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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

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
Carvalho, V. M. and Grassi, B. Large Firm Dynamics and the Business Cycle, (2015) CWPE1556

Recent Activities

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

EEA 2020 Scientific Programme Committee Chair
Professor Vasco M. Carvalho, has been appointed the EEA 2020 Scientific Programme Committee Chair, for the 35th Annual Congress of the European Economic Association, which will held at the ERASMUS University Rotterdam (The Netherlands), on the 24th - 27th August 2020.
Published on - Wednesday 13th November 2019

Faculty Articles Recommended for Undergraduate Teaching
Professor Vasco M. Carvalho, Professor Sheilagh Ogilvie and Professor Sir Partha Dasgupta have all had papers submitted to the Journal of Economic Perspectives, by fellow Professor's, as articles that have found useful to support teaching.
Published on - Tuesday 24th September 2019

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


Maarten De Ridder
Maarten De Ridder
PhD Title: Essays in Macroeconomics and Productivity
Research: Macroeconomics, Growth, Business Cycles, Productivity
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
Nikolas  Kuhlen
Nikolas Kuhlen
PhD Title:
Diogo Salgado Baptista
Diogo Salgado Baptista
PhD Title:


Lukas Freund
Lukas Freund
PhD Title: The Macroeconomics of Automation and Inequality
Research: Macroeconomics, Labor Economics, Innovation, Computational Methods

Prof. Vasco Carvalho

Vasco Carvalho

Professor of Macroeconomics
Director of Cambridge-INET

Research Group:

CV: Curriculum Vitae

Personal Site:

Contact Details
Room: 30