Roberto M. BILLI

Sveriges Riksbank, Stockholm, Sweden

Email: (work) (personal)

Summary 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

Biographical   Research   Personal


Curriculum Vitae

Sveriges Riksbank: Advisor and researcher, since 2011

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

Federal Reserve Bank of Kansas City: Research economist, 2005-2011

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

European Central Bank: Research visitor, 2005

Federal Reserve Board: Dissertation intern, 2004

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

Central Bank of San Marino: Research economist, 1996-2001

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

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

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Google Scholar

Work in progress

Gains from Wage Flexibility and the Zero Lower Bound, with Jordi Galí, February 2019

Unemployment Fluctuations and Nominal GDP Targeting, June 2019

The Role of Money in Monetary Policy at the Lower Bound, with Ulf Söderström and Carl Walsh

Bubbles and Liquidity Traps, with Jordi Galí and Anton Nakov

Fiscal Moral Hazard in a Monetary Union, with Sergio Santoro


Output Gaps and Robust Monetary Policy Rules, International Journal of Central Banking, forthcoming

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

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

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

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

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

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

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

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

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

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

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)

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)


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

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

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

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

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

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

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

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

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

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

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

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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