Roberto M. Billi

Sveriges Riksbank, Stockholm, Sweden

Areas of research and policy advising expertise

Optimal monetary policies in the presence of a lower bound on nominal interest rates

Monetary and fiscal policy interactions

Financial regulation and macro-prudential policies


IDEAS author page

Google Scholar author page


Curriculum Vitae (November 2023)

Sveriges Riksbank: Advisor and researcher, since 2011

European Central Bank: Senior Economist, ESCB/IO, DG Research, 2018

Federal Reserve Bank of Kansas City: Economist, 2005-2011

CFS, Goethe University Frankfurt: Ph.D. in Economics, summa cum laude, 2005

Federal Reserve Board: Dissertation intern, 2004

Kiel Institute for the World Economy: Advanced Studies in International Economics, 2001

Central Bank of San Marino: Economist, 1996-2001

London School of Economics: M.Sc. in Economics, 1999

Università degli Studi di Bologna, Italy: Degree in Economics, 1996

Work in progress

Seemingly Irresponsible but Welfare Improving Fiscal Policy at the Lower Bound: The Role of Expectations, with Carl Walsh, October 2023

Inflation Targeting or Fiscal Activism? March 2022


1.    Optimal Monetary Policy with r*<0, Online Appendix, with Jordi Galí and Anton Nakov, Journal of Monetary Economics, 2024, 142, art. 103518

2.    The Role of Money in Monetary Policy at the Lower Bound, Online Appendix, with Ulf Söderström and Carl Walsh, Journal of Money, Credit and Banking, 2023, 55(4), 681-716

3.     Is Super-Active Fiscal Policy Desirable? with Carl Walsh, SUERF Policy Brief, No 323, 2022

4.     Gains from Wage Flexibility and the Zero Lower Bound, Online Appendix, with Jordi Galí, Oxford Bulletin of Economics and Statistics, 2020, 82(6), 1239-1261

5.     Unemployment Fluctuations and Nominal GDP Targeting, Economics Letters, 2020, 188, art. 108970

6.     Output Gaps and Robust Monetary Policy Rules, International Journal of Central Banking, 2020, 16(2), 125-152, Replication files (7.5 MB)

7.     Price Level Targeting and Risk Management, Economic Modelling, 2018, 73(6), 163-173, Replication files (12.9 MB)

8.     A Note on Nominal GDP Targeting and the Zero Lower Bound, Macroeconomic Dynamics, 2017, 21(8), 2138-2157, Replication files (13.4 MB)

9.     Comments on Monetary Policy and Exchange Rate Stabilization in Norway and Sweden, by Hilde Bjørnland and Junior Maih, in Reform Capacity and Macroeconomic Performance in the Nordic Countries, ed. Torben M. Andersen, Michael Bergman, and Svend E. Hougaard Jensen, Oxford University Press, 2015

10.  Monetary policy and financial stability – a simple story, with Anders Vredin, Sveriges Riksbank Economic Review, 2014:2

11.  Distortionary Fiscal Policy and Monetary Policy Goals, with Klaus Adam, Economics Letters, 2014, 122(1), 1-6, Replication files (0.5 MB)

12.  Optimal Inflation for the U.S. Economy, American Economic Journal: Macroeconomics, 2011, 3(3), 29-52, Replication files (8.5 MB)

13.  Output Gaps and Monetary Policy at Low Interest Rates, Federal Reserve Bank of Kansas City Economic Review, First Quarter 2011

14.  Was Monetary Policy Optimal During Past Deflation Scares? Federal Reserve Bank of Kansas City Economic Review, Third Quarter 2009

15.  Monetary Conservatism and Fiscal Policy, with Klaus Adam, Journal of Monetary Economics, 2008, 55(8), 1376-1388, Replication files (0.1 MB)

16.  What Is the Optimal Inflation Rate? with George A. Kahn, Federal Reserve Bank of Kansas City Economic Review, Second Quarter 2008

17.  Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates, with Klaus Adam, Journal of Monetary Economics, 2007, 54(3), 728-752, Replication files  (0.6 MB)

18.  Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates, with Klaus Adam, Journal of Money, Credit and Banking, 2006, 38(7), 1877-1905, Replication files  (0.6 MB)


1)       A Model of Post-2008 Monetary Policy, by Behzad Diba and Olivier Loisel, 26th Annual DNB Research Conference, Amsterdam, 2023

2)      Raising the Inflation Target: What Are the Effective Gains in Policy Room? by Jean-Paul L'Huillier and Raphael Schoenle, SNB Research Conference, Zurich, 2021

3)      A Ramsey Theory of Low Interest Rates, by Marco Bassetto and Wei Cui, Workshop on Monetary Policy in the New Normal: Strategy, Instruments and Transmission, Banca d'Italia, Rome, 2019

4)      What to Expect from the Lower Bound on Interest Rates: Evidence from Derivatives Prices, by Thomas M. Mertens and John C. Williams, EFA Annual Meeting, Nova SBE, Carcavelos, Portugal, 2019

5)      Government Spending, Downward Nominal Wage Rigidity, and Exchange Rate Dynamics, by Benjamin Born, Francesco D’Ascanio, Gernot J. Müller, Johannes Pfeifer, CEBRA Annual Meeting, Columbia University, New York, 2019

6)      Trend Inflation and Asset Pricing in a DSGE Model: Comment, by Lorant Kaszab, Ales Marsal, and Katrin Rabitsch, 4th CESEEnet workshop, OeNB, Vienna, 2019

7)      Fiscal and Monetary Regimes: A Strategic Approach, by Jean Barthélemy and Guillaume Plantin, Workshop of ESCB Research Cluster 2, Paris, 2018

8)      Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds, by John Ammer, Stijn Claessens, Alexandra Tabova, Caleb Wroblewski, Workshop on interest rates after the financial crisis, Kommuninvest and Örebro University, 2017

9)      Unconventional monetary policy and market expectations: some evidence for the euro area, by Leo de Haan and Jan Willem van den End, Conference on Monetary Policy Challenges from a Small Country Perspective, National Bank of Slovakia, Bratislava, 2016

10)  Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing, by Saroj Bhattarai, Gauti B. Eggertsson, and Bulat Gafarov, ECB workshop on Non-standard Monetary Policy Measures, Frankfurt, 2014

11)  The Making of a Great Contraction with a Liquidity Trap and a Jobless Recovery, by Stephanie Schmitt-Grohe and Martin Uribe, EABCN-Bundesbank conference on Inflation Developments after the Great Recession, Eltville (Frankfurt), 2013

12)  Monetary Policy and Exchange Rate Stabilization in Norway and Sweden, by Hilde C. Bjørnland and Junior Maih, Conference on Reform Capacity and Macroeconomic Performance in the Nordic Countries, Copenhagen, 2013

13)  New Keynesian Dynamics in a Low Interest Rate Environment, by R. Anton Braun and Lena Mareen Körber, Federal Reserve System International Economics Meeting, Atlanta, 2011

14)  The Effects of Foreign Shocks when U.S. Interest Rates are at Zero, by Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri, Federal Reserve System Macroeconomics Meeting, San Francisco, 2009

15)  Using a Projection Method to Analyze Inflation Bias in a Micro-Founded Model, by Gary S. Anderson, Jinill Kim, and Tack Yun, Norges Bank workshop on Optimal Monetary Policy, Oslo, 2008

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