Leonardo Gambacorta

Leonardo Gambacorta

Research Adviser
Monetary and Economic Department

Leonardo Gambacorta is Research Adviser in the Monetary and Economic Department (MED). 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