Research at the IMF: Corrado Macchiarelli

Corrado Macchiarelli

Last Updated: December 19, 2023

Background

Corrado Macchiarelli joined the International Monetary Fund through the IMF Mid-Career Program, where he is currently part of the Money and Capital Markets Department. Before, Corrado was Manager for Global Macroeconomics Research at the National Institute of Economic and Social Research (NIESR) and a Senior Lecturer (Associate Professor) in Finance and Economics at Brunel University in London. Between 2015 and 2020, Corrado has been working as part of a 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 Macroeconomics Developments Division, a Trainee in the ECB's EU Countries Division and a PhD Intern in the IMF's European Department. He was a project consultant for the Swedish Riksbank's Monetary Policy Dept. during the Summer 2015. Corrado holds a PhD in Economics from the University of Turin-Collegio Carlo Alberto and a Postdoctoral Fellowship from the London School of Economics.

Email: cmacchiarelli@imf.org

Personal WebPage: https://sites.google.com/site/corradomacchiarelli/

Fluent In: French, Italian, Portuguese.

Education:

Postdoctoral Fellowship, London School of Economics and Political Science, 2012 – 14

Ph.D. in Economics, Collegio Carlo Alberto-University of Turin, 2011

RESIDENT FELLOWSHIPS

Visting Scholar Program, Harvard University, Minda de Gunzburg Center for European Studies, 2019

Visiting Fellow Programme, London School of Economics and Political Science, European Institute, 2014 – 2022

Previous Experience:

Manager for Global Macroeconomics Research, National Institute of Economic and Social Research (NIESR), 2021 – 2022

Principal Economist, NIESR, Macroeconomic Modelling and Forecasting, 2020 –2021

Lecturer and Senior Lecturer in Finance and Economics (tenure track), Brunel University London, 2014 – 2020

Monetary Policy Expert, Committee on Economic and Monetary Affairs, European Parliament, 2015 – 2020 (Contract)

Economist, European Central Bank, DG-Economics, 2011 – 2012

ECB Traineeship Program, European Central Bank, DG-Economics, 2010 – 2011

IMF Internship Program, International Monetary Fund, European Department, Summer 2009

Referee Activities:

Journal of Economic Dynamics and Control, Journal of International Economics, European Economic Review, Journal of International Money and Finance, Journal of Financial Econometrics, Journal of Financial Economics, Journal of Financial Stability, Economics Letters, Journal of Common Market Studies, Journal of Economic Interaction and Coordination, Scottish Journal of Political Economy, International Review of Financial Analysis, Open Economies Review, Oxford Bulletin of Economics and Statistics, Economic Modelling, The Quarterly Review of Economics and Finance, Macroeconomic Dynamics, International Review of Economics and Finance, Journal of Economic Asymmetries, Comparative Economic Studies, International Economics, National Institute Economic Review, Journal of Evolutionary Economics, Bulletin of Economic Research, Research and Politics, International Economic Journal, International Economics and Economic Policy, Review of World Economics, IZA Journal of European Labor Studies, Heliyon.

Editorial Activities:

Managing Editor, National Institute Economic Review (Cambridge University Press), 2020 – 2022

Editorial Board, The Economists' Voice (The Gruyter), 2021 – 2022

Awards and Honors:

TYI Award 2021 for 'Finance', Italian Chamber of Commerce and Industry for the UK and Italian Embassy in London

Current Position:

IMF Mid-Career Program, Money and Capital Markets Dept., Global Market Analysis

President, IMF Italian Staff Association, as of September 2023

Teaching:

2020 – 2022 Module: Monetary Policy and Risk Premia in NiGEM, National Institute of Economic and Social Research

2019 – 2020 Housing Finance (B.Sc.), Brunel University London

2014 – 2020 Advanced Topics in Macroeconomic Theory (B.Sc.), Brunel University London

2017 – 2019 Money and Banking (B.Sc.), Brunel University London

2016 – 2021 Introduction to Macroeconomics (B.Sc.), New York University, Stern School of Business (London)

2015 – 17 Economic Governance of the EMU (eM.Sc.), London School of Economics and Political Science

Work in progress:

