Home

Caterina MENDICINO is Senior Lead Economist in the Monetary Policy Research Division (DG-Research) of the European Central Bank. She is interested in quantitative and empirical research in monetary and financial economics, with a particular focus on the real and financial stability effects of central bank policies and the interaction between monetary and macroprudential policies.

She holds a Ph.D from the Stockholm School of Economics - Stockholm, Sweden - and a B.S. from the University of Rome III - Rome, Italy. Prior to joining the Monetary Policy Research Division, Caterina worked as an Economist in the Department of Economic Studies of the Bank of Portugal (2008-2013), and in the Department of Monetary and Financial Analysis of the Bank of Canada (2006-2008).

Additional information can be found on her ECB webpage: https://www.ecb.europa.eu/pub/research/authors/profiles/caterina-mendicino.en.html

OTHER ACTIVITIES

Member of the Advisory Board of the Bernacer Prize.

Conferenze Organizer WE_ARE_IN Macroeconomics and Finance @CEPR and ECB: Submission deadline 4 June!

Selection Comittee Call for Papers IBEFA Annual Meeting @2022 ASSA Conference: Submission deadline 23 April!

Session Organizer @ SAET 2021: Redistributive Effects and the Macroeconomy

Coordinator ECB Research Taskforce on Monetary Policy, MacroPrudential Policy and Financial Stability

SELECTED RECENT PUBLICATIONS IN ACADEMIC JOURNALS

Expectation-Driven Cycles and the Changing Dynamics of Unemployment (with A. D'Agostino and F. Puglisi) accepted Journal of Money Credit and Banking. ON LINE APPENDIX.

Policy Uncertainty, Lender of Last Resort and the Real Economy (with M. Jasova and D. Supera) Journal of Monetary Economics, Volume 118, March 2021, Pages 381-398.

Bank Capital in the Short and in the Long Run (with K. Nikolov, J. Suarez, and D. Supera), Journal of Monetary Economics, Volume 115, November 2020, Pages 64-79 . PDF

Optimal Inflation with Corporate Taxation and Financial Constraints (with D. Finocchiaro, G. Lombardo and P.Weil), Journal of Monetary Economics, Volume 95, May 2018, Pages 18-31.

Optimal Dynamic Capital Requirements (with K. Nikolov, J. Suarez, and D. Supera), Journal of Money Credit and Banking, Volume 50, May 2018, Pages 1271-1297. ON LINE APPENDIX.


MOST CITED PUBLICATIONS (Google Scholar)

Assessing Capital Regulation in a Macroeconomic Model with Three Layers of Defaults (with L. Clerc, S. Moyen, A. Derviz, K. Nikolov, L. Stracca, J. Suarez, and A.Vardoulakis) June 2015, Pages 9-63, International Journal of Central Banking. Discussion by Nobuhiro Kiyotaki

Leaning Against Boom-Bust Cycles in Credit and Housing Prices: Monetary and Macroprudential Policy (with Luisa Lambertini and Maria Teresa Punzi), Journal of Economic Dynamic and Control, Volume 37, Issue 8, August 2013, Pages 1500–1522.

House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy (with Paolo Gelain and Kevin Lansing), International Journal of Central Banking, Volume 9, Number 2, June 2013, Pages 219-276.


Recent POLICY ARTICLES:

How Much Capital Should Banks Hold? (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera) Research Bulletin Article, nr. 80, European Central Bank, 2021, VOXEU

On the Interction between Monetary and Macroprudential Policies (with A. Martin and A. Van der Ghote), Discussion Paper 2527, European Central Bank, 2021.

Benefits and costs of liquidity regulation (with Marie Hoerova, Glenn Schepens, Kalin Nikolov and Skander Van den Heuvel), Discussion Paper 2169, European Central Bank, 2018.


Recent DISCUSSIONS:

Falling Natural Rates, Rising Housing Price Volatility and the Optimal Inflation Target, by Klaus Adam, Oliver Pfaeuti and Timo Reinelt-- Qatar Centre for Global Banking & Finance Annual Conference: Challenges facing central banks in the 2020s, May 2021.

Monetary Easing, Leveraged Payouts and Lack of Investment by Viral V. Acharya and Guillaume Plantin -- Conference on Advances in Monetary Economics, IMF, July 2020.

How does the Interaction of Macroprudential and Monetary Policy Affect Cross-Border Lending? by Elod Takats (BIS) and Judit Temesvary (FRB) -- 7th Research Workshop, MPC Task Force on Banking Analysisi, February 2020.

The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending? by Saleem Bahaj (BOE and CFM) and Frederic Malherbe (LBS and CEPR) -- 21th Annual DNB Research Conference, November 2018.