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Istituto Veneto di Scienze, Lettere ed Arti - Testata per la stampa

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Francesco Giavazzi

Francesco Giavazzi

Professore ordinario di Economia politica nell'Università Luigi Bocconi di Milano 

- s.c.n.r. 30 giugno 2004, s.e. 19 maggio 2010 
Born in Bergamo (Italy) 1949
married, 2 daughters
1972 Laurea in electrical engineering, Politecnico di Milano
1978 Ph.D. in economics, M.I.T., Cambridge, (Mass.)
Academic positions:
1977-80 Università di Padova, Assistant professor
1980-82 University of Essex, UK, Lecturer
1983-87 Università di Venezia, Ca´ Foscari, Associate professor
1987-90 Università di Bologna, Professor of economics
1991- Università Bocconi, Milano, Professor of economics
Other current positions:
National Bureau of Economic Research (NBER), Cambridge (Mass.): research associate
Centre for Economic Policy Research (CEPR), London: research fellow, executive committee member and member of the steering committees for Monitoring European Integration and Monitoring the European Central Bank
Ministère de l´Economie, Paris, member of the Strategic Committee
Euro Group: member
Past position:
non academic:
International Monetary Fund (IMF), Washington: member of the "External Evaluation Committee of the Fund´s Research Activities", 1999
Council of Economic Advisers, Italian prime minister´s office:
Council Member, 1998-99
Ministero del Tesoro, Rome:
Director general, 1992-94
Member of the "Comitato Scientifico per la Gestione del Debito Pubblico", 1988-89
Comune di Roma, Member of the privatisation committee, 1995-98
INA spa, Rome: member of the board, 1992-99
Banco di Napoli spa, Napoli: member of the board and deputy chairman, 1997-2000
Vice-rector, Bocconi University, Milan, 2000-2002
Innocenzo Gasparini Institute for Economic Research (IGIER), Milan: president, 1990-2001
MIT: Visiting professor, Fall 1999; Fullbright fellow, 1983
European Economic Review , co-editor, 1992-98
Centre for Economic Policy Research, London: Co-director of the International Macroeconomics Programme, 1988-98
European Economic Association, member of the Council, 1992-96
Economic Policy , member of the panel, 1986-87 and 1994-95
Centre for Economic Policy Studies, Brussels: Member of the CEPS Macroeconomics Policy Group, 1987-89
European University Institute, Fiesole: Visiting professor 1986-87
Freie Universität, Berlin: Visiting professor 1997
What´s New 
Inflation targeting and debt: lessons from Brazil, March 2004, mimeo. (with C. Favero)
Excel file with the data used in the paper
Improving the SGP through a proper accounting of public investment, February 2003, mimeo. (with O. Blanchard)
Current Account Deficits in the Euro Area. The End of the Feldstein Horioka Puzzle?, Brookings Papers on Econoic Activity, 2002:2. (with O. Blanchard).
Why are Brazil´s Interest Rates so High? , July 2002, mimeo. (with C. Favero)
Transparency, Risk Management and International Financial Fragility, NBER Working paper no. 9806, June 2003. (with M. Draghi and R. Merton)
Macroeconomic effects of regulation and deregulation in goods and labor markets, Quarterly Journal of Economics, August 2003. (with O. Blanchard)
Public Debt Management in Brazil, March 2204, mimeo. (with A. Missale)Remebering my teachers and my colleagues
Grazie Rudi, Corriere della Sera, 27 luglio 2002
Grazie Franco, Corriere della Sera, 26 settembre 2003 e The Independent, September 29, 2003
Modigliani Memorial - MIT 7/12/03
L'eredità del professore Manager: Claudio Dematté, Corriere della Sera, 20 marzo 2004Olivier Blanchard: Macroeconomia
TERZA edizione italiana 
Verità Scomode - quando l´economia sfida la politica, Milano: Università Bocconi Editore, March 2001
Limiting Exchange-Rate Flexibility: The European Monetary System. Cambridge (Mass.): MIT Press (1989). (with Alberto Giovannini)
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 Tullio Jappelli, Marco Pagano).
