Department of Economics, KMC 7-83
Phone: (212) 998-0886 (office)
(212) 995-4218 (fax)
(212) 431-1574 (home)
Web Home Page: http://www.stern.nyu.edu/~nroubini
Roubini’s Global Macro web site: http://www.stern.nyu.edu/globalmacro/
Ph.D. Economics, June 1988. Fields of specialization: international economics and macroeconomics.
Universita' L. Bocconi, Milan, Italy, 1977 -1982
Laurea in Economia Politica, summa cum laude (B.A. Economics), 1982.
One-year program of undergraduate studies.
CURRENT POSITIONS AND ACTIVITIES:
Associate Professor, July 1995 - present, Departments of Economics and International Business, Stern School of Business, New York University, New York, NY
Fields of research: international macroeconomics and finance; macroeconomics and fiscal policy; political economy; growth theory; European monetary issues. Director of Graduate Studies for Stern’s Ph.D. program in Economics.
Research Fellow 1998 – present (Faculty Research
Fellow, 1988 – 1998), National Bureau of Economic Research,
Research Fellow, 1991 - present, Centre for Economic Policy Research, London, UK
Co-Organizer of the Summer Institute meeting of the International Finance and Macroeconomics Group, National Bureau of Economic Research 2003-present.
Member, Bretton Woods
Member, Council on Foreign
Relation’s Roundtable on the International Economy, 2002-present,
Participant and speaker in a series of ongoing meetings with G-20 Deputy Finance Ministers and Central Bank Governors meetings (Washington DC, July 2001; Toronto, Canada, November 2001; London, UK, July 2003).
Member, Academic Advisory Committee, Fiscal Affairs Department, International Monetary Fund; 2002-present.
International Monetary Fund,
Creator, Editor and Manager of the Roubini’s Global Macroeconomic and Financial Policy web site: http://www.stern.nyu.edu/globalmacro/
1997- present (ranked as the #1 web site in the world in economics by The Economist Magazine).
- “Professor of the Year
- National Fellow,
- Social Science Dissertation Fellowship, Harvard University, 1985-86.
- Doctoral Fellowship, Fondazione L. Einaudi, Turin, Italy, 1983-85.
- Best Student in International Economics, Economics
- "Dignity for Publication of the Thesis," Universita' L. Bocconi, 1982 for Honors Thesis.
PREVIOUS ACADEMIC AND PROFESSIONAL POSITIONS:
July 1999 – June 2000:
Director, Office of Policy Development and Review (PDR), October 1999 – June 2000
Senior Advisor to the Under Secretary for International
Affairs, July 1999 – October 1999
July 1998 – June 1999:
Senior Economist for International Affairs,
White House Council of Economic Advisers,
International Monetary Fund,
International Monetary Fund,
International Monetary Fund,
July 2000 – June 2000:
Advisor, Office of the Under-Secretary for
July 1993 - June 1995:
Associate Professor, Department of Economics,
July 1988 - July 1993:
Assistant Professor, Department of Economics,
1995 – 2000:
Associate Editor, Journal of Development Economics
Associate Editor, Journal of International Economics
Board of Governors of the Federal Reserve System,
Visiting Economist, International Finance Department.
International Monetary Fund,
November - December 1993:
International Monetary Fund,
International Monetary Fund,
1994 – 1997:
External Consultant, Private Sector Development
Department, World Bank,
July 1991 - August 1992:
March 1986 - July 1988:
National Bureau of Economic
August 1987 - August 1988:
The United Nations' University,
Consultant, World Institute for Development of Economic Research.
August - September 1987:
International Monetary Fund,
June - August 1985:
International Monetary Fund,
Summer Intern, External Finance Division of the Exchange and Trade Relations Department.
1984 - 1988:
December 1982 - August 1983:
Universita' L. Bocconi,
Lecturer and Research Associate, Department of Economics.
PAPERS AND PUBLICATIONS
Books (published and forthcoming):
or Bail-ins? Responding to Financial Crises in Emerging Economies (with Brad Setser);
forthcoming in August 2004 by the Institute for International Economics,
Cycles and the Macroeconomy (with Alberto Alesina and the help of
e la Macroeconomia” (with Alberto Alesina); this is the Italian translation with
new and additional update of Political
Cycles and the Macroeconomy
Co-editor (with Marc Uzan) of a two-volume book International Financial Crises and the New International Financial Architecture”; to be published by Edward Elgar Publishing, fall 2004.
