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De Santis, Roberto A.

Economics

Division

Business Cycle Analysis

Current position

Senior Lead Economist

Fields of interest

Macroeconomics and Monetary Economics,
International Economics

Email

roberto.de_santis@ecb.europa.eu

Education
  • 1993-1998
    PhD Economics, University of Warwick, Coventry, UK
  • 1991-1993
    MSc in Quantitative Development Economics, University of Warwick, Coventry, UK
Professional experience
  • 2019-
    Senior Lead Economist - Business Cycle Analysis Division, Directorate General Economics, European Central Bank
  • 2018-2019
    Principal Economist - Monetary Strategy Division, Directorate General Monetary Policy, European Central Bank
  • 2009-2018
    Principal Economist/Senior Economist - Capital Markets and Financial Structures Division, Directorate General Monetary Policy, European Central Bank
  • 2009
    Senior Economist - Macro Financial Analysis Division, Directorate Monetary Analysis and Statistics, Bank of England
  • 2000-2009
    Senior Economist/Economist - External Developments Division, Directorate General Economic Developments, European Central Bank
  • 1997-2000
    Economist - Kiel Institute of World Economics, University of Kiel, Germany
Awards
  • 2018
    First prize in the Best Paper Awards at the 2018 World Finance Conference
  • 2017
    Outstanding paper in Institutions and Markets at the 53rd meeting of the Eastern Finance Association

ECB Working Paper Series

2020
De Santis, Roberto A., Van der Veken, Wouter
Macroeconomic risks across the globe due to the Spanish Flu
No 2466
Bekaert, Geert, De Santis, Roberto A.
Risk and return in international corporate bond markets
No 2452
De Santis, Roberto A., Van der Veken, Wouter
Forecasting macroeconomic risk in real time: Great and Covid-19 Recessions
No 2436
2019
De Santis, Roberto A., Zaghini, Andrea
Unconventional monetary policy and corporate bond issuance
No 2329
Betz, Frank, De Santis, Roberto A.
ECB corporate QE and the loan supply to bank-dependent firms
No 2314
De Santis, Roberto A., Zimic, Srečko
Interest rates and foreign spillovers
No 2221
2017
De Santis, Roberto A., Zimic, Srečko
Spillovers among sovereign debt markets: identification by absolute magnitude restrictions
No 2055
De Santis, Roberto A., Holm-Hadulla, Fédéric
Flow effects of central bank asset purchases on euro area sovereign bond yields: evidence from a natural experiment
No 2052
2016
De Santis, Roberto A., Stein, Michael
Correlation changes between the risk-free rate and sovereign yields of euro area countries
No 1979
De Santis, Roberto A.
Impact of the asset purchase programme on euro area government bond yields using market news
No 1939
De Santis, Roberto A.
Credit spreads, economic activity and fragmentation
No 1930
2015
De Santis, Roberto A., Legrenzi, Gabriella, Milas, Costas
Fiscal policy adjustments in the euro area stressed countries: new evidence from non-linear models with state-varying thresholds
No 1858
De Santis, Roberto A.
A measure of redenomination risk
No 1785
2014
De Santis, Roberto A., Stein, Michael
Financial indicators signalling correlation changes in sovereign bond markets
No 1746
2013
De Santis, Roberto A., Surico, Paolo
Bank lending and monetary transmission in the euro area
No 1568
De Santis, Roberto A., Darracq Pariès, Matthieu
A non-standard monetary policy shock: the ECB's 3-year LTROs and the shift in credit supply
No 1508
2012
De Santis, Roberto A.
Quantity theory is alive: the role of international portfolio shifts
No 1435
De Santis, Roberto A.
The Euro area sovereign debt crisis: safe haven, credit rating agencies and the spread of the fever from Greece, Ireland and Portugal
No 1419
2009
De Santis, Roberto A., Coeurdacier, Nicolas, Aviat, Antonin
Cross-Border Mergers and acquisitions: Financial and institutional forces
No 1018
2008
De Santis, Roberto A., Favero, Carlo A., Roffia, Barbara
Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
No 926
De Santis, Roberto A., Stähler, Frank
Foreign direct investment and environmental taxes
No 921
De Santis, Roberto A., Sarno, Lucio
Assessing the benefits of international portfolio diversification in bonds and stocks.
No 883
2007
De Santis, Roberto A., Ehling, Paul
Do international portfolio investors follow firms' foreign investment decisions?
No 815
Cappiello, Lorenzo, De Santis, Roberto A.
The uncovered return parity condition
No 812
2006
De Santis, Roberto A.
The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks
No 678
De Santis, Roberto A., Lührmann, Melanie
On the determinants of external imbalances and net international portfolio flows: a global perspective
No 651
De Santis, Roberto A., Gérard, Bruno
Financial integration, international portfolio choice and the European Monetary Union
No 626
2005
Cappiello, Lorenzo, De Santis, Roberto A.
Explaining exchange rate dynamics: the uncovered equity return parity condition
No 529
Ca' Zorzi, Michele, De Santis, Roberto A., Zampolli, Fabrizio
Welfare implications of joining a common currency
No 445
2004
Anderton, Robert, Hijzen, Alexander, De Santis, Roberto A.
On the determinants of euro area FDI to the United States: the knowledge- capital-Tobin's Q framework
No 329
2003
Ca' Zorzi, Michele, De Santis, Roberto A.
The admission of accession countries to an enlarged monetary union: a tentative assessment
No 216

