Below you can find a brief description of the main research activity of the 5 Directorates that could host a fellow. This year, taking into account the research needs of the Economic and Statistical Department, the Directorates that will host a fellow will be: Economic Outlook and Monetary Policy Directorate, International Relations and Economics Directorate, Financial Stability Directorate and Structural Economic Analysis Directorate.
The Economic Outlook and Monetary Policy Directorate
The Directorate conducts analyses and research to support the Bank of Italy's contribution to the ECB's monetary policy and to improve the understanding of macroeconomic developments in Italy and in the euro area. The staff employs state-of-the-art time series and panel data methods, and DSGE models. Economists carry out theoretical research and quantitative analyses on monetary policy, the business cycle, actual and expected inflation, forecasting, credit and financial markets. Economists also carry out research on econometric methods and develop models for forecasting and simulating economic policies. Macro-financial linkages and the pricing of financial assets are also part of the research agenda. Recent projects include the development of macroeconomic models with heterogeneous firms and households and with features that make it possible to study the implications of climate change and digital currencies for monetary. On the empirical side, the modelling of non-linear dynamics and large shocks, machine learning and artificial intelligence techniques are high in the research agenda.
International Relations and Economics Directorate
This Directorate plays a central role in defining the Bank's position in the main international forums for economic and financial debate and liaises with international financial institutions. To this end, it carries out research in which empirical and quantitative analyses are also supported by theoretical considerations. Its economists carry out frontier research on trends in globalization, global value chains, the interdependencies between Italy and the main advanced and emerging economies, the monetary and fiscal policy in the main advanced economies and their key structural developments, international finance and commodity markets, and changes in the international financial architecture. The traditional topics of international economics are flanked in the research programme by phenomena dictated by the latest technological and geopolitical developments: the interaction between energy markets and macroecoeconomic dynamics, the relationship between security and the energy transition, the emergence of digital currencies and the regulation of digital markets. Every year, the Directorate organizes conferences with the World Bank on globalization and value chains, and with the International Monetary Fund and the OECD on capital movements.
The Financial Stability Directorate
The Directorate monitors risks to financial stability and plays a key role in calibrating macroprudential instruments, leveraging strong empirical research and very rich micro-level datasets (credit registers, supervisory returns of intermediaries, security holdings and derivatives transactions data, surveys and non-traditional data sources); theoretical research and innovative modelling approaches are also welcome. Researchers are active in various areas of financial economics, micro and macroeconomics, including household and corporate financial decisions and their implications for financial stability and the real economy, the role of banks and other financial intermediaries in the transmission of financial and real shocks, macroeconomic dynamics, credit and financial frictions, the impact of regulation, technology and climate change on financial risks, stress testing frameworks. We are looking for candidates in the above fields, with a particular focus on macrofinance and on the interrelationships between monetary and macroprudential policies. Research output has been published in top journals, presented in prestigious international conferences, and discussed in international policy fora. The Directorate organizes a biennial research conference with Bocconi University on Financial Stability and Regulation.
The Structural Economic Analysis Directorate
Our researchers apply both empirical and theoretical analytical tools to study relevant aspects of real economic activity. These include fiscal policy and fiscal governance (at both national and EU level); growth and productivity (in the aggregate and at firm level); the labour market, household choices and income distribution; the economic effects of regulation, corporate and bankruptcy law; the determinants and consequences of territorial heterogeneity; economic history and cliometric analyses. Ongoing lead projects focus on (i) the effects of climate change on the corporate sector; (ii) the functioning, regulation and economic impact of energy markets; and (iii) the evaluation of structural, fiscal and labour market reforms. Both research and policy analysis leverage large administrative or proprietary databases, in-house surveys and micro and macro models. Our work is often published in general interest and leading field journals, and supports the Bank of Italy's assessment of economic policy matters in national and international fora. The ideal candidate is curious, has a strong technical background and cross-fertilizes policy-oriented and analytical work.
The Statistical Analysis Directorate
Our researchers address a broad range of topics in international economics, finance and trade leveraging empirical and theoretical tools as well as a wide array of macro and micro datasets, including custom data, credit registry, security holdings statistics, derivative transactions data and the Bank's household and firm surveys. Recent research includes the impact of trade shocks on bank lending, the effects of capital flows and real exchange rate shocks on resource misallocation, global value chains and firm performance, and the analysis of profit-shifting by multinational enterprises. Our research output is published in top economics and finance journals, routinely presented at the main international conferences, and shapes the Bank's view on Italy's external sector and its real and financial stance in the world economy. The Directorate has also organized several CEPR workshops and many high-level international seminars.
