Phurichai
Rungcharoenkitkul
Highlights
CBDC policies in open economies, April 2023, with Michael Kumhof, Marco Pinchetti and Andrej Sokol (SUERF Policy Brief, VoxEU article )
Why so low for so long? A long-term view of real interest rates, International Journal Central Banking, September 2022 (with Claudio Borio, Piti Disyatat and Mikael Juselius) (VoxEU article)
Monetary policy reaction function and the financial cycle, Journal of Banking & Finance, vol 142, September 2022, 106536 (with Andy Filardo and Paul Hubert)
Global growth: drivers and post-pandemic prospects, March 2022, BIS Quarterly Review, with Gabriela Nodari and Daniel Rees (Podcast Apple, Spotify, BIS)
The natural rate of interest through a hall of mirrors, November 2021, with Fabian Winkler (FEDS version, March 2022, Our ASSA 2022 presentation, coverage by Financial Times, WSJ, Handelsblatt (German), Donald Kohn's op-ed, and the Hutchins Roundup)
Recent policy pieces
Liquidity risk in MBS market, a box from BIS Quarterly Review December 2022, Overview, with Sirio Aramonte (coverage by Financial Times)
Leverage and liquidity backstops: cues from pension funds and gilt market disruptions, a box from BIS Quarterly Review December 2022, Overview, with Sirio Aramonte (coverage by Financial Times)
Monetary and macroprudential policies: a troubled marriage, October 2022, a book chapter in "Central Banks and Supervisory Architecture in Europe", Robert Holzmann and Fernando Restoy (editors), Elgar
Global supply chain disruptions: evolution, impact, outlook, September 2022, BIS Bulletin, with Deniz Igan and Koji Takahashi (Box on semiconductor industry)
Housing market risks in the wake of the pandemic, March 2022, BIS Bulletin, with Deniz Igan and Emanuel Kohlscheen (cited by Financial Times)
Bottlenecks: causes and macroeconomic consequences, November 2021, BIS Bulletin, with Daniel Rees (cited by Financial Times [1], Financial Times [2], Financial Times [3], Bloomberg, The New Yorker, Krugman's Op-ed, Christine Lagarde's speech)
About me
I'm a Principal Economist at the Bank for International Settlements (BIS), where I have been since 2014. My works are rooted in monetary policy, with a current focus on its broad reach through the financial cycle, the link with natural interest rate, and external stability. You can find my research featured in the BIS flagship publications and academic journals. In addition, I also cover macroeconomic issues more generally and regularly author analytical policy notes for central bank governors who convene in Basel every two months.
Aside from research, I spent much of my career as a policymaker at the Bank of Thailand. Most recently, I served as Director of Monetary Policy Strategy Office between 2023-2024, leading teams of economists tasked with counselling the Monetary Policy Committee on interest rate and exchange rate policies (on leave from BIS). My earlier central banking experiences spanned monetary policy strategy, macroeconomic modelling, forecasting, and reserve management. I also spent a couple of years at the IMF in Asia & Pacific Department, contributing to the Fund research and taking part in Article IV missions in Asia.
I obtained my DPhil and MPhil in Economics from the University of Oxford, and a BSc in Economics with Statistics (1st) from the University of Bristol.
Contact
Bank for International Settlements
Centralbahnplatz 2
Ch 4002, Basel, Switzerland
phurichai.rungcharoenkitkul @ bis.org