J. Felipe Córdova

About

As Head of the Prospective Risk Analysis Department at the Central Bank of Chile, I bring over 15 years of experience leading macroeconomic and macrofinancial risk assessments for the Chilean economy.

I specialize in stress testing, credit markets, macroprudential policy, banking, modelling household and firms default decisions, and the intersection of climate change with financial stability. I also provide policy insights, thematic chapters and boxes to the Financial Stability Report and contribute to the Bank's Financial Policy Meetings, where the Board sets the macroprudential stance. In addition, I coordinate the department’s research agenda and collaborate with internal teams and external partners on projects that advance the Bank’s mandate.

↓ Download full Curriculum Vitae (PDF)

Education

Ph.D. in Economics

Boston University

2016

M.A. in Economics

University of Chile

2009

B.A. in Economics

University of Chile

2002

Honors & Awards

Research Fellowship, Dept. of Economics

Boston University

2012–2015

Graduate Studies Scholarship

Central Bank of Chile

2010–2012

M.A. Scholarship

Graduate School of Economics, University of Chile

2003–2004

Undergraduate Studies Scholarship

Ministry of Education, Chile

1998–2002

Employment

Head, Prospective Risk Analysis Department

Financial Stability Area, Financial Policy Division · Central Bank of Chile

2019 – present

Head, Financial Stability Report Group

Financial Stability Area, Financial Policy Division · Central Bank of Chile

2017 – 2019

Senior Economist

Financial Stability Area, Financial Policy Division · Central Bank of Chile

2016 – 2017

Research & Teaching Assistant

Boston University

2012 – 2015

Head, Prices and Financial Markets Group

Macroeconomic Analysis Area, Research Division · Central Bank of Chile

2008 – 2010

Economic Analyst

Macroeconomic Analysis Area, Research Division · Central Bank of Chile

2006 – 2008

Peer-Reviewed

Climate transition risks in Chile's banking industry: A loan-level stress test Córdova, F., Pinto-Ávalos, F., & Salas, M. Forthcoming Latin American Journal of Central Banking, 2026 → link
The impact of warnings published in a financial stability report on loan-to-value ratios Alegría, A., Alfaro, R., & Córdova, F. Latin American Journal of Central Banking, Vol. 2(4), 2021 → PDF
Market interest rate dynamics in times of financial turmoil Becerra, J.S., Ceballos, L., Córdova, F., & Pedersen, M. Economía Chilena, Vol. 13(1), 2010 → link
Comportamiento del precio internacional de granos seleccionados y su impacto en la inflación Córdova, F., Grunwald, M.C., Meneses, F. & Lopez, E. Economía Chilena, Vol. 11(1), 2008 → link
Inflación de bienes y servicios Córdova, F., Grünwald, M.C., & Magendzo, I. Economía Chilena, Vol. 10(2), 2007 → link

Policy Work & Institutional Publications

Consideraciones analíticas para el marco de implementación del requerimiento de capital contracíclico Banco Central de Chile Documento técnico · Central Bank of Chile, 2025 → link
Las empresas chilenas durante la crisis del covid-19 Banco Central de Chile (ed. with M. Acosta, A. Aguirre, and J. Guerra) Serie Económica Financiera · Central Bank of Chile, 2023 → PDF
Estrés financiero de los hogares en Chile: un enfoque basado en microdatos Córdova, F. & Toledo, C. Mimeo · Central Bank of Chile, 2023 → PDF
Exposures to transition and physical risks in Chile with C. Toledo and F. Vasquez Support note · Central Bank of Chile, FSR First Half 2022
Funding needs of Chilean firms and stress testing during the Covid-19 pandemic Córdova, F., Toledo, C. & Vasquez, F. Mimeo · Central Bank of Chile FSR Second Half 2021 → PDF
Loan forbearance in Chile during the Covid-19 pandemic Córdova, F. & Toledo, C. Mimeo · Central Bank of Chile FSR Second Half 2020 → PDF
Impago y destrucción de empleo: una investigación empírica en base a pares empleado-empleador with M.I. Valencia Support note · Central Bank of Chile, FSR First Half 2020

Book Chapter

Los precios de los combustibles líquidos a lo largo del país: posibles explicaciones Córdova, F. & Gómez-Lobo, A. In S. Valdés & M.S. Arellano (eds.), El Mercado de los Combustibles Líquidos en Chile, Pontificia Universidad Católica de Chile, 2006.

