Roberto Billi

Roberto Billi


Monetary Policy Department
Research Division
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Phone + 46 8 787 08 57

Macroeconomics, monetary and fiscal policy, financial stability

Personal website:


Ph.D. in Economics, summa cum laude, Goethe University Frankfurt, 2005


Optimal Monetary Policy with r*<0, with Jordi Galí and Anton Nakov, Journal of Monetary Economics, 2024, 142, art. 103518

The Role of Money in Monetary Policy at the Lower Bound, with Ulf Söderström and Carl Walsh, Journal of Money, Credit and Banking, 2023, 55(4), 681-716

Is Super-Active Fiscal Policy Desirable? with Carl Walsh, SUERF Policy Brief, No 323, 2022

Gains from Wage Flexibility and the Zero Lower Bound, with Jordi Galí, Oxford Bulletin of Economics and Statistics, 2020, 82(6), 1239-1261

Unemployment Fluctuations and Nominal GDP Targeting, Economics Letters, 2020, 188, art. 108970

Output Gaps and Robust Monetary Policy Rules, International Journal of Central Banking, 2020, 16, (2), 125-152

Price Level Targeting and Risk Management, Economic Modelling, 2018, 73(6), 163-173

A Note on Nominal GDP Targeting and the Zero Lower Bound, Macroeconomic Dynamics, 2017, 21 (8), 2138-2157

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, Economic Modelling, 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