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CV Laudati

The document is a CV for Dario Laudati, a PhD candidate in economics at USC. It summarizes his education, research interests in macroeconomics and finance, publications, academic work experience, awards, and presentations. His research focuses on inequality and the rise of finance, and the political economy of banks and shadow banks. He has published in top journals and received various honors including the Provost's Fellowship and research grants.

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95 views4 pages

CV Laudati

The document is a CV for Dario Laudati, a PhD candidate in economics at USC. It summarizes his education, research interests in macroeconomics and finance, publications, academic work experience, awards, and presentations. His research focuses on inequality and the rise of finance, and the political economy of banks and shadow banks. He has published in top journals and received various honors including the Provost's Fellowship and research grants.

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Gaius foba
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November 19, 2023

Dario Laudati
3620 S. Vermont Ave, KAP 300 | Los Angeles, CA – 90089
laudati@usc.edu | dariolaudati.com | Phone: +1 213 298 7399

Placement Director: Professor Robert Metcalfe robert.metcalfe@usc.edu


Placement Committee Member: Professor Marianne Andries andries@usc.edu
Placement Committee Member: Professor Simon Quach simonqua@usc.edu
PhD Program Advisor: Ms. Annie Le anniele@usc.edu

Education
University of Southern California Los Angeles, USA
Ph.D. program in Economics Expected graduation: May 2024

References
Vincenzo Quadrini (Chair) Caroline M. Betts Romain Rancière
Professor Professor Professor
Marshall School of Business, FBE Department of Economics Department of Economics
University of Southern California University of Southern California University of Southern California
quadrini@usc.edu cbetts@usc.edu ranciere@usc.edu

Pablo Kurlat Wenhao Li


Associate Professor Assistant Professor
Department of Economics Marshall School of Business, FBE
University of Southern California University of Southern California
kurlat@usc.edu liwenhao@marshall.usc.edu

Bocconi University & UCLouvain Milan, Italy & Louvain, Belgium


Joint Master’s degree in Economics 2014 – 2016
Italian final grade: 110 cum laude/110. Belgian final grade: Great Distinction
Bocconi University Milan, Italy
Bachelor of Science in Economics 2010 – 2013
Exchange abroad program: University of British Columbia (Vancouver, Canada). Spring 2013

Research Interests
Macroeconomics and Finance, International Finance, Banking.

Working Papers
“Inequality and the Rise of Finance: A domestic perspective” [JMP][Link]
Abstract. This paper studies the causes behind the rise of the financial sector observed in the United States from
the 1980s. The rise of the capital share is taken as a primitive structural change. Such change induces non-trivial
dynamics in the income and wealth distributions, which leads to higher inequality. Workers borrow to finance
part of their consumption. Investors own capital, and allocate their savings between risky and risk-free assets.
Investors face difficulties to hedge part of their portfolio risks with enough risk-free assets, thus generating a ”safe
asset shortage”. Financial intermediaries step in to manufacture privately-produced safe assets for investors by
transforming the debt of the workers (the borrowers). As the capital share increases, it makes investors better-off
and risky capital assets more attractive. The investors contemporaneously increase their demand for risky assets
and safe assets to hedge their positions. As a result, the risk-free interest rate decreases, which lowers the unit cost
of issuing debt for the workers, and allows households indebtedness to grow. With more assets to intermediate and
lower interest rates, financial intermediaries increase production. The financial sector rises as a result. The theory
allows for a feedback effect between higher asset valuations and inequality. I present a host of stylized facts, and a
model to quantitatively replicate several major macro-financial trends and run policy experiments. Finally, empir-
ical evidence of model predictions and channels is provided for both the U.S. and in a panel of advanced economies.

“The political economy of banks and shadow banks competition”


Abstract. This paper provides a political economy rationale for the financial deregulation wave that happened
in the United States from the 1980s. The paper takes a higher amount of savings to intermediate and safe assets
to produce from the 1980s as given. It claims that institutions that could take advantage of technological and
regulatory advantages (shadow banks) gained market power with respect to traditional banks. In light of this
element, the paper sees the wave of financial deregulation as a by-product of higher competition in the banking
system, which led traditional banks to lobby harder in order to level the playing field. In this respect, the paper is
able to produce an economic root cause for the financial deregulation process and timing. I provide a time series
empirical analysis that corroborates such claims. Subsequently, I build a model to illustrate these dynamics. The
model allows also for financial innovations to be pursued as a temporary and alternative mechanism to cope with
failed lobbying attempts.

