Raphael Auer

Senior Adviser - International Economics

Monetary and Economic Department

raphael.auer@bis.org

Raphael Auer is Senior Adviser for International Macro at the Bank for International Settlements. From 2022 to 2026, he headed the BIS Innovation Hub Eurosystem Centre in Paris and Frankfurt. Earlier roles include Principal Economist in the BIS’s Innovation and Digital Economy and Monetary Policy units, and Deputy Head of International Trade and Capital Flows at the Swiss National Bank. He has contributed to BIS policy work and published in leading academic journals on international macroeconomics, monetary policy, digital currencies and payments. He holds a PhD in economics from MIT and founded the Central Bank Research Association.

Fields of interest

Monetary policy
Financial market infrastructures
International economics

All BIS publications (39)

Browse all publications by this author

BIS Working Paper No 1390 3 Nov 2026

Prewar US business cycles under uncertainty: reconstructing quarterly GDP before 1947

Official quarterly US GDP estimates begin in 1947; earlier quarterly histories must be reconstructed using annual benchmarks…

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…

Iñaki Aldasoro

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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…

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Maryam Haghighi

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Nicolas Margaine

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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)…

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Michael Fröwis

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Bernhard Haslhofer

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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…

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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…

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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…

Santiago Alvarez-Blaser

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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…

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Leonardo Gambacorta

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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…

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All external publications (35)

Browse all external publications by this author

External publication 20 May 2025

Distributed ledgers and the governance of money

in Journal of Financial Economics

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External publication 9 Apr 2025

The economics of distributed ledgers and the limits of decentralised money

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External publication 1 Apr 2025

Crypto trading and Bitcoin prices: evidence from a new database of retail adoption

in IMF Economic Review

Leonardo Gambacorta

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Sebastian Doerr

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Giulio Cornelli

External publication 15 Dec 2023

Can central bank digital currencies help advance financial inclusion?

in Journal of Payments Strategy & Systems

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Nana Yaa Boakye-Adjei

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Harish Natarajan

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Ahmed Faragallah

External publication 2 Oct 2023

Rise of the central bank digital currencies

in International Journal of Central Banking

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Giulio Cornelli

External publication 1 Oct 2023

Unequal expenditure switching: evidence from Switzerland

in The Review of Economic Studies

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External publication 27 Jul 2023

Global production linkages and stock market comovement

in CEPR Discussion Papers

Andreas Schrimpf

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Alexander F Wagner

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External publication 1 Oct 2022

The countercyclical capital buffer and the composition of bank lending

in Journal of Financial Intermediation

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Alexandra Matyunina

External publication 1 Aug 2022

Central bank digital currencies: motives, economic implications, and the research frontier

in Annual Review of Economics

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Leonardo Gambacorta

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All videos (5)

00:40:47

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…

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Maryam Haghighi

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00:11:11

BIS Innovation Hub project showcase: project Gaia

Video 7 May 2024

BIS Innovation Hub project showcase: project Gaia

BIS Innovation Summit 2024

By

00:05:32

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

00:07:16

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…

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00:02:00

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…

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