Raphael Auer
Raphael Auer is head of the Eurosystem Centre of the BIS Innovation Hub, which has offices in Frankfurt and Paris and – together with the central banks of the euro area and other Innovation Hub Centres – explores technologies to improve the functioning of the global financial system. Before taking up his current assignment, he was Principal Economist in the BIS's Innovation and Digital Economy and Monetary Policy units. Before that, he was Deputy Head of the International Trade and Capital Flows unit at Swiss National Bank, Globalization and Governance Fellow at Princeton School of Public and International Affairs and junior visiting fellow at the Federal Reserve Bank of New York. He holds a PhD in economics from MIT and is president of the Central Bank Research Association. He has written and published on various topics relating to international macroeconomics and exchange rate pass-through, as well as on cryptocurrencies, stablecoins and CBDC. On these topics, he has also contributed to BIS policy publications and various international forums, including the G20-CPMI Cross-Border Payments Taskforce.
Fields of interest
- Monetary policy
- Financial market infrastructures
- International economics
- " Exchange rates and prices: evidence from the 2015 Swiss franc appreciation" (with A Burstein and S Lein), American Economic Review, forthcoming.
- " International inflation spillovers through input linkages" (with A Levchenko and P Sauré), Review of Economics and Statistics, (forthcoming), 2019. Also published as BIS Working Papers, no 623.
- " Quality pricing-to-market" (with T Chaney and P Sauré), Journal of International Economics, vol 110, 2018, pp 87-102. Also published as BIS Working Papers, no 657.
- " Dynamic entry in vertically differentiated markets" (with P Sauré), Journal of Economic Theory, vol 167(C), 2017, pp 177-205.
- " Market structure and exchange rate pass-through" (with R Schoenle), Journal of International Economics, vol 98(C), 2016, pp 60-77.
- " The economics and politics of revoking NAFTA" (with B Bonadio and A Levchenko), IMF Economic Review, November 2019.
- " Exports and invoicing: evidence from the 2015 Swiss franc appreciation" (with A Burstein, K Erhardt and S Lein), American Economic Review: Papers and Proceedings, May 2019.
- " Global value chains and the increasingly global nature of inflation" (with C Borio and A Filardo), VoxEU, April 2017.
- " Product heterogeneity, cross-country taste differences, and the growth of world trade", European Economic Review, vol 100, 2017, pp 1-27.
- " The banking sector and the Swiss financial account during the financial and European debt crises" (with C Tille), Swiss National Bank Working Paper, issue 2016-05, 2016.
- " Comments on 'Measuring openness to trade' by M E Waugh and B Ravikumar", Journal of Economic Dynamics and Control, vol 72(C), 2016, pp 42-4.
- " Exchange rate pass‐through, domestic competition, and inflation: evidence from the 2005-08 revaluation of the renminbi", Journal of Money, Credit and Banking, vol 47, no 8, December 2015, pp 1617-50.
- " A safe haven: international demand for Swiss francs during the euro area debt crisis", Swiss National Bank, Quarterly Bulletin, no 2/2015, June 2015.
- " Human capital and the dynamic effects of trade", Journal of Development Economics, vol 117(C), 2015, pp 107–18.
- " What drives TARGET2 balances? Evidence from a panel analysis", Economic Policy, vol 29, no 77, 2014, pp 139-97.
- " Trade linkages and the globalisation of inflation in Asia and the Pacific" (with A Mehrotra), Journal of International Money and Finance, vol 49(A), 2014, pp 129-51.
- " Low-wage import competition, inflationary pressure, and industry dynamics in Europe" (with K Degen and A Fischer), European Economic Review, vol 59(C), 2013, pp 141-66.
- " Geography, institutions, and the making of comparative development", Journal of Economic Growth, vol 18, no 2, June 2013, pp 179-215.
- " CHF strength and Swiss export performance - evidence and outlook from a disaggregate analysis" (with P Sauré), Applied Economics Letters, vol 19, no 6, April 2012, pp 521-31.
- " How do Austrian banks fund their Swiss franc exposure?" (with S Kraenzlin and D Liebeg), Oesterreichische Nationalbank, Financial Stability Report, issue 24, 2012, pp 54–61.
- " International liquidity provision during the financial crisis: a view from Switzerland" (with S Kraenzlin), Federal Reserve Bank of St Louis Review, vol 93, no 6, November/December 2011, pp 409–18.
- " The effect of low-wage import competition on U.S. inflationary pressure" (with A Fischer), Journal of Monetary Economics, vol 57, no 4, May 2010, pp 491–503.
- " Exchange rate pass-through in a competitive model of pricing-to-market" (with T Chaney), Journal of Money, Credit and Banking, vol 41, no s1, 2009, pp 151–75.