ECB Occasional Paper Series

2008
De Santis, Roberto A., Cappiello, Lorenzo, Baltzer, Markus, Manganelli, Simone
Measuring financial integration in new EU Member States
No 81
2005
Anderton, Robert, Melyn, Wim, Jochem, Alex, Pakinezou, N M, Torres, Javier, Lecat, Remy, Tedeschi, Roberto, Eggelte, Jurriann, Abreu, Ildeberta, Kinnunen, Helvi, Oliveira-Soares, Rodrigo, Nelissen, Iris, Breda, Emanuelle, Pokutova, Sonia, Wagner, Karin, De Santis, Roberto A., Warmedinger, Thomas, di Mauro, Filippo
Task Force of the Monetary Policy Committee of the ESCB

Ernst, Ekkehard, Sydow, Matthias, Zumer, Tina, Shen, Jian-Guang, Blattner, Tobias Sebastian, Maurin, Laurent, Cassidy, Mark, Walch, Erik, Lalouette, Laure

Competitiveness and the export performance of the euro area
No 30

ECB Economic Bulletin Article

2018
De Santis, Roberto A., Geis, André, Juskaite, Aiste, Cruz, Lia Vaz
The impact of the corporate sector purchase programme on corporate bond markets and the financing of euro area non-financial corporations

ECB Economic Bulletin Box

2020
De Santis, Roberto A.
The fall in manufacturing and services activity in the euro area: foreign versus domestic shocks
2019
De Santis, Roberto A., Zimic, Srečko
Domestic versus foreign factors behind the fall in euro area industrial production
2018
De Santis, Roberto A., Roos, Madelaine, Hettler, Katja, Tamburrini, Fabio
Purchases of green bonds under the Eurosystem’s asset purchase programme

