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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., Nirei, M., Saito, Y. U. and Tahbaz-Salehi, A. Supply Chain Disruptions: Evidence from the Great East Japan Earthquake, Quarterly Journal of Economics vol 136(2) no. qjaa044 (2021) pp. 1255–1321
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

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

Vasco Carvalho Reflects on the Success of Cambridge-INET
The Cambridge-INET Institute was created in the wake of the Global Financial Crisis and was set up to advance innovative approaches in economics. Prof. Carvalho also explains it's transition to a new institute, thanks to a generous donation.
Published on - Friday 18th June 2021

Recent Trends in the Aggregate Economy from a Firm Perspective Mini-Conference
Cambridge-INET, the Centre for Macroeconomics and the Cambridge Faculty of Economics are holding a Mini Conference on the "Recent Trends in the Aggregate Economy from a Firm Perspective: What do we know?". It will take place on Tuesday 25th May 2021, 4.00pm-7.00pm BST (UK) and will be held online. See the event page for more details.
Published on - Thursday 6th May 2021

How Supply Chain Disruptions Led to a Wide Economic Impact of 2011 Japan Earthquake
Supply chains can render localized environmental disasters into a much larger economy-wide downturn, according to Professor Carvalho at the Faculty of Economics.
Published on - Monday 15th March 2021

Research Assistant in Digital Policy
Cambridge-INET and the Bennett Institute are looking for a PhD student to work as a research assistant on a new, interdisciplinary Digital Markets and Digital Policy initiative.
Published on - Tuesday 9th February 2021

Professor Carvalho Awarded European Research Council Funding
Professor Vasco Carvalho has won a consolidator grant from the European Research Council, Europe’s premiere funding organisation for frontier research.
Published on - Monday 14th December 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:
Deniz Atalar
Deniz Atalar
PhD Title:
Research: Inter-Sectoral Trade Linkages in Aggregate Fluctuation
Charles Parry
Charles Parry
PhD Title:
Research: Product Market Developments and Monetary Policy


Naoki Yago
Naoki Yago
PhD Title:
Research: The Causation of Asset Price Bubbles and Financial Crises, and their Effects on Real Economy

Prof. Vasco Carvalho

Vasco Carvalho

Professor of Macroeconomics
Director of Cambridge-INET

Research Group:

CV: Curriculum Vitae

Personal Site:

Contact Details
Room: 30