Adriano A. Rampini

Adriano A. Rampini

Professor of Economics

External Address: 
A442 Fuqua School of Business, 90120, Durham, NC 27708
(919) 660-7797

Adriano Rampini is a Professor of Finance and Economics in the finance area at Duke University’s Fuqua School of Business with a secondary appointment in the Department of Economics and is the Lewis Cook III Research Fellow.  Professor Rampini received his Ph.D. in Economics from the University of Chicago in 1998 and was on the faculty at Northwestern University’s Kellogg School of Management prior to joining Fuqua in 2006.

Professor Rampini’s expertise is in financial economics and macroeconomics.  He has studied the procyclical nature of capital reallocation as well as the variation of entrepreneurial activity and default over the business cycle.  He has also shown that financially constrained firms lease capital assets instead of buying them and buy used capital assets instead of new ones.  His recent work considers the dynamics of risk management and explains why poorly capitalized firms typically do not engage in risk management, a fact previously considered a puzzle.  He is also studying household risk management, the role of collateral in determining the capital structure, and the effect of the capitalization of financial intermediaries on financing and the macro economy. In addition, he is interested in the role of government.

Professor Rampini’s research has been published in journals such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Monetary Economics, the Journal of Public Economics, and the Journal of Economic Theory.  He received an Alfred P. Sloan Doctoral Dissertation Fellowship, was an invited speaker at the Review of Economic Studies European Meetings, and received the 2008 Jensen Second Prize for the best paper published in the Journal of Financial Economics in the areas of corporate finance and organizations.  He currently serves as the President of the Finance Theory Group and as a Director of the Western Finance Association.  He is a Research Fellow of the Centre for Economic Policy Research.  He was a consultant to the Federal Reserve Bank of Chicago and New York and a visiting scholar at the Federal Reserve Bank of Minneapolis, in the department of economics at MIT, and in the finance area at Stanford University’s Graduate School of Business.  In the 2012/2013 academic year, he was a Visiting Professor of Economics and Associate of the Department in the department of economics at Harvard University.


  • Ph.D., The University of Chicago 1998
  • M.B.A., The University of Chicago 1993
  • B.S., University of St. Gallen (Switzerland) 1991

Bisin, A., P. Gottardi, and A. A. Rampini. “Managerial hedging and portfolio monitoring.” Journal of the European Economic Association 6, no. 1 (March 1, 2008): 158–209. Full Text

Eisfeldt, A. L., and A. A. Rampini. “Managerial incentives, capital reallocation, and the business cycle.” Journal of Financial Economics 87, no. 1 (January 1, 2008): 177–99. Full Text

Eisfeldt, A. L., and A. A. Rampini. “New or used? Investment with credit constraints.” Journal of Monetary Economics 54, no. 8 (November 1, 2007): 2656–81. Full Text

Rampini, Adriano A., and Andrea L. Eisfeldt. “New or Used? Investment With Credit Constraints,” March 2007.

Rampini, Adriano A., and Andrea L. Eisfeldt. “Financing Shortfalls and the Value of Aggregate Liquidity,” January 2007.

Eisfeldt, Andrea L., and Adriano A. Rampini. “Managerial Incentives, Capital Reallocation, and the Business Cycle,” October 2006.

Bisin, A., and A. A. Rampini. “Markets as beneficial constraints on the government.” Journal of Public Economics 90, no. 4–5 (May 1, 2006): 601–29. Full Text

Eisfeldt, A. L., and A. A. Rampini. “Capital reallocation and liquidity.” Journal of Monetary Economics 53, no. 3 (April 1, 2006): 369–99. Full Text

Bisin, A., and A. A. Rampini. “Exclusive contracts and the institution of bankruptcy.” Economic Theory 27, no. 2 (February 1, 2006): 277–304. Full Text

Rampini, A. A. “Default and aggregate income.” Journal of Economic Theory 122, no. 2 (June 1, 2005): 225–53. Full Text