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I am an economist at the Bank for International Settlements. I am also a CEPR and CESifo Research Fellow and serve as president of the Central Bank Research Association.
I am an economist at the Bank for International Settlements. I am also a CEPR and CESifo Research Fellow and serve as president of the Central Bank Research Association.
This is my personal research site listing publications, working papers, code and data. See also my BIS author profile, Google Scholar Profile and REPEC site.
This is my personal research site listing publications, working papers, code and data. See also my BIS author profile, Google Scholar Profile and REPEC site.
Working papers
Working papers
Recent publications/forthcoming
Recent publications/forthcoming
Raphael Auer & Cyril Monnet & Hyun Song Shin, 2021. "Distributed ledgers and the governance of money," BIS Working Papers 924, Bank for International Settlements; accepted, Journal of Financial Economics
Raphael Auer & Ariel Burstein & Sarah Lein & Jonathan Vogel, 2024. "Unequal Expenditure Switching: Evidence from Switzerland," The Review of Economic Studies, vol. 91(5), pages 2572-2603. (ungated version here.)
Raphael Auer & Giulio Cornelli & Jon Frost, 2023. "Rise of the central bank digital currencies: drivers, approaches and technologies," International Journal of Central Banking, vol. 19(4), pages 185-214, October. Link to most recent working paper version
Raphael Auer & Ariel Burstein & Sarah M. Lein, 2021. "Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation," American Economic Review, vol. 111(2), pages 652-686, February. Link to most recent working paper version
Cyril Monnet & Hyun Song Shin & Jon Frost & Leonardo Gambacorta & Raphael Auer & Tara Rice, 2022. "Central Bank Digital Currencies: Motives, Economic Implications, and the Research Frontier," Annual Review of Economics, Annual Reviews, vol. 14(1), pages 697-721, August. Link to most recent working paper version
Auer, Raphael & Matyunina, Alexandra & Ongena, Steven, 2022. "The countercyclical capital buffer and the composition of bank lending," Journal of Financial Intermediation, vol. 52(C). Link to most recent working paper version
Auer, Raphael & Tercero-Lucas, David, 2022. "Distrust or speculation? The socioeconomic drivers of U.S. cryptocurrency investments," Journal of Financial Stability, Elsevier, vol. 62(C). Link to most recent working paper version
Raphael A. Auer & Barthélémy Bonadio & Andrei A. Levchenko, 2020. "The Economics and Politics of Revoking NAFTA," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(1), pages 230-267, March. Link to most recent working paper version
Raphael Auer & Ariel Burstein & Katharina Erhardt & Sarah M. Lein, 2019. "Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 533-538, May. Link to most recent working paper version
Raphael A. Auer & Andrei A. Levchenko & Philip Sauré, 2019. "International Inflation Spillovers through Input Linkages," The Review of Economics and Statistics, MIT Press, vol. 101(3), pages 507-521, July. Link to most recent working paper version
The globalisation of inflation: the growing importance of global value chains, joint with Claudio Borio and Andrew Filardo, BIS Working Papers No 602. January 2017. (revision requested, Journal of Money, Credit and Banking).
Raphael A. Auer, Thomas Chaney, and Philip Sauré, 2018. Quality pricing to market, Journal of International Economics, vol. 110(C), pages 87-102 [Latest WP version is BIS WP DP 10053.]
Raphael A. Auer and Philip Sauré, 2017. "Dynamic Entry in Vertically Differentiated Markets," Journal of Economic Theory, vol. 167(C), pages 177-205. [Previously Titled " Spatial Competition in Quality" - Latest WP version is CEPR DP 10027]
Raphael A. Auer (2017) "Product Heterogeneity, Cross-Country Taste Differences, and the Growth of World Trade", European Economic Review, vol. 100(C), pages 1-27. [latest WP version is SZ Gerzensee WP 13.03]
Raphael A. Auer and Cedric Tille, 2016. "The banking sector and the Swiss financial account during the financial and European debt crises," Aussenwirtschaft, Swiss Institute for International Economics and Applied Economics Research, vol. 67(02), pages 69-97, 08.
Raphael A. Auer and Raphael Schoenle, 2016. "Market structure and exchange rate pass-through," Journal of International Economics, Elsevier, vol. 98(C), pages 60-77. [Latest WP version is CEPR DP 10585]
Raphael A. Auer, 2015. "Exchange Rate Pass‐Through,Domestic Competition, and Inflation: Evidence from the 2005–08 Revaluation ofthe Renminbi," Journal of Money, Credit and Banking, vol. 47(8), pages 1617-1650, December. [Latest WP version is CEPR DP 10344]
Also see this write up in the Free Exchange Blog of the Economist Magazine
Raphael A. Auer and Aaron Mehrotra, 2015. "Tradelinkages and the globalisation of inflation in Asia and the Pacific," Journal of International Money and Finance, Elsevier, vol. 49(PA), pages 129-151.[Latest WP version is CEPR DP 9949]
Raphael A. Auer, 2015. "Human capital and the dynamic effects of trade," Journal of Development Economics, Elsevier, vol. 117(C), pages 107-118. [Latest WP version is CEPR DP 10691]
Raphael A. Auer, 2015 "A safe haven: international demand for Swiss francs during the euro area debt crisis (from pp. 41)," Quarterly Bulletin 2015/Q2, Swiss National Bank.
