Cédric Tille - Graduate Institute of International and Development

Cédric Tille
Department of Economics
Graduate Institute for International and Development Studies
Pavillon Rigot, Avenue de la Paix 11A
1202 Genève, Switzerland
Phone: + 41 22 908 59 28, Fax: + 41 22 733 30 49
Email : [email protected]
Fields of Interest
Macroeconomics, International Finance.
Education
Princeton University: Ph.D. in Economics, November 1998
Dissertation: “Essays in International Macroeconomics”
Advisors: Michael Woodford and Kenneth Rogoff.
M.A., Economics, 1995
University of Lausanne: M.A., Economics, 1993;
B.A., Economics, 1992
Employment
2007-present
Professor of Economics, Graduate Institute for International and
Development Studies, Geneva
1998-2007
International Research Function, Federal Reserve Bank of New York.
2006-2007: Research Officer.
2003-2006: Senior Economist.
1998-2003: Economist.
Winter 2005-6
Graduate Institute for International Economics, Geneva, Visiting
Professor.
Fall 2001
Yale University, Teacher of Graduate International Finance (joint
course with Giancarlo Corsetti and Luca Dedola).
1997
International Finance Section, Board of Governors of the Federal
Reserve System, Washington D.C., Summer Intern.
1995-1997
Graduate Macroeconomics, Princeton University, Teaching Assistant.
1994-1995
Princeton University, Research Assistant.
1992-1993
Créa Institute for applied Macroeconomics, University of Lausanne,
Switzerland, Research Assistant.
1992-1993
Advanced Macroeconomics, University of Lausanne, Switzerland,
Teaching Assistant
External expert for Doctoral dissertations: European University Institute, Firenze (Spring
2008), University of British Columbia (Spring 2006), University of
Lausanne (Fall 2003, Spring 2002).
Cédric Tille
Publications and papers
Academic Publications
Composition of International Assets and the Long Run Current Account
Economic Notes by Banca Monte dei Paschi di Siena (37), pp. 283–313.
A column based on this work appears on the Vox online forum: How do capital gains
affect long run-current accounts?, October 11, 2008.
http://www.voxeu.org/index.php?q=node/2364
Vehicle currency use in international trade.
with Linda Goldberg, Journal of International Economics, December 2008, vol. 76,
pp. 177-192 (also Federal Reserve Bank of New York Staff Report 200, January 2005,
and NBER Working Paper 11127, February 2005).
The Changing Nature of the U.S. Balance of Payments?
with Rebecca Hellerstein, Current Issues in Economics and Finance, vol. 14, number
4, Federal Reserve Bank of New York, July 2008.
A column based on this work appears on the Vox online forum: Financial factors and
the current account: Is volatility a concern?, August 21, 2008.
http://www.voxeu.org/index.php?q=node/1559
Financial integration and the wealth effect of exchange rate fluctuations
Journal of International Economics, July 2008, vol. 75, pp. 283-294. (also Federal
Reserve Bank of New York Staff Report 226, October 2005).
Exchange rate pass-through to trade prices and external adjustment
in IMF World Economic Outlook, ch.3 box 3.3., April 2007, pp. 100-102.
Borrowing without debt? Interpreting the U.S. international investment position.
with Matthew Higgins and Thomas Klitgaard, Business Economics 42, no. 1,
National Association for Business Economics, January 2007, pp. 17-27 (also: Federal
Reserve Bank of New York Staff Report 271, December 2006).
This paper was awarded an Abramson Scroll for outstanding articles by the National
Association of Business Economics.
Part of this work was quoted in the Wall Street Journal, September 25, 2006 (U.S.
foreign debt shows its teeth as rates climb, by Mark Whitehouse).
On the distributional effects of exchange rate fluctuations.
Journal of International Money and Finance, December 2006, vol. 25, pp. 1207-1225
(also: Federal Reserve Bank of New York Staff Report 146, March 2002).
The international role of the dollar and trade balance adjustment.
with Linda Goldberg, Group of Thirty Occasional Paper 71, May 2006 (also: Federal
Reserve Bank of New York Staff Report 255, August 2006, and NBER Working Paper
12495, August 2006).
