NOURIEL ROUBINI

Department of Economics, KMC 7-83

Stern School of Business, New York University

44 West 4th Street, New York, NY 10012

Phone: (212) 998-0886 (office)

(212) 995-4218 (fax)

(212) 431-1574 (home)

E-Mail: nroubini@stern.nyu.edu

Web Home Page: http://www.stern.nyu.edu/~nroubini

Roubini’s Global Macro web site: http://www.stern.nyu.edu/globalmacro/

EDUCATION:

Harvard University, Cambridge, MA, 1983 - 1988

Ph.D. Economics, June 1988. Fields of specialization: international economics and macroeconomics.

Universita' L. Bocconi, Milan, Italy, 1977 -1982

Laurea in Economia Politica, summa cum laude (B.A. Economics), 1982.

Hebrew University of Jerusalem, Jerusalem, Israel, 1976 - 1977

One-year program of undergraduate studies.

CURRENT POSITIONS AND ACTIVITIES:

Associate Professor, July 1995 - present, Departments of Economics and International Business, Stern School of Business, New York University, New York, NY

Fields of research: international macroeconomics and finance; macroeconomics and fiscal policy; political economy; growth theory; European monetary issues. Director of Graduate Studies for Stern’s Ph.D. program in Economics.

Research Fellow 1998 – present (Faculty Research Fellow, 1988 – 1998), National Bureau of Economic Research, Cambridge, MA

Research Fellow, 1991 - present, Centre for Economic Policy Research, London, UK

Co-Organizer of the Summer Institute meeting of the International Finance and Macroeconomics Group, National Bureau of Economic Research 2003-present.

Member, Bretton Woods Committee, 2003-present Washington, DC

Member, Council on Foreign Relation’s Roundtable on the International Economy, 2002-present, Washington, DC.

Participant and speaker in a series of ongoing meetings with G-20 Deputy Finance Ministers and Central Bank Governors meetings (Washington DC, July 2001; Toronto, Canada, November 2001; London, UK, July 2003).

Member, Academic Advisory Committee, Fiscal Affairs Department, International Monetary Fund; 2002-present.

International Monetary Fund, Washington, DC. Consultant for Argentina crisis’s evaluation project, Independent Evaluation Office; Summer 2003 - present.

Creator, Editor and Manager of the Roubini’s Global Macroeconomic and Financial Policy web site: http://www.stern.nyu.edu/globalmacro/

1997- present (ranked as the #1 web site in the world in economics by The Economist Magazine).

AWARDS:

- “Professor of the Year 1997-1998”, Stern School of Business, NYU.

- National Fellow, Hoover Institution, Stanford University, CA, 1991-1992.

- Social Science Dissertation Fellowship, Harvard University, 1985-86.

- Doctoral Fellowship, Fondazione L. Einaudi, Turin, Italy, 1983-85.

- Best Student in International Economics, Economics Department, Harvard University, 1988.

- "Dignity for Publication of the Thesis," Universita' L. Bocconi, 1982 for Honors Thesis.

PREVIOUS ACADEMIC AND PROFESSIONAL POSITIONS:

July 1999 – June 2000:

Director, Office of Policy Development and Review (PDR), October 1999 – June 2000

Senior Advisor to the Under Secretary for International Affairs, July 1999 – October 1999 U.S. Treasury Department, Washington, DC

July 1998 – June 1999:

Senior Economist for International Affairs,

White House Council of Economic Advisers, Washington, DC

Fall 2003:

International Monetary Fund, Washington, DC. Consultant to the IMF’s Independent Evaluation Office on their evaluation of the role of the IMF in the Argentine’ crisis (http://www.imf.org/External/NP/ieo/2004/arg/eng/index.htm).

January-March 2002:

International Monetary Fund, Washington, DC. Visiting Scholar, Research Department and Policy Development and Review Department.

July-August 2001:

International Monetary Fund, Washington, DC. Visiting Scholar, Research Department.

July 2000 – June 2000:

Advisor, Office of the Under-Secretary for International Affairs, U.S. Treasury Department, Washington, DC

July 1993 - June 1995:

Associate Professor, Department of Economics, Yale University, New Haven, CT

July 1988 - July 1993:

Assistant Professor, Department of Economics, Yale University, New Haven, CT

1995 – 2000:

Associate Editor, Journal of Development Economics

1997-2001:

Associate Editor, Journal of International Economics

June 1996:

Bank of Israel, Jerusalem, Israel Visiting Economist, Research Department.