Publications
Peer-reviewed
“Accounting for the Duality of the Italian Economy” with J. Fernández-Villaverde, L. Ohanian, and V. Quadrini,
Review of Economic Dynamics (2023), 50, 267–290.
“Identifying the effects of sanctions on the Iranian economy using newspaper coverage” with M. H. Pesaran,
Journal of Applied Econometrics (2023), 38, 271–294 (lead article).

Non peer-reviewed
“Evidence and Policy Implications of Sanctions in the Long Run: The Case of Iran”(2023), CESifo EconPol Forum
24(3), 27–30.
“Financial and Monetary Instruments” book section – Chapters: Impact finance, crowdfunding, P2P lending,
microcredit, cooperative credit, complementary monies, blockchain – (2019) with L. Doria, and L. Fantacci in “Co-
Economy. An analysis of a socio-economic emergent framework” by Lampugnani D. (ed.), Fondazione Feltrinelli
– Milano (in Italian).

Work in progress
“The shadow money multiplier: Liquidity and maturity transformation in the shadow banking system”
“From health contagion to currency contagion: The heterogeneous effects of COVID-19 on FX markets”

Academic Work Experience & Service


University of Southern California Los Angeles, USA
T.A. for Professor B. Pinto. ECON205 – Principles of Macroeconomics (Undergrad ) F2019-F2020, S2023-F2023
T.A. for Professor C. Betts. ECON602 – Macroeconomic Theory I (PhD Core class) Fall 2022
T.A. for Professor M. Magill. ECON603 – Microeconomic Theory II (PhD Core class) Spring 2019
T.A. for Professor D. Zeke. ECON305 – Intermediate Macroeconomics (Undergrad ) Fall 2018
R.A. for Professor M. H. Pesaran Summer 2019

Bocconi University Milan, Italy


T.A. for Professor F. Bruni, Principles of Macroeconomics (BA) Spring 2017
T.A. for Professor V. Galasso, Political Economics (BA); Business & Politics (MA) Fall 2016
R.A. for Professor V. Galasso 2016–2017
R.A. for Professor L. Fantacci 2017

IGIER Center, Bocconi University Milan, Italy


R.A. for Professor L. Bottazzi 2014

Referee for: International Economic Review


Brown bag organizer (USC): Fall 2019, Summer 2023

Presentations (Seminars/Conferences)
2023: ASSA meeting (invited), California State University Long Beach, San Francisco Fed (Liquidity in Macro
workshop), Southern California Graduate Conference in Applied Economics, Southern Economic Association
(Presidential session, invited), University of California Santa Barbara,∗ University of Chicago (MacroFinance
Society Workshop), USC Marshall (Macro-Finance brown bag), Western Economic Association International.
2021: International Atlantic Economic Society, IIEA,∗ SEA, WEAI. 2020: INET Young Scholars Initiative Plenary
Conference (Financial Stability).
∗: Carried out by co-author.
Discussions
Adrangi, B., A. Chatrath, and K. Raffiee (2023). “Equity Market Volatility, Regime Dependence and Economic
Uncertainty”, at WEAI(2023).

Awards, Fellowships, Grants


Best Macroeconomics paper. Southern California Graduate Conference in Applied Economics. Nov. 2023.
USC Graduate Student Government Professional Development Fund. Graduate-level competitive. Nov. 2023.
USC Graduate School Travel/Research award. Selection across all graduate programs. Oct. 2023.
Macro Finance Research Program travel grant. Selected poster session presenter (U Chicago). Oct. 2023.
Publication Accelerator Grant. Institute for Humane Studies grant No. 017397. July 2023.
Summer Research Award. Selected recipient. USC Department of Economics. Summers 2020, 2022.
Provost’s Fellowship: Merit-based, highest financial support for USC PhD students, 1 per Econ cohort. 2017-22.
IHS Fund for Scholars. Award recipient to attend extra-curricular summer schools. August 2021.
CAFE Fellowship. Selected recipient. Center for Applied Financial Economics research fellowship, Spring 2021.
Center for Excellence in Teaching. Certificate awarded for best practices in teaching. USC, Fall 2018.
Erasmus+ scholarship. Selected recipient. European Commission scholarship, 2015.
Italian Ministry of Education award. Prize for outstanding high-school performance (100 cum laude/100), 2010.

Non-Academic Work Experience


Tefen Management Consulting Srl, Consultant. Milan (Italy), 2016
Health economics projects for life science multinational companies
OECD, Education Department, PISA team. Paris (France), 2015
Research Trainee for the project: OECD(2016). “Equations and Inequalities: Making Mathematics Accessible to All”

Languages
Italian (Native). English (Working knowledge). French (Fluent). Spanish (Fluent).

Programming skills
MATLAB, Dynare, Stata, R, MicroFit; LATEX.
Other
Citizenship: Italian. Visa holder: F1 (USA).

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