Dr Eddie Gerba

Dr Eddie Gerba

Visiting Senior Fellow

European Institute

020 7955 6296
Room No
COW G.05
English, French, German, Swedish
Key Expertise
Credit and Banking; Macroeconomics; Risk Modeling

About me

Eddie Gerba (PhD) is a Visiting Senior Fellow at the European Institute and has previously held the position of Fellow in Macroeconomics at the same. Together with Professor Paul De Grauwe, he is working on macroeconomic (business cycle) implications of financial and behavioural imperfections. He has a background in both macroeconomics and quantitative finance. In addition, he works as Research Manager at Bank of England and holds a Distinguished Affiliate position at the CES Ifo Research Institute in Munich. He has previously held advisory and research positions at various central banks, including the European Central Bank, Danmarks Nationalbank, Bank of Spain and Deutsche Bundesbank. He has also acted as an expert to the Economic and Monetary Affairs Committee of the European Parliament.

2020 Dec News: Eddie Gerba, in cooperation with the University of Nottingham, the University of Exeter, the University of Lancaster and the Confederation of British Industry (CBI), has recently been awarded a research grant funded by the Economic and Social Research Council (ESRC), as part of UK Research and Innovation’s (UKRI) rapid response to COVID-19. The researchers will examine the resilience of SMEs and their risk exposure – a measure of potential loss or future losses - resulting from COVID-19. They will subsequently develop new methods to help support SMEs in the aftermath of the pandemic.

Research Interests

Eddie’s research interests lie in the fields of macroeconomics and quantitative finance. Of particular interest to his research are the interactions and linkages between financial markets and the macroeconomy. This includes topics such as credit cycles, financial intermediation theory, market-based finance, systemic risks, financial crises, risk management and business cycles. Method-wise, his interests and experience lie in DSGE-models, bounded rationality, computational methods, time-series econometrics, and derivative pricing models.            

In 2015, he published a book on 'Financial Cycles and Macroeconomic Stability: How Secular is the Great Recession?'. The book explores the secular stagnation phenomenon and investigates the role of US financial sector on macroeconomic cycles and growth. The book includes both a theoretical and an empirical analysis of the US macro-financial developments over the past 60 years. A full description of the book is available on Amazon

Most recently, a Eurosystem report and an ECB Occasional Paper were published on the cross-border spillovers effects of macroprudential policy in Europe. Both publications were authored by the EU-wide Task Force on Cross-border Spillovers that Eddie Gerba initially co-chaired. It constitutes the most comprehensive and up-to-date framework currently available on analysing international effects from national macroprudential policies.



English, Spanish, French, German, Swedish, Danish, Serbo-Croat, Catalan

Regions and Countries

OECD, USA, Euro Area, UK, Spain

Media Experience 

TV, Radio, newspapers, blogs

View Dr Gerba's CV PDF


Expertise Details

Credit and Banking; Macroeconomics; Systemic Risk; Financial Stability; Macroprudential Policy; Monetary Policy; Risk Modeling; Financial Markets

Selected publications

1. Gerba, E. (2020), ‘Intangible Capital, Stock Markets and Investments: Implications for Macroeconomic stability’, Journal of Accounting and Finance, 20(05): 28-60. 

2. De Grauwe P. and Gerba E. (2018), ‘The role of cognitive limitations and heterogeneous expectations for aggregate production and credit cycles’ Journal of Economic Dynamics and Control (91): 206-236.

3. Gerba, E. (2018), ‘What is the Fiscal Stress in the Euro Area? Evidence from a Joint Monetary-Fiscal Structural Model‘ Ensayos Sobre Politica Economica, 36(86): 21-47. 

4. De Grauwe P. and Gerba E. (2017), ‘Monetary Transmission Under Competing Corporate Finance Regimes’, Ensayos Sobre Politica Economica, 35(82): 78-100.

5. Gerba E. (2015), ‘Financial Cycles and Macroeconomic Stability: How Secular is the Great Recession?’ LAP Lambert Academic Publishing, Saarbruecken, Germany. 

