Joaquin Vespignani

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Joaquin Vespignani

Associate Professor
Tasmanian School of Business and Economics

Room 114 , Centenary

+61 3 6226 2802 (phone)

This top-ranked young economist tracks the impact of oil prices on the global economy

Deciphering the after-shock.

One of the biggest challenges that central banks face is how to respond to commodity price shocks – unpredictable events that can have severe and wide-reaching effects on both the global economy and consumers alike.

'These shocks are unanticipated – we don’t know when they’re going to occur, and knowing how policy-makers need to respond is still controversial,' says economist Joaquin Vespignani from the Tasmanian School of Business & Economics.

If anyone can interpret these economic shocks, it’s Vespignani. In 2017, he was named the top-ranked young economist in Australia by Research Papers in Economics (RePEc) for the second year running, and one of the top 10 in the world by year of graduation.

He specialises in applied macroeconomics, which uses economic theory to study the behaviour of whole (or aggregate) economies, and forecasts national income movements through the analysis of key patterns and trends.

It’s an area that’s held his curiosity since the earliest days of his Master’s degree in Economic Studies, which he moved from his native Argentina to Australia to complete.

Vespignani’s ability to unravel some of the most stubborn mysteries in macroeconomics saw him climb the ranks of the international banking industry. By 2010, he was the principal economist for Australia and New Zealand at Barclays Investment Bank.

Here, he was responsible for providing forecasting and advice to international and domestic investment funds, banks, and other large financial institutions.

But what ultimately attracted Vespignani to academia was that it offered him an even greater opportunity to make an impact on global policy-making than he could in the commercial sector.

'In academia, you can work on papers for years, but at the bank, you have only a few weeks to publish, so there’s less rigour,' he explains. 'I feel like I can better contribute to the field.'

After completing his PhD at UNSW in 2012, Vespignani joined the University of Tasmania as a lecturer in economics and finance.

Vespignani has since written the two most downloaded articles of the past year in the journal Energy Economics – both on the effect of oil prices on the macroeconomy.

And he suspects that the world’s deep interest in the volatile economics of this coveted ‘black gold’ will extend far beyond the proliferation of renewables in the future.

'For many, many years, most of the world’s energy has come from oil, not renewable sources, and the population has increased significantly in the past 100 years,' he says.

'It will continue growing into 2050, and that means much more consumption of energy. Even if per capita consumption decreases, the size of the global population will make it quite difficult to live only with renewables. Oil will be part of the mix for a long time.'

Research that makes a difference


Associate Professor Joaquin Vespignani is an economist at the University of Tasmania, he specializes in the area of applied macroeconomics and energy economics. He is also a co-founder director of the program 'Covid-19 and the Macroeconomy' and a research associate of the Centre for Applied Macroeconomic Analysis at the Australian National University, and the Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas.

Since 2014, he serves on the National Economic Expert Panel at the Economic Society of Australia.   Previously, Dr Vespignani has worked as a Principal Economist for Australia and New Zealand with one of the largest investment banks worldwide.

In 2021, he was award the College of Business and Economic Research Award for 'Outstanding contributions to research of the highest quality: including innovation and impact, mentoring and early career researcher development and community engagement'. In 2017, he has been identified by the RePEc ranking system as the top Australian young economist and top 10 globally (within 5 years of PhD graduation). He has published widely in internationally recognized journals in economics and finance, including the Journal of Banking and Finance, Energy Economics, Canadian Journal of Economics, and Economics Letters.

