I am member of the Scientific Council of the Centre for European Studies (CefES) at the Department of Economics, Management and Statistics (DEMS) of the University of Milan-Bicocca, Italy. I am Associate Researcher at the Centre for Research in Mathematics Applied to Forecasting and Decision Making in Economics (CEMAPRE) at the University of Lisbon, Portugal. I am invited Professor of Economics of European Integration at the University of Milan-Bicocca (academic year 2022-23; first semester). 

I was born in Lisbon, Portugal, graduated in Economics from the University of Lisbon, and received my MSc. in Economics from the University of Lisbon, and received a PhD in Economics from the University of  Kent (UK). 

I worked 20 years (1999-2019) at the European Central Bank in Frankfurt am Main (Germany) performing managerial and advisory functions in Monetary Policy Strategy, Monetary Policy Stance, Market Operations, Financial Research, Crisis Management, and Banking Supervision (SSM).

Between 1994 and 1999 I worked at the Banco de Portugal in the Economics and Research Directorate with responsibilities in Monetary Policy, Financial Markets and Banking.

Between 1983 and 1994 I was Lecturer and Assistant Professor of Economics at the University of Lisbon - Engineering School (IST) and Economics and Management School (ISEG). 

Between 1977 and 1983 I was Technical Assistant at the Foreign Investment Institute (FII) in Lisbon, Portugal.

My research interests include central banking topics, financial economics and econometrics with particular reference to the macro-finance interface and the interconnection of economic and financial cycles and financial stability. I am now moving into a new research field which aims at connecting climate change disruptions and threats to financial stability. 

I have published several articles in academic journals, including Applied Economics, Applied Financial Economics, Econometrica, European Journal of Finance, Journal of Banking and Finance, Journal of Empirical Finance, Journal of Financial Stability, Journal of International Money and Finance, International Journal of Central Banking, International Journal of Industrial Organisation, Journal of Policy Modelling, Research in Globalization. 

Recent publications and research:

(For complete list see research page)

My metrics and pages:

SSRN author page: Nuno Cassola

First most downloaded paper: “Monetary Policy and the Stock Market in the Euro Area”, Journal of Policy Modelling, 26, 2004, 387-399, (with C. Morana)

Second most downloaded paper: “Manipulation in Money Markets”, International Journal of Central Banking, 3 (1), 2007, 113-148 (with C. Ewerhart, S. Ejerskov and N. Valla)


Email: nuno.cassola@unimib.it

Address: Piazza Ateneo Nuovo, 1 - Bd. U6 - Room 3084, 20126 Milano, Italy

Phone: +39 02 6448 3091 

Fax: +39 02 6448 3085 

Office Hours: on appointment by mail

... the master-economist must possess a rare combination of gifts. He/she must reach a high standard in several different directions and must combine talents not often found together. He/she must be mathematician, historian, statesman, philosopher – in some degree. He/she must understand symbols and speak in words. He/she must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He/she must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his/her regard. He/she must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. ... conspicuously historian and mathematician, a dealer in the particular and the general, the temporal and the eternal, at the same time. -   John M. Keynes Essays In Biography (1933), p. 170 (slightly modified!)