Paolo Cavallino

Paolo Cavallino

Senior Economist

Monetary and Economic Department

In addition to his position at the BIS, Paolo Cavallino is also a visiting lecturer at the Graduate Institute of International and Development Studies in Geneva. Prior to joining the BIS, Paolo worked at the International Monetary Fund in the Research and African departments. His areas of research are international macroeconomics and finance. His current work focuses on monetary and exchange rate policies in emerging market economies, the determinants of exchange rates and the role of international financial frictions.

All BIS publications (8)

Monetary policy operational frameworks - a new taxonomy

Publication 15 Sep 2025

Monetary policy operational frameworks - a new taxonomy

Paolo Cavallino

,

Mathias Drehmann

,

and

BIS Working Paper No 1246 4 Mar 2025

Monetary policy along the yield curve: why can central banks affect long-term real rates?

Evidence suggests that monetary policy can affect long-term real interest rates, but it is not clear what drives this outcome…

,

Paolo Cavallino

and

BIS Bulletin No 63

BIS Bulletin No 63 9 Dec 2022

"Front-loading" monetary tightening: pros and cons

In response to the surge in inflation globally, central banks have engaged in the most synchronised and rapid monetary…

Paolo Cavallino

,

Giulio Cornelli

,

and

BIS Working Paper No 1032 18 Jul 2022

Capital flows and monetary policy trade-offs in emerging market economies

We set out a small open-economy model incorporating key features of EMEs' economic and financial structure: a high exchange…

Paolo Cavallino

and

BIS Working Paper No 950 10 Jun 2021

Fiscal regimes and the exchange rate

In this paper, we argue that the effect of monetary and fiscal policies on the exchange rate depends on the fiscal regime. A…

Enrique Alberola-Ila

,

,

Paolo Cavallino

and

BIS Working Paper No 934 30 Mar 2021

A global database on central banks' monetary responses to Covid-19

The Covid-19 pandemic has been a global shock of unprecedented size that has hit most countries around the world. Central banks…

,

Paolo Cavallino

,

Fiorella De Fiore

and

BIS Bulletin No 21 5 Jun 2020

Central banks' response to Covid-19 in advanced economies

Central banks in advanced economies reacted swiftly and forcefully to the Covid-19 pandemic, deploying the full range of crisis…

Paolo Cavallino

and

Fiorella De Fiore

BIS Working Paper No 770 21 Feb 2019

The expansionary lower bound: contractionary monetary easing and the trilemma

We provide a theory of the limits to monetary policy independence in open economies arising from the interaction between…

Paolo Cavallino

and

All external publications (3)

External publication 10 Jan 2023

The open-economy ELB: contractionary monetary easing and the trilemma

Paolo Cavallino

and

External publication 1 Apr 2019

Capital flows and foreign exchange intervention

Paolo Cavallino

External publication 1 Nov 2018

The expansionary lower bound: contractionary monetary easing and the trilemma

Paolo Cavallino

and

All podcasts (1)

00:19:04

Podcast 30 Mar 2021

Central banks and their monetary policy responses to the Covid-19 pandemic

Carlos Cantú and Paolo Cavallino explain how a novel database provides a "deep dive" into the monetary policy responses of…

By

and

Paolo Cavallino

0:00 0:00

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