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Cédric Tille
Current account adjustment with high financial integration: A scenario analysis.
with Michele Cavallo, Federal Reserve Bank of San Francisco Economic Review,
March 2006, pp. 31-46 (also Federal Reserve Bank of New York Staff Report 226,
January 2006, and Federal Reserve Bank of San Francisco Working Paper 2006-3).
The income implications of rising U.S. international liabilities.
with Matthew Higgins and Thomas Klitgaard, Current Issues in Economics and
Finance, vol. 11, number 12, Federal Reserve Bank of New York, December 2005.
The welfare effect of international asset markets integration under nominal rigidities.
Journal of International Economics, January 2005, vol. 65, pp. 221-247. (also
Federal Reserve Bank of New York Staff Report 114, November 2000).
Coping with terms-of-trade shocks in developing countries.
with Christian Broda, Current Issues in Economics and Finance, vol. 9, number 11,
Federal Reserve Bank of New York, November 2003.
The impact of exchange rate movements on U.S. foreign debt.
Current Issues in Economics and Finance, vol. 9, number 1, Federal Reserve Bank of
New York, January 2003.
Exchange rate pass-through and the welfare effect of the euro.
with Michael Devereux and Charles Engel, International Economic Review, February
2003, vol. 44, pp. 223-252 (also NBER Working Paper 7382, October 1999).
To what extent does productivity drive the dollar?
with Olga Gorbachev and Nicolas Stoffels, Current Issues in Economics and
Finance, vol. 7, number 8, Federal Reserve Bank of New York, August 2001.
Curbing unemployment in Europe: Are there lessons from Ireland and the Netherlands?
with Kei-Mu Yi, Current Issues in Economics and Finance, vol. 7, number 5, Federal
Reserve Bank of New York, June 2001.
The role of consumption substitutability in the international transmission of shocks.
Journal of International Economics, April 2001, vol. 53, pp. 421-444. Reprinted in
Open Economy Macroeconomics (N.C. Miller ed.), a contribution to The
International Library of Critical Writings in Economics, published in 2006 (also:
Federal Reserve Bank of New York Staff Report 67, January 1999).
The economics of currency crisis and contagion: An introduction.
with Paolo Pesenti, Economic Policy Review 6, Federal Reserve Bank of New York,
September 2000, pp. 3-16.
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Cédric Tille
Competitive devaluations: toward a welfare-based approach.
with Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini, Journal of International
Economics, June 2000, vol. 51, pp. 217-241 (also: NBER Working Paper 6889,
January 1999).
Decomposition of the unemployment gap between Canada and the United States:
Duration or incidence?
Canadian Public Policy, XXIV, February 1998.
Discussions
Returns on FDI: Does the U.S. Really Do Better?
by Barry Bosworth, Susan Collins and Gabriel Chodorow-Reich, Brookings Trade
Forum 2007: FDI, Brookings Institution, pp. 201-206.
The missing dark matter in the wealth of nations and its implications for global
imbalances
by Ricardo Hausmann and Federico Sturzenegger, Economic Policy 22 (51), August
2007, pp. 508-513.
Working Papers
International Capital Flows under Dispersed Information: Theory and Evidence
with Eric van Wincoop, CEPR Discussion Paper 6989, October 2008 (also: NBER
Working Paper 14390, October 2008, FinRisk Working Paper 502, September 2008).
Macroeconomic Interdependence and the International Role of the Dollar
with Linda Goldberg CEPR Discussion Paper 6704, February 2008 (also: NBER
Working Paper 13820, February 2008, Federal Reserve Bank of New York Staff
Report 316, February 2008, FinRisk Working Paper 451, February 2008).
The leveraged U.S. external position: patterns, rewards, and risk
mimeo, Graduate Institute for International and Development Studies.
Why Are Switzerland’s Foreign Assets so Low? The Growing Financial Exposure of a
Small Open Economy.
with Nicolas Stoffels, Federal Reserve Bank of New York Staff Report 226, April
2007.
International Capital Flows
with Eric van Wincoop, NBER Working Paper 12856, January 2007 (also: Federal
Reserve Bank of New York Staff Report 280, March 2007, CEPR Discussion Paper
6705, February 2008, FinRisk Working Paper 450, February 2008).
