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Lucrezia Reichlin

Full Professor of Economics, London Business School.
Chairman and co-founder, Now-Casting Economics limited. Non executive director, Unicredit Banking Group, AGEAS Insurance Group, Eurobank Ergasias, Messaggerie Italiane Group. Chair of Scientific Council, Bruegel. Columnist, Corriere della Sera. Member, Commission Economique de la Nation (advisory board to the French finance and economics ministers)
Fellow, 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

+44 (0)20 7000 8435


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.

Euro Area This Week

Latest Papers

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

Exploiting the Monthly Data Flow in Structural Forecasting - Federal Reserve Bank of New York Staff Reports.pdf-  
Staff Report no. 751, December 2015

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


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