Roberto M. Billi
Economist
Research Department
Federal Reserve Bank of Kansas City
1 Memorial Drive
Kansas City, MO 64198
Email: Roberto.Billi@kc.frb.org

Biography	Curriculum vitae (PDF, 13 KB)
Publications in journals and books	Research Working Papers
Economic Review articles

Roberto M. Billi joined the Federal Reserve Bank of Kansas City in September 2005 as an Economist in the Economic Research Department. He is an expert on optimal inflation goals and the design of monetary policy strategies to manage downside risks in the presence of a zero lower bound on nominal interest rates. He also investigates the effects of monetary and fiscal policy interactions in low-inflation economies.

Mr. Billi was awarded in 2005 a doctorate in economics summa cum laude by Goethe University Frankfurt. He also holds an MSc from the London School of Economics. In 2005 he was a research visitor with the Directorate General Research of the European Central Bank, and in 2004 he was a dissertation intern with the Division of Monetary Affairs at the Federal Reserve Board.

Publications in professional journals and books

"Monetary Conservatism and Fiscal Policy," with Klaus Adam, Journal of Monetary Economics, 2008, 55 (8), 1376-1388.

"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.

Federal Reserve Bank of Kansas City Economic Review articles

"Was Monetary Policy Optimal During Past Deflation Scares?" Third Quarter 2009. (Summary | Article PDF 858K)

"What Is the Optimal Inflation Rate?" with George A. Kahn, Second Quarter 2008. (Summary | Article PDF 407K)

*U.S. Bureau of Labor Statistics article summary in the Monthly Labor Review, July 2008. (Summary PDF 79.1K)

Federal Reserve Bank of Kansas City Research Working Papers

"Price-Level Targeting and Risk Management in a Low-Inflation Economy," RWP 08-09 (PDF, 1,231K | Abstract)

"Optimal Inflation for the U.S. Economy," RWP 07-03 (PDF, 614K | Abstract)

"Monetary Conservatism and Fiscal Policy," with Klaus Adam, RWP 07-01 (PDF, 625K | Abstract)

"Discretionary Monetary Policy and the Zero Lower Bound on Nominal Interest Rates," with Klaus Adam, RWP 05-08 (PDF, 625K | Abstract)

"Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates," with Klaus Adam, RWP 05-07 (PDF, 625K | Abstract)

Work in progress

"Monetary Conservatism and Fiscal Policy: The Case of Distortionary Taxes," with Klaus Adam (PDF 232K)