johns hopkins carey business school professor alessandro rebucci

Alessandro Rebucci, PhD

Academic AreaEconomics
Academic AreaFinance
Academic AreaReal Estate
Areas of InterestInternational Finance, Macroeconomics, Financial Institution, International Real Estate

Alessandro Rebucci is a Professor in the research track, holding a joint appointment with the Economics Department of the Krieger School of Art and Science. Prof. Rebucci is a NBER Faculty Research Fellow (International Finance and Macroeconomics Program), a CEPR Research Fellow (International Macroeconomics and Finance Programme), and an ABFER Fellow. Prof. Rebucci is also affiliated with the Center for Urban & Real Estate Management and Globalization of Real Estate Network (University of Zurich) and the Centre for Applied Financial Economics (University of Southern California). He is Associate Editor for the Journal of Money, Credit and Banking, the Journal of Banking of Finance, and the Journal of International Money and Finance. Prof. Rebucci has had Visiting Scholar Positions at the Federal Reserve Bank of New York, the Federal Reserve Bank of San Francisco, the Central Bank of Finland and Brazil, and the IMF Research Department. Before joining Carey,  Prof. Rebucci held research and policy positions at the Inter-American Development Bank (2008-2013) and the International Monetary Fund (1998-2008).


  • Ph. D,  Economics, Queen Mary College, University of London 
  • MSc, Economics, Bocconi University
  • Laurea in Economic and Social Sciences, Bocconi University


Selected publications

  • Capital Flows, Real Estate, and City Cycles: Evidence from German Cities, Banks, and Firms (with P. Bednarek, D. M. te Kaat, and C. Ma), The Review of Financial Studies, Vol. 34, No. 10 (2021), pp. 5077-5134.
  • Uncertainty and Economic Activity: A Multi-country Perspective (with A. Cesa-Bianchi and H. M. Pesaran), Review of Financial Studies (Lead Article), Vol. 33, No. 8, pp. 3393–3445, 2020.
  • International Credit Supply Shocks, Journal of International Economics, (with A. Cesa-Bianchi and A. Ferrero), Vol. 112, pp. 219-237, 2018.
  • Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective (with G. Benigno, H. Chen, C. Otrok, and E.R. Young), Journal of Monetary Economics, Vol. 84, pp. 147-165, 2016.
  • Are Capital Controls Countercyclical? (with A. Fernández and M. Uribe) Journal of Monetary Economics (Lead Article), Vol. 76, pp. 1-14, 2015. 
  • Financial Crises and Macro-Prudential Policies (with G. Benigno, C. Otrok, E. R. Young, and H. Chen), Journal of International Economics, Vol. 89 No. 2, pp. 453-470, 2013.
  • News Shocks and Asset Price Volatility in General Equilibrium (with A. Matsumoto, P. Cova, and M. Pisani), Journal Economic Dynamics and Control, Vol 35, No. 12, pp 2132-2149, 2011.

