Corrado Macchiarelli

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Corrado Macchiarelli

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Bibliographic details

• Authors: Corrado Macchiarelli

Biography

Corrado Macchiarelli is serving as Deputy Mission Chief for the Danish Financial Sector Assessment Program (FSAP) at the International Monetary Fund. He joined the IMF through the Mid-Career Program, and he is currently part of the Money and Capital Markets Department. Previously, he was Manager for Global Macroeconomics Research at the National Institute of Economic and Social Research (NIESR), Associate Professor in Finance and Economics at Brunel University London, and Visiting Fellow in European Political Economy at the London School of Economics. Between 2015 and 2020, he served as a monetary policy expert advising the European Parliament in the context of its Monetary Policy Dialogue with the European Central Bank (ECB). Earlier in his career, he worked as an Economist in the ECB’s Euro Area Macroeconomics Developments Division, following roles as a Trainee in the EU Countries Division of the ECB and a PhD Intern in the IMF’s European Department. He holds a PhD in Economics from the University of Turin–Collegio Carlo Alberto and completed postdoctoral research at the London School of Economics.

Profile

Education

• Postdoctoral Fellowship, London School of Economics and Political Science, 2012 – 14

• Ph.D. in Economics, Collegio Carlo Alberto-University of Turin, 2011

• RESIDENT FELLOWSHIPS

• Harvard University Visting Scholar Program, Minda de Gunzburg Center for European Studies, 2019

• London School of Economics and Political Science Visiting Fellow Programme, European Institute, 2014 – 2022

Previous Experience

• Manager for Global Macroeconomics Research, National Institute of Economic and Social Research (NIESR), 2021 – 2022

• Principal Economist, NIESR, Macroeconomic Modelling and Forecasting, 2020 –2021

• Senior Lecturer in Finance and Economics (Associate Professor, tenure track) and Doctoral Program Lead, Brunel University London, 2014 – 2020

• Monetary Policy Expert, Committee on Economic and Monetary Affairs, European Parliament, 2015 – 2020 (Contract)

• Economist, European Central Bank, DG-Economics, 2011 – 2012

• ECB Traineeship Program, European Central Bank, DG-Economics, 2010 – 2011

• IMF Internship Program, International Monetary Fund, European Department, Summer 2009

Referee Activities

• Journal of Economic Dynamics and Control, Journal of International Economics, European Economic Review, Journal of International Money and Finance, Journal of Financial Econometrics, Journal of Financial Economics, Journal of Financial Stability, Economics Letters, Journal of Common Market Studies, Journal of Economic Interaction and Coordination, Scottish Journal of Political Economy, International Review of Financial Analysis, Open Economies Review, Oxford Bulletin of Economics and Statistics, Economic Modelling, The Quarterly Review of Economics and Finance, Macroeconomic Dynamics, International Review of Economics and Finance, Journal of Economic Asymmetries, Comparative Economic Studies, International Economics, National Institute Economic Review, Journal of Evolutionary Economics, Bulletin of Economic Research, Research and Politics, International Economic Journal, International Economics and Economic Policy, Review of World Economics, IZA Journal of European Labor Studies, Heliyon.

Editorial Activities

• Managing Editor, National Institute Economic Review (Cambridge University Press), 2020 – 2022

• Editorial Board, The Economists' Voice (The Gruyter), 2021 – 2022

Awards and Honors

• TYI Award 2021 for 'Finance', Italian Chamber of Commerce and Industry for the UK and Italian Embassy in London

Current Position

• Deputy Mission Chief, Financial Sector Assessment Program (FSAP) for Denmark, as of May 2026

• IMF Mid-Career Program / Senior Economist, Money and Capital Markets Dept., Global Market Analysis

• Founder and Chair, IMF Italian Staff Association, September 2023 - June 2026

Teaching

• 2020 – 2022 Module: Monetary Policy and Risk Premia in NiGEM, National Institute of Economic and Social Research

