Romanos Priftis is a Senior Economist in the Canadian Economic Analysis (CEA) Department. His research interests include macroeconomics, monetary economics, fiscal policy, and DSGE modeling. Prior to joining the Bank, Romanos held a position in the Modeling Unit of DG ECFIN at the European Commission. He received his Ph.D. in Economics from the European University Institute in 2015.
This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents).
This paper estimates an open-economy dynamic stochastic general equilibrium model with Bayesian techniques to analyse the macroeconomic effects of the European Central Bank’s (ECB’s) quantitative easing (QE) programme. Using data on government debt stocks and yields across maturities, we identify the parameter governing portfolio adjustment in the private sector.
“The Macroeconomic Effects of the ECB's Evolving QE Programme: A Model-based Analysis” (2017) (with Lukas Vogel), Open Economies Review, forthcoming.
“The Portfolio Balance Mechanism and QE in the Euro Area” (2016) (with Lukas Vogel), The Manchester School, Vol. 84, Issue S1, pages 84-105, Special Issue: Money, Macroeconomics and Finance Research Group.