Leonardo Gambacorta

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

• "The Bank Lending Channel: Lessons from the Crisis" (with D. Marques), Economic Policy, April, 2011.
• "Bank Profitability and Taxation" (with U. Albertazzi), Journal of Banking and Finance", Vol. 34, pp 2801-2810, 2010.
• "Bank Risk and Monetary Policy" (with Y. Altunbas and D. Marques), Journal of Financial Stability, Vol. 6, n.3, pp. 121-129, 2010.
• "Securitization and the Bank Lending Channel" (with Y. Altunbas and D. Marques), European Economic Review, Vol. 53, No. 5, pp.996-1009, 2009.
• "How Do Banks Set Interest Rates?", European Economic Review, Vol. 52, No. 5, pp.792-819, 2008.
• "Does Bank Capital Affect Lending Behaviour?" (with P.E. Mistrulli), Journal of Financial Intermediation, Vol. 13, No. 4, pp. 436-457, 2004.