• 2019 – 2020 Housing Finance (B.Sc.), Brunel University London

• 2014 – 2020 Advanced Topics in Macroeconomic Theory (B.Sc.), Brunel University London

• 2017 – 2019 Money and Banking (B.Sc.), Brunel University London

• 2016 – 2021 Introduction to Macroeconomics (B.Sc.), New York University, Stern School of Business (London)

• 2015 – 17 Economic Governance of the EMU (eM.Sc.), London School of Economics and Political Science

Work in progress

• "Digital Banking in Latin America: Regulation and Market Conditions in Brazil, Colombia and Mexico" (May 2026), with D. Vasilyev and B. Huang

• “Inflation Tail Risks and Endogenous Expectation Formation” (May 2026), with T. Adrian, H. Kraus and S. Malik

• "How Digital Lending Shapes Bank Risk and Competition. Evidence from an emerging economy" (May 2026), with E. Bátiz-Zuk, A. Bechara, and F. López-Gallo

• "Financial frictions and housing collateral constraints in a macro model with heuristics" (Sept 2018), with P. De Grauwe

Others

• Part-time Lecturer, New York University, Stern School of Business, 2016 – 2021 (Contract)

• Consultant, Sveriges Riksbank, Monetary Policy Dept., Summer 2015 (Contract)

• Consultant, European Central Bank, DG-Economics, Euro Area Macroeconomic Developments, 2012 – 2014 (Contract)

Field of Expertise

• Monetary Policy

• International Macroeconomics

• Economic Modeling

• International Finance

• Macro-Financial Issues

IMF Direct Blog Posts

• Housing Affordability Remains Stretched Amid Higher Interest Rate Environment

Books

• The European Central Bank Between the Financial Crisis and Populisms, with M. Monti, C. Wiesner, S. Diessner, Palgrave MacMillan/Springer Nature, 2020

IMF Publications

IMF Books and Working Papers

• Okun in the Euro: New Evidence from Structural Okun Law’s Estimates for the Euro Area, 1979-2019, Working Paper No. 2024/172 , August 9, 2024

• Deciphering Delphic Guidance: The Bank of England and Brexit, Working Paper No. 2024/160 , July 19, 2024

• Estimating Poland's Potential Output: A Production Function Approach, Working Paper No. 2010/015 , January 1, 2010

IMF Country Reports

• Mexico: Request for an Arrangement Under the Flexible Credit Line and Cancellation of the Current Arrangement - Staff Report, November 2025

• Mexico: Staff Report for the 2025 Article IV Consultation (Financial sector policies; Annex IX)

• Mexico: Staff Report for the 2024 Article IV Consultation and Review Under the Flexible Credit Line Arrangement (Financial sector policies, Annex VI, IX, XIV and XV)

Other Published Materials

• "Data Centers Become a Large Part of Global Commercial Real Estate and Require Financing" (Box 1.3) in Global Financial Stability Report "Chapter 1: Global Financial Markets Confront the War in the Middle East and Amplification Risks" with Z. Huang, T. Chu, and S. Malik, April 2026.

• "Chapter 1: Global Financial Markets Confront the War in the Middle East and Amplification Risks" Various Authors, April 2026.

• "Private Credit in Emerging Markets" (Box 2.1) in Global Financial Stability Report, "Chapter 2 - Capital Flows to Emerging Markets: The Role of Global Nonbank Investors” with D. Yakovlev, April 2026

• “Global Real Estate Update” (Box 1.1) in “Chapter 1 – Shifting Ground beneath the Calm: Stability Challenges amid Changes in Financial Markets”, October 2025.

• Shifting Ground beneath the Calm: Stability Challenges amid Changes in Financial Markets (Chapter 1), Various Authors, October 2025.

• Global Financial Stability Report: Enhancing Resilience amid Global Trade Uncertainty (Chapter 1), April 2025.

• Recent Trends in the Peso (Box 1) in "Mexico: Staff Report for the 2024 Article IV Consultation and Review Under the Flexible Credit Line Arrangement" with F. Arizala and H. Tuesta

• Global Financial Stability Report: Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability? (Chapter 1), October 2024.

