Principal Research Economist
Alessandro Rebucci is a Lead Research Economist in the Research Department of the Inter-American Development Bank. In his position he advises IDB senior managers on international macroeconomic and financial policy issues; he contributes to the dialogue with the policy markets of the region, including in the new IDB LAC-G20 initiative, and to the IDB annual macroeconomic report; he reviews macroeconomic sustainability assessments in borrowing countries and he is a member of the Senior Advisory Committee of the IDB Chief Economist on such assessments; he leads IDB-supported research on monetary and macro-prudential policies, on the impact of China on LAC and the world economy, on the global imbalances, and debt sustainability in the Caribbean countries. In this position, he also conducts independent academic research for publication in refereed journals on international finance and macroeconomic issues.
In 2011 he acted as Regional Economic Advisor (ad interim) for the Caribbean Countries of the IDB and led (with Arturo Galindo) a grant-supported research project on housing finance for the 2011 edition of the IDB annual flagship research publication (Developments in the Americas—DIA). He was a lead reviewer for Ecuador in 2008-2009 and he represented the IDB at the IIF PCG meetings in 2008-2011.
Previously, he was a Senior Economist in the World Economic Studies (WEO) Division and an Economist in the Modeling Division of the IMF Research Department, an Economist in the Stand-by Operation Division of the IMF Policy and Development and Review Department. During his IMF tenure he wrote several papers on monetary policy, global external imbalances, and other international finance issues, publishing both refereed articles and policy and country reports, including three World Economic Outlook chapters and several country reports. He co-edited a book on IMF programs and co-organized a research conference on International Macro-Finance, co-editing the special issue of the Journal of International Economics. He was a lead reviewer for Brazil and Uruguay during the 2002 crises and he participated in numerous IMF missions including program, surveillance and technical assistance.
He holds a PhD in economics from the University of London (2002), a MSc in economics and a “Laurea” in economics and social sciences from Bocconi University (1994).
Selected Journal Articles
“Financial Crises and Macro-Prudential Policies”, (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), Journal of International Economics, forthcoming. Also available as IDB WP No. 238 and CEPR DP No. 8175.
“News Shocks and Asset Price Volatility in General Equilibrium”, (with A. Matsumoto, P. Cova, and M. Pisani), Journal Economic Dynamics and Control, Vol 35, No. 12, pp 2132-2149, December 2011.
“Special Issue on International Macro-Finance: Editorial Foreword”, (with M. Devereux, C. Engel, and A. Matsumoto), Journal of International Economics, Vol. 80, No.1. January 2010.
“Oil Shocks and External Balances”, (with L. Kilian and N. Spatafora), Journal International Economics, 77(2), 181-194, 2009. “Net Foreign Asset Positions and Consumption Dynamics in the International Economy”, (with F. Ghironi and T. İşcan), Journal of International Money and Finance, 27, 1337–1359, 2008.
“Measuring Contagion and Interdependence with a Bayesian Time-Varying Coefficient Model: The Chilean FX Market During the Argentine Crisis” , (with M. Ciccarelli), Journal of Financial Econometrics, Vol 5, No. 2, pp. 285-320, March 2007.
“Has The Transmission Mechanism of European Monetary Policy Changed in the Run-up to EMU?”, (with M. Ciccarelli), European Economic Review, Vol. 50, No. 3 , pp. 737-776, April 2006.
Papers on monetary and macro-prudential policies
“Monetary and Macro-Prudential Policies: An Integrated Analysis”, (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), manuscript, IDB.
“Coordinating Monetary and Macro-Prudential Policies”, (with A. Cesa-Bianchi), manuscript, IDB.
“Capital Controls or Exchange Rate Policy? A Pecuniary Externality Perspective”, (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), manuscript, IDB.
“Revisiting Overborrowing and Its Policy Implications”, (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), in “Analysis and Economic Policies Series,” Vol. 14, (Central Bank of Chile), 2010.
“Optimal Policy for Macro-Financial Stability”, (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), work in manuscript, IDB and University of Virginia, 2009.
“The Changing Housing Cycle and the Implications for Monetary Policy”, (with R. Cardarelli and D. Igan), IMF World Economic Outlook, Chapter3, April 2008. Media coverage: FT (several colums, including Martin Wolf’s one) and The Economist among others; roundtable discussion at The Brookings Institution.
“Monetary Rules for Emerging Market Economies”, (with F. Ghironi), IMF Working Paper 02/34, 2002.
Papers on China and The Global Imbalances
“China's Emergence in the World Economy and Business Cycles in Latin America”, (with H. Pesaran, T. Xu, and A. Cesa-Bianchi), Economia, forthcoming.
