The Einaudi Institute for Economics and Finance will produce world-class research, with an emphasis on policy relevant topics. It will also seek to influence public thinking and to train the next generation of scholars by running high-quality seminar series, graduate level courses and conferences.
The Einaudi Institute for Economics and Finance (EIEF) is a new research institute, funded by the Bank of Italy. The Institute builds on the tradition of its predecessor, the Ente Luigi Einaudi, that has fostered economic research in Italy for the past fifty years.
EIEF aims to produce world-class research in economics and finance, to generate ideas that can be useful in the policy debate, and to create an environment that can help reverse Italy’s “brain drain”, both by attracting foreign scholars and by inducing the best Italian scholars trained abroad to come back to Italy. The idea is to create an intellectually rich and dynamic environment, free from many of the bureaucratic constraints that burden the Italian academia, able to pay competitive salaries, strictly meritocratic in its selection criteria, and strongly research oriented. In short, a working environment adopting the standards of the best international academia. EIEF also aims to complement the programs offered by Italian universities, focusing on graduate research-oriented courses and on supervision of selected PhD students.
EIEF has a Governing Board that includes three internationally renowned academics - Marco Pagano (University of Naples), who is also the President, Olivier Blanchard (MIT, now at IMF) and Anil Kashyap (University of Chicago) - and two representatives of the Bank - Salvatore Rossi, Deputy Governor and Paolo Angelini, Deputy Head of the Directorate General for Financial Supervision and Regulation. The Board provides strategic input to the research agenda of the Institute, monitors the output of the research activity, and enforces the highest quality standards. The President liaises with the Director, Daniele Terlizzese (Bank of Italy), and together they actually run the Institute.
EIEF is staffed with several different groups of researchers.
A first group, the fellows, are academics with either tenure at EIEF or with a position in an Italian university, who conduct research at EIEF and contribute to its intellectual environment and the pursuit of its mission. Fellows interact with the other researchers at the Institute, teach research-oriented courses, supervise PhD students, organize seminars, workshops, conferences and other scientific events, participate in the recruitment of junior researchers and in the selection of visiting scholars. Those with tenure are full-time at EIEF.
A second group, the assistant professors, are outstanding junior researchers who are recruited, full-time, in the international job market for economists. Their initial appointment is 3 years, renewable for additional 4 upon an interim review, based on their publications and their contribution to the intellectual life of the Institute. At the end of this period they undergo a second and more demanding review and they may be tenured. Assistant professors are expected to publish their research in top international journals, teach research-oriented courses, supervise PhD students, and actively participate in the seminars, workshops and other scientific events that take place at EIEF.
The third are the visiting scholars. They are both senior and junior well established scholars, who usually spend shorter periods of time - from a few weeks to a whole academic year - at the Institute, doing research, possibly teaching, and more generally contributing to the activities of the Institute. The high quality of the visiting program offers researchers at EIEF a unique opportunity to work or discuss their work with some of the world’s top economists.
Another group, the research affiliates, are academics based in Italy who are offered an appropriate environment to develop their research and maintain contacts with the international academia; affiliates are less involved than fellows in institution building and entrepreneurial decisions concerning EIEF.
Finally, the visiting fellows are well established academics who visit EIEF regularly, to carry out their research; visiting fellows support and reinforce EIEF’s international reputation and offer their experience in the build-up of the Institute.
EIEF hosts two formal weekly seminars, in economics and econometrics, and an informal “brownbag seminar” in economics.
Consistent with EIEF’s focus on research, the teaching activity centers on a set of advanced courses on topics of current research. These courses are intended to complement the curricula of PhD programs organized by Italian universities (and possibly non-Italian ones). There is a rigorous selection of the students admitted to EIEF’s graduate program, and to some of them the opportunity is offered to conduct their PhD thesis at the Institute under the supervision of one of EIEF’s researchers. Besides the admitted students, courses are also open to other students and to economists working in various institutions (Bank of Italy, Treasury, Competition Commission…).
The Institute maintains close links with the Bank of Italy and its highly qualified research staff. The relationship with the Italian central bank provides researchers at EIEF with both an opportunity to influence policymaking and a challenge to address substantive policy issues in their work.
The Institute offers grants for research projects in Economics and Finance. From 2008 to 2012 EIEF offered also scholarships to finance graduate studies abroad; in 2013 the scholarships program has been suspended. EIEF offers a pleasant and stimulating environment that is very congenial for researchers, excellent research facilities and beautiful premises located in the center of Rome, in Via Sallustiana, 62 (near Via Veneto), with abundant office space and brand-new facilities.