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Research Interests

International Economics and Open Economy Macroeconomics


Ph.D. from Yale (1992), his contributions range from theoretical and empirical work on fiscal and monetary policy, to analyses of currency and financial crises and their international contagion. Serves as co-editor of the Journal of International Economics, Programme Director at Centre for Economic Policy Research in London, and scientific consultant to the Bank of England and the European Central Bank.

Recent Publications

Published Papers

Corsetti, G. Comments on "Obstfeld and Rogoff's international macro puzzles: a quantitative assessment" by J. Eaton, S. Kortum and B. Neiman, (2016) Journal of Economic Dynamics and Control
Corsetti, G. and Dedola, L. The mystery of the printing press: monetary policy and self-fulfilling debt crises, (2016) Journal of the European Economic Association
Corsetti, G. Roots of the Eurozone crisis: incomplete development and imperfect credibility of institutions, (2015) Geneva Reports on the World Economy
Corsetti, G., Dedola, L., and Leduc, S. The international dimension of productivity and demand shocks in the US economy, (2014) Journal of the European Economic Association
Corsetti, G., Kuester, K., Meier, A. and Müller, G. J. Sovereign risk and belief-driven fluctuations in the euro area, (2014) Journal of Monetary Economics

Cambridge Working Papers in Economics

Corsetti, G., Kuester, K. and Müller, G. J. Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession, (2017) CWPE1729
Corsetti, G., Erce, A. and Uy, T. Official Sector Lending Strategies During the Euro Area Crisis, (2017) CWPE1730
Corsetti, G., Kuester, K. and Müller, G. J. The Case for Flexible Exchange Rates in a Great Recession, (2016) CWPE1644
Corsetti, G., Mavroeidi, E., Thwaites, G. and Wolf, M. Step away from the zero lower bound: Small open economies in a world of secular stagnation, (2016) CWPE1645
Corsetti, G., Dedola, L., Jarocinski, M., Mackowiak, B. and Schmidt, S. Macroeconomic Stabilization, Monetary-fiscal Interactions, and Europe’s monetary Union, (2016) CWPE1675

Authored Book

Giancarlo, C., Feld, L.P., Lane, P.R., Reichlin, L A new start for the Eurozone: dealing with debt, (2015) Monitoring the Eurozone - CEPR

Chapter in Book

Corsetti, G., Dedola, L. and Leduc, S. Optimal monetary policy in open economies, (2010) in the book: Handbook of monetary economics - North-Holland

Recent Activities

Prof. Corsetti to talk at the Annual MacCaLM Conference - Publication Date: 2017-06-07
Professor Giancarlo Corsetti is giving a talk on 'Capital flows and monetary policy trade-offs' at the Annual MacCaLM Conference, University of Edinburgh on 21st June 2017.

A conversation with Prof. Maurice Obstfeld (IMF) - Publication Date: 2017-05-11
The world outlook and the international monetary system: A conversation with Prof. Maurice Obstfeld, Chief Economist at the IMF will take place at Corpus Christi College on 29th May 2017, 5.00 - 6.00pm.

Dr. Crowley, Prof. Corsetti and Dr. Bartels (Law) win £300k ESRC grant. - Publication Date: 2017-04-18
Dr. Crowley, with co-investigators Prof. Corsetti and Dr. Bartels (Law), wins £300k ESRC grant to study the impact of trade policy and exchange rate shocks on trade volumes and prices in post-Brexit Britain.

J M Keynes Fellowship Fund Lectures - Publication Date: 2017-02-13
Professors, Giancarlo Corsetti, Sanjeev Goyal and Hamid Sabourian will be speaking at the J M Keynes Fellowship Fund Lecture, on Tuesday 21 February 2017, 17.30-19.30, in The McGrath Centre, St Catharine’s College

Prof. Corsetti's Schumpeter Lecture published by the JEEA - Publication Date: 2017-01-17
Prof. Giancarlo Corsetti's Schumpeter Lecture at the 2015 European Economic Association Meeting published by the Journal of the European Economic Association.

Research Grants

Cambridge-INET Institute (INET)
The impact of trade policy and exchange rate shocks on trade (ESRC)
A Dynamic Economic And Monetary Union (Ademu) (ECH2020 SOCIETAL CHALLENGES (SC))
Working Towards A Stable And Sustainable Growth Path (Macro Centre) (LONDON SCHOOL OF ECONOMICS (FB ESRC))

Keynes Fund Sponsored Projects

The Making of the Euro-area Crisis: Lessons from Theory and History with Eichengreen, B. (JHLP)

Handbook of Monetary Economics

Optimal monetary policy in open economies joint with Luca Dedola and Sylvain Leduc, published in the Handbook of Monetary Economics, vol. III, Edited by Ben Friedman and Michael Woodford, 2010. Note: I keep this copy clean of (the few) typos. If you read the book, please refer to HANDBOOK: ERRATA


PIIB Paper 2 - Lent - International Financial System
M220 - Macroeconomics III
F510 - International Finance
Phd20 - Topics in Advanced Macroeconomics

PhD Students


Samuel Mann
PhD Title: Macroeconomic Stabilisation and Chapter Controls
Research: International Macroeconomics & Finance
Jasmine Xiao
PhD Title: Corporate Debt Structure, Precautionary Savings, and Investment Dynamics
Research: Macroeconomics, Financial Economics, Firm Dynamics
Lu Han
PhD Title: Optimal Price Setting and Exchange Rate Pass Through - The Role of the Retail Capital
Emile Marin
PhD Title: Self-fulfilling Crises and Country Solidarity


Anil Ari
PhD Title: Sovereign Risk and Fiscal Policy in an Open Economy Framework
Research: Sovereign Risk, Macro-Finance, Open Economy Macroeconomics
(Edward) Rafe Martyn
PhD Title: Supply-Side Policies at the Zero-lower bound in a Rotemberg Wage Setting
Research: Labour economics; Macroprudential policy; Zero-Lower-Bound
Lidia Smitkova
PhD Title: Effects of trade on de-industrialization
Daniel Wales
PhD Title: The Impact of Large Scale Asset Purchases on Wealth Inequality

Professor Giancarlo Corsetti

Professor of Macroeconomics

Research Group:

CV: Curriculum Vitae

Personal Site:

Contact Details
Room: 35
College: Fellow of Clare College