March 1995:

Board of Governors of the Federal Reserve System, Washington, DC

Visiting Economist, International Finance Department.

August 1994:

International Monetary Fund, Washington, DC. Visiting Scholar, Research Department.

November - December 1993:

International Monetary Fund, Washington, DC. Visiting Scholar, Research and Fiscal Departments.

August 1993:

International Monetary Fund, Washington, DC. Visiting Scholar, Research Department.

1994 – 1997:

External Consultant, Private Sector Development Department, World Bank, Washington, D.C.

July 1991 - August 1992:

Hoover Institution, Stanford University, CA. National Fellow.

March 1986 - July 1988:

National Bureau of Economic Research, Cambridge, MA. Research Assistant.

August 1987 - August 1988:

The United Nations' University, Helsinki, Finland

Consultant, World Institute for Development of Economic Research.

August - September 1987:

International Monetary Fund, Washington, DC. Visiting Scholar, European Department.

June - August 1985:

International Monetary Fund, Washington, DC

Summer Intern, External Finance Division of the Exchange and Trade Relations Department.

1984 - 1988:

Harvard University, Cambridge, MA. Teaching Assistant, Department of Economics.

December 1982 - August 1983:

Universita' L. Bocconi, Milan, Italy

Lecturer and Research Associate, Department of Economics.

PAPERS AND PUBLICATIONS

Books (published and forthcoming):

“Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies (with Brad Setser); forthcoming in August 2004 by the Institute for International Economics, Washington, D.C. (http://bookstore.iie.com/merchant.mvc?Screen=PROD&Product_Code=378)

Political Cycles and the Macroeconomy (with Alberto Alesina and the help of Gerald Cohen) Cambridge: M.I.T. Press, 1997.

“Cicli Politici e la Macroeconomia” (with Alberto Alesina); this is the Italian translation with new and additional update of Political Cycles and the Macroeconomy Cambridge: M.I.T. Press, 1997; this Italian translation will be published in the Fall of 2004 by the publishing house Egea.

Co-editor (with Marc Uzan) of a two-volume book International Financial Crises and the New International Financial Architecture”; to be published by Edward Elgar Publishing, fall 2004.

Current Work in Progress and Submitted Papers:

“International Lending of Last Resort Moral Hazard: A Model of IMF’s Catalytic Finance” (with Giancarlo Corsetti and Bernardo Guimares), NBER WP. No. 10125, December 2003; latest draft: March 2004.

“ Exchange Rate Overshooting and the Cost of Floating” (with Fabrizio Perri, Michele Cavallo and Kate Kisselev); latest draft: April 2004.

“Predicting Sovereign Debt Crises” (with Paolo Manasse, and Axel Schimmelpfennig; IMF WP November 2003; latest draft: April 2004.

“The IMF Catalytic Finance Approach: Theory and Empirical Evidence,” (with Giancarlo Corsetti), first draft June 2004; presented at the Dubrovnik Economic Conference, June 2004.

“Rules of Thumb for Sovereign Debt Crises: a CART (Classification and Regression Tree) Approach,” (with Paolo Manasse), first draft, July 2004.

“Debt Standstill as Solutions to Sovereign Debt Crises: A Global Games Approach,” (with Giancarlo Corsetti), August 2004, work in progress, Stern School of Business.

“Twin Deficit or Twin Divergence? Fiscal Policy, Current Account and the Real Exchange Rate in the US” (with Soyoung Kim), revised April 2004.

“The Effect of the Recent Oil Price Shock on the US and Global Economy,” (with Brad Setser) first draft, August 2004. (http://www.stern.nyu.edu/globalmacro/OilShockRoubiniSetser.pdf)

“The U.S. Twin Deficits and External Debt Accumulation: Are They Sustainable?,” (with Brad Setser), work in progress, August 2004.

“Fiscal Policy and Debt Sustainability in Venezuela,” (with Antonia Moreno) work in progress, July 2004.

“The Balance Sheet Approach to Financial Crises” (with Brad Setser, Christian Keller and Christoph Rosenberg), IMF WP, October 2002.

“A Balance Sheet Crisis in India?” (with Richard Hemming) March 2004; forthcoming in P. Heller (editor) Fiscal Policy in India, Oxford University Press, 2005.

