Federica Romei
Curriculum Vitae
European University Institute
Max Weber Programme
Via dei Roccettini, 9
I-50014 San Domenico di Fiesole
Email: [email protected]
[email protected]
Tel.:
(+39)-055-4685-690
Current position
Max Weber and Jean Monnet Fellow, European University Institute, 2014-2015.
Thematic Research Group: Tommaso Padoa-Schioppa: The Design and Governance of Monetary and Fiscal
Policies and Financial Regulation in the European Union
Education
Doctoral Studies
PhD Economics, LUISS Guido Carli, 2009-2014.
Thesis Title: “Essays in Macroeconomics of Debt Deleveraging”
Thesis Advisor: Pierpaolo Benigno.
Commission: Gauti Eggertsson and Luca Fornaro.
Pre-Doctoral Studies
Master in International Economics, Tor Vergata University, 2008-2009.
Master in European Economics and Business Law (110 cum laude/110 and distinction), Tor Vergata
University, 2006-2008.
Bachelor in European Economics (110 cum laude/100), Tor Vergata University, 2003-2006.
Temporary Positions
Research Internship, Sveriges Riksbank August-October 2013.
Visiting Student, Einaudi Institute for Economics and Finance, 2010-2011.
Professional Experience
Lecturer
Quantitative Methods and Basic Econometrics , LUISS Guido Carli (September 2013).
Teaching Assistant
Undergraduate:
Applied Statistics and Econometrics, LUISS Guido Carli (September 2010 - January 2011,
March - June 2012, September 2012 - January 2013, September 2013 - January 2014).
Econometrics, LUISS Guido Carli (March - June 2010).
Graduate:
Econometric Theory, LUISS Guido Carli (November - December 2011, November –
December 2012).
Advanced Econometrics, LUISS Guido Carli (March - April 2012, March - April 2013).
Research Assistant
Research Assistant for Pierpaolo Benigno (2010 - 2014)
Research
Published papers
Debt Deleveraging and the Exchange Rate, with P. Benigno, Journal of International Economics, Vol. 93 (1),
May 2014.
Deleveraging from high debt can provoke deep recession with significant international side effects. Swings in the
nominal exchange rate and large variations in consumption, output, and terms of trade can happen during the
adjustment. All these movements are inefficient and interesting trade-offs emerge from the perspective of global
welfare. The optimal adjustment to global imbalances should not necessarily require large movements in the nominal
exchange rate. A global liquidity trap can be desirable when countries are more open to trade.
Working papers
"Need for (the Right) Speed: the Timing of Austerity" (job market paper).
This paper studies optimal public debt deleveraging in a heterogeneous agents framework, under incomplete financial
markets. I find that the instrument used by the fiscal authority is important in determining agents' preferences
regarding the nature of public debt deleveraging. I also analyze how substitutability between private consumption and
public expenditure affects these results. I show that the nature of optimal fiscal policy changes significantly when
introducing nominal rigidities and the zero lower bound.
Dynamic Debt Deleveraging and Optimal Monetary Policy, with P. Benigno and G. Eggertsson, NBER Working
Paper No. 20556, October 2014.
This paper studies optimal monetary policy under dynamic debt deleveraging once the zero bound is binding. Unlike
the existing literature, the natural rate of interest is endogenous and depends on macroeconomic policy. Optimal
monetary policy successfully raises the natural rate of interest by creating an environment that speeds up
deleveraging, thus endogenously shortening the duration of the crisis and a binding zero bound. Inflation should be
front loaded. Fiscal-policy multipliers can be even higher than in existing models, but depend on the way in which
public spending is financed.
Conference and seminar presentations
European Economic Association Meeting, Toulouse, August 2014.
Midwest Macro Meeting, University of Missouri, Columbia, MO, May 2014.
Vienna University of Economics and Business (Invited Seminar), Vienna, January 2014.
ASSA Meeting 2013 (ACES Session), San Diego, January 2013.
Debt, Growth and Macroeconomic Policies, European Central Bank, Frankfurt, December 2012.
Exchange Rates and External Adjustment, Swiss National Bank, Zurich, August 2012.
Warsaw International Economic Meeting, WIEM 2012, University of Warsaw, July 2012
Discussant:
Developments in Macroeconomics and Finance, CEPR Conference, London Business School, November
2012.
International Capital Flows, Barcelona GSE Summer Forum, June 2013.
Awards
Best Theoretical Macro Paper, DEFAP-LASER Summer School, Pavia, June 2012.
Computational Skills
Stata, Matlab, Mathematica, R.
Referee
International Journal of Central Banking.
Personal Interests
Kick boxing blue belt. Ju Jitsu yellow belt.
References
Pierpaolo Benigno
Gauti B. Eggertsson
Dipartimento di Economia e Finanza
Department of Economics
Luiss Guido Carli
Brown University
Viale Romania 32
64 Waterman Street
00197 Rome ITALY
Providence, RI 02912 USA
Phone: +39-06-85225552
Phone: +1-401-863-2145
[email protected]
[email protected]
Luca Fornaro
Univesitat Pompeu Fabra
Crei
Ramon Trias Fargas, 25-27
8005 Barcelona SPAIN
Phone: +34-935422619
[email protected]