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Vicente Esteve

Professor of Economics

Departamento de Estructura Económica

Facultad de Economía

Edificio Departamental Oriental (Office: 4E06)

Universidad de Valencia

Avda dels Tarongers, s/n

46022 Valencia (Spain)

Phone: +34 963 828 358; +34 963 828 349


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Professor of Economics at Universidad de Valencia. Postdoctoral Fellowship from 1992 to 1993, University of Montreal. Ph.D. in Economics in 1992, Universidad de  Valencia. M.A. in Economics in 1989, Universidad de Valencia. B.A. in Economics in 1985, Universidad de Valencia. Research Associate at the Valencian Federation of Saving Banks from 1989 to 1993. Visiting Researcher, University of Montreal, 1995. Visiting Researcher, Fundación de Estudios de Economía Aplicada (FEDEA), 1996. 


Director of the Fundación ICO-Cabildo de Tenerife Chair in International Economics and Finance, Universidad de La Laguna, from 2010 to 2011. Director of the Cabildo de Tenerife-CajaCanarias Chair in International Economics and Finance, Universidad de La Laguna, 2012, and Deputy Director of the Fundación CajaCanarias Chair in International Economics and Finance, Universidad de La Laguna, 2014-2015.

Coordinator of Scholarship Program for Teacher Training University (Grants FPU, Economics Area) from the Ministry of Science, Innovation and Universities, Government of Spain, from 2012 to 2015. External assessor of the Insight Grants Program from Social Sciences and Humanities Research Council of Canada (SSHRC), Government of Canada in 2013. Member of the Selection Committee, High Corps of Spanish State Economists and Trade Experts, Ministry of Economic Affairs and Digital Transformation, 2023.

His research interests are in the areas of International Finance, Applied Macroeconometrics, Cliometrics, and Macroeconomic Aspects of Public Finance.

He has published extensively in academic journals (Journal of Macroeconomics, Economic Letters, Journal of Policy Modeling, Economic Modelling, Energy Economics, Cliometrica, North American Journal of Economics and Finance, Structural Change and Economic Dynamics, among others).

His current research focuses on stability of the New Keynesian hybrid Phillips curve, on optimal public deficit and tax-smoothing, on credit and economic growth, and on prices and money in the Early Modern Globalization period in Spain.

He is a research affiliate of the INTECO UV-UJI joint research unit and Prometeo program grants for research groups of excellence of Generalitat Valenciana.

Latest Scientific Article

Deficit Sustainability and Fiscal Theory of Price Level: the case of Italy, 1861-2020

(with E. Congregado and C. Díaz-Roldán)

Empirica, 2023, 50, 755-782

We test sustainability of the Italian government deficit over the period 1861–2020 using the fiscal theory of the price level (FTPL). This approach takes into account monetary and fiscal policy interactions and assumes that fiscal policy may determine the price level even if monetary authorities pursue an inflation-targeting strategy. We consider a cointegrated model with multiple structural changes to characterize the sustainability of public finances and the prevalence of monetary or fiscal dominance during subperiods. We also use recursive unit root tests for explosiveness to test fiscal sustainability and to detect episodes of potential explosive behaviour in Italian public debt. We find two structural changes for the public debt and one change in the primary budget surplus, the alternation of monetary and fiscal dominant regimes, as well as evidence of bubbles related to three episodes of the Italian fiscal performance. Our results reveal the sensitiveness of the primary balance and the debt paths to shocks hitting fiscal, macroeconomic, and financial variables.


From My Blog (Viaje al Fondo de las Finanzas Internacionales)

Latest Post:
FRIDAY, MAY 31, 2024
Tipos de interés reales y expectativas de inflación en diferentes horizontes temporales para EE.UU., 2003-2023

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