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Cédric Tille
How valuable is exchange rate flexibility? Optimal monetary policy under sectoral
shocks.
Federal Reserve Bank of New York Staff Report 147, March 2002.
'Beggar-thy-neighbor' or 'beggar-thyself'? The income effect of exchange rate
fluctuations.
Federal Reserve Bank of New York Staff Report 112, September 2000.
Non-Academic Publications:
Sovereign funds: nouvelles puissances financières, nouvelles logiques d’investissement
Journal de IHEID, Janvier 2008.
Chômage: la statistique est-elle pertinente?
with Jean-Pierre Danthine, 24 Heures Daily, September 24 1999.
Le chômage en Suisse: Analyse de la décennie écoulée et examen de la récente embellie.
Analyses & Prévisions, Créa Institute, University of Lausanne, Fall 1999.
Le chômage en Suisse : un phénomène contrasté.
La Vie Economique, October 1993
Evolution récente du chômage en Suisse : analyse par flux et cadre de réflexion
Department of Economics and Econometrics / Créa Institute, University of Lausanne,
Master's Thesis no 42., June 1993
Origines et causes de la montée du chômage en Suisse.
with Régis Joly and Jean-Christian Lambelet, Créa Institute, University of Lausanne,
January 1993.
Le Canton de Vaud est-il en train de perdre sa substance économique ?
with Jean-Pierre Danthine, Régis Joly Jean-Christian Lambelet and Délia Nilles, Créa
Institute, Working Paper, Créa Institute, University of Lausanne, June 1992.
Une réalité contrastée.
UNI Lausanne, University of Lausanne, December 1993
Vaud: situation économique difficile après la forte expansion des années 80.
with Régis Joly, L'AGEFI Suisse 1993 Magazine, February 1993.
Unpublished Work
How Effective is Exchange Rate Intervention? Lessons from the Recent Japanese
Experience.
mimeo, 2005
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Cédric Tille
Stabilization, Competitiveness, and Risk-Sharing” A model of Monetary Interdependence
with Paolo Pesenti, mimeo 2005.
Divergence of Unemployment between Canada and the United States : Some Additional
Evidence
mimeo, 1995
Columns and contributions to the press
Pouvoir d’achat : on va vous plumer, Toutes Taxes Comprises show, télévision Suisse
Romande, May 11, 2009.
Le secret bancaire suisse a-t-il un avenir ?, Telos online forum, April 3, 2009
http://www.telos-eu.com/fr/article/le_secret_bancaire_suisse_a_t_il_un_avenir
Faut-il une nouvelle monnaie internationale ?, Telos online forum, March 28, 2009
http://www.telos-eu.com/fr/article/faut_il_une_nouvelle_monnaie_internationale
What are Switzerland’s vulnerabilities?, Vox, March 12, 2009.
http://www.voxeu.org/index.php?q=node/3245
La Suisse épargnée par la crise ?, AGEFI newspaper, March 6, 2009
Bras de fer USA UBS, nouvel épisode, Toutes Taxes Comprises show, télévision Suisse
Romande, March 2, 2009.
Le trésor américain dépassé par les évènements?, Telos online forum, February 23, 2009
http://www.telos-eu.com/fr/article/le_tresor_americain_depasse_par_les_evenements
Une politique économique américaine trop timide ?, AGEFI newspaper, February 17,
2009
Politique économique et crise financière : une nouvelle donne ?, AGEFI newspaper,
January 22, 2009
Plan de relance : les options d’Obama, Toutes Taxes Comprises show, télévision Suisse
Romande, January 12, 2009.
Etats-Unis : quelles stratégies pour la relance fiscale ?, AGEFI newspaper, January 12,
2009
Les banques centrales à cour de munitions ?, AGEFI newspaper, December 2, 2008
La BNS fait-elle un cadeau à UBS ?, Le Temps newspaper, October 22, 2008
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Cédric Tille
Trois fleurons de l'économie suisse en péril, Toutes Taxes Comprises show, télévision
Suisse Romande, October 20, 2008.
