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
- Monetary policy
|Date||BIS research papers|
Working Papers No 514
Working Papers No 477
Working Papers No 471
Other authors: Michael Brei
BIS Quarterly Review March 2014
Working Papers No 418
Other authors: Federico M Signoretti
Working Papers No 417
Working Papers No 412
Other authors: Adrian Van Rixtel
Working Papers No 402
Working Papers No 388
The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis
Working Papers No 384
- " Asymmetric information in securitization: an empirical assessment" (with U Albertazzi, G Eramo and C Salleo), Journal of Monetary Economics, forthcoming. Also published as "Securitization is not that evil after all", BIS Working Papers no 341 .
- " Are bank capital ratios pro-cyclical? New evidence and perspectives" (with M Brei), Economic Policy, 61st Panel Meeting, Bank of Latvia, Riga, 17-18 April 2015.
- " Understanding global liquidity" (with S Eickmeier and B Hofmann), European Economic Review, vol 68, 2014, pp 1-18. Also published as BIS Working Papers no 402.
- " Should monetary policy lean against the wind? An analysis based on a DSGE model with banking" (with F Signoretti), Journal of Economic Dynamics and Control, vol 43, 2014, pp 146-74. Also published as BIS Working Papers no 418.
- " The effectiveness of unconventional monetary policy at the zero lower bound" (with B Hofmann and G Peersman), Journal of Money, Credit and Banking, vol 46, issue 4, 2014, pp 615-42. Also published as BIS Working Papers no 384.
- " 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, issue 4, 2014, pp 753-78. Also published as BIS Working Papers no 359.
- " Basel III: long-term impact on economic performance and fluctuations" (with P Angelini, L Clerc, V Cúrdia, A Gerali, A Locarno, R Motto, W Roeger, S Van den Heuvel and J Vlcek), Manchester School, vol 83, issue 2, 2015, pp 217-51. Also published as BIS Working Papers no 298.
- "Relationship and transaction lending: New evidence and perspectives", Emerging Markets Finance and Trade, forthcoming.
- " Use of payment systems data as early indicators of economic activity" (with C Conesa, M Lombardi and S Gorjon), Applied Economics Letters, vol 22, issue 8, 2015, pp 646-50.
- " Monetary policy in a downturn: are financial crises special?" (with M Bech and E Kharroubi), International Finance, vol 17, issue 1, pp 99-119, 2014. Also published as BIS Working Papers no 388.
- " Does monetary policy affect bank risk?" (with Y Altunbas and D Marqués), International Journal of Central Banking, vol 10(1), 2014, pp 95-135. Also published as BIS Working Papers no 298.
- " Diversification and bank profitability: a nonlinear approach" (with M Scatigna and J Yang), Applied Economics Letters, vol 21(6), 2014, pp 438-41.
- " Rescue packages and bank lending" (with M Brei and G von Peter), Journal of Banking and Finance, vol 37, issue 2, pp 490-505, 2013. Also published as BIS Working Papers no 357.
- " Structural bank regulation initiatives: approaches and implications" (with A van Rixtel), Bancaria, no 6, June 2013. Also published as BIS Working Papers no 412.
- " Do bank characteristics influence the effect of monetary policy on bank risk?" (with Y Altunbas and D Marqués), Economics Letters, vol 117, issue 1, October 2012.
- " Do bank capital and liquidity affect real economic activity in the long run? A VECM analysis for the US", Economic Notes, vol 40. issue 3, 2012, pp 75-91.
- " The economic effects of central bank bond purchase programmes" (with B Hofmann), Bancaria, no 3, 2012, pp 38-50.
- " The effects of countercyclical capital buffers on bank lending" (with M Drehmann), Applied Economic Letters, vol 19, issue 7, 2012, pp 603-8.
- " The bank lending channel: lessons from the crisis" (with D Marqués), Economic Policy, April 2011. Also published as BIS Working Papers no 345.
- " The risks of low interest rates", Ensayos sobre política económica, vol 29, no 64, 2011, pp 14-31. Also published in Italian in Bancaria, January 2011.