“Deciphering Delphic Guidance: The Bank of England and Brexit” (July 2024), with J. S. Chadha (NIESR), S Goel (Liverpool), A. Hantzsche (HMT), and S. Mellina (ENI Group)

"Okun in the Euro: New Evidence from Structural Okun Law’s Estimates for the Euro Area, 1979-2019” (November 2023) with Nauro F. Campos (UCL) and F. Mitropoulos (Alpha Bank)

"Financial frictions and housing collateral constraints in a macro model with heuristics" (Sept 2018), with P. De Grauwe (LSE)

Others:

Part-time Lecturer, New York University, Stern School of Business, 2016 – 2021 (Contract)

Consultant, Sveriges Riksbank, Monetary Policy Dept., Summer 2015 (Contract)

Consultant, European Central Bank, DG-Economics, Euro Area Macroeconomic Developments, 2012 – 2014 (Contract)

Field of Expertise:

Economic Modeling

Monetary Policy

Macro-Financial Issues

International Macroeconomics

International Finance

IMF Publications

Non-IMF Publications

Books

The European Central Bank Between the Financial Crisis and Populisms, with M. Monti, C. Wiesner, S. Diessner, Palgrave MacMillan, 2020

Publications in Journals (Refereed)

Financial Economics/International Finance

“Towards an understanding of credit cycles: do all credit booms cause crises?” (2019) with R. Barrell and D. Karim, The European Journal of Finance, 26(10) 978-993.

“European banking union” (2016) The New Palgrave Dictionary of Economics. Online Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan.

“Animal spirits and credit cycles” (2015) with P. De Grauwe, Journal of Economic Dynamics and Control, 59(1), 95-117.

“Bond Market Co-Movements, Expected Inflation and the GBP-USD Equilibrium Real Exchange Rate” (2014) The Quarterly Review of Economics and Finance, 54(2), 242–256.

“On the Join Test of the Uncovered Interest Parity and the Ex-Ante Purchasing Power Parity” (2013) Review of International Economics, 21(3), 519-535.

Business Cycles

“The Economic Costs of the Russia-Ukraine War” (2022) with P. Mortimer-Lee, I. Liadze and P. Sanchez-Juanino, The World Economy, 46(4), pp. 874-886

“Greece 2010-18: What could have been done differently” (2022) with C. Lenoel and G. Young, Open Economies Review, 34(1), pp. 281–315.

“The Dynamics of Core and Periphery in the European Monetary Union: A New Approach” (2021) with N. Campos, Journal of International Money and Finance, 112(1)

“The United Kingdom and the Stability of the Euro Area: From Maastricht to Brexit” (2020) with N. Campos, The World Economy, 43(7), pp. 1792-1808

“Core and Periphery in the European Monetary Union: Bayoumi-Eichengreen 25 Years Later” (2016) with N. Campos, Economics Letters, 147(1), 127-130

Panel Data & Surveys

"Transition dynamics in European labour markets during crisis and recovery” (2019) with V. Monastiriotis and N. Lampropoulou, Comparative Economic Studies, 61(2), 213–234

“Differently unequal: zooming-in on the distributional consequences of the crisis in euro area countries” (2015) with M. D’Errico and R. Serafini, Economic Modelling, SI, 48(1), 93–115

“Transitions in labour market status in EU labour markets” (2014) with M. Ward-Warmedinger, IZA Journal of European Labor Studies, 3(17), 1-25

“The Impact of Income and Health on the Economic Decision to Retire (Early)” (2013) with T. Aranki, ECB Working Paper No. 1517, February.

Political Economy

“Serendipity or a missed chance? On the interaction between vaccine distribution and the EU Recovery Funds” (2021) with R. Giacon, The Economists’ Voice, 18(1)

“Brexit and the Future of the Eurozone” (2017) with N. Campos, International Corporate Review, 14(6), 458-459

"Transition dynamics in European labour markets during crisis and recovery” (2019) with V. Monastiriotis and N. Lampropoulou, Comparative Economic Studies, 61(2), 213–234

Publications in Books and Conference Volumes

"Investing in Fixed Income, Europe 2022", (2022), with A. Kelshiker, J. Jessop, G. Moec, M. Leppälä, R. Stow, A. Gill, C. Fleury, J. Mawby, C. Milton-Edwards, K. Cummins, M. Connell, D. Silcock and D. Carlin, ClearPath Analysis, 14 February

"Transitions in the EU labour market before and after the crisis: The role of reforms" (2020) with V. Monastiriotis and N. Lampropoulou in «Structural Reforms and Economic Growth in Europe», Nauro Campos, Paul De Grauwe and Yuemei Ji (Eds.), Cambridge University Press.