Faut-il s’arrêter au renflouage du système financier?, AGEFI newspaper, October 20,
2008
Trois économistes examinent une crise que l'on n'avait pas prévue, Le Temps newspaper,
October 16, 2008
How do capital gains affect long run-current accounts?, Vox, October 11, 2008.
http://www.voxeu.org/index.php?q=node/2364
Crise de liquidité ou de solvabilité?, Telos online forum, October 8, 2008 / Le Temps
newspaper October 9, 2008
http://www.telos-eu.com/fr/article/crise_de_liquidite_ou_de_solvabilite
Wall Street : que fait le gouvernement ?, Telos online forum, September 21, 2008
http://www.telos-eu.com/fr/article/wall_street_que_fait_le_gouvernement
Financial globalisation: the surge in the value of international assets and liabilities,
interview to Vox blog.
http://www.voxeu.eu/index.php?q=node/1662
La fin des géants financiers?, AGEFI newspaper, September 18, 2008
La Fed s'est vu forcer la main, Le Temps newspaper, September 18, 2008
Rêve américain : plus dur est le réveil, Telos online forum, September 16, 2008
http://www.telos-eu.com/fr/article/reve_americain_plus_dur_est_le_reveil
Rêve américain … ou cauchemar du contribuable?, AGEFI newspaper, August 21, 2008
Financial factors and the current account: Is volatility a concern?, Vox, August 21,
2008.
http://www.voxeu.org/index.php?q=node/1559
La Suisse face à la récession U.S.: un lien inhabituel, AGEFI newspaper, July, 2008
Le taux de change des émergents : fixe ou flottant ?, Telos online forum, July 8, 2008
http://www.telos-eu.com/fr/article/le_taux_de_change_des_emergents_fixe_ou_flottant
En pleine crise, UBS fait un achat, Le Matin newspaper, June 25, 2008
Stabilisation du taux de change: un carcan pour les pays émergents?, AGEFI newspaper,
June 10, 2008
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Cédric Tille
Quelle réponse des autorités aux difficultés des banques? AGEFI newspaper, May 8,
2008
UBS: quelles conséquences pour les clients?, Le Matin newspaper, April 2, 2008
3 questions à Cédric Tille, AGEFI newspaper, March 28, 2008.
Conferences and presentations
Conferences and lectures
2009
Evolution of policy making in the crisis, panel the end of capitalism?, 8th International
Security Forum, Geneva, May 18, 2009.
The Current Crisis and Financial Institutions, lecture at the Globalisation, Security and
Humanitarian Policy program, Graduate Institute of International and Development
Studies, Geneva, May 12.
CEPR Conference on International Macroeconomics and Finance, Brussels, February 1314, discussant.
Allied Social Science Association annual meeting, San Francisco, January, presenter (2)
and discussant.
2008
CEPR – Banque de France conference on International Macroeconomics and Finance
(VIIth Journées of the Fondation Banque de France), Paris, December 5-6,
discussant.
BIS workshop on Research on global financial stability: the use of BIS international
financial statistics, Basel, December 4, discussant.
IMF-Swiss National Bank conference on Exchange Rates, Zürich, November 24-25,
presenter.
The 2007-? Crisis: What happened, and what should we do about it?, Presentation to the
Young Presidents Organization, Geneva, November 18.
Crisis in Financial Markets: What Role for Policy Makers?, Public lecture, Graduate
Institute of International Studies, Geneva, September 30.
CEPR-Swiss National Bank conference on Foreign Currency Related Risk Taking by
Financial Institutions, Firms, and Households, Zürich, September 22-23, discussant.
European Economic Association annual meeting, Milano, August 27-31, presenter.
Society for Economic Dynamics annual meeting, Boston, July 10-12, presenter.
La montée de la globalization financière: opportunités et défis, presentation to the
Chambre Vaudoise du Commerce et de l’Industrie, Lausanne, July 2.
Financial globalization: What is it and why does it matter?, lecture at the Summer
Programme on International Affairs and Multilateral Governance, Graduate Institute
of International and Development Studies, Geneva , July 1.
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Cédric Tille
Conference on the Impact of Global Financial Imbalances, Banca Monte dei Paschi,
Sienna, June 27-28, presenter.
Fifth conference of the International Research Forum on Monetary Policy, European
Central Bank, Frankfurt, June 26-27, discussant.
Financial Globalization: Patterns, Opportunities and Challenges, presentation to the
HEID Alumni chapter, Washington D.C., June 18.