Current Work in Progress and Submitted Papers:
“International Lending of Last Resort Moral Hazard: A Model of IMF’s Catalytic Finance” (with Giancarlo Corsetti and Bernardo Guimares), NBER WP. No. 10125, December 2003; latest draft: March 2004.
“ Exchange Rate Overshooting and the Cost of Floating” (with Fabrizio Perri, Michele Cavallo and Kate Kisselev); latest draft: April 2004.
“Predicting Sovereign Debt Crises” (with Paolo Manasse, and Axel Schimmelpfennig; IMF WP November 2003; latest draft: April 2004.
“The IMF Catalytic Finance Approach: Theory and Empirical Evidence,” (with Giancarlo Corsetti), first draft June 2004; presented at the Dubrovnik Economic Conference, June 2004.
“Rules of Thumb for Sovereign Debt Crises: a CART (Classification and Regression Tree) Approach,” (with Paolo Manasse), first draft, July 2004.
“Debt Standstill as Solutions to Sovereign Debt Crises: A Global Games Approach,” (with Giancarlo Corsetti), August 2004, work in progress, Stern School of Business.
“Twin Deficit or Twin Divergence? Fiscal Policy, Current Account and the Real Exchange Rate in the US” (with Soyoung Kim), revised April 2004.
“The Effect of the Recent Oil Price Shock on the US and Global Economy,” (with Brad Setser) first draft, August 2004. (http://www.stern.nyu.edu/globalmacro/OilShockRoubiniSetser.pdf)
“The U.S. Twin Deficits and External Debt Accumulation: Are They Sustainable?,” (with Brad Setser), work in progress, August 2004.
“Fiscal Policy and Debt
“The Balance Sheet Approach to Financial Crises” (with Brad Setser, Christian Keller and Christoph Rosenberg), IMF WP, October 2002.
“A Balance Sheet Crisis in India?” (with Richard Hemming) March 2004; forthcoming in P. Heller (editor) Fiscal Policy in India, Oxford University Press, 2005.
“Debt Dynamics and Debt Sustainability in Columbia”, September 2002 (with Maria Angelica Arbelaez);
to be published in 2005 in James Poterba editor “Fiscal
Policy, Taxes and Public Debt in
"Improving the Sovereign Debt Restructuring Process: Problems in Restructuring, Proposed Solutions, and a Roadmap for Reform" (with Brad Setser) revised Sept 2003.
“Mechanisms for an orderly restructuring of sovereign debt: The SDRM and other alternative (market-based) mechanisms”, February 2002.
"Should Iraq dollarize, adopt a currency board or let its currency float? A policy analysis," (with Brad Setser), May, 2003.
“Factors to be Considered in Assessing a Country’s Readiness for Dollarization”, December 2001.
“Why should the foreign creditors of Argentina take a greater hit/haircut than the domestic ones: On the economic logic, efficiency, fairness and legality of "discriminating" between domestic and foreign debt in sovereign debt restructurings” December, 2001.
Publications in Journals:
"The Reform of the Sovereign Debt Restructuring Process: Problems, Proposed Solutions and the Argentine Episode” (with Brad Setser); Journal of Restructuring Finance, 2004, Vol.1, No.1.
“Do We Need a New International Bankruptcy Regime? A Discussion Paper” Brookings Panel on Economic Activity, Fall 2002.
“Asian Economic Recovery: Is
Discussion of Guillermo Calvo and Carmen Reinhart “Fixing for Life”; Brookings Trade Forum, 2001.
“Trade and Contagious Devaluations: A Welfare-Based Approach” (with Giancarlo Corsetti, Paolo Pesenti and Cedric Tille), Journal of International Economics, 2000.
“Paper Tigers? A Model of the Asian Crisis,” (with Giancarlo Corsetti and Paolo Pesenti), European Economic Review, July 1999.