Journal publications

2020
De Santis, R.A.
Impact of the Asset Purchase Programme on Euro Area Government Bond Yields using Market News
Economic Modelling, Vol 86, pp. 192-209
De Santis, R.A. and Holm-Hadulla, F.
Flow effects of central bank asset purchases on sovereign bond prices: Evidence from a natural experiment
Journal of Money, Credit and Banking, Vol. 52 (6), 1467-1491.
2019
De Santis, R.A.
Redenomination risk
Journal of Money, Credit and Banking, Vol. 51 (8), 2173-2206.
2018
De Santis, R.A.
Unobservable systematic risk, economic activity and stock market
Journal of Banking and Finance, Vol 97, pp. 51-69
De Santis, R.A.
Unobservable country bond premia and fragmentation
Journal of International Money and Finance, Vol. 82, pp. 1-25
De Santis, R.A. and Zimic, S.
Spillovers among sovereign debt markets: Identification through absolute magnitude restrictions
Journal of Applied Econometrics, Vol. 33, pp. 727-747
2015
De Santis, R.A. and Stein, M.
Financial indicators signalling correlation changes in sovereign bond markets
Journal of Banking and Finance, Vol. 56, pp. 86-102
Darracq-Paries, M. and De Sants, R.A.
A non-standard monetary policy shock: the ECB's 3-year LTROs and the shift in credit supply
Journal of International Money and Finance, Vol. 54, pp. 1-34
De Santis, R.A.
Quantity theory is alive: The role of international portfolio shifts
Empirical Economics, Vol. 49, pp. 1401-1430
De Santis, R.A.
Heterogeneity, monetary policy and banks
Applied Economics Letters, Vol. 22, pp. 549-557
2014
De Santis, R.A.
The euro area sovereign debt crisis: Identifying flight-to-liquidity and the spillover mechanisms
Journal of Empirical Finance, Vol. 26, pp. 150-170
2013
De Santis, R.A. and Surico, P.
Bank lending and monetary transmission in the euro area
Economic Policy, Vol. 28, pp. 423-457
De Santis, R.A., Favero, C.A. and Roffia, B.
Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability
Journal of International Money and Finance, Vol. 32, pp. 377-404
2012
Ca' Zorzi, M. De Santis, R.A. and Zampolli, Z.
The minimum economic dividend for joining a currency union
German Economic Review, Vol. 13 (2), pp. 127–141
2010
De Santis, R.A.
The geography of international portfolio flows, international CAPM and the role of monetary policy frameworks
International Journal of Central Banking, Vol. 6 (2), pp. 147-197
2009
De Santis, R.A. and Gerard, B.
International portfolio reallocation: Diversification benefits and European monetary union
European Economic Review, Vol. 53, pp. 1010-1027
De Santis, R.A. and Lührmann, M.
On the determinants of net international portfolio flows: A global perspective
Journal of International Money and Finance, Vol. 28, pp. 880-901
Coeurdacier, N., De Santis, R.A. and Aviat, A.
Cross-border mergers and acquisitions and European integration
Economic Policy, Vol. 24 (57), pp. 55-106
2005
De Santis, R.A. and Stähler, F.
Trade patterns and welfare
Journal of Economic Integration, Vol. 20 (2), pp. 252-262
2004
De Santis, R.A. and Stähler, F.
Endogenous market structures and the gains from foreign direct investment
Journal of International Economics, Vol. 64 (2), pp. 545-565
Ca’ Zorzi, M. and De Santis, R.A.
Currency unions and the real exchange rate
Economics Letters, Vol. 85 (1), pp. 23-27
2003
De Santis, R.A.
Crude oil price fluctations and Saudi Arabia’s behaviour
Energy Economics, Vol. 25 (2), pp 155-173
De Santis, R.A.
The impact of a customs union with the EU on Turkey’s internal migration under the two alternative Harris-Todaro and ‘wage curve’ settings
Journal of Regional Science, Vol. 43 (2), pp. 349-372
2002
De Santis, R.A.
Wage inequality between and within groups: Trade-induced or skill-bias technical change? Alternative AGE models for the UK
Economic Modelling, Vol. 19 (5), pp. 725-746
De Santis, R.A.
A computable general equilibrium model for open economies with imperfect competition and product differentiation
Journal of Economic Integration, Vol. 17 (2), pp. 311-338
2001
De Santis, R.A. and Stähler, F.
Trade policies for exporting industries under free entry
German Economic Review, Vol. 2 (4), pp. 327-338
2000
De Santis, R.A.
Optimal export taxes, welfare, industry concentration and firm size: a general equilibrium analysis
Review of International Economics, Vol. 8 (2), pp 319-335