Workshop on International Risk Sharing and Portfolio Diversification, European
University Institute, Firenze, June 13, co-organizer and presenter.
Europe and Financial Globalization, Norface Programme, Trinity College, Dublin, June
11-12, discussant.
The New International Monetary System, conference in honor of Alexander Swoboda,
Graduate Institute, Geneva, May 29,, presenter.
The Changing Nature of Financial Integration, lecture at the Workshop on Globalization,
Security and Humanitarian Policy, Geneva Center for Security Policy, May 14.
CEPR third Annual Conference on the Macroeconomics of Global Interdependence,
Barcelona, March 28-29, presenter.
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March
21, discussant.
Allied Social Science Association annual meeting, New-Orléans, January, presenter and
discussant.
2007
Trade or Financial Linkages? The changing nature of international integration, Public
lecture, Graduate Institute of International Studies, Geneva, December 13.
CEPR Conference on International Adjustment, Brussels, November 9-10, discussant.
Brookings Institution trade forum: Foreign Direct Investment, Washington DC, May 11,
discussant.
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March
23, co-author of presenter.
CEPR Second Annual Conference on the Macroeconomics of Global Interdependence,
Dublin, March 2, presenter.
Economic Policy panel meeting, New York, February 12, discussant.
2006
National Association for Business Economics Annual Meeting, Boston, September,
presenter.
European Economic Association annual meeting, Vienna, August, presenter.
“Financial Globalisation and Integration” conference, European Central Bank, Frankfurt,
July, presenter and discussant.
Society for Economic Dynamics annual meeting, Vancouver, July, presenter.
“The Euro and the Dollar in a Globalized Economy“conference, University of California
Santa Cruz, May, presenter.
“Current account sustainability in major advanced economies” conference, University of
Wisconsin Madison, April, presenter.
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Cédric Tille
“First Annual Workshop on the Macroeconomics of Global Interdependence” conference,
Gerzensee, March, presenter.
2005
“Capital Market Integration and Regional Integration in Asia” conference, Graduate
Institute for International Studies (HEI), December, discussant.
“External imbalances and adjustment in the Pacific basin” conference, Federal Reserve
Bank of San Francisco, September, discussant.
European Economic Association annual meeting, Amsterdam, August, presenter.
NBER Summer Institute Meeting, International Finance and Macroeconomics Program,
Cambridge, July, discussant.
Society for Economic Dynamics annual meeting, Budapest, June, presenter.
“Inflation, Interest Rates and Relative Prices” conference, European University Institute –
Northwestern University conference, Firenze, June, presenter.
Federal Reserve System Committee on International Economic Analysis, Washington
DC, April, presenter.
NBER International Trade and Investment Program Meeting, Cambridge, April,
presenter.
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March,
presenter.
Allied Social Science Association annual meeting, Philadelphia, January, discussant.
2004
“Financial Globalization: Causes and Consequences” conference, Federal Reserve Bank
of New York, December, discussant.
“New policy thinking in macroeconomics” conference, Council of Foreign Relations,
New York, November, discussant.
NBER Summer Institute Meeting, International Finance and Macroeconomics Program,
Cambridge, July, presenter.
Federal Reserve System Committee on International Economic Analysis, San Francisco,
April, discussant.
“The external dimension of the euro area: trade, capital flows and international
macroeconomic linkages” conference, European Central Bank, Frankfurt, March,
discussant.
2003
New York State Economics Association Annual Meetings, New York, October,
discussant.
“Exchange Rate, Prices and the International Transmission Mechanism” conference,
Bank of Italy, Rome, June, discussant.
Federal Reserve System Committee on International Economic Analysis, Washington
D.C., April, discussant.
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Cédric Tille
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March,
presenter.
Allied Social Science Association annual meeting, Washington D.C., January, presenter
and session chair.
2002
CEPR “Analysis of International Capital Markets Research Training Network”
conference, Dublin, Ireland, December, discussant.
Federal Reserve System Committee on International Economic Analysis, Baltimore,
October, discussant.
Latin American and Caribbean Economic Association annual meeting, Madrid, October,
presenter.
“International Research Forum on Monetary Policy” conference, European Central Bank,
Frankfurt, July, discussant.
