Raphael Auer is an economist specializing in open macroeconomics, with research on how exchange rates, invoicing currency, market structure, and global value chains influence price pass-through, inflation dynamics, and household welfare. He currently leads the Eurosystem Centre of the BIS Innovation Hub. Previously, he served as an economist in the Innovation & Digital Economy and Monetary Policy units at the BIS, and as Deputy Head of the International Trade & Capital Flows unit at the Swiss National Bank. His research has used granular data and natural experiments, such as the 2015 Swiss franc appreciation, to study expenditure switching and the distributional effects of external shocks. A second strand of his work examines the implications of digitisation for economic and financial stability, including digital payments, digital currencies, quantum computing, and artificial intelligence.