“Debt Dynamics and Debt Sustainability in Columbia”, September 2002 (with Maria Angelica Arbelaez); to be published in 2005 in James Poterba editor “Fiscal Policy, Taxes and Public Debt in Colombia” MIT Press, 2004.

"Improving the Sovereign Debt Restructuring Process: Problems in Restructuring, Proposed Solutions, and a Roadmap for Reform" (with Brad Setser) revised Sept 2003.

“Mechanisms for an orderly restructuring of sovereign debt: The SDRM and other alternative (market-based) mechanisms”, February 2002.

"Should Iraq dollarize, adopt a currency board or let its currency float? A policy analysis," (with Brad Setser), May, 2003.

“Debt Sustainability: Theory and Application” February 2002.

“Factors to be Considered in Assessing a Country’s Readiness for Dollarization”, December 2001.

“Should Argentina Dollarize or Float? The Pros and Cons of Alternative Exchange Rate Regimes and their Implications for Domestic and Foreign Debt Restructuring/Reduction” December 2001.

“Why should the foreign creditors of Argentina take a greater hit/haircut than the domestic ones: On the economic logic, efficiency, fairness and legality of "discriminating" between domestic and foreign debt in sovereign debt restructurings” December, 2001.

Publications in Journals:

"The Reform of the Sovereign Debt Restructuring Process: Problems, Proposed Solutions and the Argentine Episode” (with Brad Setser); Journal of Restructuring Finance, 2004, Vol.1, No.1.

“Do We Need a New International Bankruptcy Regime? A Discussion Paper” Brookings Panel on Economic Activity, Fall 2002.

“Asian Economic Recovery: Is It Sustainable?” Japan and the World Economy, 2002.

Discussion of Guillermo Calvo and Carmen Reinhart “Fixing for Life”; Brookings Trade Forum, 2001.

“Trade and Contagious Devaluations: A Welfare-Based Approach” (with Giancarlo Corsetti, Paolo Pesenti and Cedric Tille), Journal of International Economics, 2000.

“What Caused the Asian Currency and Financial Crisis?” (Part 1; Part 2) (with Giancarlo Corsetti and Paolo Pesenti), Japan and the World Economy, September 1999.

“Paper Tigers? A Model of the Asian Crisis,” (with Giancarlo Corsetti and Paolo Pesenti), European Economic Review, July 1999.

"Liquidity and Exchange Rates in the G-7 Countries: Evidence from Identified VAR's," (with Soyoung Kim), New York University; Journal of Monetary Economics, 1999.

"On the Taxation of Human and Physical Capital in Models of Endogenous Growth," (with Gian Maria Milesi-Ferretti), Journal of Public Economics, 1999.

"Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis," (with Gian Maria Milesi-Ferretti), Journal of Money, Credit and Banking, 1998.

"Politically Motivated Fiscal Deficits: Policy Issues in Closed and Open Economies," (with Giancarlo Corsetti), Economics and Politics, March 1997.

"Political Instability and Economic Growth," (with Alberto Alesina, Sule Ozler and Philip Swagel), Journal of Economic Growth, June 1996.

"Liquidity Models in the Open Economy: Theory and Empirical Evidence," (with Vittorio Grilli), European Economic Review, April 1996.

"European versus American Perspectives on Fiscal Rules" (with Giancarlo Corsetti) American Economic Review, Papers and Proceedings, May 1996.

"Budget Deficits, Public Sector Solvency and Political Biases in Fiscal Policy: A Case Study of Finland," (with Giancarlo Corsetti), Finnish Economic Papers, Spring 1996.

"A Growth Model of Inflation, Tax Evasion and Financial Repression," (with Xavier Sala-i-Martin), Journal of Monetary Economics, April 1995.

"Liquidity, Capital Controls and Exchange Rates," (with Vittorio Grilli), Journal of International Money and Finance, 1993.

"Electoral Business Cycle in Industrial Economies," (with Alberto Alesina and Gerald Cohen), European Journal of Political Economy, 1993.

"Excessive Deficits: Sense and Nonsense in the Treaty of Maastricht" (with Willem Buiter and Giancarlo Corsetti), Economic Policy, Spring 1993.

"Political Cycles in OECD Economies," (with Alberto Alesina), Review of Economic Studies, October 1992.

"Liquidity and Exchange Rates," (with Vittorio Grilli) Journal of International Economics, June 1992.

"Financial Repression and Economic Growth" (with Xavier Sala-i-Martin), Journal of Development Economics, Vol.39, 1992.