De Santis, Roberto A.



Business Cycle Analysis

Current position

Senior Lead Economist

Fields of interest

Macroeconomics and Monetary Economics,
International Economics


  • 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
  • 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


ECB Occasional Paper Series

ECB Economic Bulletin Article

ECB Economic Bulletin Box

Journal publications

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.
De Santis, R.A.
Redenomination risk
Journal of Money, Credit and Banking, Vol. 51 (8), 2173-2206.
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
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
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
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
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
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
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
De Santis, R.A. and Stähler, F.
Trade patterns and welfare
Journal of Economic Integration, Vol. 20 (2), pp. 252-262
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
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. and Stähler, F.
Trade policies for exporting industries under free entry
German Economic Review, Vol. 2 (4), pp. 327-338
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