"Liquidity and Exchange Rates in the G-7 Countries: Evidence
from Identified VAR's," (with Soyoung Kim),
"On the Taxation of Human and Physical Capital in Models of Endogenous Growth," (with Gian Maria Milesi-Ferretti), Journal of Public Economics, 1999.
"Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis," (with Gian Maria Milesi-Ferretti), Journal of Money, Credit and Banking, 1998.
"Politically Motivated Fiscal Deficits: Policy Issues in Closed and Open Economies," (with Giancarlo Corsetti), Economics and Politics, March 1997.
"Political Instability and Economic Growth," (with Alberto Alesina, Sule Ozler and Philip Swagel), Journal of Economic Growth, June 1996.
"Liquidity Models in the Open Economy: Theory and Empirical Evidence," (with Vittorio Grilli), European Economic Review, April 1996.
"European versus American Perspectives on Fiscal Rules" (with Giancarlo Corsetti) American Economic Review, Papers and Proceedings, May 1996.
Deficits, Public Sector Solvency and Political Biases in Fiscal Policy: A Case
"A Growth Model of Inflation, Tax Evasion and Financial Repression," (with Xavier Sala-i-Martin), Journal of Monetary Economics, April 1995.
"Liquidity, Capital Controls and Exchange Rates," (with Vittorio Grilli), Journal of International Money and Finance, 1993.
"Electoral Business Cycle in Industrial Economies," (with Alberto Alesina and Gerald Cohen), European Journal of Political Economy, 1993.
Deficits: Sense and Nonsense in the Treaty of
"Political Cycles in OECD Economies," (with Alberto Alesina), Review of Economic Studies, October 1992.
"Liquidity and Exchange Rates," (with Vittorio Grilli) Journal of International Economics, June 1992.
"Financial Repression and Economic Growth" (with Xavier Sala-i-Martin), Journal of Development Economics, Vol.39, 1992.
"Macroeconomic Policy and Elections in OECD Economies," (with A. Alesina and G. Cohen), Economics and Politics, March 1992.
"Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies: A Comment," (with Alain de Combrugghe and Jeffrey Sachs), American Economic Review, December 1991.
"Fiscal Deficits, Public Debt and Government Solvency: Evidence from OECD Countries," (with Giancarlo Corsetti), Journal of Japanese and International Economies, December 1991.
"Leadership and Cooperation in the European Monetary System: A Simulation Approach," Journal of Policy Modeling, April 1991.
"Economic and Political Determinants of Budget Deficits in Developing Countries," Journal of International Money and Finance, March 1991.
"Political and Economic Determinants of Budget Deficits in the Industrial Democracies," (with Jeffrey Sachs), European Economic Review, May 1989.
Government Spending and Budget Deficits in the Industrial Democracies," (with Jeffrey Sachs) Economic Policy, No. 8, Spring 1989.
"High Public Debt: The Italian Experience. A Review Essay," Journal of Monetary Economics, November 1989.
"Riflessioni sugli Aspetti Fiscali del Trattato di
"Deficit Eccessivi: La Logica del Trattato di Maastricht," (with Willem Buiter and Giancarlo Corsetti), Rivista di Politica Economica, 1993.
“Private Sector Involvement in Crisis Resolution and Mechanisms for Dealing with Sovereign Debt Problems” in A. Haldane (editor) in Fixing Financial Crises in the Twenty-First Century, Routledge Publishers, 2004.
“Bail-In, Burden-Sharing and Private Sector Involvement (PSI) in Crisis Resolution: The Open Policy Issues” in Latin Finance, Spring 2002.
“The Role of Industrial Country Policies in Emerging Market Crises,” (with Jeffrey Frankel); in M. Feldstein (ed.) Economic and Financial Crises in Emerging Market Economies, volume published by NBER and Chicago University Press, 2002.
“The Role of Large Players in Currency Crises,” (with Giancarlo Corsetti and Paolo Pesenti); in S.Edwards and J. Frankel (eds.) Currency Crises in Emerging Markets: Crisis Prevention, volume published by NBER and Chicago University Press, 2002.
