Christian Upper

Christian Upper

Head of Monetary Policy & Exchange Rates
Monetary and Economic Department

Christian Upper is head of the Financial Markets section of the Monetary and Economic Department. He joined the BIS as a senior economist in the Financial Markets Section in August 2005. He became head of Monetary Policy and Exchange rates January 2008 and moved to his current position in July 2009. Prior to coming to Basel, he spent seven years at the Deutsche Bundesbank. Christian holds a doctorate in economics from the European University Institute in Florence and a Master of Science in Economics from the University of Warwick. His research focuses on the interactions of finance and the macroeconomy. His work has been published in the European Economic Review and the Journal of the Futures Markets as well as in publications by the Bundesbank, the ECB and the BIS.


Fields of interest

  • Monetary policy
  • Financial markets
  • Financial stability and macro-prudential issues

Selected Publications

  • "Simulation Methods to Assess the Danger of Contagion in Interbank Markets", Journal of Financial Stability, 7(3): 111-125.
  • "Financial Crises and Economic Activity", in Financial Stability and Macroeconomic Policy, Proceedings of a Symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, 20-22 August 2009 (with Stephen G. Cecchetti and Marion D. Kohler)
  • "Estimating Bilateral Exposures in the German Interbank Market: Is there a Danger of Contagion?", European Economic Review, 48: 827-49, 2004 (with Andreas Worms).
  • "Time Variation in the Tail Behaviour of Bund Futures Returns", Journal of Futures Markets, April 2004, Vol 24(4), pp. 387-398 (with Thomas Werner).

BIS Research papers

Date Research papers
Dec 2013

The OTC interest rate derivatives market in 2013

BIS Quarterly Review December 2013

Other authors: Jacob Gyntelberg

Jul 2013

Credit and growth after financial crises

Working Papers No 416

Other authors: Előd Takáts

Sep 2010

Debt reduction after crises

BIS Quarterly Review September 2010

Other authors: Garry Tang

Aug 2009

Financial Crises and Economic Activity

Other authors: Stephen G Cecchetti and Marion Kohler

Mar 2008

What drives interbank rates? Evidence from the Libor panel

BIS Quarterly Review March 2008

Other authors: François-Louis Michaud

Dec 2007

Changing post-trading arrangements for OTC derivatives

BIS Quarterly Review December 2007

Other authors: Elisabeth Ledrut

Sep 2007

The covered bond market

BIS Quarterly Review September 2007

Other authors: Frank Packer and Ryan Stever

Aug 2007

Using counterfactual simulations to assess the danger of contagion in interbank markets

Working Papers No 234

Mar 2007

Economic derivatives

BIS Quarterly Review March 2007

Other authors: Blaise Gadanecz and Richhild Moessner

Jan 2007

The tail wags the dog: time-varying information shares in the Bund market

Working Papers No 224

Other authors: Thomas Werner