Francesco Giavazzi

Full Professor of Economics. Research Associate of the National Bureau of Economic Research (NBER) and research fellow of the Centre for Economic Policy Research (CEPR). He was Vice-Rector of Research-Assessment-Human Resources Development (2000-2002) and previously he has taught econometrics, mathematical economics and political economics at the Universities of Essex (GB), Padova, Venezia and Bologna. Co-editor of the European Economic Review from 1991 to 1999. Visiting professor, MIT, 1999 to 2012. Adviser for the Italian Government for its Spending Review (2012). Adviser to the Federal Reserve Bank of New York (2013).

Research Interests

• International monetary economics, in particular issues related to European monetary integration
• Public debt sustainability and fiscal stabilization
• Monetary policy and financial institutions

Publications

Books

• Macroeconomics A European Perspective. London, Prentice Hall (2010). (with O. Blanchard and A. Amighini)
• La Crisi: Può la politica salvare il mondo? Saggiatore, 2008  (with Alberto Alesina)
• Il liberismo è di sinistra, Saggiatore, 2007 (with Alberto Alesina)
• The Future of Europe: Reform or Decline, MIT Press (2006). (with Alberto Alesina)
• Goodbye Europa, Rizzoli, 2006 (with Alberto Alesina)
• Lobby d’Italia, Rizzoli 2005
• Verità Scomode, Università Bocconi editore, 2001
• Limiting Exchange-Rate Flexibility: The European Monetary System. Cambridge (Mass.): MIT Press (1989). (with Alberto Giovannini)

Books (edited)

• Europe and the Euro, A. Alesina and F. Giavazzi (eds.). Chicago University Press, (2011)
• Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003, F. Giavazzi, I. Goldfajn and S. Herrera, (eds.). MIT Press, (2005)
• La costituzione fiscale, Studi e Ricerche, F. Giavazzi, A. Penati and G. Tabellini (eds.). Bologna: Il Mulino (1998)
• Liberalizzazione dei mercati e privatizzazioni, Studi e Ricerche,  F. Giavazzi,  A. Penati and G. Tabellini (eds.). Bologna: Il Mulino (1998)
• Adjustment and Growth in the European Monetary Union, F. Torres and F. Giavazzi (eds.). Cambridge University Press (1993)
• The European Monetary System, F. Giavazzi, S. Micossi and M. Miller (eds.). Cambridge University Press (1988)
• High Public Debt: The Italian Experience, F. Giavazzi and L. Spaventa (eds.). Cambridge University Press (1988)
• La Fluttuazione dei Cambi: Modelli Teorici e Regolarità Empiriche, R. Cohen and F. Giavazzi (eds). Milano: Etas Libri 1982