Extracting Information from Assert Prices: the Methodology of EMU Calculators , European Economic Review, (44): 9, pp. 1607-32, 2000. (with Carlo A. Favero, Fabrizio Iacone and Guido 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, Cambridge MA, NBER Working Paper n. 6311, December 1997. (with A. Missale and P. Benigno). Forthcoming in The Scandinavian Journal of Economics.
Articles in books:
"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: Martinus 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: Issue and Experience, 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.
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.
Books edited:
La Fluttuazione dei Cambi: Modelli Teorici e Regolarità Empiriche , R. Cohen and F. Giavazzi (eds). Milano: Etas Libri 1982.
The European Monetary System, Proceedings of a conference organised by the Bank of Italy, CEPR and STEP, edited by F. Giavazzi, S. Micossi and M. Miller. Cambridge: Cambridge University Press (1988).
High Public Debt: The Italian Experience, Proceedings of a conference organised by CEPR and IMPG, edited by F. Giavazzi and L. Spaventa. Cambridge (UK): Cambridge University Press (1988).
Adjustment and Growth in the European Monetary Union, Proceedings of a conference organized by CEPR and the Banco do Portugal, edited by F. Torres and F. Giavazzi. Cambridge (UK): Cambridge University Press (1993).
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).
Policy reports:
"Exchange Controls and Sterilisation: the German Experience and the Lessons for Korea", prepared for the World Bank (1987)
"The Two-Handed Growth Strategy for Europe: Autonomy through Flexible Co-ordination", Recherches Economiques de Louvain, 1988. (with J. Dreze, C. Wyplosz, C. Bean and H. Giersch)
"Macroeconomic Policies for 1992". CEPS paper, no. 42. Bruxelles: Centre for Economic Policy Studies (1989). (with E. Malinvaud, C. Wyplosz, C. Bean, and P. Berholz)
"Towards a Public Debt Policy in Italy", Banca Nazionale del Lavoro Quarterly Review, 1989, no. 170, September. (with L. Spaventa, M. Monti, G. Vaciago, M. Arcelli, M. T. Salvemini and A. Pedone)
Monitoring European Integration 1: The Impact of Eastern Europe, London CEPR (1990). (with C. Wyplosz, J. P. Danthine and D. K. Begg)
Monitoring European Integration 2: The Making of Monetary Union, London CEPR (1991). (with C. Wyplosz, L. Spaventa and D. K. Begg).
Monitoring European Integration 6: Flexible Integration, London, CEPR (1995). (with M. Dewatripont and others)
Monitoring European Intergration 7: EMU: Getting the Endgame Right, London, CEPR (1997). (with D. Begg, J. Von Hagen and C. Wyplosz).
Options for the Future Exchange Rate Policy of the EMU , London, CEPR (1997). (with D. Begg and C. Wyplosz)
Monitoring the European Central Bank 1: "The ECB: Safe at Any Speed?" , London, CEPR (1998). (with D. Begg, C. Wyplosz, P. De Grauwe and H. Uhlig).
Monitoring European Integration 9: A Brave New World: European Banking in EMU, London, CEPR (1999). (with J. P. Danthine, E. von Thadden and X. Vives).
Hard currency and sound credit: A financial agenda for Central Europe, London, EIB Papers, vol. 4 no. 2, (1999). (with R. Dornbusch).
Monitoring the European Central Bank # 3: Defining a Macroeconomic Framework for the Euro Area, by Alberto Alesina, Olivier Blanchard, Jordi Galì, Harald Uhlig and Francesco Giavazzi. London: CEPR, March 2001.
Monitoring European Integration # 11 : Nice Try: Should the Treaty of Nice be Ratified ?, by Richard Baldwin, Eric Berglof, Francesco Giavazzi and Mikka Widgren. London: CEPR, April 2001, forthcoming.
Working papers:
The transmission mechanism of Monetary Policy in Europe: Evidence from banks´ balance sheets, NBER Working Paper n. 7231, July 1999. (with L.Flabbi and C. Favero).
EU Reforms for Tomorrow´s Europe, Francesco Giavazzi NBER Discussion Paper No. 2623, November 2000. (with R. Baldwin, E. Berglöf, M. Widgrén.
Macroeconomic effects of regulation and deregulation in goods and labor markets, by Olivier Blanchard and Francesco Giavazzi NBER Working Paper No. 8120, January 2001.



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