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
Jul 2013

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

BIS Working Papers No 418

Other authors: Federico M Signoretti

Jul 2013

Relationship and transaction lending in a crisis

BIS Working Papers No 417

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

Apr 2013

Structural bank regulation initiatives: approaches and implications

BIS Working Papers No 412

Other authors: Adrian Van Rixtel

Feb 2013

Understanding global liquidity

BIS Working Papers No 402

Other authors: Sandra Eickmeier and Boris Hofmann

Sep 2012

Monetary policy in a downturn: Are financial crises special?

BIS Working Papers No 388

Other authors: Morten Linnemann Bech and Enisse Kharroubi

Aug 2012

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

BIS 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?

BIS Working Papers No 359

Other authors: Paolo Emilio Mistrulli

Nov 2011

Rescue packages and bank lending

BIS Working Papers No 357

Other authors: Michael Brei and Goetz von Peter

May 2011

The bank lending channel: lessons from the crisis

BIS Working Papers No 345

Other authors: David Marques-Ibanez

Mar 2011

Securitization is not that evil after all

BIS Working Papers No 341

Other authors: Ugo Albertazzi, Ginette Eramo and Carmelo Salleo