Dr Corrado Macchiarelli

Dr Corrado Macchiarelli

Visiting Fellow in European Political Economy

European Institute

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Key Expertise
Macroeconomics, European Monetary Union, International Finance

About me

Corrado Macchiarelli is the Research Manager for Global Macroeconomics at the National Institute of Economic and Social Research (NIESR). He is an Associate Professor (Senior Lecturer with tenure) in the Department of Economics and Finance at Brunel University London, and also teaches part-time at New York University Stern School of Business in London for the degree of International Political Economy and Global Business

He completed a PhD in Economics at the University of Turin-Collegio Carlo Alberto and holds a post-doc from the LSE European Institute, where he lectured at the Executive Master level on the “Political Economy of Europe” degree. During Spring/Summer 2019, he was a Visiting Scholar in Economics at Harvard University's Centre for European Studies.  

During the years 2015-20, Macchiarelli has been working as part of an LSE-based team of experts for the European Parliament in the context of the Parliament’s Monetary Policy Dialogue with the European Central Bank (ECB). Previously, he was an Economist in the ECB’s Euro Area Macro Division, working chiefly in the ECB’s Working Group of Forecast on Potential Output. He has been working on contract projects sponsored by the European Commission and the European Parliament, as well as he interned at the ECB and the International Monetary Fund, and was a project consultant for the Swedish Riksbank.

Corrado Macchiarelli’s work focuses on business cycles, macroeconomics, financial economics and European political economy. His main scientific publications include the Journal of Economic Dynamics and Control, the Journal of International Money and Finance, the European Journal of Finance, Economic Letters, the Review of International Economics, as well as The New Palgrave Dictionary of Economics. In his latest book with M. Monti, C. Wiesner and S. Diessner, he explores the role of the European Central bank between the financial crisis and the upsurge of populist parties in Europe.

Corrado Macchiarelli is active on twitter @CMacchiarelli

Expertise Details

Macroeconomics; Business Cycles; European Monetary Union; European integration; European Central Bank; International Finance; Financial markets

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