“Macroeconomic Effects of China's Fiscal Stimulus”, (with P. Cova and M. Pisani), in Yin-Wong Cheung and Guonan Ma (eds.), “Asia and China in the Global Economy,” World Scientific Publishing, 2011.
“Valuation Effects and Oil Price Shocks”, (with Michael B Devereux and Alan Sutherland), manuscript, IDB December 2010.
“Rebalancing Global Growth: Implications for LAC”, (with P. Cova and M. Pisani), manuscript, IDB, September 2010.
“Global Imbalances: The Role of Emerging Asia”, (with P. Cova and M. Pisani), Review of International Economics, Vol. 17 No. 4, pp. 716-733, September 2009.
“Global Imbalances: The Role of the Non-tradable TFP in Advanced Economies”, (with P. Cova, M. Pisani, and N. Batini), IMF Staff Papers, Vol. 55, No. 2, 2008.
“The Valuation Channel of External Adjustment”, (with F. Ghironi and J. Lee), NBER WP 12937, January 2007.
“Exchange Rates and the Adjustment of External Imbalances”, (with R. Cardarelli), IMF World Economic Outlook, Chapter3, Washington DC, April 2007. Media coverage: FT and Business Week among others; roundtable discussion at the Petersen Institute.
“Oil Prices and Global Imbalances”, (with N. Spatafora), IMF World Economic Outlook, Chapter 2, Washington DC, April 2006. Media coverage: The Economist (Economics Focus), FT (Front Page and Martin Wolf’s column), LaRepubblica, Il Corriere, Il Sole24Ore, among others.
“The U.S. Dollar and the Trade Deficit: What Accounts for the Late 1990s?”, (with B. Hunt), International Finance, Vol. 8, No. 3, pp. 399–434, December 2005.
Papers on Caribbean Economies
“Debt Sustainability With or Without Growth”, (with L. Andrian and J. Kozlowski), manuscript, IDB, September 2011.
“External Capital Structure and Oil Price Volatility”, (with J. D. Burger, V. Warnock, and F. E. Warnock), Journal of Business, Finance and Economics in Emerging Economies, 2010.
“Monetary and Exchange Rate Policies for the Perfect Storm: The case of The Bahamas, Barbados, Guyana, Haiti, Jamaica, Suriname, and Trinidad & Tobago”, (With A. Minella, A. Powell, and N. F. Souza Sobrinho), IDB Working Paper 678, October 2009.
“Capital Controls Should Be Latin America's Last Resort”, (with A. Powell), Beyondbrics, FT.com, November 2010.
“Are Macro-Prudential Policies Prudent?”, (with G. Benigno, H. Chen, C. Otrok, E. Young), Voxeu.org,August 2010.
“Chinese Revaluation Could Jeopardize the Global Recovery”, (with E. Lora), Beyondbrics, FT.com, March 2010.
“The Ugly Truth about a Renminbi Revaluation for Latin America”, (with A. Cesa-Bianchi H. Pesaran, C. E. Tamayo, and T. Xu), Voxeu.org, March 2010. (Media coverage by Bloomberg, Reuters, and Business week).
IDB Macroeconomic Reports
“The World of Forking Paths: Latin America and the Caribbean facing Global Economic Risk”, A. Powell (Coordinator), March 2012.
“One region, Two Speeds: Challenges of the New Economic Order for Latin America and the Caribbean”, A. Izquierdo and E. Talvi (Coordinators), March 2011. (Media coverage: FT, The Economist among others).
“The Aftermath of the Crisis: Policy Lessons and Challenges Ahead for Latin America and the Caribbean”, A. Izquierdo and E. Talvi (Coordinators), March 2010.
“Policy trade-offs for Unprecedented Ties: Confronting the Global Crisis in Latina America and the Caribbean”, A. Izquierdo and E. Talvi (Coordinators), March 2009.
- Capital Control Measures: A New Dataset
- Uncertainty and Economic Activity: A Global Perspective
- Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective
- Does Easing Monetary Policy Increase Financial Instability?
- Optimal Policy for Macro-Financial Stability
- Housing Finance in Chile: Instruments, Actors, and Policies
- GVAR Dataset
- China’s Emergence in the World Economy and Business Cycles in Latin America
- News Shocks and Asset Price Volatility in General Equilibrium
- Financial Crises and Macro-Prudential Policies
- Macroeconomic Effects of China’s Fiscal Stimulus
- Aid, Exports, and Growth: A Time-Series Perspective on the Dutch Disease Hypothesis
- Revisiting Overborrowing and its Policy Implications
- External Capital Structures and Oil Price Volatility
- Monetary and Exchange Rate Policies for the Perfect Storm
- The Multilateral Response to the Global Crisis: Rationale, Modalities, and Feasibility
- Housing Finance, Housing Shocks, and the Business Cycle: Evidence from OECD Countries