Giancarlo Corsetti, (born 1960) is an Italian macroeconomist and Professor of Macroeconomics at the European University Institute in Florence. He is best known in academia for his work on open economy macroeconomics and

international economics International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns an ...

. In March 2017, the IDEAS/RePEc overall ranking put him as the most influential economist at Cambridge University where he was teaching at the time. Corsetti has previously taught at

Cambridge University The University of Cambridge is a Public university, public collegiate university, collegiate research university in Cambridge, England. Founded in 1209, the University of Cambridge is the List of oldest universities in continuous operation, wo ...

where he was fellow of Clare College and the director of the Cambridge Institute for New Economic Thinking. Prior to this, he held the Pierre Werner Chair at the European University Institute in Florence , and held positions at the Universities Rome III,

Bologna Bologna ( , , ; ; ) is the capital and largest city of the Emilia-Romagna region in northern Italy. It is the List of cities in Italy, seventh most populous city in Italy, with about 400,000 inhabitants and 150 different nationalities. Its M ...

and Yale. He is co-editor of the Journal of International Economics and a research fellow at the Centre for Economic Policy Research, where he served as co-director of the International Macroeconomics Programme between 2004 and 2015. He is a consultant to the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

and visiting scholar at the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...

. Corsetti is a member of the

European Economic Association The European Economic Association (EEA) is a learned society, professional academic body which links European economists. It was founded in the mid-1980s. Its first annual congress was in 1986 in Vienna and its first president was Jacques Drèze. ...

, where he served in the Council, and as Programme Chairman of the 2007 Annual Congress in Budapest. In 2015, he delivered the Schumpeter Lecture at the Association Meeting in Mannheim.

Life and education

Giancarlo Corsetti earned a Ph.D. in economics at

Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...

(1992), an MA in Economics at

New York University New York University (NYU) is a private university, private research university in New York City, New York, United States. Chartered in 1831 by the New York State Legislature, NYU was founded in 1832 by Albert Gallatin as a Nondenominational ...

(1987) and a Laurea in Economics at

Sapienza University of Rome The Sapienza University of Rome (), formally the Università degli Studi di Roma "La Sapienza", abbreviated simply as Sapienza ('Wisdom'), is a Public university, public research university located in Rome, Italy. It was founded in 1303 and is ...

(1984).

Contributions

His work includes analyses of the

Maastricht Treaty The Treaty on European Union, commonly known as the Maastricht Treaty, is the foundation treaty of the European Union (EU). Concluded in 1992 between the then-twelve Member state of the European Union, member states of the European Communities, ...

, studies of the European Currency Crises in 1992-93 and the Asian Crisis in the late Nineties, contributions t
New Open Economy Macroeconomics
theoretical and empirical work on financial contagion and currency instability, models of exchange rate pass-through and imported inflation, as well as pioneering analyses of the propagation and stabilization of international business cycles with imperfect capital markets and current account imbalances. His recent work on fiscal policy combines micro- and macroeconomic analysis. His contribution on the government spending multiplier based on a quasi-experiment in Italy involving Mafia infiltration of local municipalities has been discussed in the media. Corsetti has contributed to the academic discussion on

European integration European integration is the process of political, legal, social, regional and economic integration of states wholly or partially in Europe, or nearby. European integration has primarily but not exclusively come about through the European Union ...

, with theory-informed analyses of fiscal rules, financial and macroeconomic instability and stabilization policy in incomplete monetary unions. At Yale, he created the Euro Homepage which, between 1998 and 2001, became a reference in the policy and academic discussion around the launch of the new currency. Between 2000 and 2010, he co-authored the Annual Report of the European Economic Advisory Group at Cesifo. Since 2014 he is part of the CEPR group writing the "Monitoring the Eurozone" reports. He has written two textbook chapters on optimal policies in open economy that are widely circulated, one on Master's level, the other among Ph.D. level students.

Selected bibliography

* "Maastrict's Fiscal Rules" with Willem Buiter and Nouriel Roubini, ''

Economic Policy ''Economic Policy'' is a quarterly peer-reviewed academic journal published by Oxford University Press, Oxford Academic on behalf of the Centre for Economic Policy Research, the Center for Economic Studies (University of Munich), and the Paris Scho ...

'', 1993, 57-100. * "Interpreting the ERM Crisis: Country-Specific and Systemic Issues" with Willem Buiter and Paolo Pesenti, ''Princeton Studies in International Finance'', No. 84, February 1998. * ''Financial Markets and European Monetary Cooperation. The lessons from the 92-93 crisis'', with Willem Buiter and Paolo Pesenti, 1998, Cambridge University Press. * "What Caused the Asian Currency and Financial Crisis?", with Nouriel Roubini, '' Japan and the World Economy'', September 1999. * "Welfare and macroeconomic interdependence" with Paolo Pesenti, ''

Quarterly Journal of Economics ''The Quarterly Journal of Economics'' is a peer-reviewed academic journal published by the Oxford University Press for the Harvard University Department of Economics. Its current editors-in-chief are Robert J. Barro, Lawrence F. Katz, Nathan ...

'', May 2001. * "International Dimensions of Optimal Monetary Policy" with Paolo Pesenti, '' Journal of Monetary Economics'', 2005, 281-305. * "Does one Soros make a difference? A theory of currency crisis with large and small traders" with Amil Dasgupta, Stephen Morris and Hyun Son Shin, '' Review of Economic Studies'', January 2004, 71(1): 87-113. * "Some contagion, some interdependence. More pitfalls in tests of financial contagion" with Massimo Sbracia and Marcello Pericoli, ''

Journal of International Money and Finance The ''Journal of International Money and Finance'' is a peer-reviewed academic journal in economics that was established in 1982 . It was originally published by Butterworth–Heinemann, then by Pergamon, which is now incorporated into Elsevier. T ...

'', 2005, 24:1177-1199. * "Macroeconomics of International Price Discrimination" with Luca Dedola, '' Journal of International Economics'', 2005, 67(1): 129-156. *"The simple geometry of transmission and stabilization in closed and open economy", with Paolo Pesenti, in Lucrezia Reichlin and Kennet West (eds.), ''NBER International Seminar on Macroeconomics'', 2007. * "International Risk Sharing and the International Transmission of Productivity Shocks" with Luca Dedola and Silvain Leduc, '' Review of Economic Studies'', 2008, 75(2): 443-473. * "Optimal Monetary Policy in Open Economy", with Luca Dedola and Silvain Leduc, in Ben Friedman and Michael Woodford (eds.), ''The Handbook of Monetary Economics, vol. III'', 2010. * "What Drives US Foreign Borrowing? Evidence on External Adjustment to Transitory and Permanent Shocks" with Panagiotis Konstantinou, '' American Economic Review'', April 2012, 102(2): 1062-92. * "Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment" with Antonio Acconcia and Saverio Simonelli, '' American Economic Review'', July 2014, 104(7): 2185-2209.

References

External links

Corsetti's page at Cambridge University

Corsetti's personal website

Corsetti's Google Scholar page
{{DEFAULTSORT:Corsetti, Giancarlo Italian economists Yale Graduate School of Arts and Sciences alumni New York University alumni Living people Macroeconomists Fellows of Clare College, Cambridge 1960 births Fellows of the European Economic Association