Principal Economist, Board of Governors of the Federal Reserve System, Systemic Financial Institutions and Markets, 2015-present
Economist, Board of Governors of the Federal Reserve System, Systemic Financial Institutions and Markets, 2013-2015
Assistant Professor, University of Minnesota, Finance Department, 2008-2013
Ph.D. in Economics, Boston University, 2008
Dissertation title: “New Frontiers of Real Options Theory: Rational Life-Cycle Decisions Under Uncertainty”
M.A. in Political Economy, Boston University, 2006
Laurea in Economics, Università degli Studi di Torino, 2004
Behavior and functions of systemically important financial institutions (SIFIs), Connection between asset-pricing and the real economy, Decision theory
Refereed Journal Articles
Gissler Stefan, Jeremy Oldfather, and Doriana Ruffino. “Lending on Hold: Regulatory Uncertainty and Bank Credit Standards.” Accepted at the Journal of Monetary Economics.
Ruffino, Doriana. “Resuscitating Businessman Risk: A Rationale for Familiarity-Based Portfolios.” Review of Economic Dynamics, 17, n° 1, (2014): 107-130.
Maccheroni, Fabio, Massimo Marinacci, and Doriana Ruffino. “Alpha as Ambiguity: Robust Mean-Variance Portfolio Analysis.” Econometrica, 81, n° 3, (2013): 1075–1113.
Ruffino, Doriana, and Jonathan Treussard. “Financial Frictions and Risky Corporate Debt.” Economic Notes 36, n°. 1 (2007): 77-87.
Ruffino, Doriana, and Jonathan Treussard. “Derman and Taleb's ‘The Illusions of Dynamic Replication’: A Comment.” Quantitative Finance, 6, n° 5 (2006): 365-67.
Ruffino, Doriana. “Some Implications of Knightian Uncertainty for Finance and Regulation.” In FEDS Notes (2014).
Ruffino, Doriana. “Real Options.” In Rama Cont (ed.), Encyclopedia of Quantitative Finance, John Wiley and Sons (2010): 1488-1493.
Bodie, Zvi, Doriana Ruffino, and Jonathan Treussard. “Contingent Claims Analysis and Life-Cycle Finance.” AER Papers and Proceeding , 98, n° 2, (2008): 291-96.
“Uncertainty Does Not Vanish in The Small,” with Francesco Girlanda, Fabio Maccheroni, Massimo Marinacci, and Sujoy Mukerji (2016).
“Does Uncertainty Vanish in The Small? The Smooth Ambiguity Case.” University of Minnesota, Manuscript (2014), with Fabio Maccheroni and Massimo Marinacci. Revise and resubmit at the Journal of Mathematical Economics (first round).
“Job Shopping: A Theory of Human Capital Accumulation.” University of Minnesota, Manuscript (2013).
“Lumps and Clusters in Duopolistic Investment Games: An Early Exercise Premium Approach.” Boston University, Manuscript (2007), with Jonathan Treussard.
“A Study of Inaction in Investment Games via the Early Exercise Premium Representation.” Boston University, Manuscript (2006), with Jonathan Treussard.
“Optimal Age-Based Portfolios with Stochastic Investment Opportunity Sets.” Boston University, Manuscript (2006), with Jonathan Treussard.
Work in Progress
“Momentum and Reversal Under Uncertainty,” with Rhys Bidder and Kent Smetters.
“A Robust Capital Asset Pricing Model.”
