Carlo Galli

Curriculum Vitae

Last updated: April 2026

Department of Economics

Universidad Carlos III de Madrid

Calle Madrid 126

28903 Getafe, Spain

https://carlogalli.github.io

cgalli@eco.uc3m.es

Academic Positions

2021 –: Universidad Carlos III de Madrid, Assistant Professor of Economics.
2020 – 2021: Sciences Po Paris, Chair in Sovereign Debt, Postdoctoral Researcher.
2024 –: CEPR Research Affiliate, MEF and IMF programs.

Education

2015 – 2020: PhD in Economics, University College London. Advisors: Marco Bassetto (primary) and Wei Cui. Thesis: “Essays on Macroeconomics and Sovereign Default”.
2014 – 2015: MRes in Economics, University College London. Distinction.
2009 – 2011: MSc in Economics, Bocconi University, Milan (Italy). Distinction.
2006 – 2009: BSc in Finance, Bocconi University, Milan (Italy). Distinction.

Research Fields

Macroeconomics, International Finance, Information Economics.

Publications

“Is Inflation Default? The Role of Information in Debt Crises” (with Marco Bassetto).
American Economic Review, October 2019, vol. 109, no. 10, pp. 3556-84.
“Self-Fulfilling Debt Crises, Fiscal Policy and Investment”.
Journal of International Economics, July 2021, vol. 131, p. 103475.

Working Papers

“Inflation, Default Risk, and Nominal Debt”.
Revise & Resubmit at the Journal of International Economics.
“Asset Purchases and Heterogeneous Beliefs” (with Gaetano Gaballo).
Revise & Resubmit at the American Economic Review.
“Majority Voting in Sovereign Restructurings: The Aggregation Dilemma” (with Stéphane Guibaud).
Revise & Resubmit at the Journal of Financial Economics.

Policy Papers

“Debt for Health Report” (with Stéphane Guibaud), June 2021.

Teaching Experience

2021 –: Macroeconomics II (PhD), UC3M.
2024 – 2025: Topics in Macroeconomics (PhD), UC3M.
2022 – 2023: International Trade (BSc), UC3M.

Graduate (UCL)

2015 – 2020: Macroeconomics (MSc), UCL, TA for Vincent Sterk.
2019 – 2020: Topics in Money and Finance (MSc), UCL, TA for Antonio Guarino.
2016 – 2017: Macroeconomics (1st year PhD), UCL, TA for Wei Cui, Victor Ríos Rull.

Previous Employment

2018 – 2020: Research Assistant to Prof. Wei Cui.
2017: Research Assistant to Prof. Vincent Sterk.
2012 – 2014: Fixed-Income Trader, Inflation and Govt Bond Trading Desks, Goldman Sachs, London.
2011: Summer Intern, Securities Division, Goldman Sachs, London.

Invited Seminars and Workshops

(* = scheduled)

2025: ESM; Hitotsubashi (virtual); Bologna.
2024: Sciences Po-Banque de France Research Seminar; Mannheim; Fed Board; Padova; 2nd “Rethinking sovereign debt sustainability and crises” Mini Conference, EUI.
2023: Bicocca di Milano; Oxford; 1st “Rethinking sovereign debt sustainability and crises” Mini Conference, EUI.
2022: EIEF; SciencesPo Summer Macro Workshop; Toulouse School of Economics; Alicante; Tinbergen Institute.
2021: CEMFI.
2020: Banco de España; EIEF; Carlos III de Madrid; Sciences Po; Banque de France; Bologna; Cambridge; Stony Brook; ECB PhD Candidates Workshop.
2017 – 2019: Chicago Fed; Autonoma de Barcelona (ENTER Seminar); Carlos III de Madrid (ENTER Seminar).