• "Intertemporal Risk Trade-Offs to US Growth under Alternative Scenarios of Credit Growth" (Box 1.2.) in Chapter 1 - Global Financial Stability Report: Financial Fragilities along the Last Mile of Disinflation, with H. Kraus, April 2024.

• Global Financial Stability Report: Financial Fragilities along the Last Mile of Disinflation (Chapter 1), April 2024.

• Global Financial Stability Report: Soft Landing or Abrupt Awakening? (Chapter 1), October 2023.

• "Potential Spillover Effects of Changes to Japan’s Yield Curve Control Policy” (Box 1.4) in Chapter 1 - Global Financial Stability Report: A Financial System Tested by Higher Inflation and Interest Rates, with J. Kramer, A. Yokoyama, G. K Pasricha, S. Ikarashi, April 2023.

• Global Financial Stability Report: A Financial System Tested by Higher Inflation and Interest Rates (Chapter 1), April 2023.

• "Global Financial Stability Update" in World Economic Outlook Update: Inflation Peaking Amid Low Growth, with S. Malik (Box 1), January 2023.

Non-IMF Publications

Publications in Journals (Referred)

• “Okun in the Euro: New Evidence from Structural Okun Law’s Estimates for the Euro Area,” (2026) with Nauro F. Campos and F. Mitropoulos, Journal of International Money and Finance, forthcoming, 103672, August.

• “Deciphering Delphic Guidance: The Bank of England and Geopolitical Uncertainty” (2026), with J. S. Chadha, A. Hantzsche, S. Goel and S. Mellina, Journal of International Money and Finance, 162, 103530, February.

• “The Economic Costs of the Russia-Ukraine War” (2022) with P. Mortimer-Lee, I. Liadze and P. Sanchez-Juanino, The World Economy, 46(4), pp. 874-886

• “The Dynamics of Core and Periphery in the European Monetary Union: A New Approach” (2021) with N. Campos, Journal of International Money and Finance, 112(1)

• “Towards an understanding of credit cycles: do all credit booms cause crises?” (2019) with R. Barrell and D. Karim, The European Journal of Finance, 26(10) 978-993.

• “Core and Periphery in the European Monetary Union: Bayoumi-Eichengreen 25 Years Later” (2016) with N. Campos, Economics Letters, 147(1), 127-130

• “European banking union” (2016) The New Palgrave Dictionary of Economics. Online Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan.

• “Animal spirits and credit cycles” (2015) with P. De Grauwe, Journal of Economic Dynamics and Control, 59(1), 95-117.

• “Bond Market Co-Movements, Expected Inflation and the GBP-USD Equilibrium Real Exchange Rate” (2014) The Quarterly Review of Economics and Finance, 54(2), 242–256.

• “On the Join Test of the Uncovered Interest Parity and the Ex-Ante Purchasing Power Parity” (2013) Review of International Economics, 21(3), 519-535.

Publications in Books and Conference Volumes

• "Transitions in the EU labour market before and after the crisis: The role of reforms" (2020) with V. Monastiriotis and N. Lampropoulou in «Structural Reforms and Economic Growth in Europe», Nauro Campos, Paul De Grauwe and Yuemei Ji (Eds.), Cambridge University Press.

• "European Monetary Integration and the EU-UK relationship" (2017) in «The Economics of the UK-EU Relationship: From the Treaty of Rome to the Vote for Brexit» by N. Campos and F. Coricelli (Eds.), Palgrave Macmillan.

Other Published Materials

• SELECTED POLICY PAPERS

• Exogenous shocks and proactive resilience in the EU: The case of the Recovery and Resilience Facility (2022), with A. Bartzokas and R. Giacon, Maastricht Economic and social Research institute on Innovation and Technology (UNU-MERIT) Working Paper 2022-025.

