Denis Gorea

Senior Economist

Monetary and Economic Department, Economic Analysis

denis.gorea@bis.org

Denis Gorea joined the BIS in September 2023. Prior to the BIS, he worked for the European Investment Bank, Danmarks Nationalbank and the Bank of Canada, and was a postdoctoral fellow at the European University Institute. He holds a PhD in economics from Goethe University Frankfurt.

Fields of interest

Macroeconomics
Corporate finance
Financial stability and macro-prudential issues

All BIS publications (8)

BIS Working Paper No 1364 28 Jun 2026

Financial and real effects of fiscal risk

This paper estimates the macroeconomic and financial effects of fiscal risk shocks using a novel identification from bond…

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Fabrizio Zampolli

BIS Working Paper No 1300 17 Oct 2025

The aggregate costs of uninsurable business risk

Focus We investigate the macroeconomic costs associated with private businesses being unable to insure against sharp…

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Virgiliu Midrigan

BIS Working Paper No 1286 2 Sep 2025

How do quantitative easing and tightening affect firms?

We study how firms respond to quantitative easing (QE) and quantitative tightening (QT) policies of the Federal Reserve. We…

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and

BIS Bulletin No 103

BIS Bulletin No 103 11 Jun 2025

Investment in an increasingly uncertain global landscape

Private business fixed investment has fallen or remained flat in advanced economies for decades, with a recent levelling-off…

Matthias Burgert

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Fabrizio Zampolli

Monetary policy and housing markets: insights using a novel measure of housing supply elasticity

Publication 10 Dec 2024

Monetary policy and housing markets: insights using a novel measure of housing supply elasticity

The responsiveness of new housing supply to changes in house prices has declined over the past five decades.

Ryan Niladri Banerjee

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BIS Working Paper No 1212 12 Sep 2024

House price responses to monetary policy surprises: evidence from US listings data

Evidence on the contemporaneous effects of interest rates on house prices has been elusive. We present direct evidence of the…

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Oleksiy Kryvtsov

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Marianna Kudlyak

BIS Working Paper No 1211 11 Sep 2024

Non-bank lending and the transmission of monetary policy

We analyze the role of nonbank lenders in the transmission of monetary policy using data on the universe of unsecured credit to…

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BIS Bulletin No 89 15 Jul 2024

Housing costs: a final hurdle in the last mile of disinflation?

Inflation receded from recent peaks, but housing cost growth remains elevated. This strength reflects pandemic-induced changes…

Ryan Niladri Banerjee

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All external publications (6)

External publication 1 Jul 2026

The aggregate costs of uninsurable business risk

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Virgiliu Midrigan

External publication 13 Nov 2025

How Do Quantitative Easing and Tightening Affect Firms?

By

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External publication 10 Nov 2025

Nonbank lending and the transmission of monetary policy

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External publication 10 Oct 2024

Nonbank lending and the transmission of monetary policy

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External publication 31 May 2022

Liquidity constraints in the US housing market

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Virgiliu Midrigan

External publication 31 Mar 2014

The Euro area sovereign debt crisis: can contagion spread from the periphery to the core?

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