Working papers




Honors and distinctions

Impact and engagement


  • Euromoney Country Risk, Expert, 2020-22



In the media

  • The Russian Reserves Freeze and US Interest Rates: Side Effects and Spillbacks, (November 2022)
  • SWIFT Sanction on Russia: How It Works and Likely Impacts, Econfacts (March 2022)
  • Economic Consequences of Covid-19: A Multi-country Analysis, (October 2020)
  • Credible emerging market central banks could embrace quantitative easing to fight COVID-19, (June 2020)
  • Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows (with Rashad Ahmed), Revise and Resubmit, Journal of International Economics.
  • Optimal Policy for Macro-Financial Stability (with G. Benigno, H. Chen, C. Otrok, and E. R. Young), Conditionally Accepted, AEAJ: Macroeconomics.
  • Estimating Models of Financial Crises: An Endogenous Regime Switching Approach (with G. Benigno, A. Foerster, and C. Otrok), Quantitative Economics, revise and resubmit. 
  • COVID-19 Stay-Home Orders: Direct and Spillover Effects from Staggered U.S. County Adoption (with V. Elenev, L. Quintero, and E. Simeonova), Management Science, reject and resubmit.
    • The Firm and the Macroeconomy (Intermediate Macroeconomics), MBA and MS in Finance
    • Global Perspective in Real Estate (International Real Estate), MBA and MS in Real Estate
    • International Finance, Executive MBA
    • Financial Institutions, MS in Finance
    • Associate Editor, Journal of Money, Credit and Banking, 2020-
    • Associate Editor, Journal of Banking of Finance, 2020-
    • Associate Editor, Journal of International Money and Finance, 2018-
    • Associate Editor, Economia (The Journal of the Latin American and Caribbean Economic Association-LACEA), 2016-2020
    • Catalyst Research Grant, Johns Hopkins University, 2018-20 
    • Dean's Award, Johns Hopkins Carey Business School, 2017-2019
    • Young Leader Award, Council for the United States and Italy, 2005
    • Euromoney Country Risk, Expert, 2020-22
    • Member, Faculty Budget Advisory Committee, Johns Hopkins University, 2016-2019
    • Advisor, IMF Independent Evaluation Office, Unconventional Monetary Policies and Housing Markets, 2018
    • Advisor, World Economic Forum Advisory Committee on Emerging Horizons in Real Estate, 2015
    • Member, International Monetary Fund Advisory Committee on Housing and Housing Finance, 2014
    • Consultant, Boston Consulting Group (2016)
    • Chief Economist for the Caribbean Region, Inter-American Development Bank, 2010-2011
    • Principal Economist, Inter-American Development Bank, 2012-2013
    • Lead Economist, Inter-American Development Bank, 2008-2012
    • Senior Economist, International Monetary Fund, 2006-2008
    • Economist, International Monetary Fund, Research Department,1998-2006
    • Board Member (Finance Committee), McLean School, Potomac MD, 2017-2020
    • The Russian Reserves Freeze and US Interest Rates: Side Effects and Spillbacks, (November 2022)
    • SWIFT Sanction on Russia: How It Works and Likely Impacts, Econfacts (March 2022)
    • Economic Consequences of Covid-19: A Multi-country Analysis, (October 2020)
    • Credible emerging market central banks could embrace quantitative easing to fight COVID-19, (June 2020)
    • Mandated, targeted social isolation can flatten the COVID-19 curve and mitigate employment losses, (May 2020)
    • The legacy of financial crises: Lessons from Mexico, (April 2020)
    • Equity Market Volatility and Global Growth Expectations, Op-Ed, (April 2018)
    • Powell, Taylor Lead Charge to Head the Fed, Op-Ed, The (October 2017)
    • China Needs Tighter Macro-Prudential Regulations to Loosen Capital Controls, Op-Ed, (November 2017)
    • 10 Lessons for China 10 years from the U.S. Subprime Financial Crisis,” Op-Ed, Econbrowser (October 2017)
    • With mortgage rates up, Trump already makes a mark on housing market, Baltimore Sun Interview (November 26, 2016)
    • Fed Lift Off and Mortgage Rates, Baltimore Sun Interview (December 10, 2015) 
    • China Devaluation, Baltimore Sun Interview (August 15, 2015)
    • China Stock Market, Baltimore Sun Interview, (August 24, 2015)
    • The Emerging Markets Housing Bubble, Huffington Post, (February 2015)
    • Are Emerging Markets Ready for a Housing Earthquake?, Alphaville, (February 2015)
    • Is the Federal Reserve Breeding the Next Financial Crisis? (April 2013)
    • Capital Controls Should Be Latin America's Last Resort, Op-Ed, Beyondbrics, (November 2010)
    • Are Macro-Prudential Policies Prudent? Op-Ed, (August 2010)
    • Chinese Revaluation Could Jeopardize the Global Recovery, Op-Ed, Beyondbrics, (March 2010)
    • The Ugly Truth about a Renminbi Revaluation for Latin America, Op-Ed, (March 2010)
    • Monetary Policy Must Respond to the Housing Market, Op-Ed, (April 2008)