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Professor of Economics
Professor of Economics
Research Fellow, CEPR · Former Research Advisor, Federal Reserve Bank of New York · Co-creator of the Global Supply Chain Pressure Index (GSCPI)
My research focuses on international economics, monetary policy, and macroeconomics. I write The Central Banks' Watcher on Substack, and engage selectively in advisory work with official-sector institutions and asset managers, see Advisory.
Academic contact: gianluca.benigno@unil.ch
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University of Lausanne · Department of Economics · Quartier UNIL-Chamberonne · Bâtiment Internef, Bureau NEF 521 · 1015 Lausanne
The Central Banks' Watcher
The Central Banks' Watcher
My Substack on monetary policy, central banks, and global macro. Subscribe here.
Recent Research
"Managing Financial Crises" with A. Rebucci and A. Zaretski, revise and resubmit at the Journal of Political Economy.
"Managing Monetary Policy Normalization" with P. Benigno, revise and resubmit at the Economic Journal.
"The Financial (In)Stability Real Interest Rate, R**, with O.Akinci, M. Del Negro, A.Queralto, revise and resubmit at the Review of Economic Studies.
"The Global Financial Resource Curse" with L. Fornaro and M. Wolf. American Economic Review (2024).
"Estimating Macroeconomic Models of Financial Crises" with A. Foerster, C. Otrok, and A. Rebucci. Quantitative Economics (2024).
"Quo vadis, r? The natural rate of interest after the pandemic" with B. Hofmann, G. Nuño, and D. Sandri. BIS Quarterly Review, March 2024. [Paper]
"The Dollar's Imperial Circle", with O. Akinci, S. Pelin, and J. Turek. IMF Economic Review. [Paper] · [Bloomberg coverage]
Selected Commentary
Central Bank Commentary (March 2026): Fed, BoJ, SNB, and BoE.
A Compounding Oil Shock: Part III (The Supply Accord — A Policy Proposal), March 2026.
A Compounding Oil Shock: Part II (The Fed Playbook: Reaction Function and Decision Grid), March 2026.
A Compounding Oil Shock: Part I (Why the Treasury Cannot Short a Physical Shortage), March 2026.
A Compounding Oil Shock: Preface, March 2026.
The Fed's Balance Sheet Reload, December 2025.
Global Supply Chain Disruptions and Tariffs, August 2025.
Tariffs as a Financial Event II: the Geo-Economics Fracture Hypothesis, April 2025.
Tariffs as a Financial Event, April 2025.
A Quick Guide to the New U.S. Trade Regime, April 2025
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