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Lucrezia Reichlin

Full Professor of Economics, London Business School.
 
Chairman and co-founder, Now-Casting Economics limited. Non executive director, AGEAS Insurance Group,  Messaggerie Italiane Group. Trustee of International Financial Reporting Standards, and Centre for Economic Policy Research

Columnist, Corriere della Sera and Project Syndicate.
 
Fellow, Econometric Society, British Academy, European Economic Association, Centre for Economic Policy Research, Academia Europaea.

Birgit Grodal Award, European Economic Association, 2016. Isaac Kerstenetzky Scholarly Achievement Award, 2016

Lucrezia Reichlin

Professor of Economics

London Business School
Regent's Park
London, NW1 4SA
United Kingdom

Phone:
+44 (0)20 7000 8435

Email:
lreichlin@london.edu

Research Focus

My research is in applied time series, business cycle and monetary policy. I have pioneered, with several co-authors, econometric methods for analysing a large number of time series: dynamic factor models, shrinkage methods, Bayesian vector auto-regressions (see Research section on this page). Later on I have used some of these ideas to develop a framework for Now-Casting.

My work on monetary policy has focused on documenting monetary analysis at the European Central Bank and, more recently, on understanding the effect of its policies during the crisis. I am also working on the interaction between monetary policy and banks’ behaviour.

What is Now-Casting?

Now-casting is defined as the prediction of the present, the very near future and the very recent past. More broadly we can define it as the exercise of reading, through the lenses of a model, the flow of data releases in real time. The term is a contraction for now and forecasting and has been used for a long-time in meteorology. The first paper which used this term in economics and provided a methodology to implement it is Giannone, Reichlin, and Small, 2008.
 
Latest Papers
Brookings Papers on Economic Activity Spring 2020:  When is growth at risk?

La Banque centrale européenne et la crise de l'euro' (Leçons inaugurales du Collège de France)

Money Credit Monetary Policy.pdf- 
International Journal of Central Banking - Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area: What Has Changed Since the Crisis?, December 2019
 
Low Inflation for Longer
Voxeu.org, Published 15 January 2018


A Model of the Fed's View of Inflation
CERP Discussion Paper Series DP12564, 4 January 2018


Exploiting the Monthly Data Flow in Structural Forecasting
Journal of Monetary Economics, Volume 84, December 2016, Pages 201–215

Non-Standard Monetary Policy And Financial Stability -  
Developing An Appropriate Macro-Financial Policy Mix
,
Forthcoming book chaper, November 2016  

Reinforcing the Eurozone and Protecting an Open Society - MEZ 2 - May 2016.pdf-  

The Legacy Debt and the Joint Path of Public Deficit and Debt in the Euro Area - September 2015.pdf-  
Fellowship Initiative 2014-2015, Discussion paper 010, September 2015


Greece's Imperfect Imperative
Project Syndicate, Published 21 july 2015

Greece Seeking a Way Forward - London - 19 June 2015.pdf-  
White Paper, London, June 2015

End "Extend and Pretend" With Greece
Project Syndicate, 15 June 2015

Greece: Seeking a Way Forward
Voxeu.org, Published 4 June 2015

A new CEPR Report: A New Start for the Eurozone: Dealing with Debt
Voxeu.org, Published 15 April 2015

A New Start for the Eurozone - Dealing With Debt.pdf-  
Monitoring the Eurozone 1, London, CEPR, March 2015

A safe asset for Eurozone QE: A proposal
Voxeu.org, Reichlin, L., Garicano, L. Published 14 November 2014

Exceptional Policies For Exceptional Times....pdf-  
The ECB's Response To The Rolling Crises Of The Euro Area... 1 October 2014

Deleveraging - What Deleveraging.pdf-  
The 16th Geneva Reports on the World Economy, September 2014


 

News
Lucrezia Reichlin to Become Next Chair of ECGI28 May 2020 @ News
Covid-19 Is an Opportunity for Europe (published 10th March 2020)Please click here to read29 Apr 2020 @ Project Syndicate
What The ECB's Strategy Review Must Do (published 31st January 2020)29 Apr 2020 @ Project Syndicate
The Crisis of Central Bank Governance (published 4th October 2019)Please click here to read29 Apr 2020 @ Project Syndicate
ECB Loosening Is Not Enough (published 1st August 2019)Please click here to read29 Apr 2020 @ Project Syndicate
The ECB's Changing of the Guard (published 27th May 2019)Please click here to read29 Apr 2020 @ Project Syndicate
The Eurozone's Real Weakness (published 28th March 2019)Please click here to read29 Apr 2020 @ Project Syndicate
The Threat of a Eurozone Recession (published 31st January 2019)Please click here to read29 Apr 2020 @ Project Syndicate
The Eurozone Economy's Coming Downturn (published 27th November 2018)Please click here to read29 Apr 2020 @ Project Syndicate
Fiscal Freedom in the Eurozone? (published 1st October 2018)Please click here to read29 Apr 2020 @ Project Syndicate
Italy's Turn Against Europe (published 20th July 2018)Please click here to read29 Apr 2020 @ Project Syndicate
Repair and reconstruct: A Recovery Initiative (published 20th April 2020)Please click here to read29 Apr 2020 @ VOX
COVID-19 economic crisis: Europe needs more than one instrument (published 5th April 2020)Please click here to read29 Apr 2020 @ VOX
Fault lines in fiscal-monetary policy coordination (published 26th March 2020)Please click here to read29 Apr 2020 @ VOX
A proposal for a Covid Credit Line (published 21st March 2020)Please click here to read29 Apr 2020 @ VOX
COVID-19: Europe needs a catastrophe relief plan (published 11th March 2020)Please click here to read29 Apr 2020 @ VOX
The inflation puzzle in the euro area – it’s the trend not the cycle! (published 16th October 2019)Please click here to read29 Apr 2020 @ VOX
Helicopter money as a policy option (published 23rd September 2019)Please click here to read29 Apr 2020 @ VOX
The financial origin of the euro area fiscal wound (published 13th September 2019)'Please click here to read'29 Apr 2020 @ VOX
L'orgoglio perduto nell'Unione europea (published 10th May 2019)20 Nov 2019 @ Corriere della Sera
Crescere (ma senza infelicità) (published 23rd February 2019)20 Nov 2019 @ Corriere della Sera


 
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