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Caterina MENDICINO is Adviser in the Monetary Analysis Division of the Directorate General Monetary Policy of the European Central Bank. Prior to that, she was Senior Lead Economist in the Research Directorate of the ECB. She also worked as an Economist at the Bank of Portugal, and the Bank of Canada. She holds a Ph.D in Economics from the Stockholm School of Economics.
Her research and policy interests cover a wide range of monetary and financial issues. Recently, she has been focusing on the real and financial stability effects of central bank policies and the interaction between monetary and macroprudential policies. Her research has been published in the Journal of Monetary Economics, the Review of Financial Studies and the Journal of Finance, among others. She also published articles in general audience outlets including VoxEU, SUERF Policy Brief and The ECB BLOG.
Caterina founded the WIRE (Women in Research in the European System of Central Banks) Network in 2025 and the ECB-BIS-CePR WE ARE IN (Women in Economics: Advancing Research in Economics Internationally) Macroeconomic and Finance Conference with Helene Rey in 2021 and is one of the organizers of the Corporate finance and Financial intermediation IBEO Meeting. She is a member of the Advisory Board of the Bernacer Prize and a fellow of the Macro Finance Society. She also coordinated the ECB research task force on Monetary Policy, Macro-Prudential Policy and Financial Stability Caterina currently serves as an associated editor at Economica and the Journal of Money, Credit and Banking.
Additional information can be found on her ECB webpage
PAPERS Under Revision
The Foreign Liabilities Channel of Bank Capital Requirements r&r Journal of Financial Economics
Coauthors: L. Falasconi, P. Herrera, D. Supera
Glossy Green Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities r&r Management Science
Coauthors: M. Giannetti, M. Jasova, M. Loumioti
Press coverage: FT, Sole 24 Ore, Naftemporiki, Handelsblatt, Reuter
Mariassunta Keynote at the ECB Banking Supervision Research Conference
SUERF and The ECB Blog post on our paper
WORKING PAPERS
Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registers CEPR WP Coauthors: M. Jasova, E. Panetti, J-L Peydro, D. Supera
Press coverage: El confidencial
The ECB Blog post on our paper
Distributive Effects of Bank Sector Losses
Coauthors: Lukas Nord and M. Peruffo
The ECB Research Bulletin Article on our paper
Tighter Credit and Consumer Bankruptcy Insurance CEPR WP
Coauthors: A. Antunes, T.Cavalcanti, M. Peruffo and A.Villamill
Presented at EEA 2020 Invited session on The Micro and Macro of Consumer Credit
Selected ON GOING PAPERS
Securities Losses, Interbank Markets, and Monetary Policy Transmission: Evidence from the Eurozone Coauthors: M. Giannetti, M. Jasova, D. Supera
US Economic Policy Uncertainty and the Bank Lending Channel Coauthors: M. Behn, G. Bozzelli, A. Reghezza, D. Supera
LOLR Shocks Coauthors: M. Jasova, I. Petrella, F. Puglisi, D. Supera
The Aggregate Demand Channel of Loan-to-Value Shocks Coauthors: P. Herrera, C. Schang
Women in Research in the Eurosystem of Central Banks - WIRE Network
WE ARE IN
2024 WE_ARE_IN Macroeconomics and Finance @Banco de Espana DAY 1, DAY2
2023 WE_ARE_IN Macroeconomics and Finance @Sveriges Riksbank DAY 1, DAY2
2022 WE_ARE_IN Macroeconomics and Finance @BIS. Sections: 1 2 3 4 Panel
2021 WE_ARE_IN Macroeconomics and Finance @ECB. DAY 1, DAY 2
CALL FOR PAPERS 2025 WE ARE IN Macroeconomics and Finance (20-21 Oct)
DEADLINE 31/03/2025
WE ARE IN Macroeconomics and Finance conference 2023, Stockholm
Selected PUBLICATIONS IN ACADEMIC JOURNALS
Savings, Efficiency and the Nature of Bank Runs Coauthors: Agnese Leonello, Ettore Panetti and Davide Porcellacchia, Forthcoming Review of Finance
Twin Defaults and Bank Capital Requirements (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera), Forthcoming Journal of Finance
Columns on the paper: @ECB @VoxEU
Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort (with Martina Jasova, Luc Laeven, Jose-Luis Peydro and D. Supera) CEPR WP, The Review of Financial Studies, Volume 37, Issue 7, July 2024, Pages 2191–2243.
Winner of the 2021 Best Paper Award, MARC Conference
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.
Recent GENERAL AUDIENCE ARTICLES:
Green Lending: do banks walk the talk? (with M. Giannetti, M. Jasova, M. Loumioti), The ECB BLOG, December 2023.
Monetary and Macroprudential policy effectiveness and spillovers (with L. Laeven and A. Maddaloni),SUERF Policy Brief 484, 2023.
Which workers are most affected by changes in the policy rate? (with M. Jasova and D. Supera) ECB BLOG, October 2022.
Systemic Risk and policy interventions: monetary and macroprudential policy (with A. Martin and A. Van der Ghote), Research Bulletin Article, nr.97 European Central Bank, June 2022.
Monetary and Macroprudential policies: trade-offs and interactions (with L. Laeven and A. Maddaloni), Research Bulletin Article, nr.92 European Central Bank, February 2022. VOXEU
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, January 2021. VOXEU
Selected 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.
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Disclaimer: The information in this website represents the views of the author and should not be interpreted as reflecting the views of the European Central Bank or the Eurosystem.
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