“Bail-ins, Bailouts, Burden
Sharing and Private Sector Involvement in Crisis Resolution: The G-7 Framework
and Some Suggestions on the Open Unresolved Issues”; in (editor
Miguel Sebastian) Ensayos sobre
determinants of the Asian Crisis. The role of financial fragility and external
imbalances" (with G. Corsetti and P. Pesenti), in Takatoshi Ito and
Anne O. Krueger (eds.), Regional and
Global Capital Flows: Macroeconomic Causes and Consequences,
"The Asian Crisis: An Overview of the Empirical Evidence and Policy Debate" (with G. Corsetti and P. Pesenti), forthcoming in Pierre Richard Agenor, Marcus Miller, David Vines and Axel Weber (eds.) Financial Crises: Causes, Contagion and Consequences, Cambridge, U.K.: Cambridge University Press, 1999.
"Current Account Sustainability in
Transition Economies," (with Paul Wachtel),
"Political Biases in Fiscal Policy: Reconsidering the Case for the Maastricht Fiscal Criteria," (with Giancarlo Corsetti),in Monetary and Fiscal Policy in an Integrated Europe, Barry Eichengreen and Jeffry Frieden (eds.), Springer Verlag, 1995.
"La Questione Fiscale nell"Europa di Maastricht", in A. Verde (ed.) Riforme Fiscali in Italia, 1996.
"Political Cycles in OECD Economies," (with Alberto Alesina) in T. Persson and G. Tabellini (eds.) Monetary and Fiscal Policy. Volume 2: Politics, MIT Press, 1994; originally published in Review of Economic Studies, October 1992.
"Macroeconomic Policy and Elections in OECD Economies," (with A. Alesina and G. Cohen), in Political Economy, Growth and Business Cycles, Alex Cukierman, Zvi Hercovitz and Leonardo Leiderman (eds.), M.I.T. Press, 1992; originally published in Economics and Politics, March 1992.
"The Design of Optimal Fiscal Rules for Europe after 1992," (with Giancarlo Corsetti), in Adjustment and Growth in the European Monetary Union, Francisco Torres and Francesco Giavazzi (eds.), Cambridge University Press, 1993.
"Capital Mobility, Vehicle Currencies and Exchange Rate Asymmetries in the EMS," (with Vittorio Grilli); in Financial Markets Liberalization and the Role of Banks, Vittorio Conti and Rony Hamaui (eds.), Cambridge University Press, 1992.
"Financial Liberalization and Exchange Rate Volatility," (with Vittorio Grilli); in Financial Markets Liberalization and the Role of Banks, Vittorio Conti and Rony Hamaui (eds.), Cambridge University Press, 1992.
"A Model of the Monetary Transmission in the World Economy," (with Vittorio Grilli); in Macroeconomics and Macroeconomic Policy Issues, Thomas Mayer and Franco Spinelli (eds.), Avebury Press, 1991.
"The Interactions between Macroeconomic Performance and Political Structures and Institutions: The Political Economy of Poverty, Growth and Development," background paper for the 1990 World Development Report of the World Bank, Yale University, February 1990.
of Macroeconomic Imbalances in the World Economy: A Simulation Approach," (with Jeffrey
Sachs), in Y. Suzuki and M. Okabe (eds.), Towards
a World of Economic Stability: Optimal
Monetary Framework and Policy,
"Correcting Global Imbalances: A Simulation Approach," (with Jeffrey
"Mobilita' dei Capitali, Valute di Transazione e Asimmetrie dei Tassi di Cambio nello SME" (with Vittorio Grilli) in Vittorio Conti and Rony Hamaui (eds.) Operatori e Mercati nel Processo di Liberalizzazione Il Mulino Editore, 1991.
"Liberalizzazione Finanziaria e Volatilita' dei Cambi" (with Vittorio Grilli) in Vittorio Conti and Rony Hamaui (eds.) Operatori e Mercati nel Processo di Liberalizzazione Il Mulino Editore, 1991.
Other Working Papers:
“Bail-In, Burden-Sharing, Private Sector Involvement (PSI) in Crisis Resolution and Constructive Engagement of the Private Sector. A Primer: Evolving Definitions, Doctrine, Practice and Case Law,” September 2000.
The Appropriate Exchange Rate Regime for Emerging Market Economies: A Discussion of the Open Issues,” April 2001.
“The Role of Hedge Funds and Highly Leveraged Institutions in Market Dynamics, Volatility and Manipulation: A Survey of the Theory and Empirical Evidence”, September 1999.