• “Fundamentals versus market sentiments in the euro bond markets: Implications for QE” (2017) with P. De Grauwe and Y. Ji, LSE Financial Market Group Special Paper, 12-2017

• “The Impact of Income and Health on the Economic Decision to Retire (Early)” (2016) with T. Aranki, Brunel University Economics and Finance Working Paper No. 16-17, October.

• “Interaction between monetary policy and bank regulation: Theory and European practice” (2015) with E. Gerba, LSE Systemic Risk Centre Special Papers, no. 10

• SELECTED POLICY CONTRIBUTIONS

• “Sovereign debt sustainability in Greece during the economic adjustment programmes: 2010-2018” (2020), with G. Young and C. Leonel, Report, DG-ECFIN, European Commission

• "What Economic Complexity Theory Can Tell Us about the EU’s Pandemic Recovery and Resilience Plans" with R. Hausmann, M. A. Santos and R. Giacon, Harvard Growth Lab / European Politics and Policy

• “The Deflationary Effects of Global Monetary Tightening” (2022), I. Liadze, B. Naisbitt, P. Sanchez-Juanino, National Institute Economic Review, 262, November

• “The Global Effects of an Oil Price Shock in NiGEM” (2022), with I. Liadze, B. Naisbitt, P. Sanchez-Juanino, National Institute Economic Review, 261

• “Re-evaluating the Economic Costs of the Russia-Ukraine Conflict in NiGEM” (2022), with P. Sanchez-Juanino, I. Liadze, National Institute Economic Review, 260

• "The Economic Costs of the Russia-Ukraine Conflict", with P. Mortimer-Lee, I. Liadze and P. Sanchez-Juanino, NIESR Policy Paper No. 32, 2 March

• “US Inflation – peaking soon?” (2021) with P. Sanchez-Juanino and B. Naisbitt (Box A), National Institute Economic Review, 258, November

• "Simulating the effect of the EU Recovery and Resilience Facility in NiGEM” (2021), with I. Liadze, National Institute Economic Review, 257

• "Financial Spillovers of the American Rescue Plan on Emerging Markets” (2021), with D. Holland, X. Mao, National Institute Economic Review, 256

• “Government bond term premia during the pandemic” (2020), National Institute Economic Review, 254, Cambridge University Press, February, pp. F64–66

• “Post-crisis Excess Liquidity and Bank Lending” (2018), Monetary Policy Dialogue, European Parliament, PE 626.066 - September

• “The corporate sector purchase programme (CSPP): Effectiveness and challenges ahead” (2017) with M. Monti and A. Vedolin, Monetary Policy Dialogue, European Parliament, IP/A/ECON/2017-03, September

• SELECTED OP-EDS

• "The US may be stuck with higher inflation in 2022, and potentially beyond" (2021) with Patricia Sanchez-Juanino and Barry Naisbitt, LSE American Politics and Policy, LSE Phelan Centre, 24 Nov

• "Government bond term premia during the pandemic" (2020) London School of Economics COVID-19 Blog, 27 October

• "The impact of Brexit on bond prices" (2020), UK in a Changing Europe, with S. Mellina, 9 October

• “‘Monetary financing’: is it happening and what are the dangers?” (2020) with Michael McMahon, The Economics Observatory (ECO), 27 May

• “Quantitative easing and monetary financing: what’s the difference?” (2020) with Michael McMahon, The Economics Observatory (ECO), 27 May

• "Labour market mobility in the EU before and after the crisis" (2019) LSE Business Review, with V. Monastiriotis and Nikolitsa Lampropoulou, 14 October

• "Why non-performing loans are still putting the European Banking Union at risk" (2019), EUROPP - European Politics and Policy, with R. Giacon, A. Georgosouli and M. Monti, 27 March

• "A history of the European core and its periphery: How an optimal currency area forms" (2018) with N. Campos, VoxEU.org, 12 March

• “A new measure of economic asymmetries in the Eurozone” (2016) with N. Campos, VoxEU.org, 19 October

• “Brexit, ‘euro-ins’, and ‘euro-outs” (2016) with N. Campos, VoxEU.org, 03 March