Career summary


  • PhD in Economics, Asymmetric monetary policy and consumer demand responses in Australia, University of New South Wales, 2012
  • Masters in Economics Studies, University of New England, 2007
  • Bachelor of Economics (Honours), Capital flight, saving rate and the golden rule level of capital: policy recommendations for Latin American Countries, Universidad de la Marina Mercante, 2002
  • Bachelor of Commerce, Universidad de Belgrano, 1998

Languages (other than English)

Spanish (native), English (advanced)


Committee associations

  • Centre for Applied Macroeconomic Analysis, Australian National University
  • Research Associate, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas
  • Research Associate, Economic Society of Australia (Tasmania Branch)
  • Committee Member, Society for Economic Measurement


Intermediate macroeconomics, macroeconomic theory and policy, principles of finance, banking and financial institutions

Teaching expertise

Dr Vespignani's teaching expertise is in the areas of macroeconomics, financial institutions and money at both undergraduate and postgraduate level. He has been awarded twice (2013 and 2014) a teaching merit certificate by the University of Tasmania for his teaching in Intermediate Macroeconomics and International Financial Management.

View more on AssocProf Joaquin Vespignani in WARP


  • Applied macroeconomics
  • International macroeconomics
  • Monetary policy
  • Monetary economics
  • Energy economics


  • Dean's Award for Excellence in Teaching and Research, University of Tasmania (2014)
  • Research Performance Award, University of Tasmania (2013)
  • Research Performance Award, University of Tasmania (2014)
  • Research Enhancement Grants Scheme, University of Tasmania (2014)

Fields of Research

  • Financial economics (380107)
  • Macroeconomics (incl. monetary and fiscal theory) (380112)
  • International economics (380110)
  • Agricultural economics (380101)
  • Applied economics (380199)
  • Applied mathematics (490199)
  • Economic development policy (440703)

Research Objectives

  • Monetary policy (150208)
  • Macroeconomics (150299)
  • International trade policy (150199)
  • Taxation (150210)
  • Balance of payments (150201)
  • Expanding knowledge in economics (280108)
  • Agricultural and environmental standards and calibrations (150401)
  • Economic growth (150203)
  • Trade policy (150103)
  • Defence and security policy (230301)


Total publications


Journal Article

(26 outputs)
2021Brueckner M, Vespignani J, 'COVID-19 Infections and the performance of the stock market: an empirical analysis for Australia', Economic Papers pp. 1-21. ISSN 0812-0439 (2021) [Refereed Article]

DOI: 10.1111/1759-3441.12318 [eCite] [Details]

Citations: Scopus - 1Web of Science - 1


2021Burrell H, Vespignani J, 'The industrial impact of economic uncertainty shocks in Australia', Economic Papers pp. 1-24. ISSN 0812-0439 (2021) [Refereed Article]

DOI: 10.1111/1759-3441.12324 [eCite] [Details]

Citations: Web of Science - 2

Co-authors: Burrell H


2021Ferrari D, Ravazzolo F, Vespignani J, 'Forecasting energy commodity prices: A large global dataset sparse approach', Energy Economics, 98 Article 105268. ISSN 0140-9883 (2021) [Refereed Article]

DOI: 10.1016/j.eneco.2021.105268 [eCite] [Details]

Citations: Scopus - 1Web of Science - 1


2021Kang W, Ratti RA, Vespignani J, 'Financial and nonfinancial global stock market volatility shocks', Economic Modelling, 96 pp. 128-134. ISSN 0264-9993 (2021) [Refereed Article]

DOI: 10.1016/j.econmod.2020.12.031 [eCite] [Details]

Citations: Scopus - 1


2021Majumder MK, Raghavan MV, Vespignani JL, 'Impact of commodity price volatility on external debt: the role of exchange rate regimes', Applied Economics pp. 1-15. ISSN 0003-6846 (2021) [Refereed Article]

DOI: 10.1080/00036846.2021.1947960 [eCite] [Details]

Co-authors: Majumder MK; Raghavan MV


2020Kang W, Ratti RA, Vespignani J, 'Impact of global uncertainty on the global economy and large developed and developing economies', Applied Economics, 52, (22) pp. 2392-2407. ISSN 0003-6846 (2020) [Refereed Article]

DOI: 10.1080/00036846.2019.1690629 [eCite] [Details]

Citations: Scopus - 7Web of Science - 8


2020Kang W, Ratti RA, Vespignani J, 'Global commodity prices and global stock market volatility shocks: Effects across countries', Journal of Asian Economics, 71 pp. 1-15. ISSN 1049-0078 (2020) [Refereed Article]