- " Bank risk and monetary policy" (with Y Altunbas and D Marqués), Journal of Financial Stability, vol 6, issue 3, 2010, pp 121-9.
- " Mutual guarantee institutions and small business finance" (with F Columba and P E Mistrulli), Journal of Financial Stability, vol 6, issue 1, 2010, pp 45-54. Also published as BIS Working Papers no 290.
- " Bank profitability and taxation" (with U Albertazzi), Journal of Banking and Finance, vol 34, 2010, pp 2801-10.
- " Modelling bank lending in the euro area: a non-linear approach" (with C Rossi), Applied Financial Economics, vol 20, issue 14, 2010, pp 1098-112.
- " Securitization and the bank lending channel" (with Y Altunbas and D Marqués), European Economic Review, vol 53, issue 8, 2009, pp 996-1009.
- " Bank profitability and the business cycle" (with U Albertazzi), Journal of Financial Stability, vol 5, issue 4, 2009, pp 393-409.
- "The effects of mutual guarantee consortia on the quality of bank lending" (with F Columba and P E Mistrulli), Revue Bancaire and Financière, no 4, 2009.
- " How do banks set interest rates?", European Economic Review, vol 52, issue 5, 2008, pp 792-819.
- " Bank lending for non-financial corporations in the Mezzogiorno", Bancaria, no 1, 2008, pp 52-60 (in Italian).
- " Are there asymmetries in the response of bank interest rates to monetary shocks?" (with S Iannotti), Applied Economics, vol 39, issue 19, 2007, pp 2503-17.
- " On the activity of Italian mutual guarantee institutions" (with F Columba and P E Mistrulli), Bancaria, no 7, 2006 (in Italian).
- " Inside the bank lending channel", European Economic Review, vol 49, issue 7, 2005, pp 1737-59.
- "An econometric model for lending to firms in Italy" (with L Casolaro and G Eramo), Moneta e Credito, vol 59(234), 2005, pp 151-83 (in Italian).
- " A model of profit and loss accounts for the Italian banking system" (with L Casolaro), Bancaria, no 3, 2005, pp 19-27 (in Italian).
- " Does bank capital affect lending behaviour?" (with P E Mistrulli), Journal of Financial Intermediation, vol 13, issue 4, 2004, pp 436-57.
- " The Bernanke and Blinder model in an open economy: the Italian case" (with P Chiades), German Economic Review, vol 5, issue 1, 2004, pp 1-34.
- "An econometric model for lending to households in Italy" (with L Casolaro), Moneta e Credito, vol 58(229), 2004, pp 29-56 (in Italian).
- " Asymmetric bank lending channels and ECB monetary policy", Economic Modelling, vol 20(1), 2003, pp 25-46.
- " The effects of monetary policy in the euro area" (with M Ehrmann, J Martinez Pagés, P Sevestre and A Worms), Oxford Review of Economic Policy, vol 19(1), 2003.
- "I prestiti bancari per l'acquisto di abitazioni in Italia e nell'area dell'euro" (with L Casolaro and G Gobbi), Quaderni di Economia Immobiliare, June 2003, pp 24-39.
- " On the institutional design of the European monetary union: conservatism, stability pact and economic shocks", Economic Notes, vol 30, issue 1, 2001, pp 109-43.
- "The effects of structural asymmetries in aggregate demand for the ECB monetary policy", Economia Politica, vol 18(2), 2001, pp 217-47.
- " The Italian banking system in the euro area" (with G Gobbi and F Panetta), Bancaria, no 3, 2001, pp 21-32 (in Italian).
- "The financial instability hypothesis in an open economy", Studi Economici, vol 50(56), 1996, pp 63-105.
- "Dalla 'crescita con indebitamento' alla 'deflazione da debiti'. L'attuale fase ciclica in una prospettiva storica" (with G Garofalo), Economia e Lavoro, vol 29(2), 1995, pp 21-30 (in Italian).
- "The Tobin-Tax", (with G Garofalo), Rivista di Politica Economica, no 3, 1994 (in Italian).