Articles in international journals

• "Uniqueness of Asymptotically Stationary in Mean Solutions in Rational Expectations Models: an Example", Economic Letters, 1980, 6, 1, pp. 7-12. (with Paola Indelli)
• "The Short-Run Behaviour of Prices and Output in the Exportable Sector: the Case of German Machinery", Journal of International Economics, 1982, 12, no. 1/2 (February) pp. 83-94. (with Pedro Aspe)
• "Simulating an Oil Shock with Sticky Prices", European Economic Review, 1982, 18, 1/2 (March), pp. 11-33. (with Mehmet Odekon and Charles Wyplosz)
• Comments to "Relative Price Variability and Inflation in the United States and Germany" by Stanley Fischer, European Economic Review , 1982, 18, 1/2 (March), pp. 207-208
• "The Zero Root Problem: A Note on the Dynamic Determination of the Stationary Equilibrium in Linear Models", Review of Economic Studies, 1985, LII (April), pp. 353-57. (with Charles Wyplosz)
• "Stabilisation Policies in an Explosive Economy: Announcements and Expectations", European Economic Review, 1986, 30, 1 (February) pp. 43-55. (with Giorgio Basevi)
• "The Dollar and the EMS", Economic Policy, 1986, 2, pp. 455-85. (with Alberto Giovannini)
• "Exchange Rates and Prices in Europe", Weltwirtschaftliches Archiv, 1987, 123, 4 (December), pp. 592-605. (with Alberto Giovannini)
• "Incentives to Fix the Exchange Rate", European Economic Review, 1988, 32, 2/3, pp. 382-387
• "The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility", European Economic Review, 1988, 32, 5, pp. 1050-1082. (with Marco Pagano )
• "Budgetary Aspects of a Real Resource Discovery", Oxford Economic Papers, 1988, 40, pp. 427-450. (with Charles Wyplosz and Jeffrey Sheen)
• "Italy: The Real Effects of Inflation and Disinflation", Economic Policy, 1988, 8, pp. 133-171. (with Luigi Spaventa). Italian version in Rivista di Politica Economica (1989).
• "Monetary Policy Interactions Under Managed Exchange Rates", Economica, 1989, 56, 222, pp. 199-214. (with Alberto Giovannini)
• "Can Severe Fiscal Contractions Be Expantionary? Tales of Two Small European Countries", NBER Macroeconomics Annual, 1990, pp. 75-122. (with Marco Pagano)
• "Non-Keynesian Effects of Fiscal Policy: More International Evidence and the Swedish Experience", Swedish Economic Policy Review, 3, no. 1 (Spring) 1996. (with Marco Pagano)
• "High-Yields: the Spread on German Interest Rates", Economic Journal, July 1997, 107, 443, pp. 956-985. (with Carlo Favero and Luigi Spaventa)
• "Immediate Challenges for the European Central Bank", Economic Policy, April 1998. (with Rudiger Dornbusch and Carlo Favero)
• "Currency Areas, International Monetary Regimes, and the Employment-Inflation Tradeoff", Journal of International Economics, August 1998. (with Fabio Ghironi)
• "Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries", European Economic Review, vol. 44, no.7, June 2000. (with T. Jappelli and M. Pagano)
• ”Extracting Information from Assert Prices: the Methodology of EMU Calculators” , European Economic Review, (44): 9, pp. 1607-32, 2000. (with C. Favero, F. Iacone and G. Tabellini)
• ”Is the International propagation of financial shocks non-linear?: Evidence from the ERM Crisis”, Journal of International Economics, vol. 57 (1), June  2002, pp. 231-46. (with C. Favero)
• “Managing the Public Debt in Fiscal Stabilizations: the Evidence, The Scandinavian Journal of Economics, vol. 104 (3), 2002. (with A. Missale and P. Benigno)
• “Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?”, Brookings Papers on Economic Activity, 2002 (2). (with O. Blanchard)
• "How is the debt managed? Learning from Fiscal Stabilizations", (with A. Missale and P.P. Benigno), Scandinavian Journal of Economics, 104 (3), 2002
• "Macroeconomic effects of regulation and deregulation in goods and labor markets", (with O. Blanchard), Quarterly Journal of Economics,  August 2003
• "Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence", (with T. Jappelli, M. Pagano and M. Benedetti). Bank of Japan, Monetary and Banking Studies, 2005
• "Economic and Political Liberalizations, April 2005", (with G. Tabellini), Journal of Monetary Economics, 52, 7, pp. 1297-1330 (October 2005)
• "The U.S. Current Account and the Dollar, May 2005", (with O. Blanchard and F. Sa), Brookings Papers on Economic Activity, 2005:2
• "Rebalancing Growth in China: A Three-Handed Approach", China and the World Economics, 14, 4, July-August 2006 (with O. Blanchard)
• “Should the Euro Area be run as a closed Economy”, American Economic Review, Papers and Proceeding, May 2008 (with Carlo Favero)
• "Review of Institutions and Economic Performance", ed. by E. Helpman, Journal of Economic Literature, Vol. 48, No. 1, March 2010
• “Reconciling VAR-based and Narrative Measures of the Tax Multiplier”, American Economic Journals: Economic Policy, forthcoming (with Carlo Favero)
• “College cost and time to complete a degree: Evidence from tuition discontinuities”, The Review of Economics and Statistics, forthcoming, (with  P. Garibaldi, A. Ichino and E. Rettore)
• “Policy Uncertainty and Household Savings“, The Review of Economics and Statistics, forthcoming, (with Michael McMahon)

