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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., 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
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

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 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

D-DebtCon Webinar
Prof. Giancarlo Corsetti will be speaking at the D-DebtCon Webinar entitled ‘Sovereign Debt in the European Union’ on 8 September 2020 at 3.30PM CEST on ‘Debt Crises Fast and Slow’. See the Programme and Registration details.
Published on - Tuesday 1st September 2020

The Heterogeneous Transmission of ECB Policies in a Post-COVID Europe
Professor Giancarlo Corsetti, Joao B. Duarte (Nova School of Business and Economics) and Samuel Mann (IMF) have published an article for VOXeu titled "The Heterogeneous Transmission of ECB Policies: Lessons for a Post-COVID Europe". This column suggests that the disruption to market integration brought about by the COVID-19 crisis may create further challenges to conducting monetary policy in the euro area.
Published on - Friday 7th August 2020

Can Social Distancing Improve the Trade-off Between Health and the Economy?
Professor Giancarlo Corsetti will give the Cambridge Institute of Therapeutic Immunology and Infectious Disease's COVID-19 Weekly Webinar on "Can Social Distancing Improve the Trade-off Between Health and the Economy?". The webinar will take place online on Thursday 6th August 2020 at 2.00pm and will be hosted by Dr. Nicholas Matheson (CITIID PI and consultant in Infectious Diseases).
Published on - Wednesday 5th August 2020

Fellowship of the British Academy
The Faculty would like to congratulate Professor Giancarlo Corsetti, who has been elected a Fellow of the British Academy. A Fellowship of the British Academy (FBA) is an award granted by the British Academy to leading academics for their distinction in the humanities and social sciences.
Published on - Friday 24th July 2020

Emerging Market Currency Risk Around ‘Global Disasters’
Professor Giancarlo Corsetti has had a chapter published in CEPR's ebook "COVID-19 in Developing Economies". The chapter "Emerging Market Currency Risk Around ‘global disasters’: Evidence from the Global Financial Crisis and the COVID-19 Crisis" (joint with Simon Lloyd (Bank of England) and Emile Marin (PhD Candidate))
Published on - Wednesday 24th June 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)
Crowley, M. and Corsetti, G., 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


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

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Contact Details
Room: 35
College: Fellow of Clare College