Raphael Auer

Raphael Auer

Senior Adviser - International Economics
Monetary and Economic Department
raphael.auer@bis.org

Raphael Auer's main academic research focuses on international macroeconomics and the micro-foundations of spillovers and external adjustment. He studies how exchange rate movements transmit through currency of invoicing, market structure and global value chains to shape border prices, retail inflation and expenditure switching. Other work has explored how global slack and supply chain integration synchronise inflation across borders. A second strand of his research examines economic and financial stability aspects of digitisation, including digital payments, digital currencies, quantum computing and artificial intelligence.

Fields of interest
  • Monetary policy
  • Financial market infrastructures
  • International economics

All BIS publications (38)

BIS Bulletin No 129
BIS Bulletin No 129 20 Jul 2026
A Mythos moment? Frontier AI and cyber risk
Frontier artificial intelligence (AI) models increase the speed, scale and complexity of cyber attacks, and they also…
By
Iñaki Aldasoro
,
Raphael Auer
,
Jon Frost
and
Fernando Perez-Cruz
BIS Paper No 158 7 Jul 2025
Quantum-readiness for the financial system: a roadmap
Quantum computers may in the future break today's widely used encryption. This paper provides a framework to support the…
By
Raphael Auer
,
Donna Dodson
,
Angela Dupont
,
Maryam Haghighi
,
Nicolas Margaine
,
Danica Marsden
,
Sarah McCarthy
and
Andras Valko
BIS Working Paper No 1268 14 May 2025
Towards verifiability of total value locked (TVL) in decentralized finance
Total Value Locked (TVL) aims to measure the aggregate value of cryptoassets deposited in Decentralized Finance (DeFi)…
By
Pietro Saggese
,
Michael Fröwis
,
Stefan Kitzler
,
Bernhard Haslhofer
and
Raphael Auer
BIS Working Paper No 1265 8 May 2025
DeFiying gravity? An empirical analysis of cross-border Bitcoin, Ether and stablecoin flows
We investigate trends and drivers of cross-border flows of the two major native cryptoassets (Bitcoin and Ether) and the two…
By
Raphael Auer
,
Ulf Lewrick
and
Jan Paulick
BIS Working Paper No 1242 23 Jan 2025
Privacy-enhancing technologies for digital payments: mapping the landscape
How can technology enhance privacy in digital payment systems? This paper presents a systematic evaluation of the interests of…
By
Raphael Auer
,
Rainer Böhme
,
Jeremy Clark
and
Didem Demirag
BIS Working Paper No 1240 16 Jan 2025
The granular origins of inflation
This paper uses barcode-level price data for 16 advanced and emerging market countries over the period 2005–2022 to…
By
Santiago Alvarez-Blaser
,
Raphael Auer
,
Sarah M Lein
and
Andrei A Levchenko
BIS Paper No 149 9 Oct 2024
Quantum computing and the financial system: opportunities and risks
Quantum computers are still in an experimental phase, but in the future, they may have a profound impact on the financial…
By
Raphael Auer
,
Angela Dupont
,
Leonardo Gambacorta
,
Joon Suk Park
,
Koji Takahashi
and
Andras Valko
BIS Working Paper No 1207 2 Sep 2024
The rise of generative AI: modelling exposure, substitution and inequality effects on the US labour market
How exposed is the labour market to ever-advancing AI capabilities, to what extent does this substitute human labour, and how…
By
Raphael Auer
,
David Köpfer
and
Josef Švéda
BIS Working Paper No 1189 16 May 2024
Sixty years of global inflation: a post-GFC update
Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor model…
By
Raphael Auer
,
Mathieu Pedemonte
and
Raphael Schoenle

All external publications (35)

External publication 1 Dec 2021
Why central bank digital currencies?
By
Raphael Auer
,
Jon Frost
,
Antoine Martin
,
Neha Narula
and
Michael Junho Lee
External publication 1 Feb 2021
Exchange rates and prices: Evidence from the 2015 Swiss franc appreciation
By
Raphael Auer
,
Ariel Burstein
and
Sarah M Lein
External publication 1 Dec 2020
Stablecoins: risks, potential and regulation
By
Raphael Auer
,
Jon Frost
and
Douglas Arner
External publication 1 Sep 2020
Inclusive payments for the post-pandemic world
By
Raphael Auer
,
Jon Frost
,
Amber Wadsworth
,
Tara Rice
and
Thomas Lammer
External publication 1 Nov 2019
The economics and politics of revoking NAFTA
By
Raphael Auer
,
Andrei A Levchenko
and
Barthélémy Bonadio
External publication 1 May 2019
Exports and invoicing: evidence from the 2015 Swiss franc appreciation
By
Raphael Auer
,
Sarah M Lein
and
Katharina Erhardt
External publication 1 Jan 2018
Quality pricing-to-market
By
Raphael Auer
,
Philip Ulrich Sauré
and
Thomas Chaney
External publication 1 Nov 2017
Product heterogeneity, cross-country taste differences, and the growth of world trade
By
Raphael Auer
External publication 28 Apr 2017
Global value chains and the increasingly global nature of inflation
By
Claudio Borio
,
Andrew J Filardo
and
Raphael Auer

All videos (5)

00:11:11
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BIS Innovation Hub project showcase: project Gaia
Video 7 May 2024
BIS Innovation Hub project showcase: project Gaia
BIS Innovation Summit 2024
By
Raphael Auer
00:40:47
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Fireside chat: Generative AI in central banks and financial firms: should I stay, or should I go?
Video 7 May 2024
Fireside chat: Generative AI in central banks and financial firms: should I stay, or should I go?
Participants from financial firms and central banks discuss the advantages and risks of using generative AI in the context of…
By
Raphael Auer
,
Maryam Haghighi
and
Ej Achtner
00:05:32
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The Eurosystem Innovation Hub Centre
Video 6 Feb 2023
The Eurosystem Innovation Hub Centre
Raphael Auer, Head of the Innovation Hub Eurosystem Centre, discusses plans for the centre's projects and priorities, and…
By
Raphael Auer
00:07:16
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Cross-border "multi-CBDC" arrangements
Video 23 Mar 2021
Cross-border "multi-CBDC" arrangements
Cross-border "multi-CBDC" arrangements: what is different from current payment systems, what are the opportunities and what…
By
Raphael Auer
00:02:00
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Regulating cryptocurrencies: assessing market reactions
Video 23 Sep 2018
Regulating cryptocurrencies: assessing market reactions
Auer discusses how the valuations of cryptocurrencies, as well as their transaction volumes and user bases, react to news about…
By
Raphael Auer

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