DOI: 10.1016/j.asieco.2020.101249 [eCite] [Details]

Citations: Scopus - 2Web of Science - 2


2020Majumder MK, Raghavan M, Vespignani J, 'Oil curse, economic growth and trade openness', Energy Economics, 91 ISSN 0140-9883 (2020) [Refereed Article]

DOI: 10.1016/j.eneco.2020.104896 [eCite] [Details]

Citations: Scopus - 11Web of Science - 11

Co-authors: Majumder MK; Raghavan M


2020Ravazzolo F, Vespignani J, 'World steel production: A new monthly indicator of global real economic activity', Canadian Journal of Economics, 53, (2) pp. 743-766. ISSN 0008-4085 (2020) [Refereed Article]

DOI: 10.1111/caje.12442 [eCite] [Details]

Citations: Scopus - 7Web of Science - 8


2019Ratti RA, Vespignani JL, 'What drives the global official/policy interest rate?', Applied Economics, 51, (47) pp. 5185-5190. ISSN 0003-6846 (2019) [Refereed Article]

DOI: 10.1080/00036846.2019.1610716 [eCite] [Details]


2017Hudson KB, Vespignani J, 'Understanding the deviation of Australian policy rate from the Taylor rule', Applied Economics, 50, (9) pp. 973-989. ISSN 0003-6846 (2017) [Refereed Article]

DOI: 10.1080/00036846.2017.1346367 [eCite] [Details]

Citations: Scopus - 1


2017Kang W, Ratti RA, Vespignani JL, 'Oil price shocks and policy uncertainty: new evidence on the effects of US and non-US oil production', Energy Economics, 66 pp. 536-546. ISSN 0140-9883 (2017) [Refereed Article]

DOI: 10.1016/j.eneco.2017.01.027 [eCite] [Details]

Citations: Scopus - 72Web of Science - 68


2016Kang W, Ratti RA, Vespignani J, 'Chinese liquidity increases and the U.S. economy', Economic Modelling, 52, (Part B) pp. 764-771. ISSN 0264-9993 (2016) [Refereed Article]

DOI: 10.1016/j.econmod.2015.10.015 [eCite] [Details]

Citations: Scopus - 3Web of Science - 2


2016Kang W, Ratti RA, Vespignani J, 'The impact of oil price shocks on the U.S. stock market: a note on the roles of U.S. and non‐U.S. oil production', Economics Letters, 145 pp. 176-181. ISSN 0165-1765 (2016) [Refereed Article]

DOI: 10.1016/j.econlet.2016.06.008 [eCite] [Details]

Citations: Scopus - 68Web of Science - 62


2016Kang W, Ratti RA, Vespignani JL, 'The implications of monetary expansion in China for the US dollar', Journal of Asian Economics, 46 pp. 71-84. ISSN 1049-0078 (2016) [Refereed Article]

DOI: 10.1016/j.asieco.2016.08.003 [eCite] [Details]

Citations: Scopus - 2Web of Science - 2


2016Ratti RA, Vespignani JL, 'Oil prices and global factor macroeconomic variables', Energy Economics, 59 pp. 198-212. ISSN 0140-9883 (2016) [Refereed Article]

DOI: 10.1016/j.eneco.2016.06.002 [eCite] [Details]

Citations: Scopus - 81Web of Science - 67


2016Vespignani J, Ratti RA, 'Not all international monetary shocks are alike for the Japanese economy', Economic Modelling, 52, (Part B) pp. 822-837. ISSN 0264-9993 (2016) [Refereed Article]

DOI: 10.1016/j.econmod.2015.10.019 [eCite] [Details]

Citations: Scopus - 3Web of Science - 3


2015Ratti RA, Vespignani J, 'Commodity Prices and BRIC and G3 Liquidity: A SFAVEC Approach', Journal of Banking and Finance, 53 pp. 18-33. ISSN 0378-4266 (2015) [Refereed Article]