Working Papers & Work in Progress

House prices, entrepreneurship, and the cost of default Córdova, F. work in progress
Interest rate discrimination and default under imperfect information: a heterogeneous agents model Córdova, F. work in progress
Macroeconomic and financial responses under climate transition policies with L. Gonzales & M. Gonzalez NGFS wp / work in progress
Calentamiento global y productividad en Chile: Efectos locales y sectoriales with Garcia-Silva P. & Jimenez M. work in progress
Analyzing the direct physical impacts of wildfires in Chile: A firm-level study using administrative data with a focus on ecosystem services dependencies with E. Albagli, P. Araya, L. Gonzales, G. Garcia, J. Perez & C. Toledo NGFS wp / work in progress
Climate transition risks in Chile's banking industry: A loan-level stress test Córdova, F., Pinto-Ávalos, F., & Salas, M. DTBC 1070 · Central Bank of Chile, 2026 → PDF
Assessing physical risk impact of climate change: A focus on Chile Córdova, F., García Silva, P., Natho, F., Perez, J., Salas, M. & Vasquez, F. EEE 144 · Central Bank of Chile & BIS IFC Bulletin, 2024 → BIS PDF
Prices and tightness in the Chilean rental market with A. Cruces and S. Diaz DTBC 988 · Central Bank of Chile, 2023 → PDF
Banks' business model and credit supply in Chile: The role of a state-owned bank Biron, M., Córdova, F., & Lemus, A. BIS Working Paper 800, 2019 → BIS EconomiX, 2019-11 → EconomiX CMF 02-19, 2019 → CMF
The impact of warnings published in a financial stability report on loan-to-value ratios Alegría, A., Alfaro, R., & Córdova, F. BIS Working Paper 633, 2017 → PDF
Conventional calibration versus EDF calibration Córdova, F. DTBC 589 · Central Bank of Chile, 2010 → PDF
Passthrough of large monetary policy rate changes: Evidence for Chile Becerra, J.S., Ceballos, L., Córdova, F., & Pedersen, M. DTBC 522 · Central Bank of Chile, 2009 → link
Alternative underlying inflation measures for Chile Córdova, F., Grünwald, M.C., & Pedersen, M. DTBC 471 · Central Bank of Chile, 2008 → link

Teaching

As Lecturer

Quantitative Methods II (undergraduate) University of Chile · Summer 2017

Microeconomics (undergraduate) Diego Portales University · Fall 2008

Microeconomics (undergraduate) University of Santiago · Spring 2007

As Teaching Assistant — Boston University

Macroeconomics (EC502) (graduate core) Spring 2015

Empirical Economics (EC203) (undergraduate, 2 sections) Fall 2014

Statistics for Economists (EC507) (graduate core) Fall 2013

Economic Development in Latin America (EC369) (undergraduate) Fall 2013

As Teaching Assistant — Chilean Universities

Microeconomics (undergraduate) Diego Portales University · Fall 2007

Financial Econometrics (undergraduate) University of Chile · Spring 2004

Advanced Econometrics (undergraduate) University of Chile · Spring 2003

Econometrics (undergraduate) University of Chile · Fall 2003

About

Education

Honors & Awards

Employment

Peer-Reviewed

Policy Work & Institutional Publications

Book Chapter

Working Papers & Work in Progress

Teaching

Computer Skills

Referee

Seminars and Conferences

Electronics