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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, C., Kuester, K. and Müller, G. J. Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession, (2017) IMF Economic Review
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

Cambridge Working Papers in Economics

Corsetti, G., Crowley, M., Han, L. and Song, H. Markups and Markets: A New Empirical Framework and Evidence on Exporters from China, (2018) CWPE1815
Corsetti, G., Duarte, J. B. and Mann, S. One Money, Many Markets - A Factor Model Approach to Monetary Policy in the Euro Area with High-Frequency Identification, (2018) CWPE1816
Corsetti, G., Dedola, L. and Leduc, S. Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-offs, (2018) CWPE1822
Ari, A., Corsetti, G. and Dedola, L. Debt Seniority and Sovereign Debt Crises, (2018) CWPE1831
Corsetti, G., Kuester, K. and Müller, G. J. Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession, (2017) CWPE1729

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

UK in a Changing Europe awarded Best Think Tank - Published on: Wednesday 18th July 2018
UK in a Changing Europe has been awarded Best Think Tank covering Global Affairs in the UK by Prospect Magazine. Dr. Meredith Crowley, a Research Leader for UK in a Changing Europe, and Prof. Giancarlo Corsetti along with their co-investigator from Law, Lorand Bartels, contributed a number of policy analysis pieces that were cited as one of UK in a Changing Europe's major successes.

United Nations High-Level Advisory Board - Published on: Monday 16th July 2018
Prof. Giancarlo Corsetti was invited to join the newly created United Nations High-Level Advisory Board on Economic Social Affairs. The board held its inaugural meeting on July 9th and 10th 2018.

Reassessing the Fiscal and Monetary Framework in EMU - Published on: Wednesday 16th May 2018
Prof. Giancarlo Corsetti presented at the State of the Union conference, Solidarity and Union, in Florence. He spoke on Reassessing the Fiscal and Monetary Framework in the Economic and Monetary Union (EMU). You can watch his talk on the Cambridge-INET site.

Dr. Crowley Discusses Research Findings on BBC World Service - Published on: Monday 26th March 2018
Dr. Meredith Crowley discussed the findings of the paper "Markups and Markets: A New Empirical Framework and Evidence on Exporters from China" (joint with Giancarlo Corsetti, Lu Han and Huasheng Song) in an interview with Fergus Nicoll of BBC World Service Business Matters. Dr. Crowley's interview discussing the research conducted at Cambridge starts at 09:30.

Prof. Corsetti Gives Deutsche Bundesbank and IMF Keynote Speeches - Published on: Wednesday 21st March 2018
Prof. Giancarlo Corsetti has two Keynote Speeches this week. At the Deutsche Bundesbank's "Fiscal Policy in EMU – The Way Ahead", in Frankfurt and the IMF Conference "Many Objectives or Too Few Instruments?" in Washington DC.

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, Corsetti, G. and Eichengreen, B. (JHLP)
Credit Constraints and Optimal Price Setting in International Markets, Crowley, M. and Corsetti, G. (JHOR)

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
F510 - International Finance
Phd20 - Topics in Advanced Macroeconomics

PhD Students


Samuel Mann
PhD Title: Macroeconomic Stabilisation and Capital Controls
Research: International Macroeconomics & Finance
Emile Marin
PhD Title: The Hegemon's Dilemma : Intertemporal terms of trade manipulation and expenditure-switching.
Seung Hyun Maeng
PhD Title: Saving Glut and Global Imbalances


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