Dr Corrado Macchiarelli

Dr Corrado Macchiarelli

Visiting Fellow in European Political Economy

European Institute

About me


I am Visiting Fellow at the LSE’s European Institute, a Lecturer (tenured) in Economics and Finance at Brunel University London, and a part-time Lecturer in Economics at NYU’s Stern School of Business. Previously, I was a (Postdoctoral) Research Fellow at the LSE.

At the LSE, I am working on several extensions of reduced form macroeconomic models with heterogeneous expectations and credit dynamics, together with European economic governance issues, such as the role of the ECB in financial assistance programmes and European integration. Beyond my academic endeavours, I am a member of an LSE-based team of Monetary Policy Experts for the European Parliament, writing non-technical briefings to support the Parliament's quarterly hearings of the ECB President.

In the past, I worked as an economist at the Euro Area Macro Division of the European Central Bank (ECB), and I was a consultant to the same Division, over the period 2011-2014. I further interned at the ECB's European Countries Division and at the International Monetary Fund, respectively in 2010 and 2009. I visited the Swedish Riksbank as a consultant to the Monetary Policy Division during the summer of 2015. 

I obtained a Ph.D. in Economics from the University of Torino, Collegio Carlo Alberto, in 2011.  

Research Interests

My research interests lie mainly in the fields of macroeconomics, financial economics, business cycles, applied econometrics, and European economic governance.

Selected Publications


"European Banking Union”, The New Palgrave Dictionary of Economics. Online Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan (in press)

 “A new measure of  economic asymmetries in the Eurozone”, with N. Campos, VoxEU.org, 19 October 

The current state of financial (dis)integration in the euro area”, with P.Koutroumpis, Monetary Policy Dialogue, European Parliament, P/A/ECON/2016-03, Sept 

Core and Periphery in the European Monetary Union: Bayoumi-Eichengreen 25 Years Later”, with N. Campos, Economics Letters, 147(1), 127-130 (also LSE 'Europe in Question' Discussion Paper no. 116)

Assessing ECB Quantitative Easing: One Year On”, with E. Gerba, Monetary Policy Dialogue, European Parliament, IP/A/ECON/2016-02, June

The Economics of the UK-EU Relationship”, Video contribution to “Fear of Brexiting: Recent perspectives on the economics of the UK-EU relationship” by N. Campos, F. Coricelli, VoxEU.org, 14 June

"Quantitative easing: to deal with the root of the problem, the ECB should rather tackle non-performing loans", with E. Gerba, LSE EUROPP blog entry, 10 March 2016

"Brexit, ‘euro-ins’, and ‘euro-outs", with N. Campos, VoxEU.org, 03 March 2016 (reproduced by LSE EUROPP blog with title "The euro and the pound are closer than we might think") 

Policy options and risks of an extension of the ECB’s quantitative easing programme: An analysis”, with E. Gerba, Monetary Policy Dialogue, note to the European Parliament, IP/A/ECON/2016-01, Feb 2016


Is globalization reducing the ability of central banks to control inflation?”, with E. Gerba, Monetary Policy Dialogue, note to the European Parliament, IP/A/ECON/2015-07, Nov 2015 

Interaction between monetary policy and bank regulation: Theory and European practice”, with E. Gerba, Monetary Policy Dialogue, note to the European Parliament, IP/A/ECON/2015-07, Sep 2015 (also LSE Systemic Risk Centre Special Paper no. 10)

Animal spirits and credit cycles”, with P. De Grauwe, Journal of Economic Dynamics and Control, 59(1), 95-117, 2015 (also CESIfo working paper no.  4480)

Sovereign Bond Purchases and Risk Sharing: Myth and Reality of the European QE”, with E. Gerba, Monetary Policy Dialogue, note to the European Parliament, IP/A/ECON/2015-02, June 2015  (also LSE Systemic Risk Centre Special Paper no. 9)

Financial (in)stability low interest rates and (un)conventional monetary policy”, with E. Gerba, Monetary Policy Dialogue, note to the European Parliament, IP/A/ECON/2015-01, Mar 2015 

Differently unequal: zooming-in on the distributional consequences of the crisis in euro area countries”, with M. D’Errico and R. Serafini, Economic Modelling, 48(1), 93–115, 2015, Special issue: Current Challenges on Macroeconomic Analysis and International Finance Modelling (also LSE 'Europe in Question' Discussion Paper no. 86


Banking union gaps leave European ‘doom loop’ intact”, Oxford Analytica Daily Brief, 3 Sept 2014  

Transitions in labour market status in EU labour markets”, with M. Ward-Warmedinger, IZA Journal of European Labor Studies, 3(17), 1-25, 2014 (also IZA Discussion Paper no. 7814 and LSE 'Europe in Question' Discussion Paper no. 69

European economic governance and cohesion policy”, with I. Begg, J. Bachtler, C. Mendez, F. Wishlade, Report to the European Parliament, IP/B/REGI/IC/2013-086, Jan 2014

Bond Market Co-Movements, Expected Inflation and the GBP-USD Equilibrium Real Exchange Rate”, Quarterly Review of Economics and Finance, 54(2), 242–256, 2014 (also ECB Working Paper no. 1405)


On the Join Test of the Uncovered Interest Parity and the Ex-Ante Purchasing Power Parity”, Review of International Economics, 21(3), 519-535, 2013 (previous version ECB Working Paper no. 1404)

Employment duration and shifts into retirement in the EU”, with T. Aranki, ECB Working Paper no. 1517, 2013 (also LSE 'Europe in Question' Discussion Paper no. 58)

Similar GDP-Inflation Cycles. An Application to CEE Countries and the Euro Area”, Research in International Business and Finance, 27(1), 124-144, 2013. Special issue: Firm Level Aspects of International Integration (also ECB Working Paper no. 1552)

Before 2011

“Labour market mobility in the central eastern European EU Member States, compared with that of the euro area, Denmark and Sweden”, with M. Ward-Warmedinger, ECB Monthly Bulletin Box, 15-17, Dec 2011

 “Labour market mobility and transitions in labour market status in the euro area”, with M. Ward-Warmedinger, ECB Monthly Bulletin Box, 83-85, Mar 2011  

Estimating Poland’s Potential Output: A Production Function Approach”, with N. Epstein, IMF Working Paper No. 10/15, 2010

My research