Contributions to volumes

• "Real Exchange Rate, the Current Account and the Speed of Adjustment" in Exchange Rate Theory and Practice, J. F. O. Bilson and R. C. Marston (eds). Chicago: Chicago University Press (1984). (with Charles Wyplosz)
• "Fiscal Policy and the Real Exchange Rate", in Advances in Monetary Economics, D. Currie (ed.). London: Croom Helm Publishers (1985). (with Jeffrey Sheen)
• "The Impact of EC Membership", in The Performance of The British Economy, R. Dornbusch and R. Layard (eds). Oxford: Oxford University Press (1987)
• "Models of the EMS: Is Europe a Deutsche-mark Monetary Area?", in Global Macroeconomics: Policy Conflicts and Co-operation, R. Bryant and R. Portes (eds.). London: Mac Millan (1987). (with Alberto Giovannini)
• "Capital Controls and the European Monetary System", Capital Controls and Foreign Exchange Legislation, Occasional Paper n. 1. Milano: Euromobiliare (1985) published in International Monetary and Financial Integration: The European Dimension, D. E. Fair and C. de Boissau (eds). Amsterdam: M. Nijhoff Publishers (1988). (with Marco Pagano)
• "The Exchange Rate Question in Europe", in Macroeconomics Policies in an Interdipendent World , Ralph C. Bryant at al. (eds.). Washington: The Brookings Institutions, 1989
• "Confidence Crisis and Public Debt Management", NBER working paper no. 2926, published in M. Draghi and R. Dornbusch (eds.) Capital Markets and Debt Management. Cambridge (UK.): Cambridge University Press (1990) - (with Marco Pagano)
• "The New EMS", CEPR Discussion paper no. 369, published in P. De Grauwe and L. Papademos (eds.) The European Monetary System in the 1990s. London: Longman (1991) (with Luigi Spaventa)
• "Can the EMS be Copied Outside Europe? Lessons from Ten Years of Monetary Policy Co-ordination in Europe", NBER working paper no. 2786 (1990). Published in International Policy Co-ordination and Exchange Rate Fluctuations, W. H. Branson, J. A. Frenkel and M. Goldstein (eds.). Chicago: Chicago University Press (1991) - (with Alberto Giovannini)
• "Can International Policy Co-ordination Really Be Counterproductive?" NBER working paper no. 2669 (1988), published in International Economic Policy Co-ordination, C. Carraro, D. Laussel, M. Salmon and A. Soubeyran (eds.). Oxford: Blackwell (1991.) (with Carlo Carraro)
• "Attitudes Towards Inflation and the Viability of Fixed Exchanges Rates: Evidence from the EMS", NBER working paper no. 4057 published in M. D. Bordo and B. Eichengreen (eds.) A Retrospective on the Bretton Woods System. Chicago: Chicago University Press (1993). (with Susan Collins)
• "Inflation and Stabilisation in Italy: 1946-51" in R. Dornbusch, W. Nolling and R. Layard (eds.) Postwar Economic Reconstruction and Lessons for the East Today. Cambridge (Mass.): MIT Press (1993). (with Marcello De Cecco)
• "Fiscal Rules for Debt Sustainability: History and Institutions", in V. Conti and R. Hamaui (eds.) Bond Markets, Treasury and Debt Management, June 1993 London. (with P. Canziani, P. Manasse and G. Tabellini)
• "The Use of SDRs in the Financing of Official Safety Net Mechanisms", in The Future of the SDR, M.Mussa et alii (eds.), Washington: IMF (1996). (with Marcello De Cecco)
• "Should we trust banks when they sit on the Board of Directors?", in M. Balling, E. Hennessy and R. O´Brien (eds.), Corporate Governance, Financial Markets and Global Convergence , Kluwer Academic Publishers, (1998), Dordrecht/Boston/London. (with Marco Battaglini)
• "Heading Off China´s Financial Crisis", in Strengthening the Banking System in China: Issues and Experiences, BIS Policy papers no.7, (1999). (with R. Dornbusch)
• "Progress in the Theory of Economic Policy" in G. Calvo, R. Dornbusch and M. Obstfeld, (eds)., Money, Factor Mobility and Trade: Essays in Honor of Robert Mundell, Cambridge, MA: MIT Press, 2000
• Improving the SGP through a proper accounting of public investment, 2004, (with O. Blanchard), in Conseil d’Analyse Economique, Reformer le Pact de Stabilite’ et Croissance. Paris
• Public Debt Management in Brazil (2005), (with A. Missale), in Giavazzi, F., I. Goldfajn and S. Herrera, Inflation Targeting, Debt and the Brazilian experience 1999 to 2003, MIT Press
• “The ECB and the bond market”, in M. Buti, S. Deroose, V. Caspar and J. Nogueira Martins (eds.), The Euro: The First Decade. Cambridge University Press, 2010. (with C. Favero)
• “Comments on: Monetary Science, Fiscal Alchemy - by Eric M. Leeper”, Macroeconomic Challenges: The Decade Ahead, Federal Reserve Bank of Kansas City
• “Central Banks and Financial System”, in S. Eijffinger and D. Masciandaro (eds.)
• Central Banking, Financial Regulation and Supervision After the Financial Crisis, Edward Elgar forthcoming. (with Alberto Giovannini)
• “Why the current account may matter in a monetary union: Lessons from the financial crisis in the Euro area” in D. Cobham (ed.), The Euro Area and the Financial Crisis. Cambridge University Press. (forthcoming) (with Luigi Spaventa)