Society for Economic Dynamics annual meeting, New York, June, presenter.
Federal Reserve System Committee on International Economic Analysis, New York
April, presenter.
2001
European Economic Association annual meeting, Lausanne, August, presenter.
Workshop on International Economics, Swiss Society of Economics and Statistics
(SSES), Bern, June, presenter.
Federal Reserve System Committee on International Economic Analysis, Washington
D.C., April, discussant.
Allied Social Science Association annual meeting, New Orleans, January, presenter.
2000
Federal Reserve System Committee on International Economic Analysis, Philadelphia
October, presenter.
Western Economic Association annual meeting, Vancouver, Canada, July, presenter and
discussant (2).
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March,
presenter.
1999
Federal Reserve Bank of New York, Central Banking Seminar, New York, October,
presenter.
NBER International Finance and Macroeconomics Program Meeting, Cambridge, March,
discussant.
NBER conference on Analytical Models of Currency Crises, Cambridge, February, coauthor of presenter.
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1998
Federal Reserve System Committee on International Economic Analysis, Boston
November 5-6 1998, presenter.
“Perspectives on the Financial Crisis in Asia” conference, Journal of International Money
and Finance, Fordham University October 16, 1998 co-author of presenter.
Seminars
Central European University, Budapest; Bank of England; London Business School;
Paris School of Economics; European Central Bank; University of Bern; Bilkent
University; Bocconi University; University of Zürich; Board of Governors of the Federal
Reserve; Federal Reserve Bank of New York; International Monetary Fund; Einaudi
Institute for Economics and Finance, Rome; European University Institute, Florence;
Bank of Canada; Wharton Business School University of Pennsylvania; Georgetown
University; University of Connecticut; Graduate Institute of International Economics,
Geneva; Federal Reserve Bank of Richmond; Bank for International Settlements; Swiss
National Bank; University of Tuebingen; University of Geneva; Federal Reserve Bank of
Dallas; Cornell University; City University of New York; Yale University; Bank of
England; London School of Economics; Queens University, Belfast; University of Paris
I; New York University; University of Lausanne; Université du Québec à Montréal;
University of Munich; European Central Bank; University of Tilburg; Rutgers
University; University of Pennsylvania; ECARE, University of Brussels; Bocconi
University; INSEAD.
Refereeing and affiliations
Referee work
American Economic Review, Quarterly Journal of Economics, Journal of Political
Economy, Econometrica, Review of Economic Studies, Journal of the European
Economic Association, Journal of International Economics, Journal of Monetary
Economics, Journal of Money, Credit and Banking, European Economic Review, Journal
of International Money and Finance, Journal of Economic Dynamics and Control,
Review of Economic Dynamics, Economic Journal, Journal of the Japanese and
International Economies ,Review of International Economics, International Economic
Review, Economic Policy Review (Federal Reserve Bank of New York), International
Journal of Central Banking, Economic Inquiry, International Economic Journal,
International Review of Economics and Finance, Macroeconomic Dynamics, Journal of
Macroeconomics, B.E. Journal in Macroeconomics, Scandinavian Journal of Economics,
Current Issues in Economics and Finance (Federal Reserve Bank of New York), Oxford
Economic Papers, Ricerche Economiche, Recherches Economiques de Louvain, Swiss
National Bank, Economic Studies, Bank of England Working Papers.
National Science Foundation, Routledge editors, Swiss National Science Foundation.
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Cédric Tille
Affiliations
Center for Economic Policy Research
American Economic Association
European Economic Association
Fellowships and prizes
Swiss National Fund for Scientific Research, September 1997 - August 1998
Princeton University Fellowship, September 1993 - June 1997
University of Lausanne Fellowship, September 1994 - June 1995
Georges Paillard Fellowship, Lausanne, September 1993 - June 1994
Academic Society of the State of Vaud Fellowship, Lausanne, September 1993 - June
1994
Prize of the Business and Industry Association of the State of Vaud, Lausanne, 1993
Prize of 'Confederal Solidarity', Lausanne, 1992
Prize Gustave-Louis Chapuis, Lausanne, 1991
Prize of the Business and Economics School Alumni Association, Lausanne, 1990
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