Western Finance Association, Park City (2016, scheduled); Carnegie-Rochester-NYU Conference, Pittsburgh (2015); 11th World Congress of the Econometric Society, Montreal, Canada (2015); The Financial Intermediation Research Society (FIRS) Conference, Reykjavik, Iceland (2015); Midwest Finance Association (MFA) Annual Meeting, Chicago (2015); European Economic Association (EEA) Meetings, Toulouse (2014); North American Summer Meeting of the Econometric Society, Minneapolis (2014); Research Forum on the Effectiveness of Financial Education, University of Arizona (2014); Midwest Finance Association (MFA) Annual Meeting, Orlando (2014); Financial Intermediation Research Society (FIRS) Annual Meeting, Dubrovnik (2013);
Midwest Finance Association Annual Meeting, New Orleans (2012); Society for Economic Dynamics (SED) Annual Meeting, Ghent (2011); Asset-pricing Mini-conference, Minneapolis (2011); XXXVI Simposio de la Asociación Española de Economía (SAEe), Malaga (2011); XXXV Simposio de la Asociación Española de Economía (SAEe), Madrid (2010); European Economic Association (EEA) Meetings, Milan (2008); Annual Meeting Allied Social Science Associations (ASSA), New Orleans (2008); Boston University – Boston College Macroeconomic Meeting (2007); Society for Economic Dynamics (SED) Annual Meeting, Prague (2007); 11th Annual International Conference on Real Options, Berkeley (2007); Midwest Finance Association (MFA) Annual Meeting, Minneapolis (2007)
American University (2014); Federal Reserve Bank of Atlanta (2013); Federal Reserve Board (2012); Universitat Autònoma, Barcelona (2011); ESADE, Barcelona (2011); University of Iowa (2011); Pompeu Fabra, Barcelona (2011); CEMFI, Madrid (2010); University of Illinois at Urbana-Champaign (2008); Associazione Borsisti Marco Fanno, Rome (2008); Università Bocconi, Milan (2008); CEMFI, Madrid (2008); Collegio Carlo Alberto, Turin (2008); University of California Berkeley (2008); University of Minnesota (2008); Pompeu Fabra, Barcelona (2008); Universitat Autònoma, Barcelona (2008); Ente “Luigi Einaudi,” Rome (2007)
“License to Spend: Consumption-Income Sensitivity and Portfolio Choice,” by Jawad M. Addoum, Stefanos Delikouras, and George M. Korniotis. Financial Intermediation Research Society (FIRS) Annual Meeting, Reykjavik (2015)
“Doubts and Variability: A Robust Perspective on Exotic Consumption Series,” by Rhys Bidder and Matthew E. Smith. Midwest Finance Association (MFA) Annual Meeting, Chicago (2015)
“Mortgage Lien Performance Mismatch and Borrower Incentives,” by Paul Calem and Robert Sarama. American Real Estate and Urban Economics Association (AREUEA) Annual National Conference, Washington (2014)
“On Regulatory Responses to the Recent Crisis: An Assessment of the Basel Market Risk Framework and the Volcker Rule,” by Gordon Alexander, Alexandre Baptista, and Shu Yan. Midwest Finance Association (MFA) Annual Meeting, Orlando (2014)
“Macroeconomic Uncertainty, Difference in Beliefs, and Bond Risk Premia,” by Andrea Buraschi and Paul Whelan. European Finance Association (EFA) Meetings, Stockholm (2011)
“Market Timing, Investment, and Risk Management,” by Patrick Bolton, Hui Chen and Neng Wang. Corporate Finance Conference, Minneapolis (2010)
“Bursting Bubbles: Consequences and Cures,” by Narayana Kocherlakota. Macro-Finance Conference, Minneapolis (2009)
University of Minnesota, Carlson School of Management
Financial Management (MBA), 2008-2013
Harvard University, Harvard Business School
Finance Theory in Continuous Time (Ph.D.), 2008, TA; Functional and Strategic Finance (MBA), 2007, TA
Boston University, Graduate School of Management
Topics in Investments (MBA), 2007; Advanced Topics in Investments (MBA), 2007, TA;
Topics in Investments (MBA), 2007, TA; Doctoral Seminar in Finance (Ph.D.), 2006, TA;
Derivative Securities (MBA), 2006, TA
Board of Governors of the Federal Reserve System
Finance and Banking Seminar Series Committee, 2013-present
Systemic Financial Institutions and Markets Lead Recruiter (Research Assistant Position), 2014-2015
Financial Studies Lead Recruiter (Economist Position), 2013-2014
University of Minnesota, Carlson School of Management
Coordination of the Ph.D. job market, 2011-2012
Faculty Recruiting Committee, 2009-2010, 2011-2012
Organization of the annual seminar series, 2008-2009
Journal of Economic Theory , Review of Financial Studies, Journal of Monetary Economics, European Journal of Finance, Economics Letters, Finance Research Letters, American Economic Review, Economic Modeling, Journal of Economic Dynamics and Control, Journal of Risk and Insurance, Management Science, Handbook of Technology Management
Program Committee Member
Mini-conference in Asset Pricing, Minneapolis (2011, 2012)
FRB-GWU-GFLEC Financial Literacy Seminar Series Committee, Dec. 2013-present
Chair, Young ISSNAF Minnesota, 2012-2013
Fellowships and Awards
Outstanding Referee Award 2007, Journal of Economic Dynamics and Control, 2008
Scholarship “Luigi Einaudi,” Ente Luigi Einaudi, 2007-2008
Summer Research Award, Boston University, 2007
Higher Standard Award, PRMIA Institute, 2007
Scholarship “Bonaldo Stringher,” Bank of Italy, 2005-2007
Premio Optime, Unione Industriale di Torino, 2005
Presidential fellowship, Boston University, 2004-2005
Collegio Carlo Alberto Research Grant, Collegio Carlo Alberto, 2011
Deans' Small Research Grant, Carlson School of Management, 2009, 2011
Travel Grant, Institute for Economic Development, Boston University, 2007
 Average Teaching Evaluation: 5.44 on a 1-6 scale.
2010 - present
2010 - present