Articles in Italian journals and contributions to volumes in Italian

• "Metodi Alternativi per Effettuare Test di Ipotesi Lineari in Sistemi di Equazioni Simultanee", Giornale degli Economisti, 1977, Maggio-Giugno, pp. 367-77
• "L´impresa nell´Economia Aperta in Presenza di Incertezza", Giornale degli Economisti, 1978, Maggio-Giugno, pp. 345-61. (with Pedro Aspe)
• "Debito Estero e Saldo delle Partite Correnti in un’Economia Aperta con Perfetta Anticipazione", Ricerche sui Modelli per la Politica Economica , 1983. Roma: Banca d’Italia
• "A Note on the Italian Public Debt", Banca Nazionale del Lavoro Quarterly Review, 1984, June, pp. 151-58
• "Supply Shocks in an Open Economy", Ricerche Economiche , 1984, Luglio-Settembre, pp. 384-403
• "Asymmetries in Europe, the Dollar and the European Monetary System", Thema: "Europe and the Dollar", R. Dornbusch and A. Giovannini (eds.). Torino: Istituto Bancario San Paolo (1985) - (with Alberto Giovannini)
• "Tassi di Cambio Manovrati e Politica Monetaria", Giornale degli Economisti , 1985, Marzo-Aprile, pp. 117-34. (with Alberto Giovannini)
• "Aspetti Istituzionali del Vincolo Estero: Costi e Benefici della Partecipazione dell’Italia a una Unione Monetaria Europea", in Oltre la Crisi, F. Vicarelli (ed.). Bologna. Il Mulino (1986). (with G. Basevi)
• "Policy Instruments and Coalitions in International Games", Ricerche Economiche, 1987, July -December, pp. 293-314. (with Carlo Carraro)
• "Debito Pubblico, Debito Estero e Protezionismo Valutario", in F. Bruni (ed.) Debito Pubblico e Politica Economica in Italia. Torino: SIPI (1987). (with Franco Bruni)
• "Teoria dei Giochi e Teoria della Politica Economica" in L. Spaventa (ed.) La Teoria dei Giochi e la Politica Economica. Bologna: IL Mulino (1989). (with Carlo Carraro)
• "Tassi di interesse reali e debito pubblico negli anni ottanta: Interpretazioni, prospettive e implicazioni per la politica di bilancio", in Il disavanzo pubblico in Italia: natura strutturale e politiche di rientro. Bologna: Il Mulino (1992). (with Gianpaolo Galli)
• "I nuovi compiti della politica economica", Il Mulino, May-June 1998, pp. 496-506
• "Prefazione a Max Weber: L''etica protestante e lo spirito del capitalismo", Rizzoli 2009