6. Gerba E., and Schelkle W. (2013), ‘The Finance – Welfare State Nexus’ ACES cases 2013:1. The American Consortium on EU Studies (ACES), Washington, USA.


Papers Under Journal Review

1. Aguilar, P., Fahr, S., Gerba, E. and Hurtado, S. (2020), ‘Quest for Robust Optimal Macroprudential Policy (ROMP)’,  

2. Gerba, E. and Leiva-Leon, D. (2019), ‘Macro-Financial Interactions in a Changing World’, 

3. Gerba,. E. and Mencia, J. (2019), ‘Is more better?' Effectiveness of capital buffers in taming the Spanish macro-financial cycles.

4. De Grauwe P., and Gerba, E. (2017), ‘Rationalising the Irrational: How relevant are beliefs for asset prices, credit and aggregate production?’

5. Gerba, E. and Zochowski, D. (2017), ‘Knightian Uncertainty and Credit Cycles’ ECB Working Paper No. 2068. 


Policy Papers (Open-source)

1. Financial Stability Committee (2020), ‘Framework to assess cross - border spillover effects of macroprudential policies.’ April 2020. 

2. Task Force on Cross-border Spillover Effects of Macroprudential Policy (chairs: Gerba, E., Kok, C., Reinhart, D.) (2020), ‘Cross-border spillover effects of macroprudential policies: a conceptual framework’ Occasional Paper No. 242. June 2020. 

3. Gerba, E. and Macchiarelli, C. (2020), ‘Communication During Unconventional Times: The ECB’s Approach’, Monetary Dialogue 2020-02-06.

4. Gerba, E. and Rubio, M. (2019), ‘Virtual Money: How Much do Cryptocurrency Alter the Fundamental Role of Money’, Monetary Dialogue 2019-12-02. 

5. Diessner, S., Gerba, E. and Macchiarelli, C. (2019), ‘The ECB’s unfinished business: Challenges ahead for EMU monetary and fiscal policy architecture’, Monetary Dialogue 2019-09-23. 

6. (ESRB) Working Group on Real Estate Methodologies (2019), ‘Methodologies for the Assessment of Real Estate Vulnerabilities and Macroprudential Policies: Residential Real Estate’, edited by Zollino, F. et al. 

7. Gerba, E. (2019), ‘EURO project, 20 years on: A critical assessment and the road ahead’ European Parliament Monetary Dialogue 2019-01-23. 

8. Gerba, E. (2018), ‘Monetary Policy Implications from transitory vs. permanently subdued growth prospects (secular stagnation)’ European Parliament Monetary Dialogue 2018-11-26. 

9. (ESRB) Expert Group on Structural Buffers, (2018), ‘Final Report on Structural Capital Buffers’, European Systemic Risk Board, edited by Korbmacher, S. et al. 27 February, 2018.

10. Gerba, E. and Macchiarelli, C. (2016), ‘Policy Options and Risks of an Extension of the ECB’s Quantitative Easing Programme: An Analysis’ European Parliament Monetary Dialogue 2016-02-15. Commented on here.

11. Gerba, E. and Macchiarelli, C. (2015), ‘Is Globalization Reducing the Possibility of Central Banks to Control Inflation?’, European Parliament Monetary Dialogue 2015-11-12. 

12. Gerba, E. and Macchiarelli, C. (2015), ‘Interaction Between Monetary Policy and Bank Regulation: Theory and European Practice’, LSE Systemic Risk Centre Special Paper Series No. 10. Also available on European Parliament Monetary Dialogue 2015-06-15 here.

13. Gerba, E. and Macchiarelli, C. (2015), ‘Sovereign Bond Purchases and Risk Sharing: myth and Reality of European QE‘, LSE Systemic Risk Centre Special Paper Series No. 9. Also available on European Parliament Monetary Dialogue 2015-06-15 here.

14. Gerba, E. and Macchiarelli, C. (2015), ‘Financial (In)stability, low interest rates, and (un)conventional monetary policy: Potential Risks and Policy Measures’ European Parliament Monetary Dialogue 2015-03-23.