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

BIS Research papers

Date Research papers
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

Feb 2013

Understanding Global Liquidity

Working Papers No 402

Other authors: Sandra Eickmeier and Boris Hofmann

Sep 2012

Monetary policy in a downturn: Are financial crises special?

Working Papers No 388

Other authors: Morten Bech and Enisse Kharroubi

Aug 2012

The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis

Working Papers No 384

Other authors: Boris Hofmann and Gert Peersman

Nov 2011

Bank heterogeneity and interest rate setting: What lessons have we learned since Lehman Brothers?

Working Papers No 359

Other authors: Paolo Emilio Mistrulli

Nov 2011

Rescue packages and bank lending

Working Papers No 357

Other authors: Michael Brei and Goetz von Peter