Giulia Sestieri
Deputy Director, European and Multilateral Policies

Current Position
Deputy Director, European and Multilateral Policies
Previous Position
- Banque de France : Head of Division, Monetary Policy Research Division (2021-2024);
- Deputy Head of the Monetary Policy Research Division (2018-2021);
- Adviser to the Director General Statistics, Economics and International (2014-2018;)
- Head of the International Conjuncture and Forecasting Section, Macroeconomic Analysis and International Syntheses Division (2013-2014);
- PhD Economist, International Macroeconomics Division (2009-2013);
- PhD intern at the European Central Bank (2008-2009);
- PhD intern at the Bank of England (2008-2009)
Diplomas
- PhD in Economics and Finance, Università Tor Vergata, Rome (2010)
- MSc in Economics, Universitat Pompeu Fabra, Barcelona (2005)
- Masters degree in Economics, Università La Sapienza, Rome (2004).
Research Interest
Applied macroeconomics and monetary policy
Contact
- giulia.sestieri@banque-france.fr
- +33 (0)1 42 92 69 22
Academic publications
Articles
- Euro area monetary policy effects. Does the shape of the yield curve matter? (2024), avec F. Odendahl, M.S. Pagliari, A. Penalver et B. Rossi, Journal of Monetary Economics, Elsevier, vol. 147.
- Fed communication on financial stability concerns and monetary policy decisions: Revelations from speeches (2023), with Klodiana Istrefi and F. Odendalh Journal of Banking & Finance, Elsevier, vol. 151(C).
- "Time-varying fiscal spending multipliers in the UK" (2019), with C. Glocker and P. Towbin, Journal of Macroeconomics, 60, pages 180-197.
- "Comments on "A comparison of mixed frequency approaches for nowcasting euro area macroeconomic aggregates" (2014), International Journal of Forecasting, 30(3), pages 569-571.
- "Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-2009" (2013), with M. Bussière, G. Callegari, F. Ghironi and N. Yamano, American Economic Journal: Macroeconomics, American Economic Association, vol. 5(3), pages 118-151, July.
- "Economic shocks reverberate in world of interconnected trade ties" (2013), with M. Bussière and A. Chudik, Economic Letter, Federal Reserve Bank of Dallas, vol. 8 (jul).
- "The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth?" (2012), with P. Della Corte and L. Sarno, The Review of Economics and Statistics, MIT Press, vol. 94(1), pages 100-115, February.
Working Papers
- "Time-varying fiscal spending multipliers in the UK" (2017), with C. Glocker and P. Towbin, Banque de France Working Paper No. 643.
- "Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09" (2011), with M. Bussière, G. Callegari, F. Ghironi and N. Yamano, NBER Working Paper No. 17712.
- "Modelling Global Trade Flows: Results from a GVAR Model" (2009), with M. Bussière and A. Chudik, ECB Working Paper No. 1087, September.