Raphael Auer's Research

    Raphael Auer      

I am a principal economist in the Monetary Policy unit of the Bank for International Settlements. Before that, I was the Deputy Head of International Trade and Capital Flows and Economic Adviser at the Swiss National Bank and an associated research professor at the Konjunkturforschungsstelle (KOF) of the Swiss Federal Institute of Technology (ETH). I am a CEPR Research Affiliate and a CESifo Research Network Fellow. I currently serve as an associate editor at the Review of International Economics, co-editor of Aussenwirtschaft, and as president of the Central Bank Research Association.

Visit the home page of the Central Bank Research Association for policy-relevant research events  

Working Papers

Beyond the doomsday economics of "Proof-of-work" in cryptocurrencies"BIS Working Papers No. 765, January 2019.

Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation, with Ariel Burstein and Sarah Lein, BIS Working papers 751, October. (revision requested, American Economic Review).

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).

The countercyclical capital buffer and the composition of bank lending, joint with Steven Ongena, BIS Working Papers No 593. December 2016

Academic Publications

Raphael A. Auer, Ariel Burstein, Katharina Erhard, and Sarah 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.

Raphael A. Auer, Barthélémy Bonadio and Andrei Levchenko(2019) "The economics and politics of revoking NAFTA", forthcoming, IMF Economic Review. see also NBER WP 25379 or CEPR DP 13393 

Raphael A. Auer and Stijn Claessens, 2018. "Regulating Cryptocurrencies: Assessing market reactions", BIS Quarterly Review, September 2018, p. 51-65. (get the underlying regulatory events data here)

Raphael A. Auer, Andrei Levchenko, and Philip Sauré, 2019. "International Inflation Spillovers Through Input Linkages", forthcomingReview of Economics and Statistics (access the newest version here).

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 Tille2016. "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 Schoenle2016. "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

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

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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