## Lucyna Gornicka — CV ## Source details **Canonical URL:** [Lucyna Gornicka — CV](https://www.imf.org/en/research/researcher-cv/author/gornicka-lucyna) ## Other formats - [Markdown version](/en/research/researcher-cv/author/gornicka-lucyna/index.md) - [Structured JSON version](/en/research/researcher-cv/author/gornicka-lucyna/index.json) - [Bundle manifest](/en/research/researcher-cv/author/gornicka-lucyna/bundle-manifest.json) ## Bibliographic details - Authors: Lucyna Gornicka --- ### Biography Lucyna Górnicka is an economist in the Monetary and Capital Markets Department at the IMF. She works in the Monetary and Macroprudential Policies Division, where she contributes to a range of projects on financial stability, capital flows, and policy mix. Lucyna joined the IMF in 2015 (Economist Program), and worked also in the European Department, covering countries such as United Kingdom, Norway, and Finland. Her research interest center around macrofinancial linkages, financial regulation, monetary and macroprudential policies. ### Profile ### Education - 2010-2015 PhD in Economics, University of Amsterdam and Tinbergen Institute, the Netherlands - 2005-2010 MSc in Economics, Warsaw School of Economics, Poland ### Referee Activities - Journal of Financial Intermediation, Journal of Banking and Finance ### Field of Expertise - Economic Modeling - Macro-Financial Issues - Banking - Monetary Policy ### IMF Publications ### IMF Books and Working Papers - [When Policy Bites: State-Dependent Monetary Policy Transmission in Emerging Markets](https://www.imf.org/en/publications/wp/issues/2026/05/14/when-policy-bites-state-dependent-monetary-policy-transmission-in-emerging-markets-576113), Working Paper No. 2026/096 , May 15, 2026 - [Central Bank Digital Currency and Bank Disintermediation in a Portfolio Choice Model](https://www.imf.org/en/publications/wp/issues/2023/11/18/central-bank-digital-currency-and-bank-disintermediation-in-a-portfolio-choice-model-541607), Working Paper No. 2023/236 , November 17, 2023 - [Biases in Survey Inflation Expectations: Evidence from the Euro Area](https://www.imf.org/en/publications/wp/issues/2022/09/30/biases-in-survey-inflation-expectations-evidence-from-the-euro-area-513697), Working Paper No. 2022/205 , September 30, 2022 - [Quarterly Projection Model for Vietnam: A Hybrid Approach for Monetary Policy Implementation](https://www.imf.org/en/publications/wp/issues/2022/06/24/quarterly-projection-model-for-vietnam-a-hybrid-approach-for-monetary-policy-implementation-519929), Working Paper No. 2022/125 , June 24, 2022 - [Corporate Sector Resilience in India in the Wake of the COVID-19 Shock](https://www.imf.org/en/publications/wp/issues/2021/11/19/corporate-sector-resilience-in-india-in-the-wake-of-the-covid-19-shock-509670), Working Paper No. 2021/278 , November 19, 2021 - [Leakages from Macroprudential Regulations: The Case of Household-Specific Tools and Corporate Credit](https://www.imf.org/en/publications/wp/issues/2021/04/29/leakages-from-macroprudential-regulations-the-case-of-household-specific-tools-and-corporate-50246), Working Paper No. 2021/113 , April 29, 2021 - [Stress Testing and Calibration of Macroprudential Policy Tools](https://www.imf.org/en/publications/wp/issues/2020/08/14/stress-testing-and-calibration-of-macroprudential-policy-tools-49677), Working Paper No. 2020/165 , August 14, 2020 - [Measuring Output Gap: Is It Worth Your Time?](https://www.imf.org/en/publications/wp/issues/2020/02/07/measuring-output-gap-is-it-worth-your-time-48978), Working Paper No. 2020/024 , February 7, 2020 - [Capital Flows at Risk: Taming the Ebbs and Flows](https://www.imf.org/en/publications/wp/issues/2019/12/20/capital-flows-at-risk-taming-the-ebbs-and-flows-48878), Working Paper No. 2019/279 , December 20, 2019 - [Optimal Macroprudential Policy and Asset Price Bubbles](https://www.imf.org/en/publications/wp/issues/2019/08/30/optimal-macroprudential-policy-and-asset-price-bubbles-48591), Working Paper No. 2019/184 , August 30, 2019 - [Brexit Referendum and Business Investment in the UK](https://www.imf.org/en/publications/wp/issues/2018/11/21/brexit-referendum-and-business-investment-in-the-uk-46318), Working Paper No. 2018/247 , November 21, 2018 - [Measuring Concentration Risk - A Partial Portfolio Approach](https://www.imf.org/en/publications/wp/issues/2016/12/31/measuring-concentration-risk-a-partial-portfolio-approach-44163), Working Paper No. 2016/158 , August 2, 2016 ### Selected Issues - [House Prices and Labor Mobility in Norway: A Regional Perspective, in: Norway Selected Issues Paper 2018, IMF Country Report No. 18/280, joint with S. Zhang](https://www.imf.org/en/Publications/CR/Issues/2018/09/17/Norway-Selected-Issues-46246) - [Implications of Nordea's Redomicile to Finland, in: Finland Selected Issues Paper 2018, IMF Country Report No. 19/7, joint with A. Scott](https://www.imf.org/en/Publications/CR/Issues/2019/01/15/Finland-Selected-Issues-46519) - [Regional Disparities in Labor Productivity in the United Kingdom, in:United Kingdom Selected Issues Paper 2017, IMF Country Report No. 18/43, joint with N. Arregui](https://www.imf.org/en/Publications/CR/Issues/2018/02/13/United-Kingdom-Selected-Issues-45628) - [Finland's Labor Market, in: Finland Selected Issues Paper 2017, IMF Country Report No. 17/371, joint with Ch. Henn](https://www.imf.org/en/Publications/CR/Issues/2017/12/13/Finland-Selected-Issues-45467) ### Other Published Materials - [Measuring Concentration Risk - A Partial Portfolio Approach, IMF Working Paper 16/158, August 2016, joint with P. Grippa](https://www.imf.org/external/pubs/ft/wp/2016/wp16158.pdf) ### Non-IMF Publications ### Publications in Journals (Refereed) - [Banks and Shadow Banks: Competitors or Complements?, Journal of Financial Intermediation, Volume 27, July 2016, Pages 118-131.](https://www.sciencedirect.com/science/article/pii/S1042957316300109) - [Too International to Fall? Supranational Bank Resolution and Market Discipline, Journal of Banking and Finance, Volume 65, April 2016, Pages 41–58, joint with M.A. Zoican](https://www.sciencedirect.com/science/article/pii/S0378426616000157) ### Other Published Materials - [Learning About Fiscal Multipliers During the European Sovereign Debt Crisis: Evidence From a Quasi-Natural Experiment, ECB Working Paper 2154, May 2018, joint with Ch. Kamps, G. Koester and N. Leiner-Killinger (R&R)](https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2154.en.pdf?da8cd5a12c6df67a80178fbdc8f857c0) --- _Source: https://www.imf.org/en/research/researcher-cv/author/gornicka-lucyna_