“The Case Against Currency Boards: Debunking 10 Myths about the Benefits of Currency Boards,” February 1998.
"Tax Certificates as an Alternative to Distortionary
Taxation," (with Giancarlo Corsetti),
Costs and Economic Benefits of Alternative Social Security Reform Proposals in
"Optimal Government Spending and Taxation in Endogenous Growth Models," (with Giancarlo Corsetti), NBER Working Paper No. 5851, December 1996.
"Economic and Political Determinants of Inflation Rates: An Empirical Investigation Using a Panel Data Set," (with Sule Ozler), June 1996; revised April 1998.
"Taxation and Endogenous Growth in Open Economies," (with Gian Maria Milesi-Ferretti), NBER Working Paper No.4881, October 1994; revised August 1995.
Economics of Fiscal Bondage: The Balanced Budget Amendment and Other Binding
"Liquidity and Exchange Rates: Puzzling Evidence from the G-7 Countries," (with Vittorio
Grilli), February 1995.
"Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis," (with Gian Maria Milesi-Ferretti), NBER Working Paper No. 5317, October 1995; a revised version accepted for publication in Journal of Money, Credit and Banking.
"Financial Intermediation and Monetary Policies in the World Economy," (with Vittorio Grilli), NBER Technical Working Paper No. 104, May 1991; also CEPR Discussion Paper No.566.
"The Relation between Trade Regime, Financial Development and Economic Growth" (with Xavier Sala-i-Martin), NBER Working Paper, November 1991.
"Exchange Rate Volatility in Integrating Capital
Markets," (with Giancarlo Corsetti and Vittorio Grilli), mimeo,
"A Model of Exchange Rate Asymmetries in the European
Monetary System," (with Vittorio Grilli), mimeo,
"Financial Integration, Liquidity and Exchange Rates," (with Vittorio Grilli), NBER Working Paper No. 3088, August 1989.
"World Foreign Exchange Markets: A Primer," (with Marco Arcelli Fontana, Gabriel de Kock,
Vittorio Grilli and Marco Pasinelli), mimeo,
"Current Account and Budget Deficits in an Intertemporal Model of Consumption and Taxation Smoothing: A Solution to the Feldstein-Horioka 'Puzzle'?," NBER Working Paper No. 2773, November 1988.
Account and Budget Deficits with Non-Ricardian
"Sterilization and Offset under Fixed Exchange Rates with an Optimizing Central Bank," NBER Working Paper No. 2777, November 1988.
"Stackelberg Leadership in Dynamic International Monetary Policy Games," (with A. de Combrugghe and J. Sachs), March 1990.
Optimization in Two-Party Models," with J. Sachs and
"Solution of the Time Consistent Stackelberg Feedback Equilibrium in Linear-Quadratic Dynamic Noncooperative Games," (with Alain de Combrugghe and Jeffrey Sachs), December 1987.
Policy Interactions in a Three-Country Model," unpublished,
"The Origins and Causes of External Debt Servicing Difficulties in Developing Countries: The Case of 36 Market Borrower Countries," International Monetary Fund, August 1985.
American Economic Review; Journal of Political Economy; Journal of Monetary Economics; Journal of Economic Theory; Journal of International Economics; Quarterly Journal of Economics; International Economic Review; Economic Journal; European Economic Review; Review of Economic Studies; Economics and Politics; Journal of Development Economics; Journal of Economic Growth; Journal of International Money and Finance; Economic Inquiry; Review of Economics and Statistics; Journal of Economic Literature; Japan and the World Economy.
Harvard University (1993, 1994, 1995, 2000), MIT (1996), Princeton University (1995, 2002), Yale University (1988, 1989, 1991, 1994), Stanford University (1991), University of Chicago (1993), New York University (2003, 1998, 1993, 1995, 1996), University of Pennsylvania (1991, 1993), UCLA (1989, 1991), UC Berkeley (1988, 1992), Brown University (1989, 1994), University of Rochester (1993), Northwestern University (1994), Duke University (1993, 1997), UC Santa Cruz (1992), Arizona State University (1993), University of Michigan (1988), UC San Diego (1988, 1991), Duke University (1993), Boston University (1991), University of Maryland (1992), Dartmouth College (1993), Boston College (1993), Federal Reserve Bank of New York (1994), Board of Governors of the Federal Reserve System (1993, 1995), McGill University (1994), International Monetary Fund (1993, 1994, 2001, 2002) University of Rome (1995), Universita' Luigi Bocconi, Milan (1991, 1993), Universita' di Bologna (1992), Institute for International Studies, Geneva (1992), Bank of Israel (1996), Indira Ghandi Institute for Development Research (Bombay, India, 1992).
