Leonardo Gambacorta

Research Adviser
Monetary and Economic Department

Before taking up his current position, Leonardo Gambacorta was head of Monetary Policy in 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 an MSc in economics from Warwick University and a PhD from the University of Pavia. He worked as a financial analyst in the Supervision Department of the Milan branch of the Bank of Italy before becoming head of the Banking Sector Unit of the former Research Department (2004-06). In 2002-03 he was a 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 market economies, banks' profitability and the business cycle, the links between financial stability and monetary policy, the optimal institutional arrangement for a monetary union, and the functioning of the securitisation market. He is a research fellow of the Centre for Economic Policy Research (CEPR).

Fields of interest

  • Banking
  • Macroeconomics
  • Monetary policy

Date BIS research papers
Apr 2016

Why bank capital matters for monetary policy

Working Papers No 558

Other authors: Hyun Song Shin

Dec 2015

Central clearing: trends and current issues

BIS Quarterly Review December 2015

Other authors: Dietrich Domanski and Cristina Picillo

Dec 2015

The supply side of household finance

Working Papers No 531

Other authors: Gabriele Foà, Luigi Guiso and Paolo Emilio Mistrulli

Oct 2015

The influence of monetary policy on bank profitability

Working Papers No 514

Other authors: Claudio Borio and Boris Hofmann

Dec 2014

Has the transmission of policy rates to lending rates been impaired by the Global Financial Crisis?

Working Papers No 477

Other authors: Anamaria Illes and Marco Jacopo Lombardi

Nov 2014

The leverage ratio over the cycle

Working Papers No 471

Other authors: Michael Brei

Mar 2014

Financial structure and growth

BIS Quarterly Review March 2014

Other authors: Jing Yang and Kostas Tsatsaronis

Jul 2013

Should monetary policy lean against the wind? - an analysis based on a DSGE model with banking

Working Papers No 418

Other authors: Federico M Signoretti

Jul 2013

Relationship and transaction lending in a crisis

Working Papers No 417

Other authors: Patrick Bolton, Xavier Freixas and Paolo Emilio Mistrulli

Apr 2013

Structural bank regulation initiatives: approaches and implications

Working Papers No 412

Other authors: Adrian Van Rixtel