Leonardo Gambacorta

Leonardo Gambacorta

Principal Economist
Monetary and Economic Department

Leonardo Gambacorta is a principal economist in the Monetary and Economic Department. Previously he was head of Monetary Policy in the MED (2010-12) and head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy (2007-09). He holds a MSc in Economics from Warwick University and a PhD from the University of Pavia. He worked first as a financial analyst in the Supervision Department of Milan Branch of the Bank of Italy before becoming head of the Banking Sector Unit of the former Research Department (2004-06). In 2002-2003 he spent a period as visiting scholar at the NBER. Author of many articles on the monetary transmission mechanism, his other research interests include: the study of the financial structure of advanced and emerging economies, banks' profitability and the business cycle, the links between financial stability and monetary policy, the optimal institutional arrangement for a monetary union, the functioning of the securitization market.


Fields of interest

  • Banking
  • Macroeconomics
  • Monetary policy

Selected Publications

  • "Asymmetric Information in Securitization: An Empirical Assessment" (with U. Albertazzi, G. Eramo and C. Salleo), Journal of Monetary Economics, forthcoming
  • "Should Monetary Policy Lean Against the Wind? An Analysis Based on a DSGE Model with Banking" (with F Signoretti), Journal of Economics Dynamics and Control, Vol. 43, pp.146-174, 2014.
  • Understanding Global Liquidity, (with B Hofmann, S Eickmeier), European Economic Review, Vol. 68, pp.1-18, 2014.
  • The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis, (with B Hofmann, G Peersman), Journal of Money, Credit and Banking, Vol. 46(4), pp. 615-42, 2014.
  • "Bank Heterogeneity and Interest Rate Setting: What Lessons have we Learned since Lehman Brothers?" (with P E Mistrulli), Journal of Money Credit and Banking, Vol. 46(4), pp.753-78, 2014.
  • "Does Monetary Policy Affect Bank Risk-Taking?" (with Y Altunbas and D Marqués), International Journal of Central Banking, March 2014