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Research Interests

Macroeconomics; Networks in Economics; Applied Econometrics


Ph.D. in Economics from the University of Chicago (2008); European Research Council Starting Grant (2013) for the project MacroNets, Production Networks in Macroeconomics.

Recent Publications

Published Papers

Carvalho, V. M. and Tahbaz-Salehi, A. Production Networks: A Primer, Annual Review of Economics vol 11 (2019) pp. 635-663
Carvalho, V. M. and Grassi, B. Large Firm Dynamics and the Business Cycle, American Economic Review vol 109 no. 4 (2019) pp. 1375-1425
Carvalho, V. M. From micro to macro via production networks, Journal of Economic Perspectives vol 28(4) (2014) pp. 23-48
Carvalho, V. M. and Gabaix, X. The great diversification and its undoing, American Economic Review vol 103(5) (2013) pp. 1697-1727
Acemoglu, D., Carvalho, V. M., Ozdaglar, A. and Tahbaz-Salehi, A. The network origins of aggregate fluctuations., Econometrica vol 9 no. 1 (2012) pp. 336-343

Cambridge Working Papers in Economics

Burstein, A., Carvalho, V. M. and Grassi, B. Bottom-up Markup Fluctuations, (2020) CWPE2096
Carvalho, V. M., Garcia, J. R., Hansen, S., Ortiz, Á., Rodrigo, T., Rodríguez Mora, J. V.and Ruiz, J. Tracking the COVID-19 Crisis with High-Resolution Transaction Data, (2020) CWPE2030
Carvalho, V. M. and Tahbaz-Salehi, A. Production Networks: A Primer, (2018) CWPE1856
Carvalho, V. M., Nirei, M., Saito, Y. U. and Tahbaz-Salehi, A. Supply Chain Disruptions: Evidence from the Great East Japan Earthquake, (2016) CWPE1670
Carvalho, V. M. and Voigtländer, N. Input Diffusion and the Evolution of Production Networks, (2015) CWPE1550

Recent Activities

Production Network Analysis and COVID-19 Policy
Professor Vasco Carvalho and Professor Andrea Galeotti (London Business School) have published an article for Economics Observatory on "How Can Production Network Analysis Inform Policy on COVID-19?". This article looks at how production network analysis can provide insights into the effects of imposing and lifting lockdowns, which in turn can lead to policies to support recovery.
Published on - Tuesday 25th August 2020

Economic Aspects of the COVID-19 Crisis in the UK
Professor Vasco Carvalho and Dr Flavio Toxvaerd are among the authors of a Royal Society DELVE Initiative Report which looks at the new challenges for the economy and public health that the COVID-19 Pandemic will bring over the coming years.
Published on - Friday 14th August 2020

COVID Economics Alumni Webinar Series
Cambridge-INET and Dr. Meredith Crowley are hosting a series of public lectures for Cambridge Alumni. The first of these webinars "Mitigating Macroeconomic Meltdown", will take place on Friday 15th May 2020, at 1.00pm and feature talks by Professor Vasco Carvalho and Professor Giancarlo Corsetti. Please see the Cambridge-INET COVID Economics Alumni webinar series webpage for details.
Published on - Tuesday 12th May 2020

Are COVID-19 Lockdowns Distorting Inflation?
Professor Vasco Carvalho's research on the “real time evolution” of economic activity during the COVID-19 pandemic has been featured in The Economist. His research has also appeared in the University of Cambridge Research News, the El Pais Newspaper and a number of other Spanish media outlets,
Published on - Friday 24th April 2020

The COVID-19 Crisis Through the Lens of 1.4 Billion Transactions
Professor Vasco Carvalho working with economists at University of Edinburgh, Imperial College and at the Spanish bank BBVA, one of the largest financial institutions in the world, studies the “real time evolution” of economic activity during the COVID-19 pandemic.
Published on - Wednesday 15th April 2020

Research Grants

Leverhlume Trust Prize (Leverhulme Trust)
Turing Fellow Award: Funding award for Turing-HSBC Programme (Alan Turing Institute)
Production Networks In Macroeconomics (MACRONETS) (European Commission (FP7))
Cambridge-INET Institute (C-INET) (Institute for New Economic Thinking)

Institute for New Economic Thinking (INET)

The Cambridge-INET Institute
Director of the Cambridge-INET Institute

COVID-19 Economic Research

Special Features: The COVID-19 Crisis Through the Lens of 1.4 Billion Transactions
Supply Chain Bottlenecks in a Pandemic


PIIB Paper 2 - Lent - Business Cycle Theory
PIIB Paper 6 - Michaelmas - Finance & Asset Pricing
PhD20 - Firms and Sectors in the Macroeconomy

PhD Students


John Spray
John Spray
PhD Title: Export Transitions and the Supply Chain: Evidence from Uganda
Research: International Trade & Development, Production Networks
Maryam Vaziri
Maryam Vaziri
PhD Title: Product of Networks in an Open Economy
Lukas Freund
Lukas Freund
PhD Title: The Macroeconomics of Automation and Inequality
Research: Macroeconomics, Labor Economics, Innovation, Computational Methods
Nikolas  Kuhlen
Nikolas Kuhlen
PhD Title:
Diogo Salgado Baptista
Diogo Salgado Baptista
PhD Title:

Prof. Vasco Carvalho

Vasco Carvalho

Professor of Macroeconomics
Director of Cambridge-INET

Research Group:

CV: Curriculum Vitae

Personal Site:

Contact Details
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