University of Southern California

Vincenzo Quadrini
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Email
quadrini@usc.edu
Undergrad Institution
Ancona University, B.S.

I have enjoyed my work at USC over the past eight years, and my appreciation for USC and the Marshall School of Business keeps growing each and every year. For my research, I have had the opportunity to visit quite a few other institutions in the US and abroad and I have grown to value the quality of the students, the faculty and the staff at the Marshall School. My students are driven, my colleagues inspired and the administration strikingly ambitious at the Marshall School. I believe that one of the essential keys to the school’s success is its emphasis on research excellence, where scholars can find an ideal environment and plenty of resources for conducting research. At USC I have always felt that my research activities were recognized, supported and appreciated.

Another important factor to the success of the Marshall School is the emphasis placed on educational programs. Besides the impressive quality of traditional programs at the undergraduate and MBA levels, the advanced graduate programs (Ph.D.) are excellent. I am fortunate to have the opportunity to teach a first year Ph.D. course attended by graduate students from both the Marshall School and the Economics Department. For this opportunity I am especially thankful to Fernando Zapatero who, as FBE Chair, foresaw the relevance of macroeconomics for new finance scholars, especially for those interested in asset prices. This gave me the opportunity to interact more closely with graduate students and has been extremely helpful for my own research, which combines macroeconomics, international economics, and financial economics. Most of my work starting from my Ph.D. dissertation at the University of Pennsylvania is located at the cross section of macroeconomics and finance. For example, in my dissertation I studied how financial market imperfections affect the savings of entrepreneurs. As a macroeconomist, my interest in finance derives from the recognition that the financial sector is important for understanding the macroeconomic performance of an economy. In other words, what happens in the financial sector—for example, to the stock market, to the banking sector and to corporate leverages--could have significant implications for the aggregate dynamics of employment and economic growth. The research question addressed by a financial economist is to some extent inverted. For a financial economist the macro-economy is of interest because it provides insights into the performance of the stock market, the term-structure of the interest rate, and other issues typically studied in finance. In other words, a macroeconomist may look at finance because this helps explain the macroeconomy, whereas a financial economist may look at the macroeconomy because this may help explaining finance issues.

In my own view I believe that there are benefits from a closer interaction between macroeconomists and financial economists and I am fortunate to reside in the Department of Finance and Business Economics where I have had the opportunity to interact with first class financial economists and leading macroeconomists. Over time I have started to focus more on international issues. This came from the realization that economies have become more globalized and there are important limitations in focusing on single countries. My latest work is addressing how liquidity shocks can generate worldwide crises and global macroeconomic contractions, as in the most recent recession. This leads me to another quality of the Marshall School which I have grown to appreciate. The increasing internationalization and the mixture of countries represented in the student body and the faculty, mirror Marshall’s commitment to international economics in undergraduate and graduate business education. I feel the school’s increasing internationalization helps prepare students for their professional lives in which they will encounter coworkers, collaborators, and clients from many corners of the earth. In the classroom and in faculty seminars, the diversity of perspectives and backgrounds is an important asset at the Marshall School and I hope I can continue to contribute with my own perspective resulting from growing up in Central Italy and studying there until I began my doctoral studies in the US.