Conferences and Workshops

(* = scheduled)

2025: 32nd CEPR ESSIM, Tarragona (discussant); Oxford International Macroeconomics Workshop (discussant); SAET 2025, Ischia; 1st Banca d’Italia Annual Research Conference on Monetary Policy, Rome; UC3M Micro Retreat, Madrid; Sveriges Riksbank conference on “New Challenges for Monetary-Fiscal Policy Interactions” (discussant).
2024: 31st CEPR ESSIM, Paris; DebtCon 7, Paris; ADEMU Workshop, BSE Summer Forum; UCL PhD Alumni Conference, London; 3rd Public Debt Management Conference, Washington DC; Spanish Economic Association Symposium, Palma de Mallorca; 3rd XAmsterdam Macroeconomic Workshop.
2023: 30th CEPR ESSIM, Tarragona (discussant); International Finance and Macro, BSE Summer Forum; Expectations in Dynamic Macro Models, BSE Summer Forum; SED Cartagena; Spanish Economic Association Symposium, Salamanca.
2022: Theories and Methods in Macroeconomics, London; DebtCon 5, Florence; International Macroeconomics Workshop, Leuven Summer Event; 16th CSEF-IGIER Symposium on Economics and Institutions, Capri; 5th Workshop of the Spanish Macroeconomics Networks, Barcelona; Spanish Economic Association Symposium, Valencia.
2021: Information Asymmetries in Financial Markets, BSE Summer Forum (discussant); SED Minneapolis; Banque de France and CEPR Joint Conference on Monetary Policy, Fiscal Policy and Public Debt in a Post Covid World, Paris; Spanish Economic Association Symposium, Barcelona.
2020: ADEMU Workshop, BSE Summer Forum.
2019: Econometric Society European Winter Meeting, Rotterdam; Salento Macro Meetings (discussant).
2018: ADEMU Final Conference, EUI; Economics and Finance PhD Student Workshop, Queen Mary University of London; Salento Macro Meetings (discussant).
2017: ADEMU Summer School, Toulouse; NBER Summer Institute MEFM; Econometric Society Summer Meeting, Lisbon; Doctoral Workshop on Quantitative Dynamic Economics, Madrid.

Scholarships and Awards

2024 – 2030: Ramón y Cajal, Ministerio de Ciencia e Innovación, fellowship, 252k EUR.
2023: Fundación Ramón Areces, Ayudas a la Investigación en Ciencias Sociales, research grant, 36k EUR.
2021 – 2025: PID2021-122931NB-I00, Ministerio de Ciencia e Innovación (with PI Evi Pappa), research grant, 45k EUR.
2021 – 2023: Juan de la Cierva-Formación, Ministerio de Ciencia e Innovación, fellowship, 52k EUR.
2015 – 2018: Economic and Social Research Council (ESRC) studentship, UCL.
2009 – 2011: MSc Graduate Merit Award Scholarship, Bocconi University.
2019: Best Teaching Assistant Award, Teaching on a MSc core module, UCL.

Refereeing Activity

Journals: Econometrica; American Economic Review; Review of Economic Studies; American Economic Journal: Macroeconomics; Journal of the European Economic Association; Quantitative Economics; Journal of International Economics; Review of Economic Dynamics; Journal of Economic Theory; Economic Journal; European Economic Review; Journal of Money, Credit and Banking; Macroeconomic Dynamics.

Grants: ERC Consolidator Grant; Fondecyt National Projects Competition (Chile).

Public and Departmental Service

2021 – 2025: Co-organiser, UC3M Macro seminar.
2022 – 2025: Program Committee (International Economics), EEA Annual Congress.
2022: Co-organiser, Salento Macro Meetings.
2024: Co-organiser, UCL Economics PhD Alumni Conference.
2024 –: Co-organiser, Doctoral Workshop on Quantitative Dynamic Economics.
2025: Co-organiser, VIII MadMac Annual Conference.

Languages

Italian (native), English (fluent), Spanish (fluent).

Personal

Born in Padova, Italy on June 6th, 1987. Italian and British citizen.