Leonardo Gambacorta

Research Adviser
Monetary and Economic Department

Before taking up his current position, Leonardo was Head of Monetary Policy in the Monetary and Economic Department (2010-12). He was also 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 the University of Warwick and a PhD in Economics from the University of Pavia. He worked as a financial analyst in the Supervision Department of the Bank of Italy (Milan branch) before becoming Head of the Banking Sector Unit of the Research Department (2004-06). He was a visiting scholar at the National Bureau of Economic Research (2002-03). His main interests include the monetary transmission mechanisms, the effectiveness of macroprudential policies, the financial intermediation process and the functioning of securitisation markets. He is a research fellow of the Centre for Economic Policy Research.

Fields of interest

  • Macroeconomics
  • Monetary policy
  • Central banking

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