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Research Interests


International Economics and Open Economy Macroeconomics

Biography


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

Bergin, P. R. and Corsetti, G. Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage, American Economic Journal: Macroeconomics vol 12 no. 4 (2020) pp. 246-286
Acconcia, A., Corsetti, G. and Simonelli, S. Liquidity and Consumption: Evidence from Three Post-earthquake Reconstruction Programs in Italy, American Economic Journal: Macroeconomics vol 12 no. 3 (2020) pp. 319-346
Corsetti, G., Erce, A. and Uy, T. Official Sector Lending Strategies During the Euro Area Crisis, The Review of International Organizations vol 15 (2020) pp. 667–705
Bodenstein, M., Corsetti G. and Guerrieri, L. Social Distancing and Supply Disruptions in a Pandemic, Covid Economics: Vetted and Real-Time Papers (19) (2020) pp. 1-52
Corsetti, G., Eichengreen, B., Hale, G. and Tallman, E. The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis, Open Economies Review vol 31 (2020) pp. 219-236

Cambridge Working Papers in Economics

Bodenstein, M., Corsetti, G. and Guerrieri, L. Social Distancing and Supply Disruptions in a Pandemic, (2020) CWPE2031
Bergin, P. R. and Corsetti, G. The Macroeconomic Stabilization Of Tariff Shocks: What Is The Optimal Monetary Response?, (2020) CWPE2026
Corsetti, G. and Marin, E. A. A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market , (2020) CWPE2020
Corsetti, G. and Maeng, S. H. Debt Crises, Fast and Slow, (2020) CWPE2009
Bodenstein, M., Corsetti, G. and Guerrieri, L. The Elusive Gains from Nationally-Oriented Monetary Policy, (2020) CWPE2006

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., Lloyd, S. and Marin, E. Emerging Market Currency Risk Around ‘global disasters’: Evidence from the Global Financial Crisis and the COVID-19 Crisis, (2020), in COVID-19 in Developing Economies. Edited by Simeon Djankov, Ugo Panizza - A CEPR Press VoxEU.org eBook
Corsetti, G., Dedola, L. and Leduc, S. Optimal monetary policy in open economies, (2010), in Handbook of monetary economics. Edited by Ben Friedman, Michael Woodford - North-Holland

Research Activities


Dominant Currency Pricing Mini Conference
Cambridge-INET, the Centre for Macroeconomics and the Faculty of Economics are holding a mini conference on "Dominant Currency Pricing". Organised by Professor Giancarlo Corsetti and Balduin Bippus. It will take place on Tuesday 1st December 2020, 3:10pm-6:00pm GMT (UK) and will be held online. See the event page for more details.
Published on - Tuesday 17th November 2020

Keynote: 2nd European Commission-JEDC Conference
TODAY Prof. Giancarlo Corsetti is delivering the keynote speech on "The exchange rate insulation puzzle" at the 2nd European Commission-JEDC conference entitled ‘Secular Stagnation, Low Interest Rates and Low Inflation: Causes and Implications for Policy’. It is being held online from 5-6 November 2020. More information here: Event details
Published on - Thursday 5th November 2020

European Commission and De Nederlandsche Bank Conference Keynotes
Professor Giancarlo Corsetti has been invited to give two keynote speeches. The first is at the 23rd Annual Research Conference of De Nederlandsche Bank, "Monetary Non-Neutrality: The Real Effects of Monetary Policy in the Short and Long Run", on the 29th October 2020 and the second is the 2nd European Commission-JEDC conference "Secular Stagnation, Low Interest Rates and Low Inflation: Causes and Implications for Policy", on the 5th-6th November 2020.
Published on - Tuesday 27th October 2020

Heterogeneity and Monetary Policy after COVID-19 Mini Conference
Cambridge-INET, the Centre for Macroeconomics and the Faculty of Economics are holding a mini conference on "Heterogeneity and Monetary Policy after COVID-19". Organised by Professor Giancarlo Corsetti and Lukas Freund, the mini conference will feature talks from Corina Boar (NYU) Benjamin Moll (LSE) and Marco Del Negro (NY Fed). It will take place on Tuesday 3rd November 2020, 2:00pm-5:00pm GMT (UK) and will be held online. See the event page for more details.
Published on - Thursday 15th October 2020

Public Investment for the Recovery Seminar
The Centre for Economic Policy Research, the Graduate Institute, Geneva and the International Monetary Fund are hosting an online seminar with Professor Giancarlo Corsetti Raphael Espinoza (IMF) and Beatrice Weder di Mauro (CEPR) on Wendesday 21st October 2020, from 1.30pm. The panel will be discussing the October 2020 chapter of the IMF's Fiscal Monitor Report. Register your interest on CEPR event page.
Published on - Wednesday 14th October 2020

Research Grants


Cambridge-INET Institute (INET)
Centre for Macroeconomics Transition Review - Working towards a stable and sustainable growth path (Economic and Social Research Council (ESRC))
The impact of trade policy and exchange rate shocks on trade (Economic and Social Research Council (ESRC))
A Dynamic Economic And Monetary Union (ADEMU) (Horizon 2020, Societal Challenges (SC))
Working Towards A Stable And Sustainable Growth Path (Centre for Macroeconomics) (Economic and Social Research Council (ESRC))

Institute for New Economic Thinking (INET)


The Cambridge-INET Institute
Coordinator for Transmission Mechanisms and Economic Policy Research Theme

Keynes Fund Sponsored Projects


Corsetti, G. and Eichengreen, B., The Making of the Euro-area Crisis: Lessons from Theory and History (JHLP)
Corsetti, G. and Crowley, M., Credit Constraints and Optimal Price Setting in International Markets (JHOR)

COVID-19 Economic Research


Special Feature: Can Social Distancing Improve the Trade off Between Health and the Economy?
Fast and Furious: the Dollar and International Capital Flows in the COVID-19 Crisis

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

Teaching


PIIB Paper 2 - Lent - International Financial System
MPhil R200 - Advanced Macroeconomics
MPhil F510 - International Finance

PhD Students


Supervisor

Emile Marin
PhD Title: The Hegemon's Dilemma : Intertemporal terms of trade manipulation and expenditure-switching.
Research:
Seung Hyun Maeng
PhD Title: Saving Glut and Global Imbalances
Research:
Balduin Bippus
PhD Title: International Finance
Research:
Daniel Ostry
PhD Title:
Research:
Naoki Yago
PhD Title:
Research: The Causation of Asset Price Bubbles and Financial Crises, and their Effects on Real Economy
Xiaoxiao Zhang
PhD Title:
Research: Revisiting Globalization and Inequality

Advisor

Lidia Smitkova
PhD Title: Effects of trade on de-industrialization
Research:
Andrew Hannon
PhD Title: The Links between Bank and Sovereign Risk
Research:
Alba Patozi
PhD Title: Financial Stability and Macro-prudential Policies
Research:

Professor Giancarlo Corsetti













Professor of Macroeconomics

Research Group:
Macroeconomics

CV: Curriculum Vitae

Personal Site:
http://sites.google.com/site/giancarloco...

Contact Details
Email: gc422@cam.ac.uk
Room: 35
Office Hours: Monday 5.00-6.00pm
College: Fellow of Clare College