Raphael A. Auer, 2014. "What Drives Target2 Balances? Evidence From a Panel Analysis", Economic Policy, Volume 29, Issue 77, pages 139-197, January 2014. [Latest WP version is SNB Gerzensee WP 2013.03]
Raphael A. Auer, 2013. "Geography, Institutions, and the Making of Comparative Development", Journal of Economic Growth, Volume 18, Issue 2, June 2013, Pages 179-215. DATA
Raphael A. Auer, Katrin Degen, and Andreas M. Fischer, 2013. "Low-Wage Import Competition, Inflationary Pressure, and Industry Dynamics in Europe", European Economic Review, Volume 59, April 2013, Pages 141-166.
Raphael A. Auer and Philip Sauré, 2012. "CHF strength and Swiss export performance -- evidence and outlook from a disaggregate analysis", Applied Economic Letters, Taylor and Francis Journals, vol. 19(6), pages 521-531, April.
Raphael A. Auer, Andreas M. Fischer, and Andreas Kropf, 2012 "The arrival of cheap goods: measuring the impact of Chinese import competition on Nordic prices", Sveriges Riksbank Economic Review 2012:2, pages 7-15.
Raphael A. Auer, Sébastien Kraenzlin, and David Liebeg, 2012, "How Do Austrian Banks Fund Their Swiss Franc Exposure?", Austrian National Bank, Financial Stability Report 24, pp 54-61, December 2012.
Raphael A. Auer and Sébastien Kraenzlin, 2011 "International liquidity provision during the financial crisis: a view from Switzerland", Review, Federal Reserve Bank of St. Louis, issue Nov, pages 409-418.
Raphael A. Auer and Philip Sauré, 2011. "Industry Composition and the Effects of Exchange Rates on Exports - Why Switzerland is Special", Aussenwirtschaft, Year 2011, Issue III.
Raphael A. Auer and Andreas M. Fischer, 2010. "The effect of low-wage import competition on U.S. inflationary pressure", Journal of Monetary Economics, Elsevier, vol. 57(4), pages 491-503, May.
Featured in the Economist in 2008 and in 2011, Dani Rodrik’s Weblog, Economist’s View, The American, and WSJ.com.
Raphael A. Auer and Thomas Chaney, 2009. "Exchange Rate Pass-Through in a Competitive Model of Pricing-to-Market", Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(s1), pages 151-175, 02.
Chapters/ Other Academic Publications
Chapters/ Other Academic Publications
Raphael A. Auer and Aaron Mehrotra, 2014. "Real globalisation and price spillovers in Asia and the Pacific", Bank for International Settlements Papers No 77, March 2014.
Raphael A. Auer and Philip Sauré, 2013. "The globalisation of inflation: a view from the cross section", Bank for International Settlements Papers No 70, January 2013.
Non Peer-reviewed Policy Work / Op-Eds
Non Peer-reviewed Policy Work / Op-Eds
VoxEU Columns see here, for Project Syndicate Columns here and for Oekonomenstimme Columns here.
The increasing competitiveness of the southern Eurozone", VoxEU.org, 11 April 2014.
Schuldenbremse auf Helvetisch - Ein Erfolgsmodell, Der Standard, 07 December 2011 (in German).
What the Yuan means for American Inflation, The Economist Magazine, Free Exchange Blog, 03 February 2011
Inflationsgefahr am Ende der Ära chinesischer Billigimporte, Financial Times Deutschland, Wirtschaftswunder, 03 March 2011 (in German).
Dormant papers / papers currently under revision
"Spatial Competition in Quality, Demand-Induced Innovation, and Schumpeterian Growth", (w. Philip Sauré), mimeo, 2014 [new version under preparation]
"Consumer Heterogeneity and the Impact of Trade Liberalization: How Representative is the Representative Agent Framework?", Working Papers, Swiss National Bank, 2010-14.
Raphael Auer (2007). "The Colonial Origins of Comparative Development: A Solution to the Debate on Settler Mortality Rates", Working Papers 2007-9, Swiss National Bank.
Past Events
On June 24-25, 2016, we organized a SNB-IMF-IMF Economic Review Conference on "Exchange Rates and External Adjustment" in Zurich;
On July 9-10, 2015, the SNB, the BIS, and CEPR held a conference in Zurich on "Inflation Spillovers from Conventional and Unconventional Monetary Policy." Papers presented at this conference were published in a special issue of the Journal of International Money and Finance (co-edited with Menzie Chinn).
"The safe haven status of the Swiss Franc and the Swiss external sector during international crises," "Macro-FinancialLinkages and Current Account Imbalances" "Exchange Rates and External Adjustment (SNB-IMF-CEPR event in June 2014)," "Inflation Dynamics in a Post-Crisis Globalized Economy (SNB-BIS-GMPI-CEPR event in August 2013)," "Exchange Rates and External Adjustment (SNB-IMF-CEPR event in August 2012)," and "Microeconomic Aspects of the Globalization of Inflation (SNB-GMPI-CEPR event in August 2011)")
The views expressed on this site or any document therein are those of the author(s) and do not necessarily represent those of the Bank for International Settlements or any other organization.
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