Welcome to my web page

I'm an International Economist at the  D.G. for Economics, Statistics and Research of the Bank of Italy. My job is to monitor and analyze the changes in the structure of the Italian Economy, in particular of its business environment and labour market. My research focuses on international trade, financial and institutional frictions, economic and productivity growth. I am mostly interested in the study of countries and firms' competitiveness and of its determinants.  This is my personal page and you can find my most recent research papers. 

Short Bio
I was born in Ferrara (Italy), a beautiful city in northern east corner of Emilia Romagna. Despite strong ties at the age of 19 I left for Milan to be trained as an Economist and then proceeded abroad.  After a short working experience in Switzerland I moved to Sweden then France, United States and Germany. I hold a Ph.D. in Economics from the Stockholm School of Economics. During my graduate studies, I held visiting positions at the Toulouse School of Economics and the Massachusetts Institute of Technology for one and two semesters respectively. From 2010  to 2012  I worked as an Economist in Frankfurt at the D.G. of Economics of the European Central Bank.  On September 2012  I happily moved back to Italy to work as an Economist at the Bank of Italy. I currently live in Rome with my daughter Mia  and  my husband Emilio, whom I met many years ago while an undergrad at Bocconi University.

Research and Publications:

The heterogeneous response of domestic sales and exports to bank credit shocks. With Ines Buono, Journal of International Economics, Vol. 113, Pages 55-73, 2018. Link to the paper

New evidence on the evolution of the anchoring of inflation expectations. With Ines Buono. Journal of Macroeconomics, Vol. 57, Pages 39-54, 2018.  Link to the paper

Explaining waek investment growth after the Great Recession: a macro-panel analysis. With Ines Buono. In International Macroeconomics in the wake of the Global Financial Crisis, Springer-Verlag,  2018. Link

Institution-Driven Comparative Advantage and Organizational Choice.With Shon Ferguson. Journal of International Economics, Vol. 90, No. 1, 2013. Link to the paper

Heterogeneous Firms and Credit Frictions: a General Equilibrium Analysis of Market Entry Decision. Bank of Italy’s Working Paper Series, n. 940, November 2013. Link to the paper


Quantifying productivity effects of GVCs. With Filippo Vergara Caffarelli,  INET Working Paper Series NO:2015/21, University of Cambridge. Link to the paper

North-South Trade with Heterogeneous Firms. Mimeo 2012 Link to the paper

Pricing to Market of European Automobile Exporters. With Filippo di Mauro, Jaime Marquez e Chiara Osbat, Work in progress 

Explaining the Trade Collapse: are there differences across countries? With Antonello d’Agostino, Work in progress.

D.G. for Economics, Statistics and Research 
Structural Economic Analysis and Labour Market Division
Bank of Italy
Via Nazionale 91 
00184 Roma, Italy

sara.formai@bancaditalia.it / sara.formai@gmail.com