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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., Mavroeidi, E., Thwaites, G. and Wolf, M. Step away from the zero lower bound: small open economies in a world of secular stagnation, Journal of International Economics vol 116 (2019) pp. 88-102
Corsetti, G., Dedola, L., Jarocinski, M., Mackowiak, B., and Schmidt, S. Macroeconomic stablization, monetary-fiscal interactions, and Europe's monetary union, European Journal of Political Economy vol 57 (2018) pp. 22-33
Corsetti, G., Kuester, K. and Müller, G. J. Fixed on Flexible Rethinking Exchange Rate Regimes after the Great Recession, IMF Economic Review vol 65(3) (2017) pp. 586-632
Corsetti, G. Comments on "Obstfeld and Rogoff's international macro puzzles: a quantitative assessment" by J. Eaton, S. Kortum and B. Neiman, Journal of Economic Dynamics and Control vol 72 (2016) pp. 24-28
Corsetti, G. and Dedola, L. The "mystery of the printing press" monetary policy and self-fulfilling debt crises, Journal of the European Economic Association vol 14(6) (2016) pp. 1329-1371

Cambridge Working Papers in Economics

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
Corsetti, G., Lafarguette, R. and Mehl, A. Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market, (2019) CWPE1970

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

Research Activities

The Dollar and International Capital Flows in the COVID-19 Crisis
Professor Giancarlo Corsetti, and Emile Marin have published an article for VOXeu titled "The dollar and international capital flows in the COVID-19 crisis". This column shows that in crises, the dollar tends to appreciate – especially against emerging market currencies – and dollar liquidity becomes scarce.
Published on - Friday 3rd April 2020

Covid Economics: A Real-Time Journal
Professor Giancarlo Corsetti joins the editorial board promoting, "Covid Economics: A Real-Time Journal (CEJ)". The Centre for Economic Policy Research (CEPR) has decided to launch this new online peer-reviewed review to disseminate emerging scholarly work on the Covid-19 epidemic. CEPR have just published Covid Economics: Vetted and Real-Time Papers Issue 1.
Published on - Saturday 28th March 2020

Debt and Macroeconomic Stabilization
Professor Giancarlo Corsetti will deliver the 2019 Federico Caffè Lecture at Sapienza University of Rome on 18th and 19th December 2019. Prof Corsetti's lecture topic will be "Debt and Macroeconomic Stabilization". The two day lecture series is modelled on the Marshall Lectures, held annually at the Faculty of Economics, University of Cambridge.
Published on - Monday 16th December 2019

IMF Annual Research Conference
Professor Giancarlo Corsetti will speak at The International Monetary Fund's Twentieth Jacques Polak Annual Research Conference, which is being held at the IMF headquarters in Washington DC on 7th-8th November 2019. Prof. Corsetti's talk will be on his paper "Debt Sustainability and the Terms of Official Support", joint with Aitor Erce (European Investment Bank) and Timothy Uy (Deloitte).
Published on - Wednesday 6th November 2019

Dollars and sense: The sterling depreciation and UK price competitiveness
Professor Giancarlo Corsetti, Dr. Meredith Crowley, and Lu Han have published an article for VOXeu titled "Dollars and sense: The sterling depreciation and UK price competitiveness". This column shows that UK export price response to depreciation depends on the currency in which UK firms invoice their cross-border transactions.
Published on - Wednesday 28th August 2019

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

The Making of the Euro-area Crisis: Lessons from Theory and History, Corsetti, G. and Eichengreen, B. (JHLP) Research Output
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
MPhil F510 - International Finance

PhD Students


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
Balduin Bippus
PhD Title: International Finance
Daniel Ostry
PhD Title:


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

Professor Giancarlo Corsetti

Professor of Macroeconomics

Research Group:

CV: Curriculum Vitae

Personal Site:

Contact Details
Room: 35
College: Fellow of Clare College