DOI: 10.1016/j.jbankfin.2014.12.013 [eCite] [Details]

Citations: Scopus - 20Web of Science - 17


2015Ratti RAJ, Vespignani J, 'OPEC and non-OPEC oil production and the global economy', Energy Economics, 50 pp. 364-378. ISSN 0140-9883 (2015) [Refereed Article]

DOI: 10.1016/j.eneco.2014.12.001 [eCite] [Details]

Citations: Scopus - 41Web of Science - 33


2015Vespignani J, 'On the differential impact of monetary policy across states/territories and its determinants in Australia: Evidence and new methodology from a small open economy', Journal of International Financial Markets, Institutions and Money, 34 pp. 1-13. ISSN 1042-4431 (2015) [Refereed Article]

DOI: 10.1016/j.intfin.2014.10.001 [eCite] [Details]

Citations: Scopus - 5Web of Science - 5


2015Vespignani J, 'International transmission of monetary shocks to the Euro area: Evidence from the U.S., Japan and China'', Economic Modelling, 44 pp. 131-141. ISSN 0264-9993 (2015) [Refereed Article]

DOI: 10.1016/j.econmod.2014.10.005 [eCite] [Details]

Citations: Scopus - 8Web of Science - 7


2014Knop SJ, Vespignani J, 'The sectorial impact of commodity price shocks in Australia', Economic Modelling, 42 pp. 257-271. ISSN 0264-9993 (2014) [Refereed Article]

DOI: 10.1016/j.econmod.2014.06.012 [eCite] [Details]

Citations: Scopus - 8Web of Science - 8


2013Ratti R, Vespignani J, 'Why are crude oil prices high when global activity is weak?', Economics Letters, 121, (1) pp. 133-136. ISSN 0165-1765 (2013) [Refereed Article]

DOI: 10.1016/j.econlet.2013.07.002 [eCite] [Details]

Citations: Scopus - 34Web of Science - 32


2013Ratti RA, Vespignani J, 'Crude oil prices and liquidity, the BRIC and G3 countries', Energy Economics, 39 pp. 28-38. ISSN 0140-9883 (2013) [Refereed Article]

DOI: 10.1016/j.eneco.2013.04.003 [eCite] [Details]

Citations: Scopus - 25Web of Science - 23


2013Ratti RA, Vespignani J, 'Liquidity and crude oil prices: China's influence over 1996-2011', Economic Modelling, 33 pp. 517-525. ISSN 0264-9993 (2013) [Refereed Article]

DOI: 10.1016/j.econmod.2013.04.037 [eCite] [Details]

Citations: Scopus - 23Web of Science - 20


2013Vespignani J, 'The Industrial Impact of Monetary Shocks During the Inflation-Targeting Era in Australia', Australian Economic History Review, 53, (1) pp. 47-71. ISSN 0004-8992 (2013) [Refereed Article]

DOI: 10.1111/j.1467-8446.2013.00358.x [eCite] [Details]

Citations: Scopus - 8Web of Science - 9


Grants & Funding

Funding Summary

Number of grants


Total funding



The impact of unconventional monetary policy on commodity prices (2014)$9,000
University of Tasmania ($9,000)
Grant-Research Enhancement (REGS)
Administered By
University of Tasmania
Research Team
Vespignani J

Research Supervision






PhDFinancial Inclusion: A development need for developing countries2017
PhDEnvironmental Quality, Energy and Security Issues on Economic Growth in ECOWAS Member Countries2019


PhDEssays on Fiscal Policy, External Balance, and Trade Linkages of the Omani Economy
Candidate: Salwa Abdullah Nasser Al Jabri
PhDRealized Skewness and Kurtosis in Asset Markets
Candidate: Richard Mawulawoe Ahadzie
PhDVulnerability in Global Financial Networks
Candidate: Moses Kipkemei Kangogo
PhDEssays on Commodity Prices, Commodity Abundance and the Macroeconomy
Candidate: Monoj Kumar Majumder