with Joachim Jungherr, Matthias Meier, and Timo Reinelt
Accepted at Review of Economic Studies
PDF IFDP
Coverage Bloomberg
8
Corporate Debt Maturity and Business Cycle Fluctuations
with Francesco Ferrante and Andrea Prestipino
Accepted at American Economic Journal: Macroeconomics
PDF IFDP
7
The Effects of the War on Ukraine on Global Corporate Investment
with Dario Caldara, Mike McHenry, and Matteo Iacoviello
Scottish Journal of Political Economy, Vol. 73, No. 3, July 2026 — Special Issue on "Economic Policy During & After War"
PDF Journal
6
Input Delays, Firm Dynamics, and Misallocation in Sub-Saharan Africa
with Idossou Marius Adom
Review of Economic Dynamics, Vol. 53, July 2024, pp. 147–172
PDF Journal
5
Corporate Tax Cuts and the Decline of the Manufacturing Labor Share
with Barış Kaymak
Econometrica, Vol. 91, No. 6, November 2023, pp. 2371–2408
PDF Journal Online Appendix Replication
4
Capital Reallocation and Aggregate Productivity
with Russell Cooper
Quantitative Economics, Vol. 14, Issue 4, November 2023, pp. 1337–1365
PDF Journal
3
Slow Debt, Deep Recessions
with Joachim Jungherr
American Economic Journal: Macroeconomics, Vol. 14, January 2022, pp. 224–259
PDF Journal Online Appendix Replication
2
Optimal Debt Maturity and Firm Investment
with Joachim Jungherr
Review of Economic Dynamics, Vol. 42, October 2021, pp. 110–132
PDF Journal Replication
1
Loss-Offset Provisions in the Corporate Tax Code and the Misallocation of Capital
with Barış Kaymak
Journal of Monetary Economics, Vol. 105, August 2019, pp. 1–20
PDF Journal

Papers in Progress

Banks, Accounting Standards, and Macroeconomic Fluctuations
with Joachim Jungherr
Optimal Monetary Policy under Higher Tariffs
with Martin Bodenstein, Pablo Cuba-Borda, Albert Queralto, and Ricardo Reyes-Heroles

Teaching

University of Southern California

Adjunct Professor, 2027
  • ECON 357 — Money, Credit, and Banking

Georgetown University

Adjunct Professor, 2024-2026
  • ECON 102 — Intermediate Macroeconomics
  • ECON 440 — Growth & Inequality
  • ECON 6009 — Computation of Dynamic Models with Applications (PhD)

Université de Montréal

Assistant / Associate Professor, 2014-2023
  • ECN 2050 — Théorie Macroéconomique 1
  • ECN 2055 — Théorie Macroéconomique 2
  • ECN 3750 — Inégalité & croissance économique
  • ECN 3950 — Atelier en économie appliquée
  • ECN 6153 — Atelier de macroéconomie (Masters)
  • ECN 7059 — Advanced Macroeconomics (PhD)

Conference Organization

Firm Heterogeneity and Macroeconomics — an annual workshop I co-organize together with Isaac Baley, Joachim Jungherr, and Matthias Meier.

  1. 4th edition Bonn · December 2025
    Keynotes: Ellen McGrattan & Vasco Carvalho
    Program (PDF)
  2. 3rd edition Mannheim · December 2024
    Keynotes: Yueran Ma & Pablo Ottonello
    Program (PDF)
  3. 2nd edition Bonn · October 2023
    Keynotes: Jan Eeckhout & Paolo Surico
    Program (PDF)
  4. 1st edition Mannheim · June 2022
    Keynotes: Simon Gilchrist & Virgiliu Midrigan
    Program (PDF)

Policy & Other Writing

Do Higher Markups Lower Labor's Share of Income?
with Barış Kaymak
Economic Commentary, Federal Reserve Bank of Cleveland, EC 2024-02 (2024)
COVID-19: The Italian Job
with Russell Cooper
Chapter in Preserving Links in the Pandemic: Policies to Maintain Worker–Firm Attachment in the OECD (2023)

Contact

Board of Governors of the Federal Reserve System
Division of International Finance · Washington, DC
immoschott@gmail.com · (771) 200-7908

Download full CV (PDF) · Federal Reserve Board page