Arbetsområden: macroeconomics, monetary and fiscal policy

Short bio

Roberto M. Billi is an expert on optimal monetary policies in the presence of a lower bound on nominal interest rates. He also investigates monetary and fiscal policy interactions, as well as financial regulation and macroprudential policies. Prior to joining the Research Division of Sveriges Riksbank in 2011, he was an Economist at the Federal Reserve Bank of Kansas City. He obtained a Ph.D. in economics, summa cum laude, from Goethe University Frankfurt in 2005.


Personal webpage with downloads:

Work in progress

Price Level Targeting and Risk Management, Sveriges Riksbank Working Paper Series No. 302, Revised June 2017


Output Gaps and Robust Monetary Policy Rules, Sveriges Riksbank Working Paper Series No. 260, Revised August 2017


Understanding the Gains from Wage Flexibility: The Lower Bound Constraint, with Jordi Galí



A Note on Nominal GDP Targeting and the Zero Lower Bound, Macroeconomic Dynamics, forthcoming


Comment 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, Economics Letters, 2014, 122 (1), 1-6


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


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


What Is the Optimal Inflation Rate? with George 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


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


American Economic Journal: Macroeconomics, B.E. Journal of Macroeconomics, Eastern Economic Journal, Econometrica, Economic Inquiry, Economic Journal, European Economic Review, Federal Reserve Bank of Kansas City Economic Review, International Economic Review, International Finance, International Journal of Central Banking, Journal of Business and Economic Statistics, Journal of Current Research in Global Business, Journal of Economic Dynamics and Control, Journal of European Economic Association, Journal of Financial Stability, Journal of International Money and Finance, Journal of Institutional and Theoretical Economics, Journal of Japanese and International Economies, Journal of Macroeconomics, Journal of Monetary Economics, Journal of Money Credit and Banking, Journal of Urban Economics, Macroeconomic Dynamics, Metroeconomica, Oxford Economic Papers, Review of Economic Dynamics, Quarterly Journal of Economics, Quarterly Review of Economics and Finance, Southern Economic Journal, Sveriges Riksbank Economic Review, Swiss Journal of Economics and Statistics