Meetings of CEPR group in International Macroeconomics (ESSIM) (Athens, Greece, 2003; Jerusalem, Israel, 2002; Athens, Greece, 1997; Tarragona, Spain, 1996; Sesimbra, Portugal 1992); American Economic Association Meetings (Washington, DC 2002, New Orleans, 2001, San Francisco CA, 1996, Washington DC, 1995); European Economic Association Meetings (Prague, Czech Republic, 1995); Meetings of the NBER Group in International Macroeconomics (Cambridge MA, 1992, 1993, 1995, 1996, 1997, 1999, 2001, 2002, 2003); Federal Reserve Bank of Dallas conference on Sovereign Debt in the 21st Century, November 2003; IMF-World Bank Annual meetings, Dubai, United Arab Emirates, September 2003; IADB Annual Meetings, Fortaleza, Brazil, March 2002; Brookings Panel on Economic Activity, April 2002; Bank of England conference on Sovereign Debt Restructuring, July 2002; Meetings of the research group on Fiscal Issues in Colombia; MIT, Cambridge in April 2002 and in Atlanta, GA in November 2002; LACEA annual conference (Madrid, Spain, October 2002, Peubla, Mexico, October 2003); NBER Conference on Currency Crisis Prevention, January 2001; NBER Conference on Malaysian Currency Crisis, February 2001; NBER Conference on Currency Crises, March 2001. Monterey, CA; NBER IFM group spring meeting, March 2001, Cambridge, MA; Seminar on “Asian Economic and Currency Crisis”, April 2001, International Monetary Fund; Bank of Italy conference on Architecture Reform, Rome, Italy, June 2001; IADB conference on Latin American Financial Markets, February 2001, Washington, DC; American Enterprise Institute Seminar on Crisis Resolution, February 2001, Washington, DC; IMF Seminar on private sector involvement in crisis resolution, July 2001; Council on Foreign Relations workshop on crisis resolution, 2001, New York, NY; International Seminar in Macroeconomics (ISOM), Lisbon, Portugal, 1998; Meetings of the CEPR Group on Monetary Policy in Open Economies (Washington D.C., 1994, Bonn, Germany, 1995); NBER Monetary Propagation Mechanisms Meetings (Stanford CA, 1992, Arizona State University, 1993); CEPR Economic Policy Panel Meeting (London UK, 1992); Conference organized by the Review of Economic Dynamics and University of Rochester, (University of Rochester, 1997); Third Dubrovnik Conference on Transition Economies (Dubrovnik, Croatia 1997); Conference on Social Security Reforms in Latin America (Cancun, Mexico, 1997); South-Eastern Economic Association Meeting (Duke University, 1993); NBER Monetary Economics Meeting (Cambridge MA, 1993); NYU Conference on Productivity, Finance and Real Activity (New York NY, 1994); Georgetown-CEPR Conference on the New Transatlantic Economy (Washington D.C., 1994); NYU Conference on Political Economy (New York NY, 1994); CEPR-Banco de Portugal Conference on Economic and Monetary Union (Estoril, Portugal, 1992); Yrjo Jahnsson Symposium on the Finnish Economic Crisis of the 1990s (Sannas, Finland, 1995); Sapir Center Conference on International Capital Mobility and Development (Tel Aviv, Israel, 1991); Inter-American Seminar on Economics (Santiago, Chile, 1991); NBER-TCER Conference on Fiscal Policies in Open Macro Economies (Tokyo, Japan, 1991); Arizona State University Conference on Political Influences in International Economic Models (Tempe AZ, 1990).
Personal: Born in
Languages: English, Italian, Hebrew, Farsi, conversational French.