"European Monetary Integration and the EU-UK relationship" (2017) in «The Economics of the UK-EU Relationship: From the Treaty of Rome to the Vote for Brexit» by N. Campos and F. Coricelli (Eds.), Palgrave Macmillan.

Other Published Materials

Policy papers

"Exogenous shocks and proactive resilience in the EU: The case of the Recovery and Resilience Facility" (2022), with A. Bartzokas and R. Giacon, Maastricht Economic and social Research institute on Innovation and Technology (UNU-MERIT) Working Paper 2022-025.

“Fundamentals versus market sentiments in the euro bond markets: Implications for QE” (2017) with P. De Grauwe and Y. Ji, LSE Financial Market Group Special Paper, 12-2017

“The Impact of Income and Health on the Economic Decision to Retire (Early)” (2016) with T. Aranki, Brunel University Economics and Finance Working Paper No. 16-17, October.

“Interaction between monetary policy and bank regulation: Theory and European practice” (2015) with E. Gerba, LSE Systemic Risk Centre Special Papers, no. 10

Selected policy contributions

“Sovereign debt sustainability in Greece during the economic adjustment programmes: 2010-2018” (2020), with G. Young and C. Leonel, Report, DG-ECFIN, European Commission

"What Economic Complexity Theory Can Tell Us about the EU’s Pandemic Recovery and Resilience Plans" with R. Hausmann, M. A. Santos and R. Giacon, Harvard Growth Lab / European Politics and Policy

“The Deflationary Effects of Global Monetary Tightening” (2022), I. Liadze, B. Naisbitt, P. Sanchez-Juanino, National Institute Economic Review, 262, November

“The Global Effects of an Oil Price Shock in NiGEM” (2022), with I. Liadze, B. Naisbitt, P. Sanchez-Juanino, National Institute Economic Review, 261

“Re-evaluating the Economic Costs of the Russia-Ukraine Conflict in NiGEM” (2022), with P. Sanchez-Juanino, I. Liadze, National Institute Economic Review, 260

"The Economic Costs of the Russia-Ukraine Conflict", with P. Mortimer-Lee, I. Liadze and P. Sanchez-Juanino, NIESR Policy Paper No. 32, 2 March

“US Inflation – peaking soon?” (2021) with P. Sanchez-Juanino and B. Naisbitt (Box A), National Institute Economic Review, 258, November

"Simulating the effect of the EU Recovery and Resilience Facility in NiGEM” (2021), with I. Liadze, National Institute Economic Review, 257

"Financial Spillovers of the American Rescue Plan on Emerging Markets” (2021), with D. Holland, X. Mao, National Institute Economic Review, 256

“Government bond term premia during the pandemic” (2020), National Institute Economic Review, 254, Cambridge University Press, February, pp. F64–66

“‘Monetary financing’: is it happening and what are the dangers?” (2020) with Michael McMahon, The Economics Observatory (ECO), 27 May

“Quantitative easing and monetary financing: what’s the difference?” (2020) with Michael McMahon, The Economics Observatory (ECO), 27 May

“Post-crisis Excess Liquidity and Bank Lending” (2018), Monetary Policy Dialogue, European Parliament, PE 626.066 - September

“The corporate sector purchase programme (CSPP): Effectiveness and challenges ahead” (2017) with M. Monti and A. Vedolin, Monetary Policy Dialogue, European Parliament, IP/A/ECON/2017-03, September

Selected Op-Eds

"The impact of Brexit on bond prices" (2020), UK in a Changing Europe, with S. Mellina, 9 October

“A new measure of economic asymmetries in the Eurozone” (2016) with N. Campos, VoxEU.org, 19 October

“Brexit, ‘euro-ins’, and ‘euro-outs” (